Sunday, March 31, 2013

Pope leads Easter Mass in St. Peter's Square

VATICAN CITY (AP) ? Pope Francis is celebrating his first Easter Sunday Mass as pontiff in St. Peter's Square, which is packed by joyous pilgrims, tourists and Romans.

Francis strode onto the flower-bedecked esplanade in front of St. Peter's Basilica. Tens of thousands of faithful had already filled the square hours before the Mass began in mid-morning. Francis bowed his head in reflection as the Gospel was sung in Latin, recounting what Christians believe is the central mystery of their faith ? the resurrection of Jesus after this death by crucifixion.

A white canopy sheltered the altar on the steps. After heavy rain battered Rome during the night, more was forecast. But Sunday saw sunny skies alternate with clouds.

After Mass ends, Francis will give his blessing and speech from the basilica's balcony.

Source: http://news.yahoo.com/pope-leads-easter-mass-st-peters-square-085656305.html

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Former SAC Capital portfolio manager arrested in NYC, FBI says

FBI agents arrested former SAC Capital Advisors portfolio manager Michael Steinberg on Friday morning following an investigation into insider trading, an FBI spokesman told CNBC.

Details of the charges will be made public later on Friday. A spokesman for the SAC was not immediately available for comment.

Barry Berke, attorney for Steinberg, told CNBC that the former SAC portfolio manager had done "absolutely nothing wrong".

"At all times, his trading decisions were based on detailed analysis as well as information he understood had been properly obtained through the types of channels that institutional investors rely upon on a daily basis. Caught in the crossfire of aggressive investigations of others, there is no basis for even the slightest blemish on his spotless reputation," he said in a statement.

Steinberg, 40, is the most senior SAC Capital Advisors employee to be charged in the U.S. government's probe into how hedge funds may use illegally obtained information to trade. Including Steinberg, nine people have been either charged or implicated with wrongful trading while they were employed at the Stamford, Connecticut-headquartered SAC.

Steinberg's arrest had been widely expected after Jon Horvath, a former SAC analyst who worked closely with him, pleaded guilty last year to using illegally obtained information to trade in Dell and Nvidia Corp. Horvath has been cooperating with the government and had implicated Steinberg.

SAC Capital suspended Steinberg from his post in October 2012, and he has been moving among several hotels in New York City in recent weeks, according to Reuters sources, as he wanted to avoid being arrested at his Upper East Side home where he lives with his wife and two children.

The arrest comes two weeks after SAC agreed to pay a record $616 million to the U.S. Securities and Exchange Commission to settle civil charges of insider trading. SAC neither admitted nor denied wrongdoing at that time.

But the government made clear that that settlement did not preclude further charges.

As part of that settlement, SAC Capital agreed to pay $14 million to settle charges of improper trading in Dell, in which a former trader who reported to Steinberg had been involved.

Reuters contributed to this report.

Source: http://feeds.nbcnews.com/c/35002/f/653351/s/2a22460d/l/0L0Snbcnews0N0Cbusiness0Cformer0Esac0Ecapital0Eportfolio0Emanager0Earrested0Enyc0Efbi0Esays0E1C9139747/story01.htm

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Saturday, March 30, 2013

Searching From Afar? Tips For the Long Distance Home Search ...

Moving into a new place can be stressful in itself, but searching for a new home from across the country can seem like a mountain too massive to tackle. When you don?t know much about the city you?re moving to, it can be difficult to find the right resources and search tools, but here are a few tips that should ease the process.

Photo Courtesy of Flickr_Vincepix

First, utilize your network. Do you any friends colleagues, or family living in or around the new city? There is usually someone within your reach, who at least knows someone who knows something about the city and can offer some free advise. Using social media to expand your reach is also a good resource; it can?t hurt to ask the Facebook realm if they have any advice on where to start, or who to reach out to to seek assistance. It is also important to do your research on the best neighborhoods that suit your needs. Before you start randomly browsing rentals, and it will help to know which neighborhoods make the most sense for you; are they close to schools, parks or work? What is the crime rate? How does the transportation look? All good things to look into prior to searching actual listings.

If you can afford it, flying in to scope out the neighborhoods in person is really the best way to determine if you?ll feel at home there. One weekend is a very short period of time to try and fit in apartment hunting, but if you contact the right real estate management company, someone should be available to show you around town. Your local real estate expert should also be able to work with you remotely to find the right place for you, and your family. If you plan enough time in advance, your agent should be able to fit a variety of showings into your weekend, that should at the very least give you a better idea of what is available, and what is within budget for your family?s needs. For more information on relocating, contact a local real estate expert today.

Source: http://blog.seattlepi.com/seattlerealestate/2013/03/29/searching-from-afar-tips-for-the-long-distance-home-search/

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Lindsey Vonn: In Love With a SEX ADDICT!

Source: http://www.thehollywoodgossip.com/2013/03/lindsey-vonn-in-love-with-a-sex-addict/

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Swarming robots could be the servants of the future

Mar. 28, 2013 ? Swarms of robots acting together to carry out jobs could provide new opportunities for humans to harness the power of machines.

Researchers in the Sheffield Centre for Robotics, jointly established by the University of Sheffield and Sheffield Hallam University, have been working to program a group of 40 robots, and say the ability to control robot swarms could prove hugely beneficial in a range of contexts, from military to medical.

The researchers have demonstrated that the swarm can carry out simple fetching and carrying tasks, by grouping around an object and working together to push it across a surface.

The robots can also group themselves together into a single cluster after being scattered across a room, and organize themselves by order of priority.

Dr Roderich Gross, head of the Natural Robotics Lab, in the Department of Automatic Control and Systems Engineering at the University of Sheffield, says swarming robots could have important roles to play in the future of micromedicine, as 'nanobots' are developed for non-invasive treatment of humans. On a larger scale, they could play a part in military, or search and rescue operations, acting together in areas where it would be too dangerous or impractical for humans to go. In industry too, robot swarms could be put to use, improving manufacturing processes and workplace safety.

The programming that the University of Sheffield team has developed to control the robots is deceptively simple. For example, if the robots are being asked to group together, each robot only needs to be able to work out if there is another robot in front of it. If there is, it turns on the spot; if there isn't, it moves in a wider circle until it finds one.

Dr Gross said: "We are developing Artificial Intelligence to control robots in a variety of ways. The key is to work out what is the minimum amount of information needed by the robot to accomplish its task. That's important because it means the robot may not need any memory, and possibly not even a processing unit, so this technology could work for nanoscale robots, for example in medical applications."

This research is funded by a Marie Curie European Reintegration Grant within the 7th European Community Framework Programme. Additional support has been provided by the Engineering and Physical Sciences Research Council.

