Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/200944749?client_source=feed&format=rss
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Friday, February 17, 2012
Betting On Canada's Best Banks
Will Europe resolve its sovereign debt crisis and return to growth in 2012 or will, as so many fear, the continent's economic unity dissolve and its banking system and common currency collapse, dragging the rest of the world into another recession? Is the U.S. banking system at last stable and ready to lend or will the legacy of the great American housing collapse keep the U.S. banks and therefore the economy stalled?
What about Australian banks, which Fitch -- perhaps the only credit rater left with real credibility -- put on ratings watch negative in late January? Will their reliance on European and American wholesale funding trip them up this time around, pushing the country into a recession it miraculously avoided in 2008-09?
This year's global stock market rally has pushed these questions off the front pages for now. But the threat they pose continues to lurk below the surface and so long as Greece is still dancing on the edge of default, U.S. housing prices are lagging and credit raters are on the warpath to avoid looking foolish again, they'll remain a constant danger to derail global growth and to send stocks reeling -- just as they have so many times since the recovery began in March 2009.
Conspicuously missing from the ranks of vulnerable financial institutions, however, are Canadian banks. In the same report it put Aussie banks on watch, for example, Fitch actually affirmed the health of Canada's institutions. One reason: Sharply lower reliance on "wholesale funding" from major U.S. and European banks than, for example, Australian banks have. Wholesale funding is essential to liquidity, and greater reliance on homegrown sources simply makes Canada that much more resistant to external credit shocks.
Several Canadian banks do have major investments overseas. For example Bank of Nova Scotia (BNS) -- commonly known as Scotiabank -- last month closed the purchase of a 51 percent stake in Colombia's Banco Colpatria for CAD1 billion in cash and shares. The bank now operates in 13 countries across Latin America. Toronto-Dominion Bank's (TD) head of wealth management Mike Petersen last month called the U.S. a "wealth opportunity," as the company continues to expand its deposits and loans presence here.
Foreign investments do expose their owners to the ups and downs of foreign economies. But unlike reliance on wholesale funding, they pose little risk to the home operation. In fact Royal Bank of Canada (RY) has been able to withdraw from its poorly managed U.S. banking investment even while boosting its quarterly dividend 8 percent last year. Moreover, the apparent revival of the U.S. economy -- and its salutary effect on Latin America -- should make these investments a growing profit center in 2012.
As for the health of Canadian banks at home, the industry's loans-to-deposits ratio has fallen for the past decade and currently sits somewhere around 0.75-to-1, meaning deposits are consistently rising as a percentage of total loans. That's an exceptionally conservative trend and stands in stark contrast to Australian banks' 1.5-to-1 ratio as well as an average for the largest global banks that's consistently above 1-to-1.
Deposits-to-total funding are also far higher in Canada than elsewhere. Canada's net external debt as a percentage of GDP is by far the lowest of any major developed country. Finally, the country's housing market is still in the pink of health, with average housing prices up more than 20 percent since 2007, versus steep declines in many countries.
Worries that Canada's housing market has run too far too fast have begun to percolate in the country's financial press. In fact, the consensus forecast seems to be for a slowdown, with some predicting an outright crash should Europe's troubles worsen and shut down the global economy.
Canadian households' debt-to-income ratio, for example, has risen to 153 percent, as consumers and businesses have taken advantage of low interest rates to use leverage as never before. Fitch also noted in its report that some of Canadians' "personal loans" are secured against housing.
The combination of rising debt and rising property prices has sparked speculation about what could happen should credit conditions suddenly tighten. Some worry about a potential vicious cycle of falling prices and foreclosures as has happened in the U.S. since 2006.
Of course, none of these are immediate concerns for Canada's banks, which are making record profits for everything from loans and deposits to wealth management. And so long as there is a gloomy consensus, we can all but rule out the kind of wrong-way leverage that makes a 2008-magnitude crash possible.
The fact that Canada's bankers are talking about such issues means they're preparing for such a possibility as well. Last month, for example, Bank of Canada Governor Mark Carney warned Canadians need to become "more careful" about the amount of debt they take on. And Scotiabank has launched a marketing campaign urging, in the words of one executive, a "need to get back to saving and get back to debt reduction."
It's hard to imagine a greater contrast to the marketing by U.S. banks on the eve of the great property meltdown of the last decade and Canada's big banks have matched those words with deeds.
