Hollywood picks up 1970s pickup classic |
- Hollywood picks up 1970s pickup classic
- Light up your home with Sony’s smartphone Christmas tree (VIDEO)
- The looming lost decade — Ashoka Mody
- Wall St ends flat; falls for week with eyes on Fed
- Stocks fall on Fed concern; dollar hits 5-year high vs yen
| Hollywood picks up 1970s pickup classic Posted: 13 Dec 2013 05:08 PM PST
In a statement yesterday, Los Angeles sales and distribution house The Exchange said it has optioned Eric Weber's book with the goal of producing a feature film. Weber, a writer and director who scripted a 1978 TV movie version of his bestseller, will develop the project as an executive producer. No director has yet been selected. "The pill, the (Rolling) Stones ― a lot was new in New York when I started interviewing women for How to Pick Up Girls!" said Weber in the statement. "Plenty has changed since then, but just as much has stayed remarkably the same. It's going to be a lot of fun showing that on screen." Published in 1970 with more than three million copies in print, How to Pick Up Girls! promised shy and hapless men "the pick-up system no girl can resist" using such compelling opening lines as "Are you French?" and "Didn't I meet you in Istanbul?" In recent years, it found a new audience among self-described "pickup artists," who swap advice on online forums known collectively as the "seduction community" and documented in the 2005 best-seller The Game by journalist Neil Strauss. A concept trailer for "How to Pick Up Girls!" posted on Vimeo.com a year ago starred Weber explaining the ropes to his lovelorn twenty-something son, only to upstage him when a younger women enters the picture. A one-time New York advertising copywriter, Weber once claimed the best pickup line of all was: "I'm writing a book on picking up and I'd like to ask you a few questions." ― AFP-Relaxnews  |
| Light up your home with Sony’s smartphone Christmas tree (VIDEO) Posted: 13 Dec 2013 05:02 PM PST
Upon first glance, it looks like any other tree, but whip out your phone, connect via NFC and launch the app and start creating your own lights and music show. The colour, hue and rhythm of the tree's fiber optic lights can be controlled by the app. Create your own flashing patterns or select from a set of preinstalled cycles. But the fun doesn't stop there. As well as lights, the tree also has built-in speakers meaning that you can stream music to the tree and the lights will flash in time, creating an impromptu disco. But here's the bad news, the tree isn't for sale. Instead, Sony is offering it as a prize in the #UpgradeMyTree Christmas competition it is running on its UK Facebook page. As well as the tree, a host of other Sony gadgets, including flaghsip smartphones and NFC-enabled wireless speakers are also up for grabs. ― AFP-Relaxnews |
| The looming lost decade — Ashoka Mody Posted: 13 Dec 2013 04:48 PM PST
While the United States is ahead of the pack, some of its gains could soon be lost, as accumulating inventories begin eroding profits. Despite glimmers of hope, the eurozone and Japan are struggling to cross the 1 per cent threshold for annual economic growth. And the major emerging economies are all slowing, with Russia practically at a standstill. Not surprisingly, a catchphrase in economic-policy debates nowadays is "secular stagnation": The idea that excess savings chronically dampen demand. The economist Robert Gordon has also argued that the world is low on economically productive ideas. But before we despair, there is work to be done. The coordinated fiscal stimulus that saved the world from economic collapse in 2009 disappeared too quickly, with governments shifting their focus to domestic politics and priorities. As domestic policy options have been exhausted, economic prospects have dimmed. A renewed emphasis on stimulus must be augmented by global coordination on the timing and content of stimulus measures. Stimulus 'not normal times' The crisis was and remains global. Trade data tell the story: After increasing by about 7 per cent annually in the decade before 2008, world trade fell faster than global GDP in 2009 (and more sharply than during the Great Depression). Once the brief stimulus-fuelled recovery faded, growth in world trade again slowed quickly, falling to 2 per cent year on year over the past 18 months. Disappointing export performance is largely responsible for the recent weakening of economic-growth prospects. At the end of 2008, when the scale of the impending economic destruction was not yet apparent, Mr Olivier Blanchard, the International Monetary Fund's Chief Economist, boldly called for a global fiscal stimulus, stating that, in these "not normal times", the IMF's usual advice — fiscal retrenchment and public-debt reduction — did not apply. He warned that if the international community did not come together, "vicious cycles" of deflation, liquidity traps and increasingly pessimistic expectations could take hold. Fortunately, world leaders listened, agreeing in April 2009 at the G-20 Summit in London to provide a total of US$5 trillion (S$6.3 trillion) in fiscal stimulus. The US and Germany added stimulus amounting to about 2 per cent of GDP. China's banks