Blind Chinese activist leaves Beijing for U.S.

BEIJING (Reuters) – China allowed a blind legal activist, Chen Guangcheng, to leave a hospital in Beijing on Saturday and board a plane bound for the United States, a move that could signal the end of a diplomatic standoff between the two countries.

Chen’s escape from house arrest in northeastern China last month and subsequent stay in the U.S. embassy caused huge embarrassment for China and led to a diplomatic rift while U.S. Secretary of State Hillary Clinton was visiting Beijing for talks to improve ties between the world’s two biggest economies.

The U.S. State Department said he was en route to the United States, along with his wife and two children. He boarded a United Airlines flight bound for Newark.

China’s Foreign Ministry limited its commentary to an acknowledgement that Chen had left the country.

“Chen Guangcheng is a Chinese citizen. China’s relevant departments have handled the procedures for exiting the country in accordance with the law,” the ministry said in a faxed statement to Reuters.

New York University said in a statement on Saturday that Chen would study as a fellow at its School of Law.

“I am very happy to receive the news that Chen Guangcheng is on his way to the U.S. I look forward … to working with him on his course of study,” said Jerome Cohen, co-director of the U.S.-Asia Law Institute at New York University School of Law.

State news agency Xinhua said earlier that Chen had applied to study in the United States under legal procedures. The Foreign Ministry said this month that Chen could apply to study abroad, a move seen as a way of easing Sino-U.S. tensions on human rights.

Chen’s friend, Jiang Tianyong, cited the activist, one of China’s most prominent dissidents, as saying that he and his family obtained their passports at the airport hours before he was due to board a flight.

“I’m obviously very happy,” Jiang said. “When he boards the plane, he can finally say: ‘I’m free’. At the same time, I feel a sense of regret because such a large country like China can’t even tolerate a citizen like him to exist here.”

A statement by State Department spokeswoman Victoria Nuland struck a conciliatory note, saying Washington was “looking forward” to Chen’s arrival.

“We also express our appreciation for the manner in which we were able to resolve this matter and to support Mr. Chen’s desire to study in the U.S. and pursue his goals,” it said.

U.S. President Barack Obama’s administration had feared a standoff over Chen’s fate could sour already strained ties with China and generate criticism of Obama’s policies. Beijing has accused Washington of meddling in its affairs in the case.

Chen’s abrupt departure for the airport came nearly three weeks after he arrived at the Chaoyang Hospital from the U.S. embassy, where he had taken refuge after an escape from 19 months under house arrest in his home village.

Chen, 40, who taught himself law, was a leading advocate of the rights defense movement. He gained prominence by campaigning for farmers and disabled citizens and exposing forced abortions.

He was jailed for a little more than four years from 2006 on what he and his supporters say were trumped-up charges designed to end his rights advocacy.

He had accused Shandong officials in 2005 of forcing women to have late-term abortions and sterilizations to comply with strict family-planning policies. Authorities moved against him with charges of whipping up a crowd that disrupted traffic and damaged property.

Formally released in 2010, he remained under house arrest in his home village, which officials turned into a fortress of walls, security cameras and guards in plainclothes guards.

POLICE AT THE AIRPORT

United Airlines flight UA 88 departed around 5.50 p.m. (0950 GMT), with police officers and plainclothes officers following passengers down the mobile corridor leading to the plane’s door.

The cabin crew waited for passengers to take their seats before closing the curtain to the front section, where the business class seats were located, a Reuters witness said.

Chen had earlier told Reuters he was at the airport along with his wife, two children and hospital staff and he believed he would be put on a flight to the United States.

Two police cars were stationed below the walkway to the plane, and about 10 security officials in plainclothes circulated around the airport.

Passengers at the gate to Chen’s flight appeared not to know that he would be on the same flight.

“If our country is a body, his plight is like a sickness that in the future will help the body to protect and strengthen itself,” said Xi Jingwen, who was awaiting to board a flight to the United States, when asked about Chen Guangcheng.