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Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/top_technology/~3/t0u6bm1TWas/130328125325.htm

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NKorea says it's in state of war with SKorea

North Korean army officers punch the air as they chant slogans during a rally at Kim Il Sung Square in downtown Pyongyang, North Korea, Friday, March 28, 2013. Thousands of North Koreans turned out for the mass rally at the main square in Pyongyang in support of their leader Kim Jong Un's call to arms. (AP Photo/Jon Chol Jin)

North Korean army officers punch the air as they chant slogans during a rally at Kim Il Sung Square in downtown Pyongyang, North Korea, Friday, March 28, 2013. Thousands of North Koreans turned out for the mass rally at the main square in Pyongyang in support of their leader Kim Jong Un's call to arms. (AP Photo/Jon Chol Jin)

South Korea's K-1 tanks take part in their military exercise in the border city between two Koreas, Paju, north of Seoul, South Korea, Friday, March 29, 2013. North Korean leader Kim Jong Un warned Friday that his rocket forces were ready "to settle accounts with the U.S.," unleashing a new round of bellicose rhetoric after U.S. nuclear-capable B-2 bombers dropped dummy munitions in joint military drills with South Korea. (AP Photo/Lee Jin-man)

U.S. Air Force B-2 stealth bomber, center, flies over near the Osan U.S. Air Base in Pyeongtaek, south of Seoul, South Korea, Thursday, March 28, 2013. A day after shutting down a key military hotline, Pyongyang instead used indirect communications with Seoul to allow South Koreans to cross the heavily armed border and work at a factory complex that is the last major symbol of inter-Korean cooperation. (AP Photo/Shin Young-keun, Yonhap) KOREA OUT

South Korean soldiers prepare for their military exercise in the border city between two Koreas, Paju, north of Seoul, South Korea, Friday, March 29, 2013. North Korean leader Kim Jong Un warned Friday that his rocket forces were ready "to settle accounts with the U.S.," unleashing a new round of bellicose rhetoric after U.S. nuclear-capable B-2 bombers dropped dummy munitions in joint military drills with South Korea. (AP Photo/Lee Jin-man)

(AP) ? North Korea issued its latest belligerent threat Saturday, saying it has entered "a state of war" with South Korea a day after its young leader threatened the United States because two American B-2 bombers flew a training mission in South Korea.

Analysts say a full-scale conflict is extremely unlikely and North Korea's threats are instead aimed at drawing Washington into talks that could result in aid and boosting leader Kim Jong Un's image at home. But the harsh rhetoric from North Korea and rising animosity from the rivals that have followed U.N. sanctions over Pyongyang's Feb. 12 nuclear test have raised worries of a misjudgment leading to a clash.

In a joint statement by the government, political parties and organizations, North Korea said Saturday that it will deal with all matters involving South Korea according to "wartime regulations." It also warned it will retaliate against any provocations by the United States and South Korea without "any prior notice."

The divided Korean Peninsula is already in a technical state of war because the 1950-53 Korean War ended in a cease-fire, not a peace treaty. But Pyongyang said it was scrapping the war armistice earlier this month.

South Korea's Unification Ministry released a statement saying the latest threat wasn't new and was just a follow-up to Kim's earlier order to put troops on a high alert in response to annual U.S-South Korean military drills. Pyongyang sees those drills as rehearsals for an invasion; the allies call them routine and defensive.

In an indication North Korea is not immediately considering starting a war, officials in Seoul said South Korean workers continued Saturday to cross the border to their jobs at a joint factory park in North Korea that's funded by South Koreans

On Friday, North Korean leader Kim Jong Un warned his forces were ready "to settle accounts with the U.S." after two nuclear-capable U.S. B-2 bombers dropped dummy munitions on a South Korean island range as part of joint drills and returned to their base in Missouri.

North Korean state media later released a photo of Kim and his senior generals huddled in front of a map showing routes for envisioned strikes against cities on both American coasts. The map bore the title "U.S. Mainland Strike Plan."

At the main square in Pyongyang, tens of thousands of North Koreans turned out for a 90-minute mass rally in support of Kim's call to arms. Small North Korean warships, including patrol boats, conducted maritime drills off both coasts of North Korea near the border with South Korea earlier this week, South Korean Defense Ministry spokesman Kim Min-seok said in a briefing Friday. He didn't provide details.

The spokesman said South Korea's military was mindful of the possibility that North Korean drills could lead to an actual provocation. He said the South Korean and U.S. militaries are watching closely for any signs of missile launch preparations in North Korea. He didn't elaborate.

Experts believe North Korea is years away from developing nuclear-tipped missiles that could strike the United States. Many say they've also seen no evidence that Pyongyang has long-range missiles that can hit the U.S. mainland.

Still, there are fears of a localized conflict, such as a naval skirmish in disputed Yellow Sea waters. Such naval clashes have happened three times since 1999. There's also danger that such a clash could escalate. Seoul has vowed to hit back hard the next time it is attacked.

"The first strike of the revolutionary armed forces of the DPRK will blow up the U.S. bases for aggression in its mainland and in the Pacific operational theatres including Hawaii and Guam," the North said Saturday in the statement carried by the official Korean Central News Agency. DPRK stands for the Democratic People's Republic of Korea, the North's official name.

Pyongyang uses the U.S. nuclear arsenal as a justification for its own push for nuclear weapons. It says that U.S. nuclear firepower is a threat to its existence.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2013-03-30-Koreas-Tension/id-a9008c7898694fa282b6ac71602fd0f2

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Philips Hue Connected Bulb


Imagine a world where you can control every aspect of your home wirelessly from your smartphone. The Philips Hue Connected bulb ($199.95 list; 3-bulb starter kit) brings that vision one step closer to reality, allowing you to wirelessly control your lighting. But it's not just about control, it's about customization. The Philips Hue app for Android and iOS is surprisingly powerful, letting you adjust intensity, set custom colors, color combinations, and schedules. There's an undeniable wow factor from the moment you screw in your first bulb, but there's also some genuine convenience and utility. Unfortunately, the system is prohibitively expensive at $60 per bulb or $200 for the starter kit with three bulbs.

Hue Bulbs and Setup
The Hue bulbs are conical in shape, with a glass end and a tapered aluminum body that terminates in a standard light bulb connector. They feel more substantial than your typical light bulb, but are about the same size and virtually indistinguishable once screwed into a socket. Unlike fluorescent or incandescent lightbulbs, the Hue bulbs utilize LEDs. Philips rates the lifespan of each bulb at up to 15,000 hours, and despite the Wi-Fi connectivity, claims that each bulb uses 80 percent less power than a traditional incandescent bulb. ???

With each starter pack you get three bulbs and a wireless bridge. You can add up to 50 bulbs to a single bridge, but keep in mind that starter kit bulbs are permanently tied to their packaged bridge?that means you can only add bulbs to your starter kit using the single bulb packs.

Setup is simple and straightforward, and there's very little networking knowledge required. First you screw in your bulbs and turn them on?they'll light up without a wireless connection like any lightbulb. Next you connect the wireless bridge to your Wi-Fi router using the included ethernet cable. Then download the free iOS or Android app and follow the on-screen prompts for pairing the Hue bulbs and bridge with your phone or tablet. To control the Hue bulbs wirelessly, you must leave your power switches turned on. Keep in mind you can still turn Hue bulbs on or off using your regular light switch if you don't have your mobile device handy, but you just won't be able to adjust color or light intensity.?

