Thursday, May 6, 2010

Stocks plunge; Dow has record drop, then recovers

Stephen AP – Stephen Mara, of Quattro M Securities, works on the floor of the New York Stock Exchange, Thursday, May …
Related Quotes
Symbol Price Change
^DJI 10,520.32 -347.80
^GSPC 1,128.15 -37.72
^IXIC 2,319.64 -82.65

NEW YORK – The stock market had one of its most turbulent days in history as the Dow Jones industrials fell to a loss of almost 1,000 points in less than half an hour on fears that Greece's debt problems could halt the global economic recovery.
The market's plunge came less than 90 minutes before the end of trading. The Dow's drop was its largest loss ever during the course of a trading day, but it recovered to a loss of 347 at the close. All the major indexes lost more than 3 percent.
There were reports that the sudden drop was caused by a trader who mistyped an order to sell a large block of stock. The drop in that stock's price was enough to trigger "sell" orders across the market.
Still, the Dow was already down more than 200 points as traders watched protests in the streets of Athens on TV. Protestors raged against austerity measures passed by the Greek parliament. But traders were not comforted by the fact that Greece seemed to be working towards a resolution of its debt problems. Instead, they focused on the possibility that other European countries would also run into trouble, and that the damage to their economies could spread to the U.S.
The Dow fell 998.50 points in its largest point drop ever, eclipsing the 780.87 it lost during the course of trading on Oct. 15, 2008, during the height of the financial crisis. The Dow closed that day down 733.08, the biggest closing loss it has ever suffered.
The Dow has lost 631 points, or 5.7 percent, in three days amid worries about Greece. That is its largest three-day percentage drop since March 2009, when the stock market was nearing its bottom following the financial crisis.
"The market is now realizing that Greece is going to go through a depression over the next couple of years," said Peter Boockvar, equity strategist at Miller Tabak. "Europe is a major trading partner of ours, and this threatens the entire global growth story."
The stock market has had periodic bouts of anxiety about the European economies during the past few months. They have intensified over the past week even as Greece appeared to be moving closer to getting a bailout package from some of its neighbors.
Computer trading intensified the losses as programs designed to sell stocks at a specified level kicked in. Traders use those programs to try to limit their losses when the market is falling. And the selling only led to more selling as prices fell.
The selling was furious:
At 2:20 p.m. EDT, the Dow was at 10,460, a loss of 400 points.
It then tumbled 600 points in seven minutes to its low of the day of 9,869, a drop of 9.2 percent.
By 3:09 p.m., the Dow had regained 700 points. It then fluctuated sharply until the close.
"I think the machines just took over. There's not a lot of human interaction," said Charlie Smith, chief investment officer at Fort Pitt Capital Group. "We've known that automated trading can run away from you, and I think that's what we saw happen today."
On the floor of the New York Stock Exchange, stone-faced traders huddled around electronic boards and televisions, silently watching and waiting. Traders' screens were flashing numbers non-stop, with losses shown in solid blocks of red numbers.
Jack Ablin, chief investment officer at Harris Private Bank in Chicago, said the selling brought back memories of the 1987 crash.
"I've been watching the markets since 1982 and, believe me, I froze at the screen in '87," Ablin said. "But today ... caused me to fall out of my chair at one point. It felt like we lost control."
The impact on some stocks was enormous although brief. Stock in the consulting firm Accenture fell to 4 cents after closing at $42.17 on Wednesday. It closed at $41.09, down just over $1.
NYSE spokesman Raymond Pellecchia said the plunge wasn't caused by a problem with the exchange's trading systems. The Nasdaq Stock Market said it was reviewing its trades with other trading networks.
NYSE chief operating officer Larry Leibowitz said all the major stock exchanges were holding a conference call with the Securities and Exchange Commission to discuss what happened. It was not immediately known if there would be a statement issued after the call to explain the day's events.
Nasdaq issued a statement two hours after the market closed saying it was canceling trades that were executed between 2:40 p.m. and 3 p.m. that it called clearly erroneous. It did not, however, mention a cause of the plunge.
Many professional investors and traders use computer program trading to buy and sell orders for large blocks of stocks. The programs use mathematical models that are designed to give a trader the best possible price on shares.
The programs are often set up in advance and allow computers to react instantly to moves in the market. When a stock index drops by a big amount, for example, computers can unleash a torrent of sell orders across the market. They move so fast that prices, and in turn indexes, can plunge at the fast pace seen Thursday.
The Dow recovered two-thirds of its loss Thursday. It closed down 347.80, or 3.2 percent, at 10,520. That was its biggest point loss since February 2009.
The Standard & Poor's 500 index, the index most closely watched by market pros, fell 37.75, or 3.2 percent, to 1,128.15. The Nasdaq composite index lost 82.65, or 3.4 percent, and closed at 2,319.64.
At the market's lows, all three indexes were showing losses for the year. The Dow now shows a gain of 0.9 percent for 2010, while the S&P is up 1.2 percent and the Nasdaq is up 2.2 percent.
At the close, losses were so widespread that just 173 stocks rose on the NYSE, compared to 3,008 that fell. The major indexes were all down more than 3 percent.
Meanwhile, interest rates on Treasurys soared as traders sought the safety of U.S. government debt. The yield on the benchmark 10-year note, which moves opposite its price, fell to 3.4 percent from late Wednesday's 3.54 percent.