Chen’s confinement, his escape and the furor that ensued have made him part of China’s dissident folklore: a blind prisoner outfoxing Communist Party controls in an echo of the man who stood down an army tank near Tiananmen Square in 1989.

The Chen case comes at a tricky time for China, which is engaged in a leadership change. The carefully choreographed transition has already been knocked out of step by the downfall of ambitious senior Communist Party official Bo Xilai in a scandal linked to the apparent murder of a British businessman.

On a number of occasions in recent years, authorities have relented to diplomatic pressure and allowed high-profile dissidents to leave China, knowing that its most vocal critics are effectively neutralized once they leave and are without support of friends.

At times, Beijing has appeared to use these deals as bargaining chips in broader diplomatic negotiations or to blunt criticism of its human rights record.

Chen’s supporters, however, welcomed his departure, saying he had indicated that he would like to return to China.

“I even told him … that he has to do a repeat of him scaling walls. If not, we wouldn’t be able to believe it,” Nanjing-based activist He Peirong said of her earlier conversation with Chen. She was one of six activists who drove Chen from Shandong to Beijing after his escape.

Phelim Kine, senior Asia researcher at New York-based Human Rights Watch, said “getting Chen Guangcheng and his family on a plane is the easiest part of this saga.

“The harder, longer term part is ensuring his right under international law to return to China when he sees fit,” Kine said in an emailed statement.

Kine urged Western countries to ensure that Chen’s relatives, friends and supporters secured due protection.

The U.S. embassy had earlier thought it had stuck a deal to allow Chen to stay in China without retribution, but that fell apart as Chen grew worried about his family’s safety. He changed his mind about staying and asked to travel to the United States.

Human rights are a big factor in relations between China and the United States, even though Washington needs China’s help on issues such as Iran, North Korea, Sudan and the global economy.

The village of Dongshigu, where Chen’s mother and other relatives remain, is still under lockdown.

Chen’s nephew, Chen Kegui, was denied his family’s choice of lawyers on Friday to defend a charge of “intentional homicide”, the latest in a series of moves to deny him legal representation, and underscores the hardline stance taken against the blind dissident’s family.

(Additional reporting by Chris Buckley and Michael Martina in BEIJING, Arshad Mohammed in WASHINGTON, and Michelle Nichols in NEW YORK; Editing by Ron Popeski and Paul Simao)

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Syria opposition chief resigns amid infighting

Syrian National Council chief Burhan Ghalioun said on Thursday he will step down to avert divisions within the opposition bloc, after activists on the ground accused him of monopolising power.

“I will not allow myself to be the candidate of division, I am not attached to a position, so I announce that I will step down after a new candidate has been chosen, either by consensus or through new elections,” said the Paris-based academic.

He spoke as Syrian forces launched a blistering assault on the rebel stronghold of Rastan in central Homs province, in a new bid to overrun one of the major opposition holdouts against President Bashar al-Assad’s regime.

There were also more deaths and anti-regime protests, as UN observers tasked with monitoring a tenuous UN-backed ceasefire visited the Aleppo University campus, activists said.

Ghalioun, who had led by consensus rather than through election since the SNC‘s founding in October, was elected as the exile group’s chairman in a vote held in Rome on Tuesday.

He said he would remain an SNC member “hand-in-hand with the young people who struggle, the young people of the revolution of dignity and freedom, until victory,” while urging all opposition groups to unite ranks.

Hours earlier the Local Coordination Committees, a network of activists on the ground, threatened to pull out of the SNC over its lack of collaboration with activists in Syria and “monopolisation” of power.

“The deteriorating situation in the SNC is an impetus for us to take actions, which could begin with a freeze (of LCC membership in the SNC) and end with a withdrawal if errors are not solved and demands for reform go unmet,” the LCC said.

It pointed to “a total absence of consensus between the SNC’s vision and that of the revolutionaries” and charged that influential SNC members were monopolising power and marginalising most of the LCC representatives.