Controlling and Customizing Your Hue
InlineUsing the Hue app, you can control and customize the color and intensity of each individual lightbulb. This can extend from simply turning lights on and off with your smartphone, or recreating a scene from your last vacation. Philips pre-loads a number of readymade "scenes," like a sunrise, or color profiles, like "relax," which can stimulate desired moods. Each scene is a real picture, and you can even upload your own photos to use with Hue. Selecting a picture brings up an overlay with icons representing each bulb. You can drag each bulb independently to any point on the picture, and the bulbs will then mimic the color of your chosen point. This all happens in real time, so you can watch the color changes and get exactly the tone and intensity you're looking for.

Preset color profiles were hit or miss in my tests. I really enjoyed the "relax" setting, which created a pleasant and dimmed warm light. The "energize" setting, on the other hand, made me feel like I was under the harsh fluorescent tubes of a drab office. You can also control each bulb individually, without using scenes or color profiles, so you can set an infinite number of color combinations and intensities. You can also label each bulb, and control which scenes apply to which bulbs.

Inline 2Aside from changing the color and intensity of each bulb, you can also set timers for individual bulbs. I particularly liked this feature, as I could set my bedroom light to turn on gradually before my alarm went off, making for a less jarring wake up call. This feature is currently only available to iOS users.

As versatile as the color controls are, the app itself isn't the most intuitive to use. For example, associating specific bulbs with specific scenes isn't immediately apparent?you have to dig down into the editing menus for each scene?and that lead me to a lot of inadvertent color shifts during my tests. Adjusting individual bulbs also requires you to rotate your smartphone into landscape orientation, which brings up a color gradient selection that's otherwise hidden.?The closest competitor we've tested is the Belkin WeMo + Motion, which lets you use your phone or tablet to turn almost any appliance on and off, set timers, and even set motion detection rules. It's a bit clunkier, however, and the app could use a lot more work. It also only controls on or off, as opposed to the Hue's ability to control things like color or brightness.

There are also a few features missing from the app that I'd like to see added in the future. For one, presets should be shareable between household members or even other Hue owners. Aside from labels, you should be able to easily group your bulbs by room, instead of manually setting scenes for each room. A more robust schedule system with recurring alarms or calendar features would also be a welcome addition. These aren't deal breakers, but for such an expensive product, I'd like to see Philips expand the feature set of the app.

One of the hidden beauties of the Hue system is its vibrant developer community. The official app from Philips has plenty of features to play with, but there's an ever-growing selection of homegrown apps that expand the functionality of Hue. The Hue software is open source, which is great for encouraging third-party app development. Many of these apps can be found in the Apple App Store, like Hue Disco, which can?synchronize your Hue bulbs to music playback.

The Lighting of the Future, if You Can Afford it
I like pretty much everything about the Hue?except the price. At $60 a bulb, hooking your home up with Hue is a serious investment. You could argue that the 15,000 hour lifespan (compared with the 1,000 hour lifespan of typical incandescent bulbs), which is approximately 15 years of light, and the energy savings make up for the initial outlay, but it's still a tough pill to swallow up front. Pricing aside, the Hue not only adds the convenience of wireless control, but it adds an element of wonder with its ability to easily recreate scenes and moods that were once confined solely to pictures. If I could afford it, I would replace every light bulb in my house with Hue bulbs.

Source: http://feedproxy.google.com/~r/ziffdavis/pcmag/~3/v51s2Z-r9rg/0,2817,2417107,00.asp

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Amazon to buy Goodreads for undisclosed sum

(AP) ? Amazon.com Inc., the world's biggest online retailer that got its start in bookselling, has agreed to buy book recommendations site Goodreads.

Financial terms of the deal were not disclosed. Amazon said Thursday that it "shares a passion for reinventing reading," with Goodreads.

"Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world," said Russ Grandinetti, vice president of Kindle content for Amazon. "In addition, both Amazon and Goodreads have helped thousands of authors reach a wider audience and make a better living at their craft. Together we intend to build many new ways to delight readers and authors alike."

In addition to recommending books to read based on other books people have liked, Goodreads also serves as a social network for bookworms. It has 16 million members and was founded in 2007.

The deal is expected to close in the second quarter. Seattle-based Amazon.com Inc. says Goodreads headquarters will remain in San Francisco.

"Goodreads is a place for all readers no matter what books they read or how they read them, and we expect to keep it that way," said Amazon spokeswoman Kinley Pearsall in a statement, citing Zappos and the movie information website IMDb as examples. Amazon owns both but has kept them as stand-alone businesses.

Shares of Seattle-based Amazon closed up $1.19 at $266.49.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/495d344a0d10421e9baa8ee77029cfbd/Article_2013-03-29-US-Amazon-Acquisition/id-9d9aa1564e3440e8a5ebcd996129064f

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Friday, March 29, 2013

Inside Okla. clinic, a 'menace' to public health

This photo taken Thursday, March 28, 2013 shows the office of oral surgeon W. Scott Harrington in Tulsa, Okla. Health officials have urged Harrington?s patients to undergo hepatitis and HIV testing, saying filthy conditions at his office posed a threat to his 7,000 clients and made him a "menace to the public health." (AP Photo/Justin Juozapavicius)

This photo taken Thursday, March 28, 2013 shows the office of oral surgeon W. Scott Harrington in Tulsa, Okla. Health officials have urged Harrington?s patients to undergo hepatitis and HIV testing, saying filthy conditions at his office posed a threat to his 7,000 clients and made him a "menace to the public health." (AP Photo/Justin Juozapavicius)

Susan Rogers, executive director of the Oklahoma Board of Dentistry, speaks during a news conference regarding the practices of Tulsa oral surgeon Wayne Harrington, at the Tulsa Health Department's James O. Goodwin Health Center in Tulsa, Okla., on Thursday, March 28, 2013. Health officials said that thousands of Harrington's patients should undergo testing for HIV and hepatitis after officials looking into the source of a patient's viruses discovered the dentist's instruments weren't being cleaned properly. (AP Photo/Tulsa World, Cory Young) ONLINE OUT; TV OUT; TULSA OUT

Map locates city where health officials are urging 7000 patients of Oklahoma dentist Dr. W. Scott Harrington to seek testing for hepatitis or HIV.

(AP) ? The crisp, stucco exterior of an Oklahoma dental clinic concealed what health inspectors say they found inside: rusty instruments used on patients with infectious diseases and a pattern of unsanitary practices that put thousands of people at risk for hepatitis and the virus that causes AIDS.

State and local health officials planned to mail notices Friday urging 7,000 patients of Dr. W. Scott Harrington to seek medical screenings for hepatitis B, hepatitis C and HIV. Inspectors allege workers at his two clinics used dirty equipment and risked cross-contamination to the point that the state Dentistry Board branded Harrington a "menace to the public health."

"The office looked clean," said Joyce Baylor, who had a tooth pulled at Harrington's Tulsa office 1? years ago. In an interview, Baylor, 69, said she'll be tested next week to determine whether she contracted any infection.

"I'm sure he's not suffering financially that he can't afford instruments," Baylor said of Harrington.

