Moynihan: Bank of America didn't protect itself

WASHINGTON Bank of America's new chief executive, Brian Moynihan, told the panel investigating the financial crisis Wednesday that his institution failed to protect itself by considering worst-case scenarios. Moynihan also defended his firm's compensation policies, expected to lead to healthy year-end bonuses for many executives despite the economic downturn.

"The mistakes we made and the most losses we've taken have actually been in credit cards and mortgages," he said. B ofA "didn't do the kind of testing you actually do in a trading book, saying 'What if housing goes down 40 percent?'" Moynihan said.

Moynihan kept a low profile during the first hearing of the Financial Crisis Inquiry Commission. He politely answered questions and noted that he was not in his post when the crisis hit, leading to a $45 billion taxpayer bailout of his bank.

Commission member Keith Hennessy asked whether the bankers were discussing with each other the possibility that, "if things get really bad, we can always count on the government to step in."

"I wasn't party to those discussions," Moynihan said. "But... on the darkest days, all of us had to go to bed thinking if this thing doesn't stop, what could happen?"

Moynihan, who previously led Bank of America's consumer business, said in his prepared testimony that the job gave him "a firsthand knowledge and a recognition of the hardships that many hard-working families and small businesses experience across America."

He said that the crisis has taught his bank "some very valuable lessons":

That credit "starts and ends" with sound prudent lending practices, and that rating agencies are no substitute for clear assessments of a borrower's ability to repay the loan.

Banks took way too much risk, and banks must hold more capital to cover potential losses.

Liquidity, the ability to convert assets to cash, is crucial so that banks aren't forced to sell assets at discounts to gin up capital to cover margin calls and or pay off deposits.

It's time to review accounting rules that prompt banks to reduce reserves against loan losses in good times and increase them in bad times.

As for the bank's compensation policies, he said, Bank of America officials "understand the anger felt by many citizens because institutions that received federal investments 15 months ago are now recovering and the pay of their employees reflect this recovery, especially in investment banking and trading areas."

However, he said, the bank has repaid its federal bailout money and "the vast majority of our employees played no role in the economic crisis or losses."

Although some employees were laid off, he said, the remaining 300,000 employees "are a valuable part of our future, and we need to pay them competitively to ensure that we can keep them so they can help our clients."

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China Probes Exporters as Walmart Withdraws Bracelets

China is investigating jewelry exporters as Wal-Mart Stores Inc. and Claire’s Stores Inc. withdrew bracelets and pendants on concerns they may contain the toxic metal cadmium.

The U.S. Consumer Product Safety Commission yesterday said it will develop standards to regulate toxic metals in children’s products. Some Chinese manufacturers use cadmium, a carcinogenic heavy metal, to make charm bracelets and shiny pendants sold in the U.S. because they are banned from using lead, the Associated Press reported Jan. 11.

Shantou Menshy Toys & Crafts Co., a toymaker based in Guangdong, southern China, said cadmium usually exists in toy cars’ paint. “Our key concern is not whether there is cadmium or not in our products, but whether it is over the limit set by countries,” sales manager Marco Guo said in Hong Kong today. About 60 to 70 percent of the closely held company’s products are exported to Europe and the U.S., he said.

Health Hazards

Walmart, the world’s biggest retailer, said Jan. 11 it’s withdrawn jewelry amid concerns they may contain cadmium. Claire’s, the largest U.S. retailer of costume jewelry for teenagers, said it is pulling a bracelet linked to the news report.

The products are the latest Chinese-made goods linked to health hazards after Mattel Inc. recalled toys in 2007, melamine-tainted milk was blamed for the deaths of six babies in 2008 and drywall made in China was linked to health complaints last year.

Brief inhalation of high concentrations of cadmium may cause lung disease, according to the website of the Agency for Toxic Substances and Disease Registry. Swallowing high doses of the metal can cause abdominal cramps and irritate the small intestine, it said.

Children can get low-level exposure to cadmium by sucking or biting on tainted goods without having to swallow them, the AP reported. Some of the items it tested were bought at Walmart or Claire’s stores, it said.

‘Abundance of Caution’

“While we have no reason to believe that this product is unsafe, out of an abundance of caution, we are taking this action,” Claire’s, which has about 3,000 stores in North America and Europe, said in a statement on its Web site. Claire’s is owned by private-equity firm Apollo Management LP.

Mattel, the world’s biggest toymaker, in 2007 recalled more than 21 million China-made toys because of design flaws or paint with too much lead. In 2008, melamine-tainted milk was blamed for the deaths of six babies and ailments in about 300,000 children in China.

Last year, drywall made in China and imported into the U.S. was linked to corrosion of metal and wires in homes and may also be harming people’s health, according to a report by the product safety commission.

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Walmart to Evaluate Products Based on Sustainability

After a Walmart store manager in North Carolina sent an e-mail to upper management asking why all the lights in the vending machines in break rooms needed to be on, Walmart unplugged the lights behind the panel and is saving $1.4 million.

It's suggestions like that that Walmart looks to its 2.4 million employees and more than 100,000 suppliers to bring forward as part of its overall sustainability initiatives that the company has been working on for more than five years, Matt Kistler, the senior vice president of sustainability at Walmart Stores said Monday at the NRF Conference in New York City.

Under a new initiative, Walmart is developing a sustainability index tool that allows it to evaluate the products that it buys and sells by looking at the life cycle of the products—from the raw materials to distribution and sales to how consumers use the products to end of life—answering questions like, is the product easier to recycle? The products will be graded and scored based on the findings.

To accomplish this, top suppliers are being asked to answer 15 basic questions around energy, natural resources and societal impact. The data will then be analyzed with help from colleges and universities who will provide the findings to suppliers. Finally, a long term, and Walmart's most ambitious effort, is to allow consumers to start evaluating products on sustainability.

Walmart began its sustainability initiative more than five years ago around three large goals: energy, wastes and products bought and sold. Underneath those goals, it now has 37 additional commitments around sustainability.

Along the way, the company has increased its use of solar power, asked manufacturers to reduce packaging by 5% and worked on innovations in supply chain management. Early on Walmart wanted to understand what its footprint truly was and determined that only 8% of its total footprint was in its direct control. The other 92% was in the supply chain, which is why it focuses a large part of its sustainability efforts there.

Walmart asked its own employees to participate, with now more than 600,000 personally committing to achieve one initiative in their own lives, such as quitting smoking or eating more healthful foods.

"From a business context, as associates become more aware they start looking for opportunities to come forward," Kistler said. (Thus, the suggestion to turn off lights in vending machines).

Kistler displayed an image before the audience of a Walmart tractor-trailer as a symbol of what the company is doing companywide. Walmart reduced the size of the gas tanks, installed side skirts to make the trucks more aerodynamic and developed new technologies to reduce idling. It is testing a new hybrid truck. And because of the reduction in packaging, in 2008, 150 million more packages were delivered by driving 900 million fewer miles. The goal was to double the efficiency of the fleet, which is 38% more efficient today.