The LCC also criticised the SNC over the strong influence that Syria’s Muslim Brotherhood wields over the coalition.

Meanwhile, Rami Abdel Rahman of the Syrian Observatory for Human Rights, said at least 30 shells smashed into Rastan in a 10-minute period after midnight, and urged UN observers monitoring a shaky truce to immediately rush to the town.

“The army is trying to gradually destroy Rastan,” Abdel Rahman told AFP.

The Britain-based Observatory also reported that five civilians, members of the same family and including two children, were killed Thursday when a mortar shell slammed into their home in Douma, near Damascus.

And in northern Syrian thousands of students from Aleppo University protested on campus, calling for the fall of the regime, as UN observers visited, activists said.

A spokesman for a group of activists in Aleppo, Mohammed Halabi, told AFP in Beirut by telephone:

“Thousands of students from various faculties came out of their classes when the UN observers arrived and shouted slogans calling for the fall of the regime.”

They “also called for the arming of the (rebel) Syrian Free Army),” he said in a telephone call.

Activists also posted videotapes showing students insulting President Bashar al-Assad and chanting for freedom in Syria.

Assad, in an interview with Russian TV, accused the West on Wednesday of ignoring violence by “terrorists” and said he would demand an explanation from Annan when he visits Damascus this month.

He also denounced the armed opposition as a gang of “criminals” who he said contained religious extremists, including members of Al-Qaeda.

Russia, a key ally of Assad’s regime, cautioned Western powers against launching “hasty” wars that could lead to the rise of radical Islamist factions and all-out regional war.

“The consequence of hasty military operations in foreign states usually means that radicals come to power,” said Dmitry Medvedev, Russia’s premier and former president.

“And sometimes these actions — which undermine state sovereignty — could result in a fully fledged regional war,” he said, in clear reference to Moscow’s current standoff with the West over Syria.

The prime minister of Qatar, which has in the past called for arming the Syrian opposition, accused Damascus of continuing to kill civilians.

“The killing of civilians is ongoing there regardless of the international will to stop this bloodshed,” said Sheikh Hamad bin Jassem al-Thani during a visit to Bulgaria.

“UN negotiations are underway but the killings continue. This is intolerable,” he said.

More than 12,000 people, the majority of them civilians, have died since the Syrian uprising began, according to the Observatory, including more than 900 killed since the putative truce came into effect.

The UN mission in Syria says it now has 236 military observers in the country.

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Obama stance adds fuel in marriage battlegrounds

FILE – In this April 28, 2009 file photograph, gay rights advocate Matthew Arnold-Lloyd of Albany, N.Y., right, argues with an unidentified man opposed to gay marriage during a rally outside the Capitol in Albany. A flurry of political activity in states such as Rhode Island, Illinois and Colorado followed President Barack Obama?s declaration of support for gay marriage, which has emboldened activists and politicians on both sides of the issue ahead of anticipated votes in four states this fall, including Maine and Maryland. (AP Photo/Mike Groll, File)

FILE – In this April 28, 2009 file photograph, gay rights advocate Matthew Arnold-Lloyd of Albany, N.Y., right, argues with an unidentified man opposed to gay marriage during a rally outside the Capitol in Albany. A flurry of political activity in states such as Rhode Island, Illinois and Colorado followed President Barack Obama?s declaration of support for gay marriage, which has emboldened activists and politicians on both sides of the issue ahead of anticipated votes in four states this fall, including Maine and Maryland. (AP Photo/Mike Groll, File)

FILE – In this March 4, 2008 file photo, Luke Otterstad, left, and Kerry Coles argue pro and against views over the gay marriage debate outside of the California Supreme Court in San Francisco. A flurry of political activity in states such as Rhode Island, Illinois and Colorado followed President Barack Obama?s declaration of support for gay marriage, which has emboldened activists and politicians on both sides of the issue ahead of anticipated votes in four states this fall, including Maine and Maryland. (AP Photo/Marcio Jose Sanchez, File)

