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Surgeons reattach boy’s three severed limbs

Tuesday, March 29, 2005A team of Australian surgeons yesterday reattached both hands and one foot to 10-year-old Perth boy, Terry Vo, after a brick wall which collapsed during a game of basketball fell on him, severing the limbs. The wall gave way while Terry performed a slam-dunk, during a game at a friend’s birthday party.

The boy was today awake and smiling, still in some pain but in good spirits and expected to make a full recovery, according to plastic surgeon, Mr Robert Love.

“What we have is parts that are very much alive so the reattached limbs are certainly pink, well perfused and are indeed moving,” Mr Love told reporters today.

“The fact that he is moving his fingers, and of course when he wakes up he will move both fingers and toes, is not a surprise,” Mr Love had said yesterday.

“The question is more the sensory return that he will get in the hand itself and the fine movements he will have in the fingers and the toes, and that will come with time, hopefully. We will assess that over the next 18 months to two years.

“I’m sure that he’ll enjoy a game of basketball in the future.”

The weight and force of the collapse, and the sharp brick edges, resulted in the three limbs being cut through about 7cm above the wrists and ankle.

Terry’s father Tan said of his only child, the injuries were terrible, “I was scared to look at him, a horrible thing.”

The hands and foot were placed in an ice-filled Esky and rushed to hospital with the boy, where three teams of medical experts were assembled, and he was given a blood transfusion after experiencing massive blood loss. Eight hours of complex micro-surgery on Saturday night were followed by a further two hours of skin grafts yesterday.

“What he will lose because it was such a large zone of traumatised skin and muscle and so on, he will lose some of the skin so he’ll certainly require lots of further surgery regardless of whether the skin survives,” said Mr Love said today.

The boy was kept unconscious under anaesthetic between the two procedures. In an interview yesterday, Mr Love explained why:

“He could have actually been woken up the next day. Because we were intending to take him back to theatre for a second look, to look at the traumatised skin flaps, to close more of his wounds and to do split skin grafting, it was felt the best thing to do would be to keep him stable and to keep him anaesthetised.”

Professor Wayne Morrison, director of the respected Bernard O’Brien Institute of Microsurgery and head of plastic and hand surgery at Melbourne’s St Vincent’s Hospital, said he believed the operation to be a world first.

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  • 31 Mar, 2022
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Nigerian President Umaru Yar’Adua reported dead

Thursday, May 6, 2010

Presidential aides and state television announced yesterday that the Nigerian president, Umaru Yar’Adua, died.

Yar’Adua ascended to the presidency in 2007, but was later taken ill, and had not been publicly seen for the last few months. He was hospitalised in Jeddah, Saudi Arabia, to get inflammated tissue around his heart treated; it was later diagnosed as acute pericarditis.

According to the BBC, Nigerian reports indicated the president died between 21.00 and 22.00 local time (20.00 to 21.00 UTC) in Abuja, the capital.

Goodluck Jonathan, the vice-president, became the acting president this February; under the constitution, he is to now be sworn in formally and will appoint a new vice-president.

The Nigerian Television Authority broadcast the news, saying: “The president and commander-in-chief of the armed forces, Umaru Musa Yar’Adua, died a few hours ago at the presidential villa. Security aides notified the national security adviser, General Anou Bissou, who immediately called the acting president. The late president has been ill for some time.”

Ima Niboro, a spokesman for Goodluck Jonathan, commented: “The acting president is very sad with what has happened. The nation is mourning.” Tomorrow is to be a national holiday, and Nigeria will observe a week of mourning for the deceased president.

In his statement, acting president Jonathan said: “Nigeria has lost the jewel on its crown, and even the heavens mourn with our nation tonight.”

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  • 31 Mar, 2022
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International participants showcase different industry cultures at 2008 Taipei Game Show

Friday, January 25, 2008

B2B Trade Area of Taipei Game Show, criticized by trade buyers last year, but accompanied with 2008 Taiwan Digital Content Forum, moved to the second floor at Taipei World Trade Center for world-wide participants with a better exchange atmosphere this year.

Not only local OBMs (Softstar Entertainment, Soft-World International Corp., International Games System Corp., …, etc.) but also companies from New Zealand, Canada, Japan, Hong Kong, and South Korea showcased different specialists with multiple styles. Especially on South Korea, participated members from G? Trade Show (Game Show & Trade, All-Round, aka Gstar) showcased gaming industry of South Korea and the G? upcoming at this November with brochures.

