In Yemen, eating is a luxury millions struggle to afford

For almost half of Yemen‘s 22 million people, eating has become a luxury they can’t always afford.

On a bad day, Umm Ahmad and her family of five, who live in Sanaa‘s shanty-town district of Al-Sunaina, go without any food at all.

On a better day, Umm Ahmad’s husband, who works as a vendor, selling baby clothes in the market, comes home with “500 Yemeni riyals (about $2.30/1.79 euros) and we eat.”

“Have pity on us,” she says, breaking into tears as she clutches her sick and hungry daughter Amira and describes her family?s daily struggle to survive.

She fears for Amira’s life. Lifting the five-year-old’s dress and pulling up her sleeves, she reveals skinny and slightly bruised limbs, a consequence she says, of a blood disorder for which they cannot afford treatment.

In the past year alone, according to the latest UN report, the cost of basic foodstuffs has surged by between 40 and 60 percent and the price of always scarce drinking water has risen by 200 percent, contributing to skyrocketing inflation.

Unemployment rates have also soared, and 10 million Yemenis, out of a total population of about 22 million, struggle to put food on the table, the UN says.

The popular uprising that ousted veteran leader Ali Abdullah Saleh and the months of political unrest that followed has crippled the government?s already weak and corrupt institutions.

The result, says the chief UN representative in Yemen, Ismail Ould Cheikh Ahmed, is “a much more profound and much more deep humanitarian crisis than what we have been describing.”

Evidence of the crisis is clear, not just in the country?s distant provinces where government services are weakest and international aid is hindered by ongoing conflicts, but also in the capital Sanaa.

Sharing a single room with her two daughters and father, Fatima Hawsali says life in the past year has gone from “bad to worse.”

No one in this Yemeni household has an income. They rely on government hand-outs, which they say have become increasingly unreliable.

“We fight death” every day says Fatima’s father, Rizq.

Neighbour and local store-owner Haidar Saleh lends people bags of rice, sugar and flour on credit, but he too is struggling.

Two notebooks sit on his shop counter: one detailing debts owed to him by residents of the neighbourhood, the other, debts he owes to his suppliers.

“I can’t pay them because my customers don’t pay me,” said Saleh.

These are the humanitarian facts: About 55 percent of Yemenis live below the poverty line on less than $2 dollars a day. Ten million are “food insecure,” and five million of them are “severely food insecure.”

Almost one million children, an estimated 967,000 under the age of five, are suffering from “acute malnutrition,” and more than a quarter of them “are at risk of dying” unless immediate action is taken, the report says.

The health sector, which was barely functioning before the 2011 Arab Spring-inspired uprising against Saleh, has suffered major setbacks.

Measles has made a comeback, killing a total of 170 children, most of them since January. Other communicable diseases have re-emerged, including cholera and dengue fever.

Unemployment among the country’s youth, considered a major destabilising factor, has risen to 53 percent.

Investors have pulled out and businesses have shut down, creating, according to the latest UN estimates, an $8 billion loss in private sector revenues. That has dealt a severe blow to the economy of what was already the poorest country in the Arab world.

The even bigger problem, says Cheikh Ahmed, is that “there’s very little (international) interest in this.”

“Everybody speaks only about the politics, about the security issue, but that’s only half the story … this is a disaster,” he said.

If the humanitarian crisis is not resolved, he warns, it will threaten stability and derail the already delicate political transition process that gave rise to Yemen?s first new president in 33-years.

The grim humanitarian reality has been in the making for years, but the current crisis has “aggravated” already severe underdevelopment, says Cheikh Ahmed adding that even if the latest unrest is resolved, “we will still have major needs in this country.”

In a coffee shop in one of Sanaa’s few middle-class neighbourhoods, prominent economist and university professor Mohammed al-Maitami cautioned that Yemen is “totally incapable of resolving … the mine-field of challenges” that lie ahead.

“We need major and sustained international support,” said Maitami. On the humanitarian front, that support has been slow in coming.

The UN in partnership with international NGOs has launched an emergency appeal for $455 million for 2012. To date, it is only 42 percent funded. Education has received no funding at all and the water, sanitation and hygiene cluster is only 12 percent funded.

Protection, a key sector that works to prevent the abuse, neglect and exploitation of Yemen’s most vulnerable groups, including women and children, is only 8 percent funded.

“This is certainly a worrying development for us” said Cheikh Ahmed.