FILE – In this Thursday, Jan. 26, 2012 file photo, Whitney Gifford, of Bucksport, Maine, leads a group of gay marriage supporters carrying signed petitions to the Secretary of State’s office in Augusta, Maine. A flurry of political activity in states such as Rhode Island, Illinois and Colorado followed President Barack Obama?s declaration of support for gay marriage, which has emboldened activists and politicians on both sides of the issue ahead of anticipated votes in four states this fall, including Maine and Maryland. (AP Photo/Robert F. Bukaty)

PORTLAND, Maine (AP) ? President Barack Obama’s support for gay marriage has emboldened activists and politicians on both sides of the issue, setting off a flurry of political activity in a number of states and serving as a rallying point in others where gay marriage votes are being held this fall.

With the nation divided on gay marriage, Obama’s declaration this month ? a day after North Carolina voters approved an amendment to the state constitution affirming that marriage may only be a union of a man and a woman ? has added a wrinkle in the political debate on a touchy subject.

Obama’s stand has put wind in the sails of gay marriage supporters, while providing political fuel to opponents, said Kamy Akhavan, president of ProCon.org, a nonpartisan California-based nonprofit that researches pros and cons on controversial issues.

“It has altered the national discussion to some degree,” he said.

Same-sex marriage is now legal in six states and the District of Columbia. Thirty-one states have passed amendments aimed at banning it. The issue is expected to come up in at least four ballot measures this fall:

? Maine’s ballot question asks whether gay marriage should be legalized.

? Minnesota is asking whether a ban on gay marriage should be part of the state constitution.

? Maryland and Washington are expected to have ballot measures seeking to overturn same-sex marriage laws that were recently passed by the legislatures.

In Maine, the announcement has invigorated activists who favor and oppose November’s statewide referendum seeking to legalize same-sex marriage. The Maine Legislature passed a gay marriage bill in 2009, but it was overturned by 53 percent of the voters in a referendum that fall.

David Farmer, spokesman for Mainers United for Marriage, said Obama’s description of his personal evolution on gay marriage illuminates the conversations that supporters are having in door-to-door and phone discussions with residents ? talking about their “personal journeys” and people they know who are gay.

“A lot of people who agree with the president got a burst of energy, that feeling of momentum, about the first sitting president of the United States endorsing a cause that they support and are working very hard on,” Farmer said.

Obama’s words also made referendum opponents realize they have their work cut out for them, said Bob Emrich, chairman of Protect Marriage Maine and pastor of Emmanuel Bible Baptist Church.

“It’s deepened people’s awareness that this is a major issue that isn’t going away and we need to have more people involved in it,” Emrich said.

It’s not just Maine where Obama’s words have energized gay marriage supporters.

In Illinois, Democratic Gov. Pat Quinn said he “stands with the president” while announcing his stepped-up support for gay marriage, vowing to work with state legislators to legalize same-sex marriage there without waiting for the courts to act. Illinois currently allows civil unions, which afford couples many of the rights of marriage.

In Rhode Island, which allows civil unions but not gay marriage, Gov. Lincoln Chafee signed an order proclaiming the state will recognize same-sex marriages performed elsewhere; Chafee, an independent, said Obama’s announcement is positive momentum. Maryland’s highest court ruled Friday that same-sex couples can divorce in the state even though Maryland does not yet permit gay couples to wed.

Former Nebraska Gov. and Sen. Bob Kerrey, a Democrat who is again running for the Senate, voiced his support for gay marriage this week. And in Minnesota, gay marriage supporters say Obama’s position is galvanizing opponents of a proposed constitutional amendment to ban it and should help fundraising efforts.

Obama’s announcement has also drawn response from gay marriage opponents.

In Oklahoma, the state Senate recently voted overwhelmingly in favor of a resolution reaffirming opposition to gay marriage, even though there’s a ban already enshrined in state law and the state constitution. Republican Sen. Clark Jolley said he introduced the resolution in direct response to Obama’s position.