In the 2-days Digital Content Forum, world-class experts not only shared industry experiences, members from Taiwan Gaming Industry Association also discussed and forecasted marketing models for gaming industry. With participations from governmental, industrial, and academical executives world-wide, this forum helps them gained precious experiences of digital content industry from several countries.

According to the Taipei Computer Association, the show and forum organizer, the digital content industry in Taiwan was apparently grown up recent years as Minister of Economic Affairs of the Republic of China Steve Ruey-long Chen said at Opening Ceremony yesterday. Without R&Ds from cyber-gaming, and basic conceptions from policies and copyright issues, this (digital content) industry will be fallen down in Taiwan. If this industry wanted to be grown up in sustainability, gaming OBMs in Taiwan should independently produce different and unique games and change market style to market brands and games to the world.

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  • 30 Mar, 2022
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Choosing Dentists Mankato Mn

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byAlma Abell

It is essential to see dentists Mankato MN at last twice a year to maintain dental health. However, most people avoid dentists Mankato MN either because of fear or the cost. Studies have proven the health of your teeth can influence your overall health and regular dental care will be able to help you avoid gum disease. Dental care can also prevent various other diseases. Research also found that 90% of illnesses and diseases such as diabetes, pancreatic cancer, and leukemia can be traced to the mouth. The key to successful dental care is finding the right dentist.

[youtube]http://www.youtube.com/watch?v=deTgkwJFNHA[/youtube]

The right dentists MankatoMN can help ease your anxiety. Most people have dental anxiety because of bad experiences. The right dentist will prevent you from getting anxious about dental visits. You can start your search by asking family, friends, or co-workers for suggestions. Ask thier opinions. Were they satisfied with the work? Did the dentistmake them feel comfortable? Another method to find dentists is the local Yellow Pages. If you use this method, you must avoid being lured by flashy ads. Bigger ads are not indications of the best dentists Mankato MN. Another source of dentists is dental insurance. If you don’t have dental insurance, it is a good time to get a plan. Try to get at least five names regardless of how you choose.

You will have to do some work and visit the office in person. Call first and find out if there is a free consultation. This will allow you to examine the facilities. The facility itself will reveal information about the dentist. Is the waiting area clean and organized? Does it provide comfortable chairs and reading material? This is essential since you could wait awhile before you get to see the dentist. A family dentist should have areas set up for children to keep them occupied. Ask about their cancellation policies and how the office handles dental emergencies. Does the dentist make you feel less anxious? If the dentist is for your child, are they good at easing the child’s fears?

You now understand seeing a dentist is more about a good smile. It can make a difference in how you feel. Great dental care starts with choosing the right dentist.

  • 29 Mar, 2022
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Chef who appeared on Gordon Ramsay’s ‘Kitchen Nightmares’ commits suicide

Wednesday, September 29, 2010

Joseph Cerniglia, a chef who had appeared on Gordon Ramsay’s television show Kitchen Nightmares, has commited suicide. Cerniglia was the owner of Italian restaurant Campania. He jumped off a bridge into the Hudson river on the New York–New Jersey border. At the time of filming in 2007, Cerniglia owed suppliers $80,000.

Officials reported that 39-year-old Cerniglia had jumped off of the George Washington Bridge into the Hudson. His death has officially been ruled as suicide. His body was retrieved from the river after reports of a man jumping off of the bridge.

Ramsay released a statement to the Press Association saying “I was fortunate to spend time with Joe during the first season of Kitchen Nightmares. Joe was a brilliant chef, and our thoughts go out to his family, friends and staff.”

Cerniglia told Ramsay about his personal debt when he came to the restaurant in 2007. He said “I am financially in trouble. The debt of the restaurant alone is overwhelming. My personal debt — wife, kids, mortgage — that’s a lot of debt”.

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  • 28 Mar, 2022
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Stanford physicists print smallest-ever letters ‘SU’ at subatomic level of 1.5 nanometres tall

Wednesday, February 4, 2009

A new historic physics record has been set by scientists for exceedingly small writing, opening a new door to computing‘s future. Stanford University physicists have claimed to have written the letters “SU” at sub-atomic size.

Graduate students Christopher Moon, Laila Mattos, Brian Foster and Gabriel Zeltzer, under the direction of assistant professor of physics Hari Manoharan, have produced the world’s smallest lettering, which is approximately 1.5 nanometres tall, using a molecular projector, called Scanning Tunneling Microscope (STM) to push individual carbon monoxide molecules on a copper or silver sheet surface, based on interference of electron energy states.