Health officials opened their investigation after a patient with no known risk factors tested positive for both hepatitis C and HIV, the virus that causes AIDS. After determining the "index patient" had a dental procedure about the likely time of exposure, investigators visited Harrington's office and found a number of unsafe practices, state epidemiologist Kristy Bradley said.

"I want to stress that this is not an outbreak. The investigation is still very much in its early stages," Bradley said.

Harrington voluntarily gave up his license, closed his offices in Tulsa and suburban Owasso, and is cooperating with investigators, said Kaitlin Snider, a spokeswoman for the Tulsa Health Department. He faces a hearing April 19, when his license could be permanently revoked.

"It's uncertain how long those practices have been in place," Snider said. "He's been practicing for 36 years."

The Centers for Disease Control and Prevention is consulting on the case, and agency spokeswoman Abbigail Tumpey said such situations involving dental clinics are rare. Last year a Colorado oral surgeon was accused of reusing needles and syringes, prompting letters to 8,000 patients, Tumpey said. It wasn't clear whether anyone was actually infected.

"We've only had a handful of dental facilities where we've had notifications in the last decade," Tumpey said.

The Oklahoma Dentistry Board lodged a 17-count complaint against Harrington, saying he was a "menace to the public health by reasons of practicing dentistry in an unsafe or unsanitary manner." Among the claims was one detailing the use of rusty instruments in patients known to have infectious diseases.

"The CDC has determined that rusted instruments are porous and cannot be properly sterilized," the board said.

Health officials are sending letters to 7,000 known patients but cautioned that they don't know who visited his clinics before 2007. The letters urge the patients to be tested for hepatitis B, hepatitis C and HIV ? viruses typically spread through intravenous drug use or unprotected sex, not occupational settings.

Harrington could not be reached for comment Thursday. A message at his Tulsa office said it was closed, and the doctor's answering service referred callers to the Tulsa Health Department. Phone numbers listed for Harrington were disconnected. A message left with Harrington's malpractice attorney in Tulsa, Jim Secrest II, was not immediately returned.

Harrington's Tulsa practice is in a tony part of town, on a row of some of the city's most upscale medical practices. The white-and-green stucco, two-story dental clinic has the doctor's name in letters on the facade.

According to the complaint, the clinic had varying cleaning procedures for its equipment, needles were re-inserted in drug vials after their initial use and the office had no written infection-protection procedure.

Harrington told officials he left questions about sterilization and drug procedures to his employees.

"They take care of that, I don't," the dentistry board quoted him as saying.

The doctor also is accused of letting his assistants perform tasks only a licensed dentist should have done, including administering IV sedation. Also, the complaint says the doctor's staff could not produce permits for the assistants when asked.

Susan Rogers, executive director of the state Dentistry Board, said that as an oral surgeon Harrington regularly did invasive procedures involving "pulling teeth, open wounds, open blood vessels." The board's complaint also noted Harrington and his staff told investigators a "high population of known infectious disease carrier patients" received dental care from him.

Despite the high-risk clientele, a device used to sterilize instruments wasn't being properly used and hadn't been tested in six years, the board complaint said. Tests are required monthly.

Also, a drug vial found at a clinic this year had an expiration date of 1993 and one assistant's drug log said morphine had been used in the clinic last year despite its not receiving any morphine shipments since 2009.

Officials said patients will be offered free medical testing at the Tulsa Health Department's North Regional Health and Wellness Center.

___

Associated Press reporter Jeannie Nuss in Little Rock, Ark., contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2013-03-29-Dentist%20Investigation-Testing/id-bec299a2b1af4c3b8eb2e755607f54f8

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Thursday, March 28, 2013

FBI UFO memo is bureau's most viewed public record

FBI UFO memo: The Federal Bureau of Investigation says that its Hottel memo, which reports on an alleged flying saucer sighting, has been viewed nearly a million times since 2011.

By Megan Gannon,?LiveScience.com / March 27, 2013

A single-page March 22, 1950, memo by Guy Hottel, special agent in charge of the Washington Field Office, regarding UFOs is the most viewed document in the FBI Vault, an online repository of public records.

FBI

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The FBI says its most viewed public record is a memo from 1950 recounting a strange story someone told an agent about three "flying saucers" that were allegedly recovered in New Mexico.

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The so-called?Hottel memo?was first released in the late 1970s under the Freedom of Information Act, but it's been viewed nearly a million times since 2011, when the FBI launched an online database of public records called the Vault.

Dated March 22, 1950, the memo was addressed to FBI Director J. Edgar Hoover and written by Guy Hottel, then head of the Bureau's field office in Washington, D.C. Hottel was reporting what an Air Force investigator said that someone else told him about the crashed saucers.

The following details of the report have perhaps fueled the hopes of those who want to believe: "They [the saucers] were described as being circular in shape with raised centers, approximately 50 feet in diameter. Each one was occupied by three bodies of human shape but only three feet tall, dressed in metallic cloth of a very fine texture. Each body was bandaged in a manner similar to the blackout suits used by speed fliers and test pilots."

For the record, FBI officials said in a statement on Monday (March 25) that the Hottel memo "does not prove the?existence of UFOs; it is simply a second- or third-hand claim that we never investigated."

Bureau officials also say there is no reason to believe that the story has anything to do with the infamous?1947 Roswell crash?in New Mexico.?Hoover did actually order his agents?to verify any?UFO sightings?after the?Roswell incident and until?July 1950. That?the Hottel report was never investigated suggests "our Washington Field Office didn't think enough of that flying saucer story to look into it," the FBI statement says.

Follow Megan Gannon on?Twitter?and?Google+.?Follow us?@livescience,?Facebook?&?Google+.

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Source: http://rss.csmonitor.com/~r/feeds/science/~3/ODxFGvGpbzQ/FBI-UFO-memo-is-bureau-s-most-viewed-public-record

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Study: Health law to raise claims cost 32 percent

FILE - In this March 23, 2010 file photo, Marcelas Owens of Seattle, left, Rep. John Dingell, D-Mich., right, and others, look on as President Barack Obama signs the health care bill in the East Room of the White House in Washington. Medical claims costs _ the biggest driver of health insurance premiums _ will jump an average 32 percent for individual policies under President Barack Obama?s overhaul, according to a study by the nation?s leading group of financial risk analysts. Recently released to its members, the report from the Society of Actuaries could turn into a big headache for the Obama administration at a time when many parts of the country remain skeptical about the Affordable Care Act. (AP Photo/J. Scott Applewhite, File)

FILE - In this March 23, 2010 file photo, Marcelas Owens of Seattle, left, Rep. John Dingell, D-Mich., right, and others, look on as President Barack Obama signs the health care bill in the East Room of the White House in Washington. Medical claims costs _ the biggest driver of health insurance premiums _ will jump an average 32 percent for individual policies under President Barack Obama?s overhaul, according to a study by the nation?s leading group of financial risk analysts. Recently released to its members, the report from the Society of Actuaries could turn into a big headache for the Obama administration at a time when many parts of the country remain skeptical about the Affordable Care Act. (AP Photo/J. Scott Applewhite, File)

Map shows projected change in medical claim costs by

(AP) ? A new study finds that insurance companies will have to pay out an average of 32 percent more for medical claims on individual health policies under President Barack Obama's health care overhaul.