Even worse, he says, the aid community now believes they will likely need more than what they have already asked for, most of which still has not been received.

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LinkedIn earnings send shares to new high

munificent — Tags: , , — @ 3:34 am

Jeff Weiner, LinkedIn CEO, offers insight on earnings, with CNBC’s Jon Fortt.

By Martin Wolk

LinkedIn (LNKD) shares surged 10 percent Friday to record levels after strong demand for its online networking services boosted quarterly profit and helped raise its outlook.

“LinkedIn is disrupting both the online and offline job recruitment markets, and deeper corporate penetration and increasing member engagement will drive strong results going forward,” J.P. Morgan Securities’ analyst Doug Anmuth said, according to Reuters.

LinkedIn reported late Thursday that first-quarter revenue rose 101 percent to $188.5 million, ?and net income rose to $5 million from $2.1 million in the year-ago period. same quarter a year ago.?The company increased its 2012 revenue outlook on Thursday by $40 million to a range of $880 million to $900 million.?

LinkedIn has been among the most successful of a recent crop of Internet companies to go public. The company went public a year ago at $45 a share and immediately surged to over $100, but eventually the stock lost steam and bottomed at a bit over $60 in early January. Since then it has nearly doubled, giving the company a market value of some $7 billion.

The success of LinkedIn may be a positive signal for Facebook, the far larger social networking company that is expected to go public this month in the most closely watched stock offering in years.

Facebook and its founder Mark Zuckerberg have just launched a “roadshow” in which they will try to entice potential investors to buy into the company at a level that could vlaue it at nearly $100 billion.

The Dow was off 161 points or 1.2 percent at midday and other indicators were sharply lower after a disappointing April jobs report.

Among other big stock movers Friday:

  • Body Central (BODY) was among the biggest losers,?down 44 percent?after the apparel maker indicated that?a heavy fall in same-store sales?would hurt its second-quarter results.
  • Leapfrog (LF), a maker of educational toys, was up nearly 20 percent after posting strong quarterly results boosted by demand for its LeapPad learning tablet.
  • Dolby Labs (DLB), the audio technology company, was up 18 percent after posting strong results and announced a deal with Microsoft for use of its products in the Windows 8 operating system. (Msnbc.com is a joint venture of Microsoft and NBC Universal.)
  • Tillys Inc. (TLYS), a California-based retailer of surf-inspired and casual West Coast-styled clothing, was up 15 percent after its initial public offering.
  • InvenSense (INVN), which makes chips for smartphones and gaming devices, fell 20 percent after it lowered first-quarter sales outlook, disappointing investors who had bid up the company’s stock price to a life high last week.
  • Green Mountain Coffee (GMCR), slammed earlier in the week, bounced back a bit Friday and was up 8 percent in heavy trading.

Click here for a complete list of the latest market movers.

(Reuters and The Associated Press contributed to this report.)

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MetroPCS announces Q1 2012 results: total revenues up, new subscriber growth shrinks

MetroPCS announces Q1 2012 results: total revenues up, new subscriber growth shrinks

Regional network MetroPCS has announced total revenues of approximately $1.3 billion for Q1 2012, up from $1.2 bilion in the last quarter and up seven percent from the same period in 2011. Users on contract now total 9.5 million, with 16 percent of them making the move across to a smartphone. Net income has, however, dropped 63 percent since Q1 2011, with cost per user up 16 percent compared the same period last year. MetroPCS puts down to “retention expense” and the roll-out of its 4G network. The fifth biggest US carrier added over 131,000 new subscribers, but growth continues to slide — it’s down from 190,000 in Q4 2012. On the positive side, users are creeping onto the carrier’s 4G network, with 580,000 LTE subscribers nowmaking up six percent of its total subscription base — regardless of those creeping costs for unlimited data.

Continue reading MetroPCS announces Q1 2012 results: total revenues up, new subscriber growth shrinks

MetroPCS announces Q1 2012 results: total revenues up, new subscriber growth shrinks originally appeared on Engadget on Thu, 26 Apr 2012 07:34:00 EDT. Please see our terms for use of feeds.