He outlined three criteria all companies must develop to have a successful sustainability program: buy in at senior level management; set goals—on overly aspirational/one attainable; and get started.

"You want to search for game changing opportunities within your own company, but don't miss the small things as well," Kistler said. "Small things do add up, they can propel you and get you started."

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Exxon Mobile joins Turkish Black Sea exploration accord

Exxon Mobile Corporation announced Tuesday it signed a deal with Brasil's Petrobras to partake in the consortium with Turkish Petroleum Corporation (TPAO)in a quest to find oil in the Black Sea.Exxon said that under the deal it purchased 25 percent share of rights over a 3 million hectare area in Sinop, Ayancik and Carsamba shores, with Petrobras holding 25 percent and TPAO 50 percent shares in the consortium.

However, the deal needs to be ratified by the Turkish government to take effect.

In April 2009, Turkey's TPAO and Brazil's Petrobras signed an agreement for the exploration of oil in the Black Sea.

Recently the massive deep-water oil platform "Leiv Eiriksson", which set off from Norway months ago, passed through the straits and reached Sinop, to explore oil at a depth of 6,000 meters with a daily cost of up to 1 million U.S. dollars.

The platform will stay in the Black Sea for five years, according to the semi-official Anatolia news agency.Turkish officials are very hopeful about drilling operations in the Black Sea which is believed to have huge underwater oil and natural gas reserves.

Recent seismic researches estimate a 10-billion barrel oil reserve in the Black Sea.

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The Home Depot Pledges $1 Million for Student Scholarships and Grants for Building and Construction Trade Schools

The Home Depot®, the world's largest home improvement retailer, today announced $1 million in funding for its 2010 Pro Trade Scholarship Program. The Home Depot has more than tripled a $300,000 scholarship fund it first established in 2009 to support students attending professional building and construction trade schools.

This year's program will not only support individual students, but also the schools they attend. Specifically, $1,000 scholarships will be available to 500 trade school students to help them offset the cost of tuition, books and tools for their chosen trade. The schools of the scholarship recipients will receive additional funds for classroom tools from The Home Depot Foundation through matching gifts of $1,000 for each scholarship awarded to one or more of their students.

"Professional contractors are important customers of The Home Depot, and their future is vital to the American dream of home ownership and economic growth," said Chris Waits, vice president of The Home Depot Sales & Services. "Now, more than ever, we want to help our current and future pros build successful businesses."

Scholarship applications will be accepted through April 30, 2010 online at www.homedepot.com/tradescholarship, and are also available in a downloadable Spanish language format. The scholarship program is open to all students nationwide who are currently enrolled in a building and construction trade school program at a vocational/technical school, college or university. Winners will be selected based on a combination of academic performance, leadership and work experience.

The Home Depot is the world's largest home improvement specialty retailer, with 2,245 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, Mexico and China. In fiscal 2008, The Home Depot had sales of $71.3 billion and earnings from continuing operations of $2.3 billion. The Company employs more than 300,000 associates. The Home Depot's stock is traded on the New York Stock Exchange and is included in the Dow Jones industrial average and Standard & Poor's 500 index.

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NRG Energy (NRG) In A Tug Of War with San Antonio On Texas Nuclear Expansion

NRG Energy met with San Antonio officials to resolve the long standing issue regarding the expansion of Texas' largest nuclear facility. However, the meeting ended without the parties arriving at a common resolution.

The meeting was called to resolve the differences between NRG, its nuclear development arm, and CPS Energy. CPS Energy is owned by the City of San Antonio. CPS Energy is a 50-50 partner with Nuclear Innovation North America (NINA), a partnership between NRG and Toshiba Corp, in the expansion of the South Texas Project.

The dispute is with regards to CPS Energy backing off a plan to invest in two new 1,350-megawatt reactors due to rising cost projections. NRG feels that CPS Energy’s backing off might impact the company’s chances of obtaining the federal loan guarantee.

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Railroad shipping: Norfolk Southern's Crescent Corridor receives strong bipartisan support

Class I railroad carrier Norfolk Southern's Crescent Corridor received bipartisan endorsement from 60 legislators, the company said earlier today.

Launched in June 2007, the Crescent Corridor is a nearly $2.5 billion public-private partnership (PPP) to build a rail corridor spanning from Louisiana to New Jersey. NS officials said this endeavor will expand and improve its rail network from the northeast to the southeast, expedite the delivery of cargo shipments, and reduce highway congestion by diverting truck traffic. When it is completed, NS said it will stretch across 2,500 miles from New Orleans to Newark, N.J. and run through New Jersey, Pennsylvania, Virginia, Maryland, North Carolina, South Carolina, Tennessee, Georgia, Alabama, and Louisiana.

"Norfolk Southern's Crescent Corridor program comes at a critical time for our nation's economy, environment, and transportation infrastructure," said NS CEO Wick Moorman in a statement. "The Crescent Corridor will stimulate job growth, economic development, and local tax revenues, while delivering substantial public benefits for communities and shippers. We are grateful for the wide bipartisan support the Crescent Corridor is receiving on Capitol Hill."

The Crescent Corridor's first phase is expected to be completed by 2013, according to NS officials.

NS cited the following as benefits of the Crescent Corridor upon its completion:
-$326 million in tax revenues to states and communities;
-1.3 million long-haul trucks diverted from interstates;
-$146 million in accident avoidance savings;
-1.9 million tons in CO2 reduction;
-$575 million in congestion savings;
-$92 million in highway maintenance savings; and
-169 million gallons in fuel savings.

In September, the state of Pennsylvania, the lead state on its Crescent Corridor endeavor, submitted an application for $300 million in federal funding to receive financial assistance with Crescent Corridor.

The funding the state of Pennsylvania applied for was submitted as "The Crescent Corridor Intermodal Freight Application," and it is for federal stimulus that is part of the American Recovery and Reinvestment Act of 2009 Transportation Investment Generating Economic Recovery (TIGER) Program. Introduced by U.S. Transportation Secretary Ray LaHood in February, TIGER's objective is to ensure that economic recovery funding is rapidly made available for transportation infrastructure projects and that project spending is monitored and transparent.

NS officials said this application seeks $300 million for new intermodal facilities at Memphis, Birmingham, and Franklin County, Pennsylvania, as well as the expansion of intermodal terminals in Harrisburg and Philadelphia. They added that track improvements in the five partner states will be comprised of ten passing tracks, 557 individual speed improvements, and 393 miles of track with upgraded rail improvements.

In terms of current developments regarding the Crescent Corridor, Rudy Husband, NS spokesman, told LM that NS is currently working with state DOT's in Alabama, Tennessee, and Pennsylvania on new terminal projects in Birmingham, Memphis, and Greencastle, Pa., as well as expanding existing terminals, in Harrisburg, Pa. and Philadelphia.

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China Education Resources Partners With the Coca-Cola Company

China Education Resources Inc. announced that it has launched a joint promotional campaign in China with Coca-Cola Company ("Coke") promoting Qoo, a non-carbonated beverage developed by Coke targeted at the youth market.

