ZURICH (Reuters) - Investors will give their verdict on Monday on whether they think Swiss bank UBS AG's new caretaker chief executive is the right man to overhaul its investment bank after the $2.3 billion rogue trading scandal ousted Oswald Gruebel.
Monday, September 26, 2011
Markets to vote on new UBS chief
Pentagon extends program to defend cyber networks
Hackers and hostile nations are launching increasingly sophisticated cyberattacks against U.S. defense contractors. And the Pentagon is extending a program to help protect its prime suppliers, while serving as a possible model for other government agencies.
What It Takes to Become a Millionaire (BLOG)
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The idea of becoming a millionaire may seem like a pipe dream.
When it comes to retirement, most Americans doubt they've saved or invested enough to retire comfortably, let alone reach that million-dollar milestone. A new AP-CNBC poll finds nearly one-third (31 percent) of U.S. residents believe they would need a minimum savings of $100,000 to $500,000 if retiring this year in order to be confident of living comfortably in retirement, and 22 percent believe the minimum is $1 million or more to retire comfortably.
Only one-fifth of U.S. respondents think it's likely that their net worth will total at least one million dollars in the next 10 years, while 62 percent said that is "very unlikely." The consensus from the majority of respondents (61 percent): It is "extremely" or "very difficult" to become a millionaire in the United States today.
But many are still trying to hit that million-dollar mark — and millions of Americans have already attained that goal.
The number of millionaires in the country is growing. The U.S. has more than 10 million. Despite the European debt crisis and worries about the U.S. economy, a May 2011 report from the Deloitte Center for Financial Services projects that the number of millionaire households in the U.S. will more than double to 20.5 million in 2020, with combined wealth of $87 trillion, up from $39 trillion in 2011.
Money makes money, but it can be tough to make that money grow in these rocky financial markets. The AP-CNBC poll found six in 10 U.S. residents (62 percent) say their confidence in investing has been shaken by recent volatility in the stock market. That sentiment has increased over the past 12 months. Today, 65 percent of those who own stocks, bonds and mutual funds are less confident about investing, compared with 61 percent last year.
Respondents in the AP-CNBC poll say they're making saving and investing a top priority. The survey asked people what they would do with a million dollars and found, on average, that Americans would spend 31 percent on saving or investing; 17 percent on giving to family; 14 percent on spending; 13 percent on paying down debt; 12 percent on buying real estate and 11 percent on charitable donations. Unfortunately, the reality is that mounting expenses, lower wages and job losses require many Americans to dip into those savings to pay for household bills or pay down debt.
[Click here to check savings products and rates in your area.]
The reality is that investors who stayed the course and did not pull their money out of the market in the last few months may actually have fared pretty well. Despite an almost 8 percent decline since mid-July, the broader stock market, represented by the S&P 500 Index, is up nearly 8 percent over the past 12 months. Certainly it's been a rough few years with the S&P 500, down 8 percent in five years. But over the past decade, the broader stock market is up by more than 10 percent.
In most cases, the road to financial security in retirement comes with steady savings, strategic investing, and probably a later retirement date than you may have envisioned at the start of your career. Keep these three rules in mind: First, you need to live within your means. Next, you have to commit to saving a certain amount every month and stick to that goal. Then, you have to make sure your investments are in a diversified portfolio — a mix of stocks, bonds, and alternative investments (commodities and real estate) and rebalance that mix to attain your goals for growth.
So how long will it take until you're a millionaire?
If you start with an initial $10,000 investment and your portfolio grows by 5 percent every year, here's how much you need to save each month to reach your $1 million goal by age 70, according to Bankrate.com's calculator.
• 25-year-olds have to save $450 a month. That's just $15 a day for the rest of your working years.
• 35-year-olds have to save $850 a month.
• 45-year-olds have to save $1,700 a month.
• 55-year-olds have to save $4,000 a month. (Of course, with an average inflation rate of 3 percent, that $1,000,000 nest egg will only be worth $642,000 in today's dollars. So that means you'll likely wind up having to save even more.)
Still, for those who start early and save often, becoming a millionaire doesn't have to be a pipe dream.
View the Original article
When it comes to retirement, most Americans doubt they've saved or invested enough to retire comfortably, let alone reach that million-dollar milestone. A new AP-CNBC poll finds nearly one-third (31 percent) of U.S. residents believe they would need a minimum savings of $100,000 to $500,000 if retiring this year in order to be confident of living comfortably in retirement, and 22 percent believe the minimum is $1 million or more to retire comfortably.
Only one-fifth of U.S. respondents think it's likely that their net worth will total at least one million dollars in the next 10 years, while 62 percent said that is "very unlikely." The consensus from the majority of respondents (61 percent): It is "extremely" or "very difficult" to become a millionaire in the United States today.
But many are still trying to hit that million-dollar mark — and millions of Americans have already attained that goal.
The number of millionaires in the country is growing. The U.S. has more than 10 million. Despite the European debt crisis and worries about the U.S. economy, a May 2011 report from the Deloitte Center for Financial Services projects that the number of millionaire households in the U.S. will more than double to 20.5 million in 2020, with combined wealth of $87 trillion, up from $39 trillion in 2011.