A Democratic state senator accused Jolley of introducing the resolution because he has “a difficult re-election campaign coming up and needs promotional material for the God and gays section” of a campaign leaflet.

In Colorado, the Republican House speaker accused Democratic Gov. John Hickenlooper of “reading straight from President Obama’s campaign playbook” in calling for a special legislative session to vote on civil unions a day after Republicans had killed a bill. The resurrected legislation was again killed during a special session this week.

In Minnesota, Minnesotans for Marriage spokesman said Obama’s announcement “demonstrates why marriage needs to be protected and put in the state Constitution where politicians can’t get at it.”

In New Hampshire, the sponsor of a failed bill to repeal gay marriage sent out an email calling Obama “arrogant and out of touch” with his announcement.

Frank Schubert, political director for the National Organization for Marriage, which opposes gay marriage, said Obama’s opinion will continue to have ramifications as November’s elections close in, particularly for Democrats who don’t share his view.

“I think he’s scrambled the omelet quite a bit here and made it complicated for Democrats, in swing states in particular, because it puts them in position of having to, sometimes publicly, distance themselves from the president,” he said.

___

Contributing to this report were Associated Press writers Steve LeBlanc in Boston, Sean Murphy in Oklahoma City, Steve Karnowski in Minneapolis, Ivan Moreno in Denver, Rachel La Corte in Olympia, Wash., and Brian Witte in Annapolis, Md.

Associated Press

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Gluten-free chocolate muffins with coffee glaze | Tropic Home

Gluten-free chocolate muffins with coffee glazeShare

There are several food allergies in my family. It?s been hard to deal with at times, and the storm clouds of self-pity and general universe hating have come rolling in ? usually at social events that are centered around food. There is a silver lining in those clouds, though ? my whole family is eating healthier and cleaner as a result of learning about the food allergies and how food affects our bodies and brains.

Discovering the food allergies started with my son, then three years old, eating his first peanut butter sandwich ? and today both my sons and myself stay away from wheat and go very light on dairy. (Apparently wheat is our main problem, but we tend to eat gluten-free because we know there won?t be any wheat in a gluten-free food.) My oldest son is also allergic to peanuts, nuts and eggs, and neither he nor I can eat pineapple.

Taking away wheat and dairy from your diet is challenging when so many of the standby foods in our society are made from those ingredients.

So you end up looking for alternatives (which are usually more expensive) ? and doing a lot of cooking yourself.

Although I used to consider myself a baker (taught by my professional cake decorator stepmother), baking wheat- dairy- and egg-free has thrown me a curveball. I?m still learning. And to learn, you have to bake.

So I baked some chocolate muffins with my 5-year-old, and this is what I came up with. Even my gluten-eating friends ate them and said they liked them. These muffins are chocolatey but not really sweet, so if you like sweeter muffins, add more sugar or make sure you add the optional coffee glaze. (When I made them for my sons, I made the muffins without the coffee glaze.)

I will never be as handy with ingredients or as eloquent as Gluten-Free Girl or as creative and knowledgeable about food as it relates to various health issues like Adventures of a Gluten-Free Mom, but at least my kids won?t lack eating healthy food or treats.

Gluten-free chocolate muffins with optional coffee glaze — allergy-friendly

Gluten-free chocolate muffins with optional coffee glaze -- allergy-friendly

Ingredients

Directions

  1. Preheat oven to 350 degrees F and put paper liners in your muffin pans.
  2. Combine the flax seed and water in a large bowl, and stir well. Set aside. (This is to replace two eggs in the recipe.) (Flax is also good for your heart and adds fiber.)
  3. Add the flours, cocoa, xanthan gum, baking soda, baking powder and salt together in a bowl and stir well.
  4. Beat the softened butter substitute with the sugar until it’s creamy, then add it to the flax seed mixture.
  5. Gradually add the flour mixture and stir until everything is well mixed.
  6. Add 2 Tbsp. of coconut milk to the batter, if necessary — if it’s too thick.
  7. Spoon the batter into the muffin cups and bake for about 15 minutes. (Check after 12 minutes.)
  8. To make the optional coffee glaze, heat the coffee in a small saucepan just until it bubbles. Take it off the heat and stir in the sugar until it dissolves. Use a fork to poke holes through the top of each muffin (twice is fine), and spoon the syrup over each muffin. This gives the muffin a mocha flavor.