Coke has distributed 100,000 promotional packages in the Beijing area each consisting of a large bottle of Qoo and a CD from CER which contains 10 short English courses developed by CER and a link to CER's education services portal ("ESP"), through which the user will have access to a number of online tutoring courses and a memory game to help students learn English, both of which will be free initially but will require the user to pay after a certain period. The CD also contains an invitation to visit the CER offices in Beijing to take an English language assessment examination.

C.F. Zhou, Chairman and CEO, said, "We are very proud of our new association with Coke, one of the most recognized companies in the world. This gives us tremendous credibility and to the best of my knowledge, CER is the only online education company in China to be involved in any promotional efforts with Coke. Over the last several years, CER has developed a strong national reputation as a company which provides leading edge, high quality products in the K to 12 area. This is a win/win situation for both companies. Coke believes that an association with a well known education company will help promote the sales of Qoo. We believe that Coke's market penetration and distribution capabilities will open new doors for us, as evidenced by the fact that the Qoo promotional packages have now appeared in Wal-Mart stores around Beijing. While it is too early to gauge the commercial success of this new venture, I feel that an association with Coke will greatly increase our exposure in the marketplace and do nothing but benefit our shareholders. We will keep shareholders updated."

ABOUT CHINA EDUCATION RESOURCES INC.

In collaboration with China's various education authorities and experts, China Education Resources Inc. ("CER") is helping to transform the curriculum of the world's largest educational system. Recognizing the need for centralization and increased accessibility to address the Chinese Central government's 2000 education reform policy changes, CER has created educational tools and curricula for China's entire kindergarten through twelfth grade system. By implementing the government's goal of converting the existing educational system from memory-based learning to creative thinking and utilizing a more interactive approach to embrace a world-based economy, CER has played an integral part in positioning China's educational system to reach new heights.

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Court denies Wells Fargo's $115M tax-deduction claim

Wells Fargo & Co. is not allowed to claim $115 million in tax refunds from 2002 related to a type of leasing transaction that the Internal Revenue Service considers an illegal tax shelter.

The U.S. Court of Federal Claims denied the deductions because the deals "lack economic substance and were intended only to reduce Wells Fargo's federal taxes," according to Judge Thomas Wheeler.

The deductions were based on "sale-in, lease-out," or SILO, deals that allow tax-exempt entities, such as public-transit agencies, to transfer tax benefits for a fee to a U.S. taxpayer. The benefits stem from depreciation on assets, such as rail cars, buses and telecom equipment, according to the ruling.

Wells Fargo said it was disappointed in the decision and is considering whether to appeal.

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Home Loan Modification – Wells Fargo Mortgage Modification Options

The home loan modification process was designed to help struggling homeowners stay in their home and avoid foreclosure. If you are currently having great difficulty making your mortgage payments there is a possibility that you could qualify for a home loan modification. If you are looking for Wells Fargo mortgage modification options then they are all our resources available.

Wells Fargo is one of the major mortgage lenders in the United States at the present time. They are considered one of the big four banks along with J.P. Morgan Chase, Citigroup, and Bank of America. These major banks have received a great amount of criticism when it comes to the home loan modification process.

Many borrowers feel that the big banks are not putting forth the effort to help them modify their home loans. You must understand that there is a lot of paperwork involved in the home loan modification process. Once you’re in the trial period of loan modification you will have to submit documents for up to six months.

By missing any of these documents you are going to risk the opportunity to get your home loan permanently modified. It would be a wise decision to access the Making Home Affordable website and find out what documents you must submit to get your home permanently modified. This will also help you to better understand where the lender is in the process.

The Making Home Affordable website is a very useful resource when you are having struggles with your home loan modification. It would be a good idea to sit down on this website and find out all the possible information you can. This will likely make the process easier for you.

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GlaxoSmithKline opts for Traficet-EN Licence

GlaxoSmithKline has announced its intentions to obtain the exclusive worldwide licence for the development and commercialisation of Traficet-EN (CCX282-B).

The compound is a CCR9 antagonist that is under investigation for its efficacy in the treatment of inflammatory bowel diseases, specifically Crohn's disease.

Due to a previous agreement with ChemoCentryx, the option also incorporates two additional identified backup treatments and signifies the first product licensing opportunity resulting from the original collaboration.

Under the terms of the contract, ChemoCentryx will receive an option exercise fee of $35 million (21.7 million pounds) and may qualify for further milestone payments.

Moncef Slaoui, chairman of research and development at GlaxoSmithKline, stated: "CCX282-B may offer advantages over existing therapeutic approaches for Crohn's disease by potentially offering reduced side effects and convenient oral dosing to patients."

In other GlaxoSmithKline news, the firm announced last month that the European Medicines Agency issued a positive opinion of Revolade (eltrombopag).

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UPDATE 1-Glaxo H1N1 German order cut to 70 pct of original

GlaxoSmithKline has agreed to slash the amount of swine flu vaccine it will supply to Germany to approximately 70 percent of the original order, due to low demand for the shots.

The British-based drugmaker said on Tuesday it had reached an agreement with the German ministry of health to amend its existing contract to 34 million doses, from 50 million initially ordered.

Glaxo is also in discussion with other governments about reducing H1N1 vaccine supplies, including Britain, France, Spain, the Netherlands and Belgium, a spokeswoman said.

Several countries have started to cut orders for flu vaccines because the pandemic has not turned out to be as deadly as originally feared and adults need only one dose, not two, to be fully protected.

Original orders for flu vaccine were placed in May, June and July, when it was not known what dose would be needed and it was not clear how severe the pandemic would be.

"Pandemics by their nature are unpredictable and we recognise that governments' needs are changing. We are committed to finding solutions for governments changing their immunisation programmes and to fulfilling recent new orders," said Glaxo's vaccines head Jean Stephenne.

German newspaper Bild had predicted the order reduction on Monday and said it would save Germany's states about 133 million euros ($193 million), based on a price of 8.33 euros per dose.

Germany had said last week it wanted to cancel half the vaccines it ordered from Glaxo.

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WABCO Introduces Security Innovation in Trailer Electronic Braking System

WABCO Holdings Inc., a global technology leader and tier-one supplier to the commercial vehicle industry, today introduced Trailer Immobilizer, a security innovation that significantly increases protection against trailer theft, as an additional function in the company's trailer electronic braking system (EBS). The introduction of Trailer Immobilizer continues WABCO's 11-year track record of technology leadership in EBS for trailers.

WABCO Trailer Immobilizer is an electronic system with high security that blocks the wheels of a parked trailer to help prevent theft or unauthorized use. It safeguards against manipulation and also increases security and safety when the trailer is parked on a slope. The truck driver activates Trailer Immobilizer by entering a PIN code via SmartBoard, an easy-to-use control box that graphically displays the trailer's critical real-time operating information in a choice of 15 different languages.