A nanometre (Greek: ?????, nanos, dwarf; ?????, metr?, count) is a unit of length in the metric system, equal to one billionth of a metre (i.e., 10-9 m or one millionth of a millimetre), and also equals ten Ångström, an internationally recognized non-SI unit of length. It is often associated with the field of nanotechnology.

“We miniaturised their size so drastically that we ended up with the smallest writing in history,” said Manoharan. “S” and “U,” the two letters in honor of their employer have been reduced so tiny in nanoimprint that if used to print out 32 volumes of an Encyclopedia, 2,000 times, the contents would easily fit on a pinhead.

In the world of downsizing, nanoscribes Manoharan and Moon have proven that information, if reduced in size smaller than an atom, can be stored in more compact form than previously thought. In computing jargon, small sizing results to greater speed and better computer data storage.

“Writing really small has a long history. We wondered: What are the limits? How far can you go? Because materials are made of atoms, it was always believed that if you continue scaling down, you’d end up at that fundamental limit. You’d hit a wall,” said Manoharan.

In writing the letters, the Stanford team utilized an electron‘s unique feature of “pinball table for electrons” — its ability to bounce between different quantum states. In the vibration-proof basement lab of Stanford’s Varian Physics Building, the physicists used a Scanning tunneling microscope in encoding the “S” and “U” within the patterns formed by the electron’s activity, called wave function, arranging carbon monoxide molecules in a very specific pattern on a copper or silver sheet surface.

“Imagine [the copper as] a very shallow pool of water into which we put some rocks [the carbon monoxide molecules]. The water waves scatter and interfere off the rocks, making well defined standing wave patterns,” Manoharan noted. If the “rocks” are placed just right, then the shapes of the waves will form any letters in the alphabet, the researchers said. They used the quantum properties of electrons, rather than photons, as their source of illumination.

According to the study, the atoms were ordered in a circular fashion, with a hole in the middle. A flow of electrons was thereafter fired at the copper support, which resulted into a ripple effect in between the existing atoms. These were pushed aside, and a holographic projection of the letters “SU” became visible in the space between them. “What we did is show that the atom is not the limit — that you can go below that,” Manoharan said.

“It’s difficult to properly express the size of their stacked S and U, but the equivalent would be 0.3 nanometres. This is sufficiently small that you could copy out the Encyclopaedia Britannica on the head of a pin not just once, but thousands of times over,” Manoharan and his nanohologram collaborator Christopher Moon explained.

The team has also shown the salient features of the holographic principle, a property of quantum gravity theories which resolves the black hole information paradox within string theory. They stacked “S” and the “U” – two layers, or pages, of information — within the hologram.

The team stressed their discovery was concentrating electrons in space, in essence, a wire, hoping such a structure could be used to wire together a super-fast quantum computer in the future. In essence, “these electron patterns can act as holograms, that pack information into subatomic spaces, which could one day lead to unlimited information storage,” the study states.

The “Conclusion” of the Stanford article goes as follows:

According to theory, a quantum state can encode any amount of information (at zero temperature), requiring only sufficiently high bandwidth and time in which to read it out. In practice, only recently has progress been made towards encoding several bits into the shapes of bosonic single-photon wave functions, which has applications in quantum key distribution. We have experimentally demonstrated that 35 bits can be permanently encoded into a time-independent fermionic state, and that two such states can be simultaneously prepared in the same area of space. We have simulated hundreds of stacked pairs of random 7 times 5-pixel arrays as well as various ideas for pathological bit patterns, and in every case the information was theoretically encodable. In all experimental attempts, extending down to the subatomic regime, the encoding was successful and the data were retrieved at 100% fidelity. We believe the limitations on bit size are approxlambda/4, but surprisingly the information density can be significantly boosted by using higher-energy electrons and stacking multiple pages holographically. Determining the full theoretical and practical limits of this technique—the trade-offs between information content (the number of pages and bits per page), contrast (the number of measurements required per bit to overcome noise), and the number of atoms in the hologram—will involve further work.—Quantum holographic encoding in a two-dimensional electron gas, Christopher R. Moon, Laila S. Mattos, Brian K. Foster, Gabriel Zeltzer & Hari C. Manoharan

The team is not the first to design or print small letters, as attempts have been made since as early as 1960. In December 1959, Nobel Prize-winning physicist Richard Feynman, who delivered his now-legendary lecture entitled “There’s Plenty of Room at the Bottom,” promised new opportunities for those who “thought small.”