What does that mean for you?

It could increase premiums for at least some Americans.

If you are uninsured, or you buy your policy directly from an insurance company, you should pay attention.

But if you have an employer plan, like most workers and their families, odds are you don't have much to worry about.

The estimates from the Society of Actuaries could turn into a political headache for the Obama administration at a time when much of the country remains skeptical of the Affordable Care Act.

The administration is questioning the study, saying it doesn't give a full picture ? and costs will go down.

Actuaries are financial risk professionals who conduct long-range cost estimates for pension plans, insurance companies and government programs.

The study says claims costs will go up largely because sicker people will join the insurance pool. That's because the law forbids insurers from turning down those with pre-existing medical problems, effective Jan. 1. Everyone gets sick sooner or later, but sicker people also use more health care services.

"Claims cost is the most important driver of health care premiums," said Kristi Bohn, an actuary who worked on the study. Spending on sicker people and other high-cost groups will overwhelm an influx of younger, healthier people into the program, said the report.

The Obama administration challenged the design of the study, saying it focused only on one piece of the puzzle and ignored cost relief strategies in the law, such as tax credits to help people afford premiums and special payments to insurers who attract an outsize share of the sick.

The study also doesn't take into account the potential price-cutting effect of competition in new state insurance markets that will go live Oct. 1, administration officials said.

At a White House briefing Tuesday, Health and Human Services Secretary Kathleen Sebelius said some of what passes for health insurance today is so skimpy it can't be compared to the comprehensive coverage available under the law. "Some of these folks have very high catastrophic plans that don't pay for anything unless you get hit by a bus," she said. "They're really mortgage protection, not health insurance."

Sebelius said the picture on premiums won't start coming into focus until insurers submit their bids. Those results may not be publicly known until late summer.

Another striking finding of the report was a wide disparity in cost impact among the states.

While some states will see medical claims costs per person decline, the report concluded that the overwhelming majority will see double-digit increases in their individual health insurance markets, where people purchase coverage directly from insurers.

The differences are big. By 2017, the estimated increase would be 62 percent for California, about 80 percent for Ohio, more than 20 percent for Florida and 67 percent for Maryland. Much of the reason for the higher claims costs is that sicker people are expected to join the pool, the report said.

Part of the reason for the wide disparities is that states have different populations and insurance rules. In the relatively small number of states where insurers were already restricted from charging higher rates to older, sicker people, the cost impact is less.

The report did not make similar estimates for employer plans that most workers and families rely on. That's because the primary impact of Obama's law is on people who don't have coverage through their jobs.

A prominent national expert, recently retired Medicare chief actuary Rick Foster, said the report does "a credible job" of estimating potential enrollment and costs under the law, "without trying to tilt the answers in any particular direction."

"Having said that," Foster added, "actuaries tend to be financially conservative, so the various assumptions might be more inclined to consider what might go wrong than to anticipate that everything will work beautifully." Actuaries use statistics and economic theory to make long-range cost projections for insurance and pension programs sponsored by businesses and government. The society is headquartered near Chicago.

Bohn, the actuary who worked on the study, acknowledged it did not attempt to estimate the effect of subsidies, insurer competition and other factors that could offset cost increases. She said the goal was to look at the underlying cost of medical care.

"We don't see ourselves as a political organization," Bohn added. "We are trying to figure out what the situation at hand is."

On the plus side, the report found the law will cover more than 32 million currently uninsured Americans when fully phased in. And some states ? including New York and Massachusetts ? will see double-digit declines in costs for claims in the individual market.

Uncertainty over costs has been a major issue since the law passed three years ago, and remains so just months before a big push to cover the uninsured gets rolling Oct. 1. Middle-class households will be able to purchase subsidized private insurance in new marketplaces, while low-income people will be steered to Medicaid and other safety net programs. States are free to accept or reject a Medicaid expansion also offered under the law.

___

AP White House Correspondent Julie Pace contributed to this report.

___

Online:

Society of Actuaries: http://www.soa.org/NewlyInsured/

Associated Press

Source: http://hosted2.ap.org/apdefault/89ae8247abe8493fae24405546e9a1aa/Article_2013-03-27-Health%20Overhaul%20Costs/id-94f4b99a52e94ca89adaa59cf2bb47ea

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CA-BUSINESS Summary

TSX dips as euro zone worries weigh on banks; golds rise

TORONTO (Reuters) - Canada's main stock index was little changed on Wednesday, with declines in bank stocks partly offset by a jump in gold miners, as weak economic data from the euro zone and worries about the Cyprus bailout dragged on investor sentiment. Gold-mining stocks benefited from a jump in the price of bullion, whose appeal as a safe haven tends to increase on negative economic news.

Lehman plans to distribute $14.2 billion to creditors

(Reuters) - Lehman Brothers Holdings Inc said on Wednesday it plans to distribute about $14.2 billion to creditors early next month, as the company winds down following its emergence from bankruptcy protection last year. The distribution, to be made April 4, will be Lehman's third since it emerged from Chapter 11 protection on March 6, 2012.

Agrium battle heats up, advisory firms differ

TORONTO (Reuters) - The battle for Agrium Inc's future is heating up ahead of an April 9 vote after the two most influential proxy advisory firms disagreed on the candidates shareholders should back in the election of Agrium's board of directors. Institutional Shareholder Services recommends clients back two of the five nominees proposed by dissident investor Jana Partners, putting it at odds with a Glass Lewis endorsement of all 12 of Agrium's board nominees.

Cyprus reopens banks, under strict restrictions

NICOSIA (Reuters) - Cypriots are expected to descend in their thousands on Thursday on banks, which reopen with tight controls imposed on transactions to prevent fleeing depositors from cleaning out the vaults in a catastrophic bank run. The east Mediterranean island fears a stampede at banks almost two weeks after they were shut by the government as it negotiated a 10 billion euro ($12.78 billion) bailout package with the European Union to escape financial meltdown.

Canada inflation jumps, rate change still seen far off

OTTAWA (Reuters) - Canada's annual inflation rate jumped more than expected in February, but analysts said the spike was unlikely to pressure the Bank of Canada to raise interest rates any time soon. The year-on-year rate rose to 1.2 percent from a three-year-low of 0.5 percent in January on higher gas and auto prices, Statistics Canada said on Wednesday.

Canadian regulator slashes tolls for TransCanada mainline

CALGARY, Alberta (Reuters) - Canada's National Energy Board on Thursday agreed to cut fixed tolls on TransCanada Corp's mainline, a cross-country natural gas pipeline network, which the regulator says will help keep the system competitive and profitable despite increasing supplies from U.S. shale gas producers. Canada's National Energy Board on Thursday agreed to cut fixed tolls on TransCanada Corp's mainline, a cross-country natural gas pipeline network, which the regulator says will help keep the system profitable amid increasing competition from U.S. shale gas supplies.