For one thing, even as mortgage rates have fallen, underwriting standards for loans have remained quite stringent. The subprime loan market was less than 3 percent of total Canadian mortgages going into the 2008 meltdown and is basically negligible today. And putting up at least 20 percent of a home's value in a down payment is the rule in Canada rather than the exception, the opposite of what is all too often the case in the U.S.
Canadian regulators have also established higher capital requirements for Canadian banks than those specified under Basel accords. The big banks are borrowing at the lowest rates in recent history, pushing out debt refinancings and cutting interest costs. And as Scotiabank's CAD1.5 billion share offering announced this month attests, the cost of equity capital also remains quite low, particularly compared with major banks elsewhere around the world.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Source: http://seekingalpha.com/article/367441-betting-on-canada-s-best-banks?source=feed
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Thursday, February 16, 2012
Deploying Your Applications on Windows Azure
Virtualization & Cloud Computing News, Support, Podcasts, Videos, Downloads for the Citrix, VMware, Microsoft, Remote Desktop Services (Terminal Services), Application Virtualization, Server Virtualization, Desktop Virtualization (VDI), Virtualization Security, and Desktop Management Software community!
Source: http://feeds.dabcc.com/~r/AllArticles/~3/Aiy8imVTkyw/article.aspx
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Friday, February 3, 2012
Fireplace Masonry - Adding Stone Inside The Firebox - Building ...
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Newbie ?Join Date: Feb 2012 Posts: 1 |
The bricks on the inside of my existing fireplace (a standard brick fireplace in my family room) are structurally sound, but look a bit rough. I would like to cover the bottom of the firepit with the same 12 x 12 x 3/8" stone veneer that's on the hearth. Is this advisable? i.e. Will the stone veneer withstand the heat of the fire? Is there a special mortar and grout that should be used? Any other how-to tips? Thanks. |
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Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. DIYChatroom.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any home improvement task!
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Concrete & Masonry ?Join Date: Nov 2008 Location: Wisconsin Posts: 1,510 |
Simply put, no, cultured stone will not stand up to the heat period, not to mention it would have adverse effects on the way the fireplace operated by altering the interior dimensions of the firebox. What's wrong with the current brick? |
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CUBS Tied at #1 So Far ?Join Date: Sep 2009 Location: Chicago Posts: 3,561 |
Quote:
 And I think it would look weird. You could convert to gas logs I suppose. But even then, depending on your firebox, you might crack your stone from heat and cooling.
__________________Killer Klowns from Outer Space Last edited by sdsester; Today at 07:45 AM. |
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Source: http://www.diychatroom.com/f19/fireplace-masonry-adding-stone-inside-firebox-132301/
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Thursday, January 26, 2012
Kinect and Windows Phone combine to create holographic game engine (video)
If your life is anything like ours, it's in sore need of more pseudo-holographic helicopters. Fortunately, YouTube user programming4fun has come up with a solution, using Microsoft's Kinect beta SDK and a Windows Phone handset. The system, pictured above, basically consists of a Kinect and a 3D engine; the former tracks the position of a viewer and automatically adjusts the image projected by the latter, creating the illusion of a 3D landscape. In this case, that landscape happened to feature a holographic helicopter, which could be controlled using a phone's accelerometer and a Windows Phone 7 app (apparently called HoloController). Watch it in action, after the break.
Continue reading Kinect and Windows Phone combine to create holographic game engine (video)
Kinect and Windows Phone combine to create holographic game engine (video) originally appeared on Engadget on Wed, 25 Jan 2012 13:14:00 EDT. Please see our terms for use of feeds.
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programming4fun (YouTube) | Email this | CommentsSource: http://www.engadget.com/2012/01/25/kinect-and-windows-phone-combine-to-create-holographic-game-engi/
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APNewsBreak: Army to cut combat brigades (AP)
WASHINGTON ? The U.S. Army plans to slash the number of combat brigades from 45 to as low as 32 in a broad restructuring of its fighting force aimed at cutting costs and reducing the service by about 80,000 soldiers, according to U.S. officials familiar with the plans.
Officials said the sweeping changes will likely increase the size of each combat brigade ? generally by adding another battalion ? in an effort to ensure that those remaining brigades have the fighting capabilities they need when they go to war. A brigade is usually about 3,500 soldiers, but can be as large as 5,000 for the heavily armored units. A battalion is usually between 600-800 soldiers.