1.5

http://tropichomeandfamily.com/2012/05/gluten-free-chocolate-muffins-with-optional-coffee-glaze.html

(c) Holly Ambrose, tropichomeandfamily.com

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Here’s how you get a piece of Facebook

CNBC’s “Mad Money” host Jim Cramer weighs in on whether it’s the right time to dive into Facebook’s IPO. His advice: “Everyday people shouldn’t buy this stock.”

By Roland Jones

Excitement is mounting for Facebook?s expected debut on financial markets Friday. So if you?re an individual investor, can you get a piece of the action, and should you?

The first thing to remember about IPOs is that they are not normally geared toward individual investors. Underwriting banks typically allocate IPO shares to their best clients, which include hedge funds, wealthy individuals and large institutional investors. These investors will get the right to buy a certain number of shares at the offering price, which is expected to be announced Thursday afternoon. Facebook estimates the offering price will be in the range of $28 to $35 a share.

Some smaller retail investors may get a few shares allocated, especially if they have a good relationship with a broker for one of the dozens of underwriting firms handling the transaction.

If you have not already been in touch with your broker, however, it is too late to even try get in at the offering price. The deadline to express interest was Tuesday afternoon at brokerages we checked with, and the deal reportedly is oversubscribed.

Your only option is to buy shares after they begin trading on the Nasdaq stock market, when the price will be set by the law of supply and demand.

?This is not a strategy for the faint of heart,??said Hugh Johnson, chief investment officer of Hugh Johnson Advisors in Albany, N.Y.?Intense?interest in Facebook?s offering is likely to drive the price up sharply as soon as trading begins, meaning the first public trade could be well above the offering price.

In an example of the type of pressure investors could face, LinkedIn, another social media company, went public almost exactly a year ago at $45 a share and closed at $94 on a volatile first day of trading that saw its shares top $122 at one point.

That means investors lucky enough to get in at the offering price were able to book an immediate paper profit of more than 100 percent or?”flip” shares and cash in. Other investors paid as much as $122 a share for LinkedIn that day and were left with paper losses. (LinkedIn shares currently trade for about $113.)?

Facebook could easily see a similar first-day trajectory, but it is impossible to know. Online investors who place a general order for Facebook stock will get shares at whatever price happens to be prevailing at the moment.

?Is it a sound investment for a sensible portfolio? No,” said Johnson. “Is it a worthwhile speculative investment? Sure, but you have to be fully prepared for something that could be a very emotional event. And I have the sense that [the IPO price] could be very overvalued.?

One good piece of news about Facebook?s IPO is there are plenty of shares up for grabs.

In a sign of intense investor interest, Facebook said early investors in the company will be selling more of their shares in the IPO, bringing the total number of shares available to as many as 421.2 million, up from a previous maximum of 337.4 million.

The news came a day after Facebook raised the expected price range for the stock to a range of $34 to $38 per share, up from its previous range of $28 to $35.

Still, despite the increased number of shares on offer, the hype and interest surrounding Facebook?s IPO are precisely why investors should be cautious about investing in the company, said Professor Anant Sundaram of the Tuck School of Business at Dartmouth.

?My concern is the market is pricing [Facebook] to perfection ? and the kind of fundamentals that are premised in that valuation, growth and revenues and cash flows, are simply astronomical,? he told CNBC Wednesday. ?Now it?s possible they could achieve that, but I think the probability is low.?

Sundaram also says the fact that founder Mark Zuckerberg will control more than 50 percent of the company?s voting rights after it goes public is ?very, very troubling.?