Credit Suisse buys Morgan Stanley's European wealth arm

ZURICH (Reuters) - Credit Suisse is buying Morgan Stanley's wealth management arm in Europe, the Middle East and Africa, acquiring $13 billion in assets in a move to offset exposure to more volatile investment banking. The assets are tiny by the standards of Credit Suisse's private banking operation, the world's fifth-largest with nearly 800 billion Swiss francs ($843 billion) under management.

EADS shareholders back sweeping ownership change

AMSTERDAM (Reuters) - Airbus parent EADS won backing for sweeping changes in its structure, claiming "emancipation" from political interference as shareholders tore up a Franco-German ownership pact in favor of greater management freedom. Investors in Europe's largest aerospace group also on Wednesday approved a maximum buyback of 15 percent of the group's shares, worth 5.1 billion euros ($6.6 billion) at current prices, but Chief Executive Tom Enders said market conditions would set the actual amount.

BRICS "Big Five" find it hard to run as a herd

DURBAN, South Africa (Reuters) - At a summit in South Africa on Wednesday, Vladimir Putin likened the BRICS nations - Brazil, Russia, India, China and South Africa - to Africa's "Big Five" game beasts of trophy hunting lore - the lion, elephant, buffalo, leopard and rhinoceros. The Russian president's comparison captures the dilemma of these muscular emerging global powers, which together present a formidable potential economic and political counterweight to the developed West, but individually could hardly be more different.

Analysis: Southeast Asia ready to build, but will investors come?

KUALA LUMPUR/JAKARTA (Reuters) - Indonesia is seeking European investors for $9 billion worth of water, road, air and seaport projects in what will be a litmus test of Southeast Asian countries' ability to seize on ripe financial conditions to upgrade decrepit infrastructure. Easy global liquidity and investors' eagerness to tap one of the world's few fast-growing regions should create a sweet spot for the region to fill the $600 billion in infrastructure needs the Asian Development Bank identifies over the next decade.

Source: http://news.yahoo.com/ca-business-summary-000757996--finance.html

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Justices Show Reluctance for Broad Marriage Ruling (WSJ)

Share With Friends: Share on FacebookTweet ThisPost to Google-BuzzSend on GmailPost to Linked-InSubscribe to This Feed | Rss To Twitter | Politics - Top Stories News, News Feeds and News via Feedzilla.

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Dana White?s latest video blog shows he is a fan of shooting guns, riding motorcycles and apple-picking

With no fight this week, UFC president Dana White released a video blog that shows what he and his "idiot friends" do when visiting his place in Maine. Yes, there's plenty of NSFW language. Take a look and see what White and his friends are up to, including:

1. Talk one friend into trying the spiciest hot sauce ever.
2. Blow things up.
3. Shoot guns while calling each other a nickname for a cat.
4. Apple-picking, though it doesn't look like they're picking honeycrisp apples, the finest of all apple varieties.
5. Milk goats in a way that looks pretty uncomfortable for the goat.
6. Drive motorcycles.

And a little advice for Nick the Tooth. I was once told at an Indian restaurant, after eating very spicy food, that beer or soda pop are your best bets to cool a burning mouth.

Source: http://sports.yahoo.com/blogs/mma-cagewriter/dana-white-latest-video-blog-shows-fan-shooting-164921000--mma.html

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Macquarie expands in UK power sector

By Cezary Podkul

NEW YORK (Reuters) - Macquarie Bank is expanding its power trading business in the UK, hiring traders from rival banks and sourcing electricity from newly acquired power plants in hopes of becoming a bigger player in the sector.

The Australian banking group has hired six traders and acquired two power station management agreements in the UK in recent months as part of the expansion, Nicholas O'Kane, global head of Macquarie's Energy Markets Division, said in an interview.

"We have, in the last three to four months, taken the opportunity to build up that business," O'Kane said, pointing to client requests as the reason for the expansion.

The move highlights the growth opportunities available to some financial players as others have retrenched and cut back their commodity operations in the face of regulatory and financial pressures.

It also shows the growing attractiveness of the UK power market, where prices spiked to an all-time high last week thanks to a pipeline malfunction that exposed the country's increasing reliance on foreign energy supplies.

To beef up its UK power operations, Macquarie has hired Turab Musayev as vice president of power origination and structuring and Max Hacker as energy analytics analyst, O'Kane said. Four gas and power shift traders, Adam Frame, Dan Briggs, Sid Rajeswaran and Tim Sheldrake have also joined Macquarie.

Musayev, Hacker, Frame and Sheldrake joined from Bank of America's Merrill Lynch unit. Briggs joined Macquarie from French utility EDF and Rajeswaran joined from BNP Paribas.

The six traders have joined a team of about 15 people in Macquarie's UK gas and power trading desk in London, reporting to Jon House and Erik Petersson, co-heads of Macquarie's energy markets division for Europe, Middle East and Africa, according to a spokeswoman.

The division has also acquired agreements to manage electricity output from two gas-fired UK power plants, which Macquarie is using "as a base to build-out our physical power business," O'Kane said.

The power stations, the 489 megawatt Baglan Bay Power Station in Wales and the 819 megawatt Sutton Bridge Power Station in Lincolnshire, were recently acquired by a Macquarie-led consortium, according to the spokeswoman.

The Sutton Bridge deal closed Wednesday while Baglan Bay was completed in October 2012, she said. Terms of the transaction could not be learned by press time.

Macquarie launched its energy markets division in London in 2003, when O'Kane moved from Asia to the UK to set up its trading desk. Since then, Macquarie has become an active player in the UK natural gas sector but less so in power, O'Kane said.

Macquarie's expansion into the sector coincides with a larger transition in commodity trading among global banks. Stung by losses from the 2008 financial crisis and increasing regulatory requirements, many U.S. and European banks have been scaling back their commodities arms. Royal Bank of Scotland Group, for instance, was forced to sell its Sempra Energy commodity trading venture in 2010 after it was bailed out by the UK government.

Some see the retrenchment as an opportunity for banks like Macquarie to pick up talent in the UK and other markets.

"Extensive layoffs in the UK and elsewhere in commodity units have provided a rich opportunity for banks that weathered the storm to expand or move into active markets," said George H. Stein, managing director of Commodity Talent, an executive search firm for commodity traders in New York.

"The European gas and power markets are particularly attractive zones for banks as they undergo regulatory and market shifts," Stein said.

Macquarie has also added to its power trading team in the United States. The firm recently hired Drew Inman in Houston, Texas to head up its power trading for the Texas market. Inman will be joining three other traders and a team of business originators focused on the Texas electric grid, O'Kane said.

Inman is joining Macquarie from Citigroup and will start on April 8, O'Kane said.

(Reporting By Cezary Podkul; Editing by Stephen Coates)

Source: http://news.yahoo.com/macquarie-expands-uk-power-sector-013040540--sector.html

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Boston College threatens action against students distributing condoms

BC Students for Sexual Health

Boston College Students for Sexual Health have been distributing condoms on campus since 2009. The group is not recognized by the university and was threatened with disciplinary action by college officials if they did not stop handing out contraception.