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HTC’s unaudited Q1 2012 financials: revenue down by 35 percent

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HTC’s unaudited financials have just hit the wires and it looks like the negative trends from last year are continuing. For the first quarter of 2012, revenues are down nearly 35 percent year-on-year, with revenues of 67,790 million Taiwanese dollars (around $2.3 billion) for the period. Operating income was 5,099 million Taiwanese dollars (roughly $173 million) and profits after tax 4,464 million Taiwanese dollars ($151 million). The company must be hoping that this represents the end of the nasty hangover from its previous scatter-gun approach to phone production. Now that it’s gone with the sleek and slender One series lineup, we’ll see how well the company’s about-turn does in the next two quarters.

HTC’s unaudited Q1 2012 financials: revenue down by 35 percent originally appeared on Engadget on Fri, 06 Apr 2012 04:31:00 EDT. Please see our terms for use of feeds.

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Apple’s next hot release: The dividend check

FILE – In this Oct. 4, 2011 file photo, Apple CEO Tim Cook gestures during the introduction of the iPhone 4S, at Apple headquarters in Cupertino, Calif. Apple Inc. said it will announce the outcome of its internal discussion concerning its enormous cash balance on Monday morning March 19, 2012. (AP Photo/Paul Sakuma, File)

FILE – In this Oct. 4, 2011 file photo, Apple CEO Tim Cook gestures during the introduction of the iPhone 4S, at Apple headquarters in Cupertino, Calif. Apple Inc. said it will announce the outcome of its internal discussion concerning its enormous cash balance on Monday morning March 19, 2012. (AP Photo/Paul Sakuma, File)

(AP) ? Apple made computers sexy. Can it do the same for the musty old dividend?

Issuing a regular payment to your stockholders after years of just amassing cash used to be an admission that your company has run out of creative ideas to grow profits.

The quarterly check for a buck or two was more associated with staid utilities than sleek tech companies.

“It wasn’t sexy,” says John Buckingham, chief investment officer at Al Frank Asset Management. “Now the cool guy is doing it.”

Apple said Monday that it would begin paying a quarterly dividend of $2.65 per share starting this summer after years of resisting the idea. Its late former CEO, Steve Jobs, always thought the company could make better use of its cash.

But the hoard of cash and securities grew so large ? $97.6 billion, more than the entire market value of all but 15 companies in the Standard & Poor’s 500 ? that Apple had no use for it.

So it took the risk of looking like a fuddy-duddy and reversed its policy. Apple also announced that it planned to buy back $10 billion worth of its stock in the next fiscal year, which begins in October.

Investors pushed the stock up 2.7 percent Monday to $601.10. That’s on top of a 37 percent gain since the company first hinted in January that a dividend may be coming.

Perhaps the rise in Apple stock isn’t surprising. After years of pulling money out of stocks, investors are cautiously returning, but they’re demanding dividend payments. Three-quarters of the $3.6 billion that investors added to stock funds in February went to funds specializing in dividend-paying companies.

One reason for the buying is that many of the alternatives for generating cash are so unattractive lately.

The interest payments on money market accounts, CDs, and many Treasury securities are next to nothing. For the S&P 500, the dividend yield, which measures annual payouts to shareholders against a company’s stock price, is 2.04 percent ? at least close to keeping up with inflation.

But it wasn’t so long ago that a dividend announcement by a tech company was perceived as a kiss of death.

When Microsoft announced its first dividend in 2003, some investors feared it was a sign that its best days were behind it. Judging from its stock, which has gone nowhere for most of the past nine years, they turned out to be right.

Cisco, whose stock price hasn’t moved much since the end of the dot-com craze a decade ago, finally decided to issue a dividend last year. Amazon and Google still don’t pay a dividend. Neither does Dell, which has been around for a generation.

Tim Holland, portfolio manager at Tamro Capital, says a dividend is seen as “taboo” for many companies, but he likes Apple’s decision.

He says the main attraction for him is the company’s proven ability to grow earnings fast ? Apple increased profit 85 percent in the last fiscal year ended Sept. 30 ? and that investors apparently don’t believe it can keep doing so.

Holland says that if they had more faith, the stock wouldn’t be trading at a cheap 13.1 times expected earnings over the next year. The so-called price-to-earnings ratio of companies in the S&P 500 has averaged 15 or 16 over the decades.

It makes sense to buy for that reason, he says: “The company keeps delivering.”

For the coming fiscal year ending Sept. 30, Apple is expected to increase earnings by nearly 60 percent, according to a survey of analysts by FactSet, a research firm.