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head game between Cuba and Venezuela ...

Cuba calls on UN for arms reductions nuclear

In Cuba, nuclear disarmament is a matter of high priority. Laments the slow progress towards this goal
NVR Website
May 6 2010, 24:19

Pedro Nunez Mosquera
Cuba .- Cuba called on Wednesday  Organization of the United Nations (UN) action plan gradual reduction of nuclear weapons and is expected to be completed their total elimination by the year 2025.

The proposal was made by the Permanent Representative of Cuba to the UN, Peter Nunez Mosquera, in the Review Conference of the Treaty on the Non- Proliferation of Nuclear Weapons.

The diplomat said that  the country's nuclear disarmament is a high priority issue and regretted the slow progress toward that goal.

It also rejected Mosquera lack of progress among the possessors of these devices for total elimination of their deposits. He also noted that the best way to combat nuclear terrorism by eliminating Weapons without further delay or prevarication that are unacceptable.

U.S. attacked Iran in the UN
It  accused of wanting to use nuclear weapons

Iran's president attacked Countries with nuclear weapons and accused of threatening the world with their weapons.

NEW YORK - Iran on Monday slammed-armed countries nuclear, especially the United States, and accused of threatening world with their weapons, on the first day of the Conference of the Treaty Non-Proliferation Treaty (NPT) at the UN.
Iranian President Mahmoud Ahmadinejad claimed that  an independent body set a clear timetable to eliminate all nuclear weapons and demanded the suspension of the U.S.  International Atomic Energy Agency (IAEA), an organization that dedicated to monitoring and regulating nuclear activities in the world.

In  part of a reform of the NPT called for "the creation of a group independent international, taking his authority from the conference. "

"This group," the Iranian leader "should be set a time limit for the total elimination of nuclear weapons, with a precise timetable. "

Long diatribe

"How can the United States to integrate the board governors when used atomic weapons against Japan? "asked the Iranian president in a strong 35-minute speech, which also accused Washington of using DU weapons during the Iraq war.

Speaking at the amphitheater of the Assembly UN General was marked by a long diatribe against countries with nuclear weapons, whom he accused of "threatening" to possess  weapons to states that do not.

This led to the departure of many delegations. Representatives of the United States, France, Britain, Germany, Finland and Morocco in particular, were withdrawn from  the room during his speech.

Instan  to eliminate weapons

Ahmadinejad's speech at the UN was  "Foreseeable" and consisted of a succession of furious attacks "that reveal the international isolation of the Islamic Republic, estimated Monday the White House to discuss the Iranian leader's words.

In  the opening of the conference, UN Secretary General Ban Ki-moon on Monday urged the nuclear weapon states elimination.

"I urge the nuclear weapon states without Ambassy reaffirm its determination to eliminate. Otherwise  would be a step behind, "Ban said before delegates of 150 countries.

A  in turn, called on non-signatories to the NPT, which entered into force in 1970, to join "as soon as possible."

"We hope signature, we need measures to guarantee safety and and technology stocks in these countries, "Ban said." Materials Nuclear should not fall into the hands of state actors, terrorists, "  added.
U.S. details its arsenal
He criticizes the double standard
U.S.  details his arsenal

World News
Simultaneously, Washington announced its intention  reveal detailed composition of its nuclear arsenal, information that until was now classified as "secret."

Secretary of State Hillary Clinton announced this initiative in a speech at the conference.

The conference, which seeks to revitalize the NPT and move on nuclear disarmament and strengthening the security of nuclear programs, takes place at a time when the Security Council discusses UN a new draft sanctions against Iran.