By Andrew Rafferty, Staff Writer, NBC News

Promoting safe sex could be dangerous for some Boston College students after school officials threatened them with disciplinary action for distributing condoms on campus, a practice?administrators say violates the mission of the Catholic institution.

The email warning ? which has spurred?outrage and threats of legal action?from the?ACLU foundation of Massachusetts? ?? was sent to students who designated their dorm rooms as "Safe Sites," places where students can go to to get free condoms and sexual health information.

The condom campaign was started in 2009 by Boston College Students for Sexual Health, an unofficial student group not recognized by the college yet has?existed with the school's knowledge. ?

But on March 15,?Dean of Students?Paul Chebator and Director of Residence Life?George Arey sent an email to the students saying, "The distribution of condoms is not congruent with our values and traditions." ?

"We do need to advise you that should we ?receive any reports that you are, in fact, distributing condoms on campus, the matter would be referred to the student conduct office for disciplinary action by the university,? the letter warned. ?

The note came as a complete shock to senior Lizzie?Jekanowski, chair of Boston College Students for Sexual Health.?

She said in the four years Safe Sites have existed, the group has always had "an open and positive relationship" with administrators. Though school officials have frequently told the group they are at odds?with the?practice of handing out contraception, Jekanowski said there have never been?any warnings of disciplinary action, a notion school administrators disagree with.?

"None of our actions have changed at all in the past four years," Jekanowski told NBC News. "It came out of nowhere." ?

The email also garnered reaction from Sarah Wunsch,?an?attorney with the American Civil Liberties Union of Massachusetts who has advised the organization over the years. The warning of disciplinary action, Wunsch said, violates the Massachusetts Civil Rights Act.? ?

"Our view is that Boston College has a First Amendment right to explain, advertise, and persuade students of their views, but they have gone a step further by threatening these students," she said. ?

But school officials maintain they are a private, religious institution and have the right to set and enforce policies as they see fit. Jack Dunn, spokesman for the college, dismissed the ACLU's involvement, saying they have no standing in the matter at the Jesuit school.??

Dunn said that student distributing contraception had "taken it to a new level," which prompted the warning after four years of students engaging in the practice.? No longer confined to dorm rooms, Dunn said students had become a visible and disruptive presence on campus, handing out condoms in front of churches and on sidewalks. ?

"Boston College doesn't care how students handle their private lives. You can have condoms in your room," he said. "But it has become an attempt to make a mockery out of Catholic values." ?

School administrators had also told the Boston College Students for Sexual Health in meetings to stop handing out condoms on campus prior to the email being sent, Dunn said.

He?was hopeful a solution could be reached before any disciplinary action was taken. He would not speculate on what the punishment could be, saying they would go through the disciplinary process like any student who violated the college's code of conduct." ?

"If these students had been circumspect, discrete, private -- it never would have come to a head," Dunn said. ?

While?Jekanowski said her group has handed out contraception on?an off-campus sidewalk, she said she was "personally offended" by the suggestion that the students had been mocking the Catholic church. Instead, she argued, the group was living up to the school's?Jesuit teachings.

"We have the privilege of attending a Jesuit Catholic university so dedicated to the development of the self ? both the body and the soul ? that we find it both appropriate and necessary to advocate for these sexual health issues that are an integral aspect of that process,? she said in a statement released on March 24.

Boston College Students for Sexual Health will continue to hand out contraception, and the the 18 Safe Sites will remain open, Jekanowski said. The group will meet with the dean of students and other school administrators on April 29.

Though the ACLU is hopeful the matter will remain out of court, Wunsch said the civil rights organization will be with them if it gets to that level.

"We will continue to support them however far they want to go on this issue," she said.

Source: http://feeds.nbcnews.com/c/35002/f/653381/s/2a120e1e/l/0Lusnews0Bnbcnews0N0C0Inews0C20A130C0A30C270C174910A120Eboston0Ecollege0Ethreatens0Eaction0Eagainst0Estudents0Edistributing0Econdoms0Dlite/story01.htm

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Column: Bubbles in food prices: John Kemp

By John Kemp

LONDON (Reuters) - A thoughtful new paper from researchers at the University of Illinois marks a significant step forward in research on how commodity futures prices are formed.

Until recently, the academic and policy debate about futures price formation has been locked in an acrimonious and polarized standoff between market fundamentalists, who insist all price moves reflect supply and demand fundamentals, and those writers who blame speculators for every rise in food and fuel prices.

Both views tend to be colored by the policy outcomes researchers favor. Anti-poverty campaigners focus on the role of speculation because they want governments to impose more controls on the cost of food and fuel. Free-market economists stress the role of fundamentals to deny governments any ammunition to meddle.

Both positions are extreme and unconvincing.

Now Xiaoli Etienne, Scott Irwin and Philip Garcia have published an innovative paper examining the evidence for temporary price bubbles in markets where prices are otherwise driven by fundamental factors.

According to the authors, futures prices for grains, livestock and soft commodities like sugar have all exhibited multiple bubbles over the last four decades, with bubbles more common in the 1970s and again in the 2000s than during the 1980s and 1990s.

Bubbles pre-date the rising popularity of indexing strategies and the "financialisation" of commodity markets. There is no evidence bubbles have become more frequent or larger following the entry of more financial investors into commodity futures markets since 2005.

"Bubbles existed long before commodity index traders arrived and the process of commodity market financialisation started," according to a paper on "Bubbles in Food Commodity Markets: Four Decades of Evidence" presented at an IMF seminar in Washington on March 21.

In fact most of the biggest and long-lasting bubbles occurred in 1971-76. Financialisation may have ensured bubble-like price movements are now smaller and reverse more quickly.

"Compared to the post-2000 years, speculators and irrational traders (may have) played a greater role influencing prices in the 1970s because markets were less actively traded. The arrival of new traders in recent years, coupled with a dramatic increase in trading volumes, has increased market liquidity, apparently reducing the frequency of bubbles," the authors write (http://www.imf.org/external/np/seminars/eng/2012/commodity/pdf/irwin.pdf).

PRICE MOMENTUM

The persistence of bubbles remains perplexing. The authors speculate bubbles may be driven by herding behavior, momentum trading or other "noise traders".

"One possible explanation may be that markets are sometimes driven by herd behavior unrelated to economic realities ... As markets overreact to new information, commodity prices may thus show excess volatility and become explosive."

"It may also be that there are many positive feedback traders in the market who buy more when the price shows an upward trend and sell in the opposite situation. When there are too many feedback traders for the markets to absorb, speculative bubbles can occur in which expectations of higher future prices support high current prices."

"It may be fads, herding behavior, feedback trading, or other noise traders that have long plagued futures markets were highly influential in recent price behavior. Recent empirical evidence does suggest that herding behavior exists in futures markets among hedge funds and floor participants."

The paper concludes with an appeal for more research to identify the source of bubble-like price behavior.

GREAT LEAP FORWARD

In most other asset classes, it is now accepted market prices are basically driven by fundamentals, especially in the medium and long run, but in the short term can department from them, sometimes significantly, as a result of speculative factors.