WABCO Trailer Immobilizer is the commercial vehicle industry's first trailer immobilizer system integrated with the vehicle's electronic braking system. It is featured on the E1.5 version of the company's Trailer EBS E generation, marking the latest innovation in WABCO's industry-leading Trailer EBS series that was launched in 1998. As of 2009, WABCO has sold more than 900,000 trailer electronic braking systems worldwide.

"As the number of trailer thefts nearly doubles year on year, fleet owners and operators face sharply rising costs and major business disruption due to stolen vehicles, theft of valuable cargo, and damage and accidents due to manipulation by unauthorized persons," said Nick Rens, WABCO Vice President, Aftermarket and Trailer Systems. "WABCO Trailer Immobilizer technology demonstrates our passion to help transport professionals continuously improve their vehicles' security and safety while further protecting their profitability."

Trailer EBS Version E1.5 continues to feature previously released roll stability support (RSS) and an operating data recorder that registers the trailer's technical data much like an airplane's black box, as well as optional functions such as OptiLoad(TM), OptiTurn(TM), Tilt Alert(TM) and Bounce Control(TM).

About WABCO

WABCO Vehicle Control Systems (NYSE: WBC) is a leading supplier of safety and control systems for commercial vehicles. For over 140 years, WABCO has pioneered breakthrough electronic, mechanical and mechatronic technologies for braking, stability, and transmission automation systems supplied to the world's leading commercial truck, trailer, and bus manufacturers. With sales of $2.6 billion in 2008, WABCO is headquartered in Brussels, Belgium. For more information, visit www.wabco-auto.com.

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Moody's Economy.com sees better retail sales ahead

U.S. retailers are in for a better holiday shopping season this year as the economy improves, Moody's Economy.com Chief Economist Mark Zandi said on Monday.

Zandi, who said the economy's improvement would pick up speed this year, forecast sales for the 2010 holiday season would rise 3 percent to 4 percent, an improvement from 2009.

"We're going to be pleasantly surprised by Christmas 2010," Zandi said at a National Retail Federation conference in New York.

He added that improving sales trends in 2010 would prompt U.S. retailers to begin hiring more employees.

U.S. retail sales in November and December 2009 rose 1.7 percent, according to data released on Monday by ShopperTrak, boosted by a post-Christmas surge that made up for sales lost from a massive East Coast winter storm.

ShopperTrak, whose data exclude online sales, had forecast sales would rise 1.6 percent.

Pent up demand and a better economic environment are paving the way for U.S. retail sales to keep up their momentum in 2010, said ShopperTrak co-founder Bill Martin.

"The consumer has been in hiding and can't wait to get out there," Martin told Reuters in an interview.

Martin said the first few days of 2010 were promising, although he cautioned that sales had a long way to go to catch up to the pre-recession levels of 2006 and 2007.

For November, ShopperTrak found that U.S. foot traffic fell 2.9 percent and that sales were flat despite a strong showing on Black Friday, the day after U.S. Thanksgiving that marks the beginning of the holiday shopping period.

December sales were up 3.8 percent as shopper spending in the days immediately before and after Christmas helped make up for lost sales during the December 19 winter storm that battered the U.S. Eastern seaboard and kept shoppers at home.

The U.S. government is set to release December retail sales data on Thursday.

CLOUDS ON THE HORIZON

Zandi sounded a note of caution, saying the current U.S. debt to gross domestic product ratio of 65 percent was "barely manageable." That could threaten the overall economy's health and curb consumer spending longer term.

A value added tax on consumer goods is the most efficient way for the government to raise money, Zandi said, but conceded it could hurt retailers.

"Pick your poison," Zandi said, predicting there would eventually be a VAT tax in the United States, as there is in most other advanced economies.

Zandi said consumers still have a lot of debt to pay down before they can ramp up their shopping again and banks are willing to lend again.

"Most of the drag of the credit crunch is now," he said. "Once consumers deleverage in two years, spending will pick up."

In the meantime, Zandi said U.S. retailers would have to sell more products to emerging markets to sustain their growth.

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M&T Bank Corporation Announces Fourth Quarter / Full Year 2009 Earnings Conference Call

M&T Bank Corporation ("M&T") plans to announce its fourth quarter and full year 2009 earnings results in a press release that will be issued before the market opens on Wednesday, January 20, 2010. Following the release, M&T will conduct a conference call and webcast at 2:00 p.m. EST to discuss the earnings results. The conference call and webcast may contain forward-looking statements and other material information.

Domestic callers wishing to participate in the call may dial toll free (877) 780-2276. International participants, using any applicable international calling codes, may dial (973) 582-2700. Callers should reference M&T Bank Corporation or the conference ID # 49940743. The conference call will be webcast live through M&T's website at http://ir.mandtbank.com/conference.cfm.

A replay of the call will be available until Friday, January 22, 2010 by calling (800) 642-1687, or (706) 645-9291 for international participants, and by making reference to the ID # 49940743. The webcast archive of the conference call will be available by 7:00 p.m., January 20, 2010 on M&T's website at http://ir.mandtbank.com/conference.cfm.

M&T is a bank holding company whose banking subsidiaries, M&T Bank and M&T Bank, National Association, operate branch offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey, and the District of Columbia.

  Investor Contact:      Donald J. MacLeod
                       (716) 842-5138
Media Contact:         C. Michael Zabel
                       (716) 842-5385

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United Parcel Service Is Climbing On Q4 Guidance News

United Parcel Service increased its fourth quarter EPS forecast to between $0.73 and $0.75 Friday morning, from prior expectations of $0.58 to $0.65. The consensus estimate is for EPS of $0.63.

United Parcel Service gapped open sharply higher Friday and is now up 3.25 at $60.66 up in early trade. The stock has broken out past resistance and has set a new high for the year.

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United Parcel Service to cut 1800 jobs

The United Parcel Service (UPS) announced on Friday that the shipping company would cut around 1800 jobs. These jobs are basically in the administrative and management profiles. An office in the Oklahoma City is also going to be shut down.

Because of these layoffs, close to 1100 employees would be affected and they are going to be offered a voluntary separation package as part of the work force reduction. And the remaining 700 cuts would be in the form of attrition and layoffs. The company is based primarily in the US and the small package segment, which handles shipments of up to 150 pounds by ground and air, represents roughly 60 percent of UPS’ annual revenue.

In all UPS has around 408,000 employees worldwide, out of which 340,000 of which are located in the U.S. Besides the layoffs, the company hopes to do well, as it has forecasted profit in the fourth-quarter which is courtesy the cost cuts and also due to improvement in operations.

UPS said it now expects to post earnings of 73 cents to 75 cents per share for the October to December quarter. UPS had previously predicted earnings of 58 to 65 cents per share. UPS will report fourth-quarter earnings on Feb. 2.

The company is repositioning itself for a gradual economic recovery by reducing its U.S. regions from five to three and its district offices from 46 to 20, spokesman Norman Black said. Improved technology is allowing UPS to manage larger areas with fewer people to oversee functions, Black said. The downsizing “will have no impact on drivers, customer service people or package sorters,” he said. “None of those positions will be affected.”