Iran Claims

Ban urged  Iran to comply with council resolutions security required to suspend uranium enrichment and cooperate with the IAEA to confirm the peaceful nature of its nuclear program.

The head of the IAEA, Yukiya Amano, said  his agency was not able to determine that all Iranian nuclear activities were peaceful.

The West accuses Iran of seeking to secretly  pump atoms, while Tehran says its enrichment program Otieno uranium for purely civilian.

Pay a "heavy price"

The Any violators of the nuclear non-proliferation treaty signed in  1970 will pay a "heavy price," said Secretary of State Hillary Clinton at a UN meeting on Monday.

"The  potential violators should know they will pay a high price for break the rules, "Clinton told delegates at the meeting on non-proliferation treaty signed in 1970 by 189 countries.

The  West accuses Iran of secretly seeking a nuclear weapon to While Iran says its uranium-enrichment program is only for civilian purposes.
May 4, 2010

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Tanner's Stacked Hearing

Last week, U.S. Rep. John Tanner of Tennessee held his first hearing as the new Chairman of the House Ways and Means' Subcommittee on Trade.

He picked U.S.-Cuba Policy as his inaugural issue.

As has become typical of recent Cuba hearings, the witness panel was completely stacked in favor of the Chairman's position to engage in unconditional commerce with the Castro regime.

But we're used to that.

Sadly though, at one point, U.S. Rep. Richard Neil of Massachusetts asked a very good question about the democratic aspirations of the Cuban people.

None of the panelists could answer -- either because they didn't know (doubtful), or simply because they didn't care, for this hearing was all about business.

Not one of them mentioned the struggle of the Ladies in White, the torture and death of Orlando Zapata Tamayo, the current hunger strike of Guillermo Farinas or the resilience of the largest political prisoner population (per capita) in the world.

One of the panelists did, however, have the audacity to speculate that the Cuban people were "content" -- after all, controversy is bad for business.

None of this seemed to bother Chairman Tanner, who is undoubtedly a good man, a military veteran and -- frankly -- should know better.

We pray he just had (another) temporary lapse of judgment, similar to when he had Cuba's brutal dictator Fidel Castro sign an American flag (below) for him.

Cuba eyes tourism investments, including from US

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Cuba eyes tourism investments, including from US AFP/File – A tourist (R) looks at the golf course on the grounds of the former Dupont family property in the resort …
HAVANA (AFP) – Cuba approved a new property law aimed at attracting foreign investment in tourism projects like marinas and golf courses, including from the United States if Washington reverses its embargo on the island. Tourism Minister Manuel Marrero announced Tuesday that the government adopted "a policy of real estate development linked to tourism" as part of the strategy to boost such investment. Tourism is one of the largest sources of hard currency for Cuba, which gets about two billion dollars annually from visitors. Marrerro, opening an international tourism fair, said Havana had approved a legal instrument to regulate these marinas, golf courses and other tourism investments. Cuba received 2.4 million visitors in 2009, and has relied more on foreign tourism since the collapse of the Soviet Union, which had provided considerable aid to the regime. But Americans are barred from spending money in Cuba under an economic embargo in place since the 1960s. Although the authorities would like to develop ecotourism and medical tourism, the immediate interest is golf, a sport virtually unknown in Cuba since the 1959 revolution. Marrero met in March with US business leaders on prospects for American investment if and when the embargo is lifted. He said American tourism could be "important" for Cuba following any move to lift the embargo. US President Barack Obama has lifted travel and money transfer restrictions on Cuban-Americans with relatives in Cuba. But the US president opposes ending the economic embargo on Cuba until Havana shows progress on human rights.

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Cuba is hoping to lure tourists to come play a round

HAVANA — Cuba has approved construction of residential projects linked to resorts, possibly opening the door for villas that could one day ring oceanfront golf courses, the tourism minister said Tuesday.
Manuel Marrero said the Communist-governed island is on pace for its third straight record year of foreign visitors, and it hopes to continue expanding into the little-tapped golf market.
The island has only one 18-hole golf course.
Marrero said the government has green-lighted "real estate for tourist purposes."
Investment firms in Canada and Europe have proposed building golf courses coupled with luxury housing under long-term leases with Cuba's government. Endorsing residential zoning for tourism could be a first, albeit small, step toward making those projects a reality.
The decision would allow Cuba's "entrance into new segments and the realization of investments in areas with tourism potential that have yet to be exploited," Marrero said.
Many proposals in Cuba, which does not have laws protecting private property, fail to draw foreign investment. Some overseas businessmen bought Havana apartments but allowed Cuban girlfriends to live in them — violating rules barring islanders from doing so, said John Kavulich, senior policy adviser at the U.S.-Cuba Economic Trade Council in New York.
More than 1 million foreigners had visited as of the end of April, the most successful four-month span since Cuba began promoting large-scale tourism after the collapse of the Soviet Union and the end of its billions in annual subsidies to the island.
In 2009, Cuban tourism rose 3.5%. More than 2.4 million tourists came, mostly from Europe and Canada and many for short excursions. Tour operators offered steep discounts to keep them coming.
Although the U.S. government doesn't permit most of its citizens to travel to Cuba, the Obama administration has eased restrictions on Cuban Americans visiting relatives here. Those who come for family travel are counted as Cubans, not foreign visitors.

The world makes up a triple murder of extreme left

Who killed the Greeks?

"At least three protestors (sic) die in protests Greece "

Pedro Fernandez Barbadilllo, May 06, 2010  11:47
Why have a correspondent in Athens if you get some news typical of communication department of trade unions?
Yesterday in Athens, a group of left-wing demonstrators killing   three Pesonen, Molotov cocktails to attack a bank. It   say, this is a triple murder committed by the Reds. The Spanish newspapers are the result, without indicating the cause, as explains Santiago González on his blog. The holder more surprising and outrageous is that to enter appears in the chronicle of Irene Hernandez Velasco:
At least three protestors (sic) die in the protests in Greece
Come on, it seems that the dead has caused repression police.
The Greeks expressed their anger on the streets of Athens
You mean the anger of the relatives of the dead and that of the other Greeks who were about to be killed by red?
Own title and subtitle of public comment.
And the chronicle remains untouched since yesterday afternoon.
With journalists like these, they are watching television in room in Athens or on the terrace of the hotel or are on the table   writing, no need for public relations offices. In The World have come to have reporters dedicated to the issue of global warming were winners   by Greenpeace, Which is to have correspondents in Cuba decorated by the communist dictatorship.
Disturbios en Grecia.S: 

Argentina,  Mexico, Colombia, Cuba and Peru to Spain in urging the UN to investigate the  Franco

Spain has undergone its first Human rights review Nations headquarters  In Geneva. The final opinion will be announced in September, though Friday is expected a preliminary report. But few details are known: Spain has been complimented by the laws of equality and against gender violence if you have two "buts" should improve the treatment of immigrants and five Latin American countries have requested the Government to investigate the crimes of the Franco regime and ensure that relatives of victims to recover their remains.
Una fosa de la Guerra Civil
The Argentine representative called for strengthened mechanisms that allow  combat impunity while Mexico advised "to investigate, punish and  redress the crimes of forced disappearance of persons "regardless of  when they occurred. Cuba spoke to intensify "insufficient measures taken to exhume the familiasidentifiquen and bodies of the victims and that is an "unfinished" ending with "end the impunity enjoyed by those responsible for crimes during the Franco dictatorship, which under the law international-barred. "
The representative of Colombia recommended Spain "continue progress in implementing the Law of Historical Memory laa because "The truth is a fundamental right for those who have been victims" while Peru hoped that occur "for further progress of the victims "of the dictatorship.
NGOs like Human Rights Watch stressed that they were Latin American countries who addressed this issue, while that Europeans were silent about it. And indeed in informative summary of the meeting prepared by the UN no mention of the discussion on the crimes of Franco.
There was also a tense moment when the representative of Iran I speak of "apartheid" in Spain in reference to cases of girls Muslim can not go to school with the hijab.
By periodic review to Spain there was a demonstration in support of Judge Garzón in the Plaza of Nations attended a hundred people.

Rosa Díez, political tourism in Cuba

"I came not fooling anyone" UPyD leader explains, after traveling with a tourist visa to the island to give their support to the opposition

06.05.10 - 02:47 - 

Rosa Díez called yesterday in Havana 'horror' and "Disaster" the Spanish Government's policy towards Cuba for related only with the regime and the opposition left alone. "It has been positioned with the strong and the weak has left, "he said.
The Union Leader, Progress and Democracy (UPyD) explained Sunday arrived with a tourist visa to express the that there is European dissidents who support them. "I have been cheating  anyone, "commented on the fact that their program has failed to comply visits without being expelled, as happened in the past few sometimes with several MEPs. The last was with the Socialist MEP Luis Yanez, who returned in the same aircraft who had traveled to the island.
In his three-day agenda, ranked Oswaldo Payá, promoter Varela Project, the blogger Yoani Sánchez and Sánchez Santa Elizardo Cross, head of the Human Rights Commission illegal. Rosa Díez moved to the province of Pinar del Rio to talk to Dagobert  Valdes, former head of the journal of the bishopric of that city. Yesterday saw the Ladies in White. Did not interview anyone from the Government, Church or other sectors.
Díez highlighted the overlap between the opponents on "severe violation of human rights in Cuba" and its complaints Executive's treatment of Zapatero. The mandate of José María  Aznar, dissidents were invited to the reception of the Feast National. With the socialist left of being, although a high Embassy diplomat receives almost daily in the chancellery. "But the ambassador did not know him," he insisted.
Díez assumed to have a position "extraordinarily critical "with the Government on its attitude" negative rights humans, bad for civil liberties and also penalizes our country and its ability to influence the future. " He added that Cuba,  as countries without 'freedoms, walking to the end democracy and the Government of Spain will not have partners because it broken its influence with the Executive and the opposition. With the Government, he has shown weakness and totalitarian never respect to the weak. And with the opposition, because the left abandoned. "
Also, the PCE.
Coincide in time, but located in the antipodes policies, José Luis Centella, general secretary of the Communist Party Spanish, visited the island to show solidarity with the revolution, the U.S. embargo and denounce the double standard  used for Cuba and Morocco, among other countries involved with the European Union.
Centella's agenda did not include any opponent and nor to the Church, which aims to have a mediating role in the Cuban transformation. While he was greeted by Raul Castro, Díez can say that it was expelled. Maybe something is changing in Cuba. As Basque politics said, "to bring about change is that practice.

Rosa Díez, turismo político en Cuba
Díez and international responsibility UPyD, Fernando Maura. :: EFE

Castro eight holes...

Los Castro se aburguesan con el golf
ABC Fidel Castro and Ernesto Che Guevara play golf at one of the few fields that are not destroyed in coming to power 1959
Thursday , 10.05.2006
MADRID. A golf course on the edge of one of the keys virgin north of the island. The beautiful bay of Havana converted  "An extraordinary marina. Projects anywhere the planet are normal when you want to shore up economy one country, the communist dictatorship in the Western Hemisphere are the less shocking.
However, Tourism Minister Manuel Marrero, announced yesterday in Havana, during an international fair of the branch, which  The Castro regime has given the green light to housing boom for tourism. Apparently, already advanced in thirteen projects develop virgin cays north of the island, building new hotels, a dozen golf courses accompanied by luxurious villas marine ...
Marrero also explained, euphoric, that between January and April this year, Cuba has broken the record of more than one million tourists. Last year, he received 2.4 million visits, a 3.5% more than in 2008. And to continue traveling to the island, although they will not  like the authorities, especially American tourists, "we must  receive them with proper facilities. "The government knows that short or long term tourism is coming from the U.S., though there lift restrictions, and preparing for it, "says the ABC economist Oscar Espinosa Chepe.
Foreign Partners
When the Cuban economy suffered its worst slump since the fall of Soviet Union in 1991, the food situation citizens worse every day and the sugar harvest is the poorest from  1905, according to Granma, any idea is good, even field golf. According to the senior Cuban official talks with "several potential foreign partners' to create these fields are quite advanced, reports Reuters. Espinosa Chepe not believe that the regime Castro cares about whether or not golf is an elitist sport, as happens to his ally Hugo Chavez: "This regime has no ideology; power for power, and whether to make a golf course keep, it is. "
For Blood
When Fidel Castro came to power on 1 January 1959, in Cuba there were a dozen golf courses that the government was gradually eliminated until only two (though Fidel Castro  Ernesto Che Guevara and pictured by a round). One is the tourist resort of Varadero, 135 kilometers east of  Havana. The second is the old Havana Yacht Club, now known as Club de Golf de La Habana. This nine-hole course, popular today by tourists, diplomats and foreign businessmen, is in the  Miramar neighborhood. Before it was a bastion of the elite. It is said that former Cuban dictator Fulgencio Batista, was unable to enter the Yacht Club by mestizo.
While the government is desperately seeking liquidity is unlikely that this year the island was the major exporter of sugar world will produce a million tons. "Without sugar there is no country ', was said years ago (in 1953 the island was able to produce more than seven  million tons). Now say 'no country without tourism. "