pumped massive amounts of credit into the country's economy, enabling it to sustain import demand, which was critical to the global recovery. Monetary policy parochial However, hubris rapidly set in and parochial interests took over. Before the wounds had fully healed, the treatment was terminated. The worst offenders were the US and Germany, which shirked the responsibility to protect the global common good that accompanies their status as economic hegemons. The United Kingdom, with its contrived rationale for fiscal austerity, was not much better. Fiscal stimulus by these three countries — together with smaller contributions from France and China — could have continued the necessary healing. Countries now seem to think that monetary-policy measures are their only option. But, whereas fiscal stimulus boosts growth at home and abroad, enabling mutual reinforcement through world trade, monetary policy is guided primarily by domestic goals, and, in the short term, one country's gain can be another's loss. America leads the world in monetary-policy ambition. Researchers Cynthia Wu and Fan Dora Xia estimate that the US Federal Reserve's open-ended asset purchases (so-called quantitative easing, or QE) have led to an effective US policy rate of 1.6 per cent. QE helped American exports by weakening the dollar relative to other currencies. Once the Japanese engineered their own QE, the yen promptly depreciated. That has kept the euro strong. The weakest of the "big three" developed economies — the eurozone — has thus been left with the strongest currency. In the third quarter of this year, Germany's export growth slowed and French exports fell. After a spike earlier in the year, Japan's exports have also contracted. Only US exports have maintained some traction, thanks to the weaker dollar. Together an adrenaline boost In the '30s, after the gold standard broke down, world leaders could not agree on coordinated reflation of the global economy. In his book Golden Fetters, economist Barry Eichengreen argued that the lack of coordinated action dragged out the global recovery process. Such delays are costly, and risk allowing pathologies to fester, prolonging the healing process further. Now, despite unfavourable political circumstances, Mr Blanchard should make an even bolder call. These are still not "normal" times, and the "vicious cycles" persist. Another global fiscal stimulus — focused on public investment in infrastructure and education — would deliver the adrenaline shot needed for a robust recovery. More public investment is twice blessed. It can shake the world out of its stupor; and it can safeguard against "secular stagnation". The US, Germany, the United Kingdom, France and China should act together to provide that boost. Otherwise, a sustainable global recovery may remain elusive, in which case 2014 could end in low gear as well. — todayonline.com * Ashoka Mody, a former mission chief for Germany and Ireland at the International Monetary Fund, is currently Visiting Professor of International Economic Policy at the Woodrow Wilson School of Public and International Affairs, Princeton University. ** This is the personal opinion of the writer or publication and does not necessarily represent the views of The Malay Mail Online. |
| Wall St ends flat; falls for week with eyes on Fed Posted: 13 Dec 2013 04:48 PM PST
Investors in US-based funds pulled US$6.51 billion (RM21 billion) out of stock mutual funds in the week ended Wednesday, representing the biggest weekly outflow this year, data from Thomson Reuters' Lipper service showed on Thursday. In a bullish signal, the S&P 500 closed on Friday right above 1,775 - considered a technical support level. At less than 2 per cent below its record closing high, the S&P 500's pullback for the week shows no signs of investor panic, traders said. Investors have been trying to gauge the timing of an expected winding down of the US central bank's bond-buying stimulus, with many market participants expecting the Fed to announce a tapering in March. Stronger economic data of late, however, has led some to shorten that timeline to as soon as the end of next week's two-day meeting. "Focus is still on what the Fed says next Wednesday. There's a set of people that think (the Fed) is going to announce a tapering, but I think what we will have is more clarity," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York. Economic data yesterday showed producer prices declined in November for a third straight month, indicating a lack of inflation pressure that could give the Federal Reserve some wiggle room as it weighs the future of its stimulus. The Dow Jones industrial average rose 15.93 points or 0.1 per cent, to end at 15,755.36. The S&P 500 dipped a mere 0.18 of a point or 0.01 per cent, to finish at 1,775.32. The Nasdaq Composite added 2.572 points or 0.06 per cent, to close at 4,000.975. For the week, the Dow and the S&P 500 each lost 1.65 per cent and the Nasdaq fell 1.52 per cent. It was the largest weekly percentage drop for the indexes since August. T-Mobile US shares jumped late in regular trading after a Wall Street Journal report that Sprint is mulling a bid for its rival. T-Mobile US shares shot up 8.7 