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Swine flu promises GlaxoSmithKline a £1bn revenue boost

Cash tills are ringing at GlaxoSmithKline thanks to soaring demand for its swine flu vaccine Pandemrix, and Relenza, which treats the symptoms of the illness that has led to hundreds of deaths around the world. Analysts predict a £1bn revenue windfall in 2010 as governments stockpile medicines designed to combat a possible pandemic.

GSK has landed 22 government contracts since last summer, with 440m doses ordered. The company makes the vaccine in Dresden and Quebec, but demand is so great – about 60% higher than for usual seasonal vaccines – that it is outsourcing production to third-party manufacturers. In the UK, there are plans to vaccinate the entire population if necessary, and the government has given the go-ahead for vulnerable people, such as pregnant women, frontline health workers and young children, to be inoculated.

Andrew Witty, GSK's chief executive for the past 18 months, stresses that the company has worked hard to come up with a vaccine and that "it would be foolish to deny that events like these aren't good for business".

GSK has been planning for a pandemic for three-and-a-half years has and spent more than £1bn to ensure its factories could crank up production at short notice. "We don't know how big this deal is going to be, but no one can say we aren't ready," says Witty.

But the boost to revenue is a drop in the ocean when you consider group sales for this year are estimated at £28bn. The headline-grabbing stories about swine flu also mask the quiet revolution Witty has been executing since he took over from Jean-Pierre Garnier, his controversial predecessor who provoked storms over the size of his pay package.

Witty says his strategy is to reduce reliance on a few blockbuster medicines in developed countries and diversify into emerging markets, which he portrays as a potential El Dorado.

With patents having expired on some of its best-selling medicines in the past three years, GSK has concluded that expansion in Latin America, the Middle East and Asia can plug the gap in revenues as competition from cheap generic drugs threaten to blow a gaping hole in group finances. Income from a medicine that loses patent protection can drop by up to 80% in two years.

Abbas Hussein, head of GSK's emerging markets business, says the sector's value stands at £50bn but will double by 2015, and by 2020 will be worth as much as today's US market: "We have grown our emerging-markets business quite dramatically; it now accounts for 13% of group sales and is expanding at 19% a year. This should be no surprise when you consider that a new middle class as big as the UK's population is created in developing regions each year."

Navid Malik, analyst at Matrix Corporate Capital, says GSK's strategy is all about "changing the business model to deliver sustainable earnings growth by trying to iron out the peaks and troughs that flow from being over-reliant on a handful of products in the US and Europe". The new approach is also about broadening its product range. Last year it agreed a $3.6bn ($2.2bn) deal to buy skincare specialist Stiefel Laboratories in the US.Malik, analyst at Matrix Corporate Capital, says GSK's strategy is all about "changing the business model to deliver sustainable earnings growth by trying to iron out the peaks and troughs that flow from being over-reliant on a handful of products in the US and Europe". The new approach is also about broadening its product range. Last year it agreed a $3.6bn ($2.2bn) deal to buy skincare specialist Stiefel Laboratories in the US.

Along with other companies, GSK is to cut the prices it charges for medicines in developing countries as part of a drive to exploit demand in faster-growing economies. The industry, which stands accused of cherry-picking rich patients in poor countries who can pay western prices, has been forced by healthcare authorities in the Philippines to reduce prices or risk exclusion. Turkey is also poised to demand substantial cuts. To ensure continued unfettered access to emerging markets – and to curry goodwill – it is perhaps no surprise that pharmaceutical companies have made donations, or offered deep discounts on some drugs, notably antiretrovirals for HIV.

But there are clouds on the horizon for with Advair, one of GSK's best-selling drugs, which is used to treat asthma; it will lose its US patent in the US in 2011. Although analysts say that Advair, which is taken as an inhalant, is difficult to copy, it accounts for about 20% of sales and is a key part of its portfolio. So, despite all the talk about reducing the company's reliance on traditional "white pills and western markets", GSK is still beavering away in the background to come up with an old-fashioned blockbuster – such as a vaccine for lung cancer or a treatment for the immune-system disorder lupus.

But what better way to manage expectations than by downplaying the importance of breakthrough medicines, some of which will take years before they come to the market, assuming they get regulatory approval? As Malik says: "It is better to under-promise and then over-deliver if you want to avoid the danger of upsetting your shareholders."

GSK is sensitive to City opinion: its share price has dived since the company was formed after the merger of Glaxo Wellcome and SmithKline Beecham in 2000, falling from £21 to £13 because of a range of problems being encountered by big pharma in general. The price of prescription drugs are falling as governments and health insurers demand bigger discounts. Research and development has become more complex, and consequently more expensive. Regulators are demanding higher standards in the wake of a number of high profile health scares.

Drugs multinationals must also grapple with the harsh truth that "there are fewer unmet clinical needs than 20 years ago", according to Alan Shepherd of IMS, the healthcare consultancy. His point is illustrated by the massive growth of "me-too" drugs: medicines that are only slightly different from market leaders, launched with the aim of grabbing a share of an already lucrative market. In The Truth about the Drug Companies, Marcia Angell notes that we now have six branded medicines to lower cholesterol, "all variants of the first".

And now stormy waters are rising in the US, where Barack Obama threatens to hole big pharma below the waterline. He wants Medicare to bulk-buy drugs for the elderly and sick to drive down prices that are on average twice as expensive as in Britain. As things stand, doctors order drugs on a case-by-case basis from individual companies that "charge the Earth", according to one analyst.

Big pharma is also under pressure from public opinion, with recent polls showing that Americans are more concerned about healthcare costs than the war in Afghanistan. At such times, who can blame Witty and his competitors for talking up the prospects for emerging markets? In the developed world, life has rarely been as tough.

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Eaton Corp. employees collect $1,200 worth of food for food banks

During the December Christmas Season the 36 Sales and Engineering Services employees of Eaton collected over $1,200 worth of food and paper goods in their SouthPark Circle, Littleton office for a local food bank. Enough to fill a pickup truck.

Eaton Corporation is a multifaceted global technology leader in electrical and hydraulics components, aerospace fuel, hydraulics and pneumatic systems for commercial and military use; together with truck and automotive drive train systems.

On the Friday before Christmas, they loaded the truck and drove it to South Fellowship on South Broadway in Littleton where managers Sam Shortino and Keith Negri unloaded the truck and filled the rear hall of South Fellowship Church.

Senior Pastor Brad Strait said the food items would be especially helpful to over 160 families in the Littleton area living from paycheck to paycheck during the hard times they are presently facing the next few months. These families stretch every cent to its limit and some might have gone hungry except for the generous spirit of those willing to share with those in need. Now these families can sit down to a warm meal and enjoy the season of giving and sharing that comes during Christmas time.

The South Fellowship King's Pantry Food Bank offers food each Saturday to those Littleton area families in need regardless of their situation, background, or faith without any strings attached. This helps those families in need have a few dollars left over to put toward other necessities such as rent and utilities ... or maybe a little toy.

The season of sharing is a beautiful happening. "God bless us everyone."