Feynman was an American physicist known for the path integral formulation of quantum mechanics, the theory of quantum electrodynamics and the physics of the superfluidity of supercooled liquid helium, as well as work in particle physics (he proposed the parton model).

Feynman offered two challenges at the annual meeting of the American Physical Society, held that year in Caltech, offering a $1000 prize to the first person to solve each of them. Both challenges involved nanotechnology, and the first prize was won by William McLellan, who solved the first. The first problem required someone to build a working electric motor that would fit inside a cube 1/64 inches on each side. McLellan achieved this feat by November 1960 with his 250-microgram 2000-rpm motor consisting of 13 separate parts.

In 1985, the prize for the second challenge was claimed by Stanford Tom Newman, who, working with electrical engineering professor Fabian Pease, used electron lithography. He wrote or engraved the first page of Charles Dickens’ A Tale of Two Cities, at the required scale, on the head of a pin, with a beam of electrons. The main problem he had before he could claim the prize was finding the text after he had written it; the head of the pin was a huge empty space compared with the text inscribed on it. Such small print could only be read with an electron microscope.

In 1989, however, Stanford lost its record, when Donald Eigler and Erhard Schweizer, scientists at IBM’s Almaden Research Center in San Jose were the first to position or manipulate 35 individual atoms of xenon one at a time to form the letters I, B and M using a STM. The atoms were pushed on the surface of the nickel to create letters 5nm tall.

In 1991, Japanese researchers managed to chisel 1.5 nm-tall characters onto a molybdenum disulphide crystal, using the same STM method. Hitachi, at that time, set the record for the smallest microscopic calligraphy ever designed. The Stanford effort failed to surpass the feat, but it, however, introduced a novel technique. Having equaled Hitachi’s record, the Stanford team went a step further. They used a holographic variation on the IBM technique, for instead of fixing the letters onto a support, the new method created them holographically.

In the scientific breakthrough, the Stanford team has now claimed they have written the smallest letters ever – assembled from subatomic-sized bits as small as 0.3 nanometers, or roughly one third of a billionth of a meter. The new super-mini letters created are 40 times smaller than the original effort and more than four times smaller than the IBM initials, states the paper Quantum holographic encoding in a two-dimensional electron gas, published online in the journal Nature Nanotechnology. The new sub-atomic size letters are around a third of the size of the atomic ones created by Eigler and Schweizer at IBM.

A subatomic particle is an elementary or composite particle smaller than an atom. Particle physics and nuclear physics are concerned with the study of these particles, their interactions, and non-atomic matter. Subatomic particles include the atomic constituents electrons, protons, and neutrons. Protons and neutrons are composite particles, consisting of quarks.

“Everyone can look around and see the growing amount of information we deal with on a daily basis. All that knowledge is out there. For society to move forward, we need a better way to process it, and store it more densely,” Manoharan said. “Although these projections are stable — they’ll last as long as none of the carbon dioxide molecules move — this technique is unlikely to revolutionize storage, as it’s currently a bit too challenging to determine and create the appropriate pattern of molecules to create a desired hologram,” the authors cautioned. Nevertheless, they suggest that “the practical limits of both the technique and the data density it enables merit further research.”

In 2000, it was Hari Manoharan, Christopher Lutz and Donald Eigler who first experimentally observed quantum mirage at the IBM Almaden Research Center in San Jose, California. In physics, a quantum mirage is a peculiar result in quantum chaos. Their study in a paper published in Nature, states they demonstrated that the Kondo resonance signature of a magnetic adatom located at one focus of an elliptically shaped quantum corral could be projected to, and made large at the other focus of the corral.

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  • 28 Mar, 2022
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Finding The Most Affordable Homes For Sale In Austin, Tx

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Finding The Most Affordable Homes For Sale In Austin, TX

by

Vikram Kumar

Are you looking for homes for sale in Austin, TX? If you so you are already aware that the cost of such homes is pretty expensive. In fact, many potential buyers have a great difficulty finding homes in their area that they feel as if they can afford. The problem that most people face is that they are certain that they will be unable to get approved for a home loan from a bank. This often times discourages potential buyers and they decide to continue renting. However, owner financed homes can be acquired at low rates without the need for a buyer to adhere to credit checks. This is great news for those individuals that have bad credit or that have no credit at all.