“Their earnings growth is reliable,” says Shaw Wu, an analyst at Sterne, Agee & Leech and another Apple fan. “And they’re still an innovative, cutting-edge company.”

Had it held on to the money, Apple could have faced legal challenges from shareholders arguing that the company was misusing their money.

The dividend will come to $10.60 per year, or 1.8 percent of Apple’s stock price. Microsoft pays a dividend yield of 2.5 percent, Hewlett-Packard 2 percent. Utilities often pay 5 percent or more.

In dollar terms, it will be one of the richest dividends in investing. Apple will pay $10 billion in the first year, placing it just below AT&T and Verizon Communications. Those companies use dividends as their main attraction to investors.

In Apple’s case, Jeffrey Snider, president of Atlantic Capital Management, an investment management company, sees the decision to offer a dividend as a possible omen, accidental or otherwise.

He says technology changes too quickly for leaders in one industry to stay on top for long, citing the once dominant companies like AOL, Yahoo and Research in Motion.

Apple can’t keep iPads on the shelf now, but there was a time when the BlackBerry looked unbeatable, too. You would have lost a lot of money betting that would continue. Research in Motion stock has dropped 90 percent from its peak nearly four years ago.

“No one thinks this can happen to Apple,” he says. But he adds: “This could be the beginning of the end of their growth story.”

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-03-20-US-Apple-Dividend-Redefined/id-e110125cfe2f49098c9b7c1c0a5b6ce7

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Japan’s economy shrinks 2.3 percent in 4Q (AP)

TOKYO ? Japan’s economy shrank 2.3 percent in the fourth quarter as manufacturers were battered by the strong yen, weak export demand amid the European debt crisis and flooding in Thailand.

A drop in government spending during the quarter, due largely to political bickering delaying parliamentary approval for a 12 trillion yen ($156 billion) extra budget for tsunami reconstruction, also contributed to the year-on-year decline reported Monday.

The world’s No. 3 economy should get a boost once that rebuilding money kicks in, but the outlook for the country’s vital exporters remains unclear, said Masayuki Kichikawa, chief Japan economist at Bank of America Merrill Lynch.

“This should be viewed as temporary setback,” Kichikawa said. “To what extent will the European crisis continue to affect overseas demand. That is the big question.”

Japan’s major manufacturers, such as Sony Corp. to Honda Motor Co., were hit badly during the fourth quarter by a drop in export demand and flooding in Thailand, a regional factory and supply base, which disrupted production.

The problems arose just as many exporters appeared to have recovered from the March 11 earthquake and tsunami, which interrupted their manufacturing at home.

The drop was worse than expected. Economists polled by Kyodo News agency projected a 1.4 percent decline.

Compared to the previous quarter, October-December gross domestic product fell 0.6 percent, the Cabinet Office said.

That comes after 1.7 percent increase in the July-September quarter, reflecting some recovery after the tsunami disaster.

Domestic private consumption, which accounts for over half the economy, edged up 0.3 percent during the quarter, the data showed.

“The growth rate will turn positive and stay positive this year because reconstruction demand will continue to push up GDP,” said Kichikawa. “But the pace of growth will depend on whether the decline in exports will stabilize.”

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20120213/ap_on_bi_ge/as_japan_economy

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Making the Blackest of Black Materials

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Making the Blackest of Black Materials
“We made carbon nanotubes that are blacker than anything else.” Our material absorbs more than 99 percent of visible and ultraviolet light and 98 percent of infrared light.

Source: POPSCI
Posted on: Friday, Jan 27, 2012, 8:55am
Views: 14

Source: http://www.labspaces.net/117148/Making_the_Blackest_of_Black_Materials

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State higher education spending sees big decline (AP)

MIAMI ? State funding for higher education has declined because of a slow recovery from the recession and the end of federal stimulus money, according to a study released Monday.

Overall, spending declined by some $6 billion, or nearly 8 percent, over the past year, according to the annual Grapevine study by the Center for the Study of Education Policy at Illinois State University. The reduction was slightly lower, at 4 percent, when money lost from the end of the American Reinvestment and Recovery Act was not taken into account.

The funding reductions, seen across nearly every state, have resulted in larger class sizes and fewer course offerings at many universities and come as enrollment continues to rise.

A report released by the National Science Board last week found similar reductions in state higher education spending, with nearly three-quarters of the nation’s 101 top public research universities experiencing cuts in state funding between 2002 and 2010.