Money makes money, but it can be tough to make that money grow in these rocky financial markets. The AP-CNBC poll found six in 10 U.S. residents (62 percent) say their confidence in investing has been shaken by recent volatility in the stock market. That sentiment has increased over the past 12 months. Today, 65 percent of those who own stocks, bonds and mutual funds are less confident about investing, compared with 61 percent last year.
Respondents in the AP-CNBC poll say they're making saving and investing a top priority. The survey asked people what they would do with a million dollars and found, on average, that Americans would spend 31 percent on saving or investing; 17 percent on giving to family; 14 percent on spending; 13 percent on paying down debt; 12 percent on buying real estate and 11 percent on charitable donations. Unfortunately, the reality is that mounting expenses, lower wages and job losses require many Americans to dip into those savings to pay for household bills or pay down debt.
[Click here to check savings products and rates in your area.]
The reality is that investors who stayed the course and did not pull their money out of the market in the last few months may actually have fared pretty well. Despite an almost 8 percent decline since mid-July, the broader stock market, represented by the S&P 500 Index, is up nearly 8 percent over the past 12 months. Certainly it's been a rough few years with the S&P 500, down 8 percent in five years. But over the past decade, the broader stock market is up by more than 10 percent.
In most cases, the road to financial security in retirement comes with steady savings, strategic investing, and probably a later retirement date than you may have envisioned at the start of your career. Keep these three rules in mind: First, you need to live within your means. Next, you have to commit to saving a certain amount every month and stick to that goal. Then, you have to make sure your investments are in a diversified portfolio — a mix of stocks, bonds, and alternative investments (commodities and real estate) and rebalance that mix to attain your goals for growth.
So how long will it take until you're a millionaire?
If you start with an initial $10,000 investment and your portfolio grows by 5 percent every year, here's how much you need to save each month to reach your $1 million goal by age 70, according to Bankrate.com's calculator.
• 25-year-olds have to save $450 a month. That's just $15 a day for the rest of your working years.
• 35-year-olds have to save $850 a month.
• 45-year-olds have to save $1,700 a month.
• 55-year-olds have to save $4,000 a month. (Of course, with an average inflation rate of 3 percent, that $1,000,000 nest egg will only be worth $642,000 in today's dollars. So that means you'll likely wind up having to save even more.)
Still, for those who start early and save often, becoming a millionaire doesn't have to be a pipe dream.
___
View the Original article
Hell's Angels motorcycle club member facing charges in deadly casino brawl (BLOG)
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(CNN) -- A member of the Hell's Angels motorcycle club was facing charges including assault with a deadly weapon Sunday after a brawl between club members devolved into a gunfight that left one person dead.
Police identified the victim of the shooting at John Ascuaga's Nugget Casino Resort in Sparks, Nevada, as Jeffrey Pettigrew, 51, president of the San Jose, California, chapter of the Hell's Angels. Two other people, both of California and members of the Vagos motorcycle club, were in stable condition at hospitals after being shot in the abdomen and the leg, respectively.
Cesar Villagrana, 36, was arrested after surveillance video showed him "shooting into the crowd" during the Friday night melee, Sparks police said in a statement. "However, it cannot be confirmed at this time if any of the projectiles struck the victims."
Besides assault with a deadly weapon, Villagrana also faces charges of carrying a concealed weapon; aiming a firearm at another; aiming or discharging a firearm where a person is endangered; and possession of stolen property/firearm, jail records show. His bail was set at $500,000 cash only.
Authorities appealed to bystanders who may have photographed or videotaped the event to contact police.
A second shooting occurred at 10:49 a.m. Saturday, police said. A motorcyclist was traveling down a street when a car pulled alongside him and he was shot in the stomach. The name of that victim was being withheld, but he was in stable condition, authorities said.
Witnesses said a black four-door BMW with two people inside was seen speeding away just after the shooting.
"We are unable to definitively link the two shooting incidents at this time," police said.
The incidents occurred during the Street Vibrations Fall Rally, an event that began Wednesday and was expected to continue into Sunday. After the shootings, however, the Sparks portion of the event were canceled through the weekend, the city announced Saturday. The mayor of Sparks also declared a state of emergency.
"Whenever you have people who enter our city with bad intentions, bad things are going to happen," Sparks Mayor Geno Martini said Saturday.
Police said they have increased the number of foot and mobile patrols in the city.
Authorities reported that as many as 30 people took part in the casino brawl. Police responded with assistance from overhead helicopters.
There has been no violence since the Street Vibrations rally expanded into Sparks, police said.
"The Sparks Police Department wants to acknowledge the acts of these two motorcycle clubs do not represent a majority of the motorcycle enthusiasts that come to the Street Vibrations event," authorities said in a statement.
View the Original article
Police identified the victim of the shooting at John Ascuaga's Nugget Casino Resort in Sparks, Nevada, as Jeffrey Pettