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Who's to blame for dangerous subprime mortgages?

We've all been reading stories about the subprime mortgage meltdown for months, but a comprehensive study by the Reinvestment Fund, a nonprofit that works to stimulate growth in low- and moderate-income neighborhoods, made the issue hit home.

A Philadelphia Inquirer front-page story on the study offered some heartbreaking cases of Philadelphians likely to lose their homes, and perhaps tumble into bankruptcy. It's a tragedy, an outrage.

To be precise, the TRF study was on predatory lending -- selling high-risk mortgages to people who cannot afford them. That's not quite the same as subprime mortgages, which are loans to people with poor credit. Not every subprime mortgage is predatory.

But most predatory loans are subprime mortgages.

The first homeowner described in the story bought a $66,900 house in 2003 with plans to fix it up and rent it out.

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CURRENCIES: Euro Lower After Trichet; Yen Slumps As Carry Back In ...

The euro fell against the dollar on Thursday after the European Central Bank hiked its key interest rate by a quarter percentage point to 3.75% as expected and said rates are now "moderate" rather than "low." Jean-Claude Trichet, President of the Frankfurt-based ECB, which sets interest-rate policies in the 13 countries that use the euro, said rates remain "accommodative" and that the central bank will "very closely" monitor price developments, an indication that a rate hike in the next quarter is likely. But Trichet did make one concession, saying that rates are now "moderate." He added that he wasn't preparing markets for a "restrictive" policy. "Trichet opted for a less hawkish tone when he said that interest rates are now moderate rather than low," said Kathy Lien, chief strategist at DailyFX.com.

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Fidelity unveils Advisor funds

Fidelity Advisor International Real Estate, Fidelity Advisor Canada and Fidelity Advisor Small Cap Independence funds will provide financial advisers and their clients with greater diversification across asset classes and geographical areas, Boston-based Fidelity said in a statement.

Class A, T, B, C and Institutional shares will be offered through advisers at institutions such as brokerage firms, banks and insurance companies.

With the addition of the three funds, Fidelity said it now offers 99 Advisor funds.

Creating a well-diversified portfolio for clients is the primary goal of any successful financial [adviser], Martha B. Willis, executive vice president at Fidelity Investments Institutional Services Co., said in a statement.

By investing in a range of asset classes and geographical areas, [advisers] can add significant value to a clients portfolio by mitigating risk through diversification and focusing on long-term investment objectives.

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Joost Adds Millions To Launch Plans

Joost, an Internet television service set to launch later this year, today announced $45 million in financing from two venture capital firms, two major content companies and a charitable trust. Index Ventures, Sequoia Capital, CBS Corp., Viacom and Li Ka Shing Foundation each invested in a minority percentage of the company.

"We've carefully selected these investors from a variety of interested parties, as they are best-in-class in their respective arenas and bring unique assets to Joost that will enable us to significantly accelerate growth and development of the Company," Joost co-founder Janus Friis said in a statement.

Index Ventures is a European venture capital firm which invests in technologies that with global reach. Sequoia Capital, according to Joost, Sequoia has been the first investor and business partner in companies that make up 10 percent of the NASDAQ's value.

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Townsend Analytics Goes Live with Expanded Connection to ISE

CHICAGO, May 2 /PRNewswire/ -- Townsend Analytics (http://www.townsendanalytics.com/), a leading provider of multi-broker, multi-asset, multi-currency, and multi-route electronic trading solutions for the global capital markets, today announced the successful expansion and activation of its direct market access (DMA) connection with the ISE Stock Exchange.

RealTick's institutional buy-side clients and investors around the world now have direct access to the enhanced functionality and trading flexibility offered by the ISE Stock Exchange. ISE's equity trading platform combines a fully displayed stock market with its MidPoint Match(TM) liquidity pool for trading equities anonymously at the midpoint price of the National Best Bid and Offer (NBBO).

Through its order types, the ISE Stock Exchange provides an innovative way to integrate dark and displayed pools of liquidity to maximize execution quality.

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Tenants to Confront Landlord in His UCLA Classroom

A group of low income tenants will attempt enter their landlords real estate investment class this evening (Tuesday, May 15) and come face-to-face with the man who is trying to displace them. They plan to demand he stop what they say are illegal attempts to evict them.

The tenants landlord is UCLA Professor Eric Sussman who teaches a Real Estate Investment class at UCLA Anderson School. The tenants say they are concerned that a professor at a taxpayer-funded institution may be setting an example for his students that the way to manage real estate holdings and maximize profits is through illegal business practices. Tenants are requesting that the University conduct a complete review of the business practices of Sussman. The tenants live in a 66-unit rent-controlled complex in Echo Park.

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14-05-2007: Soh Chee Wen fined RM6m for abetment in false reporting

Businessman Datuk Soh Chee Wen was fined a total of RM6 million on May 14 after he pleaded guilty to two alternative charges of abetting Datuk Tony Tiah Thee Kian in submitting false information to the Kuala Lumpur Stock Exchange (KLSE), now known as Bursa Malaysia.

With the conviction, Soh will be automatically disqualified from acting as a director of a company under section 130 of the Companies Act 1965 for five years.

The Securities Commission said on May 14 that the false reporting related to reporting of the transaction involving 7.75 million Omega Holdings Bhd (OHB) shares and 7.75 million OHB-A shares.

The prosecution adduced facts which showed that between September and October 1997, Tiah and Soh had agreed to transact the said shares at RM6.45.

However, TA Securities Sdn Bhd had reported these transactions to be at RM11.60 and RM9.55 per share respectively, involving only 4.31 million OHB shares and 5.23 million OHB-A shares.

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President Yudhoyono Reshuffles Cabinet

After months of continued pressure by political parties and the media that the President reshuffle his cabinet, - and two weeks after the President finally relented to the pressure when, on Monday, 7 May, President Yudhoyono announced a limited Cabinet shake-up. This is the second reshuffle following the first in December 2005, when the President was forced to change his economic team in the wake of government's slapping a 100 percent increase in fuel prices at the pumps, which resulted in spiraling prices nation-wide, and ensuing strong protests from the people.

This time around, the reasons for immediate change were cited as: slow investments in the real sector; a stagnant industrial sector; increased unemployment and lay-offs; and increased number of poor, despite much improved macro-economic performance, namely a stable Rupiah, decreased inflation rate, and a spectacular growth in Jakarta's share market.

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FXDD to participate in Middle East Forex Trading Expo

Meet FXDD, the leading online foreign exchange trading firm dedicated to providing superior customer service and powerful technology to retail traders, hedge funds and money managers as they visit Dubai for The Middle East Forex Trading Expo.The event which will take place on 1-2 March 2007 in Dusit Dubai Hotel, offers FREE entrance to the expo and to over 10 workshops which will be faclitated by key forex experts and specialists which will be coming from the region and from as far as the US, UK and Switzerland.At the 2-day expo and workshop, visitors will have the chance to meet face to face representatives from FXDD, a reliable liquidity provider for brokerage companies and institutional investors. They will get to know more about their trading platforms: FXDD Trader and Meta Trader (retail), Power Trader (institutional) and FXDD Auto (automated) as they showcase their services during the event.

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Japanese investors get Vietnam fever

HANOI/TOKYO (Reuters) - Tadayoshi Okimoto, an auto company executive from southern Japan, rubs shoulders with dozens of Vietnamese at a brokerage in Ho Chi Minh City, excited to get a piece of Vietnam's fledgling stock market.

Okimoto is on a tour to Vietnam's budding financial center organised by a Japanese travel agency that brings Japanese retail investors to Vietnam to open share trading accounts. The tour is so popular with Japanese wanting to take advantage of a burgeoning stock market that it runs almost every working day.

"In many countries, the stock market is mature and goes up and down a lot. But in Vietnam, the stock is very new so the chart is going up all the time. In two or three years' time, we will receive a lot of money from our investment," Okimoto, 41, said.

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Stocks close in record territory

The Australian stock market closed in record territory today with the energy and resources sectors driving the bourse upwards following favourable commodity prices overnight.

At the close, the benchmark S&P/ASX200 index was up 47.7 points to a record 6345.1, while the all ordinaries gained 49.4 points to a record 6346.7 points.

At 4.20pm on the Sydney Futures Exchange, the June share price index contract was 68 points higher at 6372 on a volume of 15,587 contracts.

Austock Brokers senior client adviser Michael Heffernan said a strong lead from Wall Street, coupled with positive commodity prices helped propel the market into record territory.

"It was a very positive day on the market today, it started off with a bang,'' he said.

"We had a good lead from Wall Street, you had the trifecta going there with the Dow Jones, the Nasdaq and the S&P almost up one per cent.

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HQ to Move to American Stock Exchange

SEATTLE, WA -- (MARKET WIRE) -- May 14, 2007 -- HQ Sustainable Maritime Industries, Inc. (OTCBB: HQSB), a leader in toxin-free integrated aquaculture and aquatic product processing, was notified that its application for listing on the American Stock Exchange has been approved. The trading of HQ's common stock is expected to begin May 17th, 2007, under the trading symbol HQS. The company's common stock will continue trading on the Over-The-Counter Bulletin Board System under the symbol "HQSB" until the move is complete. This approval is contingent upon the Company being in compliance with all applicable listing standards on the date it begins trading on the Exchange, and may be rescinded if the Company is not in compliance with such standards.

"HQ is very pleased to take this step and be listed on the American Stock Exchange," said Norbert Sporns, chief executive officer.

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* At Market Close

CIRRUS LOGIC Inc. (Austin, Texas) -- Thurman K. Case was named chief financial officer of this developer of integrated circuits. Mr. Case, 50 years old, was acting finance chief. He will continue the responsibilities of his roles as corporate controller, vice president of finance and treasurer.

KORN/FERRY INTERNATIONAL (Los Angeles) -- Kevin A. McNerney joined this talent-management company as a senior client partner and regional market leader, North America, for the global technology market. He will be based in Washington. Mr. McNerney, 48, joins from Updata Capital Inc.

LOJACK Corp. (Westwood, Mass.) -- Ronald ...

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Industry players plead for government aid: What have you done for ...