While a handful of new technology companies, such as Google, have thrived under the tight control of their founders, the stock ownership structure at Facebook limits the ability of shareholders to take action if things go wrong.?He?said evidence shows tightly controlled companies are more likely to wasteful acquisitions, overpay employees and spend unnecessarily on capital expenditures.

Other technology companies, such as Microsoft and Apple, have fared well without that sort of governance structure, Sundaram said.?

?Basically, as investors we are being asked to liquefy and validate a lot of insider wealth, and being told to sit and zip your lips in the peanut gallery,? he said.

While Facebook is expected to get a big opening-day ?pop,? Kathleen Shelton Smith, co-founder and chairman of IPO research company Renaissance Capital says it?s more important to track what Facebook?s stock price will be a week or a month after its initial trading day.

?For an IPO to work it has to trade higher over time after the initial trading day, and not all of them do,? said Smith. ?So the challenge for the underwriters is to price the IPO where it can move higher over time.?

CNBC’s Kayla Tausche reports Facebook’s IPO is expected to be priced in the $34 to $38 range after the market closes today.

?The question is, over time will the company deliver the kind of performance that justifies its price? Every investor studying this company wants to work that out.?

For individual investors, it is worth remembering that Facebook shares will be available on Nasdaq for the foreseeable future. Would-be investors can wait a day or two and buy shares when the price is less volatile.

For investors interested in IPOs, but unable to purchase them directly, Smith suggests investing in a mutual fund that track the IPO market, such as the Direxion Long/Short Global IPO Fund (ticker:?DXIIX) or the Renaissance Global IPO Plus Aftermarket Fund (ticker:?IPOSX).

Investing in these funds might even be a smarter play than buying Facebook shares directly. Sundaram said there are many reasons to expect Facebook shares to fall after their opening day.

He pointed to similar technology companies such as?Zynga, which have seen their share prices fall after the expiration of “lockups” that prevent company insiders and major investors from selling for at least 90 days after a stock is first publicly traded.

If Facebook shares manage to hold their value??that would be a remarkable achievement in my book,? he said.

Related:

Mr. IPO:?Facebook could be a dangerous bet

Goldman could make $1.09 billion in Facebook IPO

Will shares of Facebook be a good investment?

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Moody’s downgrades 16 Spanish banks

Moody’s Investors Service is downgrading the ratings of 16 Spanish banks because of the country’s worsening financial picture.

Moody’s lowered its rating by one to three notches on the long-term debt and deposit ratings for 16 Spanish banks and one U.K. subsidiary on Thursday.

Moody’s said it took the action because the banks face a rising tide of bad loans with Spain’s economy in recession, its real estate market a shambles and its unemployment rate stubbornly high. Spain’s banking sector is further threatened by its exposure to the Eurozone debt crisis.

The ratings on the banks now range from low-end investment grade to the high-end of junk status. The country’s bank ratings are below most Western European banking systems.

Associated Press

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Plinko Poetry hands-on (video)

Plinko Poetry hands-on

Don’t lie, you love The Price is Right. There’s no shame in it. Maybe you don’t watch it religiously, but you get a thrill every time you see them break out the Plinko game. Now, what if you could combine that visceral thrill, with the absurdity of magnetic poetry, while juxtaposing the conflicting political perspectives of Fox News and the New York Times. That’s exactly what Inessah Selditz and Deqing Sun did with Plinko Poetry, an installation on display at the ITP Spring Show. Operating it is as simple as dropping a red plastic disc, but the tech behind it is decidedly more sophisticated. It starts with a script that harvests headlines from the Twitter accounts of the New York Times and Fox News. Those streams of words then scroll across a screen dotted with yellow pegs. A simple webcam with a polarizing filter tracks not only those pins, but a red disc that you feed through the top of the display. As it tumbles, the words it passes over are selected to create mashups of the days top stories that are sometimes unintentionally hilarious or accidentally beautiful but, more often than not, predictably gibberish. Once the Processing script on the controlling computer constructs the new phrases, they’re fired out into the digital ether via the @PlinkoPoetry Twitter account, which you can monitor on the iPad mounted next to the Plinko itself. To see the art in action, head on after the break.