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Warren Buffett sells 2.7 mln Moody's shares

Billionaire investor Warren Buffett sold about 2.7 million shares of credit rating agency Moody's Corp earlier this week, according to a regulatory filing.

Berkshire Hathaway holds about 35.4 million, or about 15 percent, of Moody's shares following the transaction, assuming 236.5 million shares outstanding as of Sept. 30.

Berkshire, which holds these shares through some units, sold about 2 million shares at a weighted average price of $25.04 each and the rest at $24.8 each.

Moody's shares were trading up 1 percent at $25.25 in late morning trade Thursday on the New York Stock Exchange. They touched a high of $25.42 earlier in the session

Berkshire Hathaway now holds 15 pct in Moody's

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Becton Dickinson Applauds PEPFAR's Broadened Emphasis on Strengthening Health Systems

BD (Becton, Dickinson and Company) a leading global medical technology company, has praised the recent announcement that the U.S. President's Emergency Plan for AIDS Relief (PEPFAR) will increase its emphasis over the next five years on strengthening health systems in developing countries.

BD currently collaborates with PEPFAR on three separate initiatives that promote the long-term sustainability of healthcare delivery throughout sub-Saharan Africa. The programs focus on strengthening laboratory systems, protecting healthcare workers, and improving blood collection practices in the region.

On December 1, 2009, World AIDS Day, Ambassador Eric Goosby, the U.S. Global AIDS Coordinator, announced that the United States would launch a new five-year strategy that will move PEPFAR "from an emergency response to one of durable health systems that are designed to serve the medical needs of people with HIV/AIDS and the communities where they live," as reported in an article posted on the U.S. State Department's America.gov website.

"We're going to begin transitioning from an emergency response to a sustainable one through greater engagement with and capacity building of governments," said Ambassador Goosby.

Similarly, on November 30, 2009, Secretary of State Hillary Rodham Clinton said that PEPFAR's second five-year phase will witness a "transitioning from emergency response to sustainable health systems that help meet the broad medical needs of people with HIV and the communities in which they live."

BD's three public-private collaborations with PEPFAR are focused on different areas of health system strengthening. The laboratory strengthening program involves extensive training of laboratory technicians in quality control systems and specific testing procedures for diagnosing and monitoring HIV/AIDS and tuberculosis. The Wellness Center initiative, pursued in collaboration with the International Council of Nurses, provides essential services to health workers and their families including discreet HIV testing and treatment. Most recently, BD and PEPFAR announced the launch of a third program focused on safe blood sampling and handling practices. It is anticipated that as many as 10,000 health workers will be trained in this program.

About BD

BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people's health throughout the world. BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD's capabilities are instrumental in combating many of the world's most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in approximately 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. For more information, please visit www.bd.com.

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Shares of Gannett and N.Y. Times Co. hit 52-week highs

Shares of Gannett Co. and New York Times Co. hit 52-week highs today after a Wells Fargo & Co. analyst said advertising sales were improving and upgraded both publishers’ shares.

Gannett, the McLean, Va.-based parent of the Democrat and Chronicle, USA Today and more than 80 other U.S. newspapers, rose as much as $1.09, or 7.6 percent, to $15.50 in New York trading.

The Times Co., based in New York City, gained as much as 96 cents, or 8.7 percent, to $11.99. The company's biggest holdings are The New York Times and The Boston Globe.Wells Fargo analyst John Janedis, who previously had given both companies a rating of “underperform,” upgraded Gannett to “outperform” and Times to “market perform.”

“It appears as though the newspaper ad market is improving more quickly than we previously anticipated, particularly in December,” Janedis said in a note to clients today.

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NRG Energy - World's First Power Plant Retrofit

Alter NRG entered into a technology license agreement with NRG Energy, Inc. – one of the largest independent power producers in the United States – on April 3, 2007. Under the terms of the License Agreement, Alter NRG granted NRG a five-year exclusive license to use the Westinghouse Plasma Corporation proprietary gasification technology in the United States, primarily to produce electric power using coal and other feedstocks.

Together with our strategic partner, NRG Energy, we have identified over 320 retrofit opportunities in North America for 100 MW to 300 MW facilities. Each retrofit would generate an estimated $30 million to $75 million in technology sales to Alter NRG.

NRG Energy has a full-time team dedicated to power plant retrofits and the company believes innovative technologies such a plasma gasification will play a significant role in meeting America's growing energy needs.

NRG Energy Somerset, Massachusetts Retrofit Project

In November, 2009, the NRG Energy Somerset Massachusetts 110 megawatt coal retrofit project using Westinghouse Plasma Technology was selected to proceed into the detailed due diligence phase of the US Department of Energy (DOE) Loan Guarantee Program. NRG Energy continues to advance the renewable energy project, which will use up to 35% to 100% biomass. The proposed coal retrofit project would provide enough electricity to support approximately 100,000 homes in southeast Massachusetts.

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BD PosiFlush pre-filled heparin lock BD Luer-Lok flush syringe NDC 08290-0360-05 30 sp 120 ca BD PosiFlush Pre-Filled Syringes provided convenient reliable cost-effective alternatives to vial-based systems Use BD PosiFlush and strengthen your IV catheter maintenance practices Enhance Healthcare Worker SafetyCompletely eliminate needles that may still be used to fill syringes with flush solutions Eliminate glass vials and cartridges Compatible with all needleless IV access systems Improve Clinician Work Flow and ProductivityReduce clinician steps and time required to prepare flush syringes Reduce acquisition storage distribution and disposal costs for the multiple components currently required to flush IV sites Eliminate waste associated with saline and heparin vials Reduce sharps collector waste up to 1 2 compared to conventional 12mL syringes 1 Reduce Medical Errors and ComplicationsEliminate potential cross-contamination associated with multi-dose containers Minimal product manipulation provides fewer opportunities provides fewer opportunities for breaks in aseptic technique Preservative-free saline suitable for use with all patient populations BD s Pre-Filled Flush Syringes provide a fully integrated system designed to satisfy all your Flushing needs Sterile contents and fluid pathway BD PosiFlush syringes are terminally sterilized for highest SAL Saline syringes are latex free Syringes and shelf cartons are color-coded for easy identification of syringe contents10ml syringes lower injection pressures for increased patient safety 2Compatible with all needleless IV access systems Improve Clinical and Technical ProficiencyComply with PICC manufacturer instructions by standardizing flush protocols with 10 mL syringes for lower flush pressure Improve flushing proficiency with BD s Blunt Plastic Cannula 3Comply with INS Standard 56 that encourages the use of single-dose flushing systems 4 as well as with the CDC which strongly encourages use of single dose flushing systems to reduce the risk of contamination 5

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The Travelers Companies Inc (NYSE:TRV) to Release Q4 Earnings January 26

The Travelers Companies, Inc. (NYSE:TRV) will release its fourth quarter earnings for 2009 on Tuesday, January 26. The company will post the financial results on the company’s investor website at http://investor.travelers.com/. A conference call will be held at 9:00 am ET that morning to discuss the financial results. Interested parties may access the call via webcast on the company’s investor site. The webcast, accompanying slide presentation and supportive material will be archived on the site following the conclusion of the call.