[youtube]http://www.youtube.com/watch?v=MSD_MBsJYgM[/youtube]

Owner financing is an easy enough process to understand. When you look at owner financed homes you will be working directly with the owner of the house and don’t go through a bank to acquire financing. The owner states a price and a down payment percentage that they want the buyer to pay before moving in. They then set up monthly payments that must be met by the buyer for a predetermined number of years. This process can easily be compared to renting to own. There are numerous homes for sale in Austin, TX that offer owner financing. If you know you have bad credit or no credit, and know that the chances of you getting approved for a home loan from a bank are low, then this may be the best option for you. In order to determine which homes are available in your area that offer owner financing you will need to begin conducting some research. The best way to do this is to get online and to begin looking at property listings that offer owner financing. You may also want to make use of an online service that specializes in owner financing and that lists these types of homes. If you are looking to sell your home you can also do this. There are numerous online companies that you can turn to that will assist you in learning what your options are and how the entire process works when it comes to owner financing. Also keep your eyes open for homes that you like and that are located in the area that you want to move to that don’t say that they offer owner financing. Often times if a home is on the market for an extended period of time and the home doesn’t sale, the homeowner may be willing to consider owner financing. You can rely on a professional real estate agent or service to contact these homeowner’s for you. Greater Austin Homes is an excellent resource for those individuals that want to learn more about owner financed homes and that want to see what options they have available to them. They have years of experience and can assist both buyers and sellers in getting what they want when it comes to the world of real estate.

When looking for the best

Homes For Sale in Austin, TX

you should rely on the services of Greater Austin Homes. They can assist you with finding the best

Owner Financed Homes

in your area.

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Finding The Most Affordable Homes For Sale In Austin, TX

  • 27 Mar, 2022
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Fears grow about U.S. dollar stability

Thursday, September 20, 2007

The U.S. economy and its currency as an instrument of world trade has suffered a series of major setbacks in recent months. Some analysts say that the Federal Reserve‘s September 18th dramatic rate cut to 4.75% from 5.25% may be a case of “too little, too late”, or that it was excessive and dooms the dollar.

Today, Saudi officials declined to cut interest rates in lockstep with the US Federal Reserve for the first time in decades. According to Ambrose Evans-Pritchard, International Business Editor for The Daily Telegraph, “it’s a signal that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East.”

Hans Redeker, the Currency Chief at BNP Paribas, also stated today that Saudi Arabia’s move to not adjust their own interest rates in sync with the Fed’s cuts is a very dangerous situation for the US dollar. Redeker points out that “Saudi Arabia has $800bn (£400bn) in their future generation fund, and the entire region has $3,500bn under management. They face an inflationary threat and do not want to import an interest rate policy set for the recessionary conditions in the United States.”

Saudi central bank officials said that “appropriate measures” would be taken to stop the large capital inflows into the country. The Federal Reserve’s half-point rate cut has already caused a plunge in the world dollar index to a fifteen-year low, reaching the weakest level ever against the Euro at just under $1.40.

The Fed hopes that by making it cheaper to borrow, people will start spending and investing more. However, some analysts fear the cut will worsen inflation, making it harder to get personal loans, and further decrease confidence in the dollar around the world. There are already signs that global investors have started rejecting U.S. Treasury securities, and recent U.S. government data on foreign holdings show a decline in purchases of US securities from $97bn to just $19bn in July.

In response to Ben Bernanke‘s statements today about a potential mortgage and housing market crisis, CNN anchor Wolf Blitzer said, “If adjustable mortgage rates go up, people may not be able to afford their mortgage payments.” Former Federal Reserve chief Alan Greenspan said earlier this week that housing prices may fall by “double digits” as the subprime crisis bites harder, prompting households to cut back sharply on spending.

Jim Rogers, the economic commentator and former partner of George Soros, stated, “If Ben Bernanke starts running those printing presses even faster than he’s already doing, we are going to have a serious recession. The dollar’s going to collapse, the bond market’s going to collapse. There’s going to be a lot of problems.”

In recent months, the U.S. dollar has taken several other significant hits including Kuwait’s decision in May to also break its dollar peg, and threats by China to interfere with the U.S. economy, calling it their nation’s “nuclear option”. According to public sources, the Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions that seek to force a Yuan revaluation.

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  • 27 Mar, 2022
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How It Services Can Help Keep Small Business Data Secure

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Some of the biggest retailers in the United States had to announce that they faced data threats of not only their business data, but also the financial information of their customers. Large businesses are the most valuable targets for the cyber criminals. However, small businesses cannot just sit relaxed peacefully feeling they will never come under the vulnerability zone. The point to ponder here is once you face an instance of data security breach, you strand at a huge risk of losing your stability, profits and business. Hence you must be proactive when it comes to data security and take the right measures to stay protected from the worst you can expect.