As billionaire investor Warren Buffett noted in 1988 about the hardline believers in efficient market theory: "Observing correctly that the market was frequently efficient, they went on to conclude incorrectly that it was always efficient. The difference between these propositions is night and day."

Now a new generation of researchers are developing theories which allow for a combination of both fundamental and speculative factors to affect commodity futures prices.

Etienne, Irwin and Garcia's paper is a big step forward because it carefully distinguishes between the influence of the commodity index traders and the short-term bubbles evident in commodity futures prices.

It also shows how behavioral factors could be integrated into a fundamental theory of commodity futures pricing, as has been accepted in every other major asset class.

Crucially, it shows how herding, momentum-based trading strategies and other noise trading may cause futures prices temporarily to depart from fundamentally determined levels, but suggests such deviations have been relatively brief and reversed within weeks or months.

Bubbles may always have been part of the operation of futures markets. For a sample of around 40 annual contracts in 12 different commodities, the authors found bubble-like behavior in about a third of the contract months studied. Bubbles occurred most frequently in sugar (55 percent of contracts studied) and least frequently in feeder cattle (25 percent) and wheat (24 percent).

BEHAVIOUR AND FUNDAMENTALS

The University of Illinois' Department of Agricultural and Consumer Economics is one of the most respected institutions in the field of commodities and derivatives, so the findings cannot be readily dismissed.

In some ways, commodity research is catching up with developments elsewhere. The formation and subsequent collapse of bubbles in other markets has been extensively studied by George Soros ("The Alchemy of Finance" 1987), Didier Sornette ("Why Stock Markets Crash" 2003) and Robert Shiller ("Irrational Exuberance" 2009) for 25 years.

Etienne, Irwin and Garcia have shown how the same approach could help improve understanding of commodity futures markets.

The authors observe "speculative bubbles are not isolated phenomena in agricultural markets, but appear in other futures markets including energy and metals markets as well" citing work by Phillips and Yu ("Dating the timeline of financial bubbles" 2011) and Gilbert ("Speculative Influences on Commodity Futures Prices" 2010).

The paper does not investigate energy futures markets. But the approach could be usefully applied to see if energy and metals markets exhibit similar bubble phenomena.

A theory of commodity price formation that embraces both fundamental and behavioral factors would provide a much richer and more realistic understanding of how futures prices are set.

Accepting that bubbles occur in food (and possibly fuel) prices does not mean they should be regulated out of existence.

Bubbles may be an integral part of the normal process of price formation in any financial market, including commodities, as investors grope towards an equilibrium in the face of incomplete information and limited liquidity.

Trying to eliminate bubbles through regulation may do more harm than good. Accepting temporary bubbles may be the price for allowing the market to perform its long-term function of price discovery.

But the paper should finally move the academic and policy debate beyond its polarized focus on whether speculation impacts commodity futures prices to ask a more nuanced question: how?

(Editing by William Hardy)

Source: http://news.yahoo.com/column-bubbles-food-prices-john-kemp-211121742.html

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Saturn is like an antiques shop, Cassini suggests; Moons and rings date back to solar system's birth

Mar. 27, 2013 ? A new analysis of data from NASA's Cassini spacecraft suggests that Saturn's moons and rings are gently worn vintage goods from around the time of our solar system's birth.

Though they are tinted on the surface from recent "pollution," these bodies date back more than 4 billion years. They are from around the time that the planetary bodies in our neighborhood began to form out of the protoplanetary nebula, the cloud of material still orbiting the sun after its ignition as a star. The paper, led by Gianrico Filacchione, a Cassini participating scientist at Italy's National Institute for Astrophysics, Rome, has just been published online by The Astrophysical Journal.

"Studying the Saturnian system helps us understand the chemical and physical evolution of our entire solar system," said Filacchione. "We know now that understanding this evolution requires not just studying a single moon or ring, but piecing together the relationships intertwining these bodies."

Data from Cassini's visual and infrared mapping spectrometer (VIMS) have revealed how water ice and also colors -- which are the signs of non-water and organic materials --are distributed throughout the Saturnian system. The spectrometer's data in the visible part of the light spectrum show that coloring on the rings and moons generally is only skin-deep.

Using its infrared range, VIMS also detected abundant water ice -- too much to have been deposited by comets or other recent means. So the authors deduce that the water ices must have formed around the time of the birth of the solar system, because Saturn orbits the sun beyond the so-called "snow line." Out beyond the snow line, in the outer solar system where Saturn resides, the environment is conducive to preserving water ice, like a deep freezer. Inside the solar system's "snow line," the environment is much closer to the sun's warm glow, and ices and other volatiles dissipate more easily.

The colored patina on the ring particles and moons roughly corresponds to their location in the Saturn system. For Saturn's inner ring particles and moons, water-ice spray from the geyser moon Enceladus has a whitewashing effect.

Farther out, the scientists found that the surfaces of Saturn's moons generally were redder the farther they orbited from Saturn. Phoebe, one of Saturn's outer moons and an object thought to originate in the far-off Kuiper Belt, seems to be shedding reddish dust that eventually rouges the surface of nearby moons, such as Hyperion and Iapetus.

A rain of meteoroids from outside the system appears to have turned some parts of the main ring system -- notably the part of the main rings known as the B ring -- a subtle reddish hue. Scientists think the reddish color could be oxidized iron -- rust -- or polycyclic aromatic hydrocarbons, which could be progenitors of more complex organic molecules.

One of the big surprises from this research was the similar reddish coloring of the potato-shaped moon Prometheus and nearby ring particles. Other moons in the area were more whitish.

"The similar reddish tint suggests that Prometheus is constructed from material in Saturn's rings," said co-author Bonnie Buratti, a VIMS team member based at NASA's Jet Propulsion Laboratory, Pasadena, Calif. "Scientists had been wondering whether ring particles could have stuck together to form moons -- since the dominant theory was that the rings basically came from satellites being broken up. The coloring gives us some solid proof that it can work the other way around, too."

"Observing the rings and moons with Cassini gives us an amazing bird's-eye view of the intricate processes at work in the Saturn system, and perhaps in the evolution of planetary systems as well," said Linda Spilker, Cassini project scientist, based at JPL. "What an object looks like and how it evolves depends a lot on location, location, location."

The Cassini-Huygens mission is a cooperative project of NASA, the European Space Agency and the Italian Space Agency. The Jet Propulsion Laboratory, a division of the California Institute of Technology, Pasadena, manages the mission for NASA's Science Mission Directorate, Washington, D.C. The visual and infrared mapping spectrometer team is based at the University of Arizona, Tucson.

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The above story is reprinted from materials provided by NASA/Jet Propulsion Laboratory.

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


Journal Reference:

  1. G. Filacchione, F. Capaccioni, R. N. Clark, P. D. Nicholson, D. P. Cruikshank, J. N. Cuzzi, J. I. Lunine, R. H. Brown, P. Cerroni, F. Tosi, M. Ciarniello, B. J. Buratti, M. M. Hedman, E. Flamini. The radial distribution of water ice and chromophores across Saturn's system. Astrophysical Journal, 2013; (accepted) [link]

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

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