Continue reading Plinko Poetry hands-on (video)

Plinko Poetry hands-on (video) originally appeared on Engadget on Tue, 15 May 2012 22:36:00 EDT. Please see our terms for use of feeds.

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Mind-Body Approaches to Coping with Cancer – DukeHealth.org

Date
Thursday, May 17, 2012
Click here for a list of other dates
Time
3:00 p.m. – 4:30 p.m.
Organization
Duke Cancer Patient Support Program
Description

Patients with cancer are invited to participate in a class to learn mind-body approaches to coping with cancer. This group meets on the first and third Thursday of the month.

Contact
For more information, contact 919-684-4497.
Registration status
No registration required
Location
Duke Cancer Center
Location Specifics
Quiet Room
0-Level room across from Belk Boutique
Address
20 Duke Medicine Circle
Durham, NC 27710


About This Page

Updated: Oct. 24, 2011
URL: http://www.dukehealth.org/events/mind-body-approaches-to-coping-with-cancer/20120517

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China Big Four Banks Barely Issue New Yuan Loans In 1st Half May – Report

China’s biggest four banks barely issued any new yuan loans in the first two weeks of May, extending the country’s weak credit growth last month, the state-run Shanghai Securities News reported Wednesday, citing an unnamed source.

The four banks–Industrial & Commercial Bank of China Ltd. (601398.SH), China Construction Bank Corp. (601939.SH), Bank of China Ltd. (601988.SH) and Agricultural Bank of China Ltd. (601288.SH)–usually account for 30% of new yuan loans issued by China’s whole banking system.

The rare and unusually dismal performance by the banks is expected to fuel concerns that despite Beijing’s efforts to step up credit easing, corporate demand for loans remains too weak to reverse the trend. It may also bolster the call for the Chinese central bank to cut interest rates, instead of continuing to rely on liquidity adjustment tools like banks’ reserve requirements, as a more effective way to stimulate businesses’ borrowing appetite.

Citing the unnamed source, Shanghai Securities News said two of the four major banks saw their new yuan loans grow by over CNY10 billion and “a few billion” in the first two weeks of this month. However, the other two equally unidentified banks suffered a decline in new lending during the same period, the newspaper said.

The paper also said the four banks’ deposits have declined by around CNY200 billion as of May 13.

The weak credit growth among the four banks came after a sharp drop in new yuan loans across the country’s financial sector last month.

Chinese financial institutions issued CNY681.8 billion of yuan loans in April, down from CNY1.01 trillion in March and lower than economists’ median forecast of CNY750 billion.

The latest data from the four banks likely came as a surprise and worrying signal for economists who had expected a sharp turnaround for credit growth this month.

More bank loans will be needed in the short term as the Chinese government is expected to boost infrastructure investment to prop up a slowing economy, Yao Wei, an economist at Societe Generale, wrote in a recent research note.

“We expect new bank lending in May to reach CNY1 trillion,” Yao said.

Faced with a slowing economy and sluggish lending growth, China’s central bank said Saturday it will cut banks’ reserve requirement ratio by 0.5 percentage point, effective from May 18, which will free up funds to be loaned out by the banking system.

It is the third cut in the reserve ratio so far in the current cycle of monetary loosening, with the previous two cuts in November and February.

The move came after data Friday showed China’s industrial production rose 9.3% from a year earlier in April, down sharply from 11.9% in March, and substantially undercutting expectations for an acceleration to 12.2%.

Similarly, April data on bank lending, fixed-asset investment, exports and imports all came in lower than expected, indicating that the Chinese economy was slowing across the board.

The state-run China Securities Journal wrote in a commentary Monday that the authorities may lower banks’ reserve requirements further this year, but should also consider cutting benchmark interest rates if the economy is too weak.

Newspaper website: http://www.cnstock.com

Copyright ? 2012 Dow Jones Newswires

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