Contract IT support servicesPaying for IT services near me who specialize in small business IT services is the best way to move a step forward towards managed data security. IT support services can provide a comprehensive It support across all your challenging requirements as well as extend their support towards data security concerns.

[youtube]http://www.youtube.com/watch?v=yHwJyfb0BEI[/youtube]

Why IT support service works bestEven those big firms that have enough funds at their disposal to employ an internal data security team have experienced the issues of data security breach during the past years. This indicates that cyber security is a challenging problem to handle effectively in a fool proof manner. Therefore it is never advisable to depend on the general IT technology support staff for the critical issue of data security. While big businesses are valuable targets for the hackers, small businesses are easy targets. Most often when small businesses come across a data security issue, they prefer to settle the claims made by the hackers to protect their data at once rather than fighting out the issue. Therefore the attackers find it convenient to deal with the small businesses.

IT support services and data securityWhen you contract a managed IT services firm, you need not look for security specialists on staff. Usually most IT services specialize in all areas of the IT services and also data security. The team of employees of IT support services has versatile talents and are drawn from various backgrounds. They will be able to manage the data security needs of the small business easily with an expert assistance. Depending on the intensity of the problems and challenges faced by the small business, these support firms can also depute an accomplished professional round the clock to monitor the systems and solve the issues that come up.

Never overlook the importance of data securityAll businesses today rely on computers to run their business processes. Whether you run a website to supply the information your customers require or you have computerized all your complex business operations like ordering, tracking and online payment systems, it is important to protect those resources in order to see them continuously work for you. Customers are today nervous about identity theft. Any instance of having to compromise with their personal financial information will see that they lose their trust in your business. Hence you must view the issue of data security with utmost importance and take the right measures to protect your business data and that of your customers.

  • 26 Mar, 2022
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Markets dragged down by credit crisis

Friday, August 10, 2007

Global stock markets fell today, in a mass sell-off stemming from the sub-prime mortgage crisis in the United States. The Dow Jones Industrial Average rebounded late in the day after falling more than 250 points, ending the day down about 31 points. The UK’s FTSE-100 index fell 232.90 points to 6038.30, and Japan’s Nikkei 225 fell 406.51 points to 16764.09.

Central banks across the world are injecting funds into their banking systems to add liquidity, fearing that many financial firms with subprime ties will be insolvent. Yesterday, the U.S. Federal Reserve transferred US$24 billion to temporary reserves, following the European Central Bank, which authorized a record €83.6 billion addition to its banks, its biggest cash infusion ever. On Friday, the Fed entered into a $38 billion repurchase agreement of mortgage-backed securities, easing stockholder worries. Also on Friday, the Bank of Japan injected ¥1 trillion into Japan’s financial system.

The Federal Reserve met this week, but decided to maintain its target rate of 5.25%, although on Friday the federal funds rate was hovering around 6%, indicating a drop in liquidity.

The volatile week began last Friday with Bear Stearns tumbling as a result from its complete loss of two major hedge funds worth more than $1.5 billion. The hedge funds had been dangerously exposed to the massive sub-prime mortgage failure, and the company announced it was unable to return any money to investors.

Washington Mutual, and Countrywide Financial, both very large U.S. home loan lenders, saw shares fall. Countrywide Financial made a statement this week, saying they will be forced to retain a greater proportion of mortgage. American Home Mortgage Investment Corp, another large lender, recently filed for bankruptcy. The U.S. housing market has been declining for more than two years after the Federal Reserve raised interest rates 17 times. Now, lenders are in a quagmire from millions of people who are unable to repay loans after taking adjustable rate mortgages, teaser rates, interest-only mortgages, or piggyback rates.

Jim Cramer, of CNBC’s Mad Money, remarked that as many as seven million people will lose their homes from bad mortgages. Last Friday, Cramer went on a tirade on CNBC’s Street Signs, saying that the “Fed was asleep” and called for them to lower rates immediately.

Asian and European markets have become increasingly entangled in the subprime mortgage crisis in the U.S. Deutsche Bank of Germany lost almost $3.5 billion in share value, forcing the government to organize a bail-out. France’s largest bank, BNP Paribas SA, halted withdrawals from three large investment funds which were crippled by sub-prime exposure.

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  • 26 Mar, 2022
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