The Travelers Companies, Inc. (TRV) is a holding company principally engaged, through its subsidiaries, in providing a range of commercial, and personal property and casualty insurance products and services to businesses, government units, associations and individuals. The Company is organized into three business segments: Business Insurance; Financial, Professional & International Insurance, and Personal Insurance. The Business Insurance segment offers an array of property and casualty insurance and insurance-related services to its clients primarily in the United States. The Financial, Professional & International Insurance segment includes surety and financial liability coverages, which require a primarily credit-based underwriting process. Personal Insurance writes a range of property and casualty insurance covering personal risks. In December 2008, the Company completed the sale of Unionamerica Holdings Limited.

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WalMart Stores Inc. (WMT) Vice Chairman Wright Eduardo Castro sells 17,000 Shares

Vice Chairman of WalMart Stores Inc. (WMT) Wright Eduardo Castro sells 17,000 shares of WMT on 12/29/2009 at an average price of $54.06 a share.

Wal-Mart Stores, Inc. is the world's largest retailer. They are engaged in the operation of mass merchandising stores, which serve their customers primarily through the operation of three segments, which are the Wal-Mart Stores segment, the SAM'S Club segment and the International segment. Walmart Stores Inc. has a market cap of $209.43 billion; its shares were traded at around $54.3 with a P/E ratio of 15.4 and P/S ratio of 0.5. The dividend yield of Walmart Stores Inc. stocks is 2%. Walmart Stores Inc. had an annual average earning growth of 13.3% over the past 10 years.

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KRAFT FOODS (NYSE: KFT) NEW PRODUCT OFFERINGS FOR 2010

Kraft Foods Inc. (NYSE: KFT) is making some bold new product moves in 2010! As consumers seek culinary inspiration, Kraft Foods is delivering more than 20 new foods and beverages in the first few months of the new year that boast trendy, restaurant-inspired flavors. And just in time for January's diet season, Kraft Foods also is adding several new portion-controlled options to its portfolio.

"We are focused on the consumer from the moment we first dream up a new product to the time it hits store shelves," explains John Li, Director, Culinary Center, Kraft Foods. "We start with a deep dive into consumers' eating habits and flavor preferences. It's part art and part science, but ultimately, our goal is to create the best and most flavorful products possible."For 2010, Kraft Foods took a cue from the top ten flavors consumers would like to see more often on restaurant menus(1). "Many of our new items reflect consumers' interests in bold flavors, especially those that are Italian-inspired or have a Mexican flair," said Li. "Hot and spicy is big so chipotle and garlic are key flavor notes while berry-infused items remain on-trend. The increasing desire for bolder flavors is not limited to a single age group. Everyone is asking for more adventurous taste experiences." Kraft Foods is answering the call for extraordinary and authentic flavors with the unveiling of Planters Flavor Grove Nuts in five delicious almond and cashew varieties. Uniquely roasted and seasoned with real herbs & spices, the new Planters Flavor Grove skinless almonds are enhanced with the fresh flavors of Sea Salt & Olive Oil, Cracked Pepper with Onion & Garlic, and Chili Lime. Planters Flavor Grove cashew varieties include Chipotle and Sea Salt & Cracked Pepper. The pep of chipotle and kick of spicy flavors are revving up a new line of Kraft Sandwich Shop Mayo reduced fat mayonnaise featuring Chipotle, Garlic & Herb, and Horseradish-Dijon (made with Grey Poupon mustard) varieties, all with half the fat and calories of regular mayonnaise. Even the dairy case is getting a flavor lift. Kraft Deli Deluxe cheese slices will debut 3 Cheese Garlic & Herb, Bacon Cheddar, and Jalapeno American taste sensations which are perfect for sandwiches or melting on vegetables or casseroles. And no matter how you slice it, bacon is a sizzling trend at restaurants. In fact, a recent Kraft Foods survey of 4,500 restaurants found bacon is one of the fastest growing menu items. So the launch of Oscar Mayer Super Thick Cut Applewood Smoked Bacon is particularly timely. Berries are bountiful in the better-for-you line of Planters NUT-rition which will now include Antioxidant Mix with almonds, bananas, peaches, blueberries, cranberries and cashews, and Omega-3 Mix with walnuts, cranberries and dark chocolate-covered soy nuts. Chocolate has not lost its appeal among consumers and Back to Nature is adding its own twist with wholesome and chewy Granola Cookies that feature whole grain wheat flour and semisweet chocolate with cocoa from Rainforest Alliance Certified(TM) farms. The new Dark Chocolate and Oats variety is on-trend with the more intense flavor of dark chocolate. "We also are building on our health and wellness commitments and evolving to meet today's consumer expectations in this area," adds Li. "When it comes to portion control, we know consumers want indulgence without overindulging! Gone are the days of thinking you can't have your cake and eat it too." That's why Kraft Foods has several great new portion control options brimming with flavor while being short on calories. Mousse Temptations by Jell-O feature Dark Chocolate, Chocolate and Caramel Creme flavor experiences for 60 calories per serving. And the 100 Calorie Pack platform that Kraft pioneered is now in the cheese and dairy case with Kraft 100 Calorie Packs Cheese Bites.

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GE aims to turn Turkey into a wind turbine base

General Electric, a U.S. conglomerate that also produces wind power plant equipment, is closely monitoring the Turkish market for the opportunity to establish a plant and perhaps turn the country into a supply base.

The Gökçedað wind power plant, which was set up by Zorlu Holding with an investment of 210 million euros, will start to operate at full capacity in the first quarter of the year.

Nearly 50 of the 54 turbines at the wind farm have been completed, according to Gökmen Topuz, assistant general manager of the investments department. “With 23 of these wind turbines we will produce the first 57.5 megawatts of electricity and transfer it to the national grid,” he said.

The wind turbines set up for the power plant are the largest in Turkey, according to Topuz. “Each wind turbine has the capacity to produce 2.5-megawatts of electricity. Each blade is 50 meters long and the torso of the turbine is as high as a 30-story building,” he said. “We aim to produce 500 million kilowatt-hours of energy each year.”

Aiming to supply equipment in Turkey, GE has launched a feasibility study


GE is watching for an increase of incentives and the launch of wind energy investments to implement its project. GE considers Europe as a growth zone, GE Energy Turkey Managing Director Mete Maltepe told business daily Referans. “Particularly, the Mediterranean and Black Sea regions are very attractive. It would be reasonable to have a supply base in the region to reduce transportation costs and Turkey is a good candidate for this. We are conducting feasibility studies concerning the use of Turkey as a supply base.”

Noting that GE also needs to evaluate costs for the plant, Maltepe said the market needs to mature with incentives. “Turkey is a large market. In order for the production to take place in Turkey, its market conditions should mature. Offering strong measures to wind energy will trigger the shift to production.”