“It’s quite severe,” said Jose-Marie Griffiths, chairwoman of the National Science Board committee that produced the report and vice president for academic affairs at Bryant University in Smithfield, Rhode Island. “The question is, are they ever going to recover to the level they were before? I think all of us are somewhat concerned because the future is a little bit uncertain.”

Only nine states reported increases in total state higher education spending, including the federal stimulus money. In the 41 states where there were funding reductions, declines varied drastically, from about 1 percent in North Carolina to 41 percent in New Hampshire. The hardest-hit states include Arizona, Wisconsin and Louisiana, where spending reductions were nearly 20 percent or higher as federal stimulus money dried up.

James Palmer, editor of the Grapevine survey, said state capacity to finance higher education had also been reduced by diminished tax revenues.

In a statement, the State Higher Education Executive Officers Association said states with the largest declines will likely see higher tuition rates and more pressure to recruit out-of-state students. That raises concerns about access to higher education, particularly for those students who need financial aid, another area where state support has declined.

Educating more students from out of state and less access will have “implications for the availability of an adequately trained workforce in those states,” the organization said.

The group specifically highlighted California, where a $1.5 billion spending reduction, including stimulus funds, over the past two years represents 26 percent of the national decline.

Florida is another state that has seen sustained spending cuts. Over the past five years, state support for higher education has declined 17.5 percent, according to the study. As the state proportion of funding has declined, universities have relied more on tuition, now nearly 50 percent of their operating budget.

Overall state funding appropriations in Florida are about the same as they were 10 years ago, after having risen leading up to 2007-2008. Meanwhile, enrollment has increased by more than 24 percent.

To compensate for the loss, Florida universities have merged departments, instituted hiring freezes and used more adjunct professors, among other actions.

“Each university has been diligent in developing cost-saving strategies to help offset ? but not fully replace ? the budget shortfalls,” according to a brief from the Board of Governors, which oversees Florida’s State University System.

The National Science Board noted the funding decline could have implications for how well the United States is able to educate its workforce and be competitive in a globalized, knowledge-based economy.

Already, the United States has been trailing Asia in science and engineering degrees. Fifty-six percent of all engineering degrees were awarded in Asia in 2008, compared with 4 percent in the U.S. The United States produced 248,000 graduates in the fields of natural science and engineering, while China produced 1 million, a dramatic increase from 2000, when they awarded 280,000. South Korea, Taiwan and Japan produced 330,000 natural science and engineering graduates in 2008 ? again, a larger number than the U.S., even though their population is smaller.

“Right now our aspirations for higher education I think far exceed the vitality of our economy,” Palmer said, referring to the push to increase access to college and degree completion. “In other words, we can’t depend on that state funding as the way we’re going to meet those goals.”

Source: http://us.rd.yahoo.com/dailynews/rss/education/*http%3A//news.yahoo.com/s/ap/20120123/ap_on_re_us/us_higher_education_funding

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EU online spending estimated to grow 16 percent, reach ?232 billion in 2012

munificent — Tags: — @ 2:33 pm

Pardon us Americans as we act surprised, but it turns out that we have one more thing in common with our Euro brethren: a growing number of us dislike shopping in stores. According to Kelkoo estimates, online spending in the European Union is projected to continue its upward trend, which is said to reach somewhere in the neighborhood of $232 billion before year’s end. If the estimate holds, this would be a 16 percent increase over the $200 billion raked by e-tailers during 2011, and is naturally assumed to come at the expense of traditional brick and mortar outfits, whose growth is projected to increase by a mere 1.8 percent.

The data gathered also suggest there’s significant room for expansion, however, as online spending accounted for just 7.8 percent of all EU retail sales in 2011, with the UK, Germany and France being responsible for a whopping 71 percent of that tally. The 16 percent projected growth is a slight decline from 2011, which saw EU online spending grow by 18 percent — although, Europe’s habit for click-and-ship continues to outpace the US, which grew by only 12.8 percent in 2011. Now, since you’ve crammed all these numbers, why not check the funny pages?

[Shopping button via Shutterstock]

EU online spending estimated to grow 16 percent, reach ?232 billion in 2012 originally appeared on Engadget on Fri, 20 Jan 2012 21:45:00 EDT. Please see our terms for use of feeds.

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Source: http://www.engadget.com/2012/01/20/eu-online-spending-to-reach-232-billion/

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