per cent to close at US$27.64 while Sprint gained 3.4 per cent to end at US$8.43. After the bell, Sprint further extended its gain by 3.1 per cent. Shares of International Paper rose 3.6 per cent to close at US$47.83 and led the gainers in the S&P 500's materials sector. Jefferies said in a research note that there are signs of demand pickup in containerboard, and the recent pullback in IP and others has created a buying opportunity. In the energy sector, shares of Anadarko Petroleum Corp fell 6.4 per cent to US$78.31 a day after a US judge ruled that Anadarko and its Kerr-McGee unit acted with "intent to hinder" when they spun off Tronox, a paint materials company that later went bankrupt. The judge ruled that Anadarko and Kerr-McGee should pay billions of dollars in environmental cleanup costs. Tronox shares gained 7.5 per cent to US$22.76. Adobe Systems Inc climbed 12.8 per cent to US$60.89 a day after the maker of Photoshop and Acrobat software reported a surge in the number of subscribers to its Creative Cloud suite from the previous quarter. Twitter Inc shares rose 6.6 per cent to a record closing high of US$59 a day after the company was forced to nix a change to its "block" feature after users protested that the new policy empowered perpetrators of online abuse. Advancers beat decliners on the NYSE by a ratio of 4 to 3. On the Nasdaq, about seven stocks rose for every five that fell. About 5.5 billion shares changed hands on US exchanges, below the 6.1 billion average so far this month, according to data from BATS Global Markets. ― Reuters |
| Stocks fall on Fed concern; dollar hits 5-year high vs yen Posted: 13 Dec 2013 04:37 PM PST
Stronger-than-expected US data and a budget deal in Washington have brightened the outlook for the US economy, but are causing jitters in equity markets, which have benefited from ample central bank liquidity. The current Thomson Reuters consensus among economists is still for the Fed to begin withdrawing stimulus in March. "There's a lot of uncertainty going into the meeting and some are talking about a small taper next week, although that is not our view. We still think the Fed will wait until January to make any announcement," said Greg Moore, currency strategist, at TD Securities in Toronto. The Fed will hold its last policy meeting of the year on Tuesday and Wednesday. Concerns about a possible Fed surprise next week resulted in US-based funds pulling US$6.51 billion (RM21 billion) out of stock mutual funds in the past week, the biggest outflow this year, according to Thomson Reuters Lipper data released on Thursday. The MSCI world equity index was down 0.1 per cent at 391.70 points, taking its losses for the past two weeks to 2.6 per cent and putting it on track for its biggest fortnightly loss since June. The prospect of Fed tapering boosted the dollar, with the euro falling 0.2 per cent to US$1.3731. The dollar slipped against the yen after earlier hitting five-year highs. It last traded at ¥103.17, down 0.2 per cent on the day. US stocks were mostly lower after a three-day drop. The Dow Jones industrial average gained 6.81 points, or 0.04 per cent, to 15,746.24. The Standard & Poor's 500 Index dropped 1.33 points, or 0.07 per cent, to 1,774.17. The Nasdaq Composite Index lost 2.32 points, or 0.06 per cent, to 3,996.08. The pan-European FTSEurofirst 300 touched two-month lows and ended down 0.1 per cent at 1243.47 points. Emerging markets were also hit, with sell-offs in currencies ― including the Indonesian rupiah and the Indian rupee ― on concern that tighter Fed policy could sap flows into emerging markets. "We have taken down our exposure to some of the smaller markets, as the tapering can be a hassle for some emerging-market currencies," said Hans Peterson, the global head of investment strategy at SEB Private Banking. Given the scale of the market moves in anticipation of the Fed meeting, some analysts said a rebound in equities was possible once the meeting is over, whether the Fed acts or not. "I think either way we can get a relief rally post the Fed, because either we will get a very small taper and really strong guidance on rates, or we will get no taper," said Alan Higgins, chief investment officer, UK, at Coutts. Expectations for Fed tapering and prospects for oil ports in eastern Libya to resume exports pressured oil prices. January Brent gained 13 cents to US$108.80 a barrel in seesaw trading, following a fall of more than US$1 on Thursday. Brent has slipped 3 per cent so far this week, the steepest weekly loss since the end of September. US crude futures for January fell 90 cents to settle at US$96.60 a barrel, after rising around US$6 in the past two weeks. Gold rose about 1 per cent to US$1,235 an ounce after a two-day fall, but sentiment remained fragile. Benchmark US 10-year Treasury notes last traded up 4/32 in price to yield 2.8628 per cent, after data showed muted inflation pressures, reviving hopes the Federal Reserve will not reduce its bond purchase stimulus program next week. Two-year German yields hit a three-month high as banks repaid the highest weekly amount since February to the European Central Bank. ― Reuters |
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