Maltepe said renewable energy base tariffs should be amended and investments should increase. “If the Turkish market sees wind turbine investments of 1,500 to 3,000 megawatts annually, it may become attractive for suppliers to produce turbines here. And this may help reduce transportation costs.”

Turkey’s electricity consumption will increase each year following the global crisis, according to Maltepe. With the proper conditions, the goal should be to reach an installed wind power of 20,000 MW within 10 years, he said, adding that GE plans to exist in the market through partnerships with Turkish firms. GE has over 11,600 wind turbine installations with more than 18,000 MW of capacity worldwide.

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COMCAST ANALYZEING NEW LIBEVALUED WI-FI REPAIR

Comcast Corp. is contrast a giveaway wireless Internet make use of for a wire subscribers in tools of New Jersey, following in a footsteps of a associate wire operator.

Comcast shadowed Cablevision Systems Corp., which is charity Wi-Fi in a Long Island, Connecticut as good as Westchester markets as good as will finish a wireless rollout by early 2010.

The partnership is meant to magnify a strech of any wire operator's Wi-Fi; a Comcast patron can entrance his wire operator's Wi-Fi in sure Cablevision markets as good as clamp versa.

Comcast mouthpiece Mary Nell Westbrook pronounced Wi-Fi speeds will be 1.5 Megabits per second, allied to DSL during home. Users will be asked for a username as good as cue they make use of for Comcast's Internet make use of prior to they can entrance Wi-Fi.

If all goes well, Comcast could confirm to hurl out a giveaway make use of nationwide, to be accessed by laptops as good as alternative Wi-Fi devices. But Westbrook cautioned which a hearing is still in a really early stages.

Philadelphia-based Comcast pronounced a Wi-Fi hearing is apart from a mobile wireless corner try with Clearwire Corp. as good as alternative companies regulating WiMax technology. Cablevision motionless to go a Wi-Fi route, given it wasn't concerned in a Clearwire deal.

So it won't remove business to phone companies, wire operators have been seeking to supplement wireless to their video, Internet as good as phone services.

Comcast, a nation's largest wire operator, has set up apparatus during about 100 New Jersey Transit commuter rail stations as good as parking lots.

They have been in a Main-Bergen County area, Glen Rock, a Montclair-Boonton area, Morris, Essex, a North Jersey Coast, Pascack Valley, Raritan Valley as good as along a Northeast Corridor.

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Will it be a Happy New Year for Bank of America (NYSE:BAC) and Brian Moynihan?

When you look at what Brian Moynihan inherits with his role as CEO of Bank of America (NYSE:BAC) today, you do wonder whether the recent joke made by outgoing CEO Kenneth Lewis to employees about Moynihan, saying, “another unique characteristic about him is he wanted the job,” was in fact really a joke.

All the outsiders asked to lead the banking giant knew better than to accept the CEO position, which for them would probably be a no-win situation.

For Moynihan, he probably represents a neutral situation, as he no doubt is considered a sacrifice lamb as far as the board of directors go, because the short-term expectations of Wall Street and shareholders demand immediate results; something Moynihan or anyone else in his position wouldn’t be able to deliver.

There will be the usual short grace period given to Moynihan, but it won’t be long before the vultures start circling and pressure put on Moynihan to deliver results which aren’t realistic expectations, but will be demanded anyway.

What Moynihan faces is huge loan losses in 2010, which will come from their disastrous credit card portfolio, mortgages, and many other niches they serve.

All of this stems from the overly aggressive growth strategy, which included both high internal and external risks, which obviously the company wasn’t able to handle. Especially harmful was the acquisition of lenders who gambled big and lost in one of the worst credit bubbles in American history. Countrywide Financial Corp. was the most troubling of those for Bank of America because of their size and exposure in the mortgage market.

The bank at one time was even offering lines of credit to start-up businesses for up to $100,000.

Bank of America’s credit card business will also be a major challenge in 2010, as major problems which plagued the company in 2009 will continue on into the new year.

Much of this will come from the consequence of acquiring the huge credit-card company MBNA in 2006, which at the time was considered a great move, but has proved to be anything but that.

What was thought of as great risk management at that time, was in fact, just MBNA allowing their customers to be given large credit lines simply because the money was easy to get hold of. This eventually worsened when bank tellers at Bank of America were given the tools used by MBNA to sell pre-approved credit cards to a majority of their customers entering any branch of the bank, making the situation even worse.

Of the major banks in America, Bank of America has recorded the highest rate of credit card defaults, and that should continue into 2010, although Moynihan claims things have been stabilizing some since August. Still, he has stated in the past that it will take a “substantial number of quarters until we see charge-off rates return to levels which we are more comfortable with.” Moynihan also said the credit card business will never be as profitable as in the past for the company.

While the larger banks won’t be hit as hard as community banks for commercial loans, it will still be a big factor in 2010, where defaults are expected to peak sometime in the latter half of the year.

So that’s what Brian Moynihan is stepping into. It’s one of those situations where he will try to survive long enough to turn things around enough to give him some room to work with.

They will need a huge year on the investment banking side to give him the needed slack, and will all these negative factors weighing in, it’s hard to see how that could come about, but you never know.

The final factor as far as it relates to Moynihan as it relates to him personally, is he will get a better professional reception if he fails than someone coming in from the outside of the business who would be considered more of a rescuer. Moynihan won’t have that burden in the way an outsider would, so may be in a win/win situation going forward.

And if he’s lucky enough to extend things out long enough for Bank of America to eventually thrive, he’ll be able to name his job and price anywhere in the industry, and outside of it as well.

For Bank of America the future is cloudy and hazy, and it could be some time before any type of sustainable growth and profits are part of its experience going forward. Anything more than that will be a feather in Moynihan’s cap and a big boost for the bank.

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Nike (NYSE: NKE) Co-Founder Phil Knight Places $1.32B in Trusts

Nike Inc. (NYSE: NKE) co-founder and Chairman Phil Knight dispersed about $1.32 billion worth of his shares in the company into three trusts, according to a filing with the Securities and Exchange Commission on Wednesday.

Knight, who co-founded the company in 1968, placed 20 million shares into the grantor retained annuity trusts. He still retains about 65.7 million shares, about 13.5 percent of the company, worth about $4.35 billion, according to the filing.

These trusts, which are commonly used for estate planning, are being overseen by Pat Kilkenny, a former University of Oregon athletic director and former chairman and CEO of Arrowhead General Insurance Agency.

The company's revenue rose 3 percent to $19.2 billion in fiscal 2009.

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Horizon Bancorp to acquire American Trust & Savings

Horizon Bancorp. will expand its northwest Indiana footprint via the acquisition of local competitor American Trust & Savings Bank for roughly $2.6 million.

Michigan City, Ind.-based Horizon announced late Tuesday, Dec. 29, that it will acquire roughly $110 million in assets and about $112 million in deposits and federal home loan bank advances from privately held Whiting, Ind.-based American Trust. The buyer will pay a roughly 3% premium on the bank's core deposits -- which tend to include checking and savings deposits -- amounting to about $2.1 million plus $500,000 in additional consideration.

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