Many operators of tourist establishments in Lebanon are furious with the government over what they say has been a pattern of neglect of a key moneymaker for the country. They complain that the government has dragged its feet in providing help for tourism, even as the sector sees closures on a regular basis. They also argue that the government's pledges of financial support are meager when compared to the number of jobs that have been lost - and the number of Lebanese who have emigrated."We were invited by the government to invest in the sector but we were led astray," said Jean Beyrouthy, secretary general of the Touristic Federation. After the summer 2006 war with Israel, the government made a number of proposals to help the sector recover from the conflict. But according to industry insiders, the sector has not received a penny of government support to date.

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Illinois and South Carolina Football Programs Deal With Players ...

West Palm Beach, FL (AHN) - Two college football programs were rocked this weekend with players getting arrested which might jeopardize their future with the schools. Two University of Illinois wide receivers were jailed on the suspension of possessing stolen property while South Carolina's prized quarterback recruit Stephen Garcia was arrested after allegedly keying a man's car.

The University of Illinois incident involved sophomore wide receivers Jody Ellis and Derrick McPhearson. AP reported the two were in a traffic accident on Friday and police found stolen property in their car's trunk while investigating the crash.

Police in Champaign, Illinois could not verify that report but the school's website did confirm the arrest.

Ron Zook, the team's head coach, later released a statement saying the two players were suspended indefinitely from the club.

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UK voices concern at Iran 'sabre-rattling'

Britain said yesterday it was concerned at Iranian "sabre-rattling" about possibly putting captured British naval personnel on trial and for the first time voiced regret that the incident had occurred.

Iran's ambassador to Moscow was quoted as saying the 15 Britons captured eight days ago may face trial for illegally entering the Islamic Republic's territorial waters. But he later denied having made the comments, Iran's IRNA news agency said.

Britain insists the sailors were seized in Iraqi waters and Foreign Secretary Margaret Beckett said such talk worried her.

"Obviously, I am concerned. It is not the first person to have made sabre-rattling noises," she told reporters after a European Union foreign ministers' meeting in Germany.

But she struck a conciliatory note when asked by an Iranian television reporter if she had a message for Iran, saying: "The message I want to send is I think everyone regrets that this position has arisen.

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Allstate Insurance opens Ferndale office

Owned and operated by agent Annette Booth, the agency offers a complete line of products and services, including auto, property, commercial and life insurance.

The Booth Insurance Agency Inc. is located at 1794 La Bounty Drive. The office is open Monday through Thursday from 9 a.m. to 6 p.m., Friday from 9 a.m. to 5 p.m., and Saturday by appointment. The agency can be reached at 312- 1235 or by e-mail at annettebooth@allstate.com.

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Travelers Creates Specific Insurance Coverage for Small Technology ...

HARTFORD -- To meet the specific insurance coverage needs of the specialized technology market, Travelers Select Accounts today announced the availability of Technology Office PacSM and Technology Manufacturers Pac PlusSM. These two new segments are a part of Master PacSM, Travelers Business Owners Policy for small commercial insurance.

The new segments are able to cover the risks associated with small technology-focused businesses and provide two newly added optional endorsements for those who want to enhance their insurance coverage.

Technology Office Pac is tailored for businesses like computer consultants, software firms, or Web site designers. Technology Manufacturers Pac Plus provides coverage for businesses that manufacture technology products.

These new offerings simplify the product approach for small technology businesses and show Travelers commitment to meeting the ever-changing needs of the technology market, said Marc Schmittlein, president of Travelers Select Accounts.

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Lawmakers Say Proposed Change in Auto Insurance Necessary

Mar. 19--Lawmakers are considering a change to Colorado's auto insurance system that critics say could cost consumers money but proponents are hailing as necessary aid to medical providers. Senate Bill 193 would require all motorists to have coverage of $25,000 in health benefits and $25,000 in rehabilitation. Proponents say the bill, sponsored by Sen. Lois Tochtrop, D-Thornton, is necessary because trauma and other medical providers are losing money under the state's three-year-old tort insurance system. The state's old personal injury protection insurance covered drivers who were hurt in an accident, regardless of whose fault it was. Each insurance company took care of its own client's costs.



But since that coverage became optional in 2003, drivers who don't have it have suffered huge bills.

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You Can Do It: Feb. 27, 2007

SCCA FIRST EVENT: Sports Car Club Of America, Sunday, at Red River Raceway in Gilliam. Registration and tech inspection 9 a.m., mandatory drivers meeting at 10:30 a.m. Fee: $10 for novices, $15 for SCCA members; $20 for experienced non-SCCA members. Everyone must sign a SCCA release and waiver form. Both parents must sign for minor competitors. All car must pass on-site tech (safety) inspection. Seat belts required and all drivers must wear a snell-95 or later helmet. Some loaner helmets are available. Call: John Lieberman 687-1507; E-mail: jlieberman@sport.rr.com

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YMCA BASEBALL, T-BALL REGISTRATION: Through March 12. Grades: K-4 through 8th, recreational league , instructional league begins, April 14-June 1. Coaches meeting March 20, 6 p.m. at Broadmoor branch.