The brigade restructuring is intended to save money without eroding the military's ability to protect the country and wage war when needed. Army officials contend that while there would be fewer brigades, building them bigger will give them more capabilities and depth, and will reduce stress on the units.
They said specialty units, such as Army special operations forces, would not be affected by the cuts.
Reducing the overall number of brigades will also eliminate the need for the headquarters units that command and oversee them.
Officials acknowledged that merging battalions together into larger brigades could shift some soldiers to different bases across the country, although that effort could be stymied by members of Congress who don't like to see the staffing decline at bases that feed the local economy. Officials said the Army will try to limit such shifts.
The cuts come as the Pentagon puts the finishing touches on its 2013 fiscal year budget, which must reflect about $260 billion in savings in its five-year plan. Congress has ordered the Defense Department to come up with a total of $487 billion over the next 10 years, and could face cuts of double that amount if Congress can't reach an agreement to avoid automatic across-the-board reductions mandated by lawmakers last year.
Officials spoke about the budget plans on condition of anonymity because they have not yet been made public.
Military leaders, from Defense Secretary Leon Panetta on down, insist they will come up with the budgets cuts without hurting the force's effectiveness. In fact, many of the top Army leaders who have been putting the budget together were around when massive budget cuts after the Vietnam war left Army units badly undermanned and ill-equipped ? leading to what they call a hollow force.
According to officials, plans call for the active duty Army to shrink from a high of about 570,000 soldiers to roughly 490,000 over the next decade or so. Initial cuts have been ongoing, and there are currently about 558,000 active duty soldiers in the Army.
Additionally, there are nearly 205,000 in the Army Reserve and close to 360,000 in the Army National Guard, the Army said Wednesday.
The Army plans to shed soldiers carefully, including through planned departures, separations for medical or behavioral problems, and by scaling back the number of people promoted or allowed to enlist and re-enlist.
One priority would be to make sure that the Army retains its mid-level officers, who routinely take up to 10 years to get to the rank of major or higher. Army leaders struggled through periods of the Iraq and Afghanistan wars, using bonuses and other incentives to retain the mid-level officers they needed to command smaller units on the battlefield.
But Army officials also acknowledge that they will be forced to deny the reenlistment of many qualified soldiers, while also continuing to bring in quality recruits.
Gen. Raymond Odierno, chief of staff of the Army, has warned that cutting brigades was one way to cut the budget. And he said that shrinking the force will mean that the Army will no longer be able to handle two simultaneous conflicts ? long a requirement for the U.S. military.
But the new military strategy mapped out by President Barack Obama and his defense team envisions a shift away from the hard-fought ground wars of Iraq and Afghanistan that relied on tens of thousands of troops to battle stubborn terrorists and insurgent groups. The future military, instead, will focus more on Asian security risks such as China and North Korea, and build on partnerships in the Middle East to keep an eye on Iran.
One major reduction, already announced by Panetta, will cut the number of Army brigades stationed in Europe from four to two. Other units would rotate in and out of the region as needed.
Currently there are three brigades in Germany and one in Vicenza, Italy, and that would change so that there would be one in Germany and one in Vicenza.
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Wednesday, January 25, 2012
Hello? Is this called an introduction? Nope.
This is not an introduction. It is in fact, something else. It may be close to one, which is as to why I'm posting it here. But, what is it called? It is a brief preview to what else I may post on this forum, as well as a few things about myself. But most importantly, THIS IS NOT AN INTRODUCTION so don't reply with anything alongside the words of: "hi" or "greetings".
Did I make myself clear enough?
Here are a few things about myself that are important to know:
- I am female.
- I have college, so I may be too busy to post in some RPs.
- I'm absolutely bored out of my mind, so I do RP.
- I post at least 100 words in each IC post I make.
- I'm looking to find some interesting roleplays to join. Roleplays I find interesting are ones that are for OCs only. They also tend to be fantasy ones with original worlds and plots. Some romance is good but I don't like a lot. I don't like too fast or too slow RPs.
- I googled to find this site.
- I spend no money over the internet so don't advertise crap to me.
- i love good writing mechanics.
Did I make myself clear enough?
I'm also planning on making a Fighting-style RP where everyone gets to control the plot and play as their ideal self. But that's the only thing tro look forward for.
Source: http://feedproxy.google.com/~r/RolePlayGateway/~3/AEGfkLPT5R8/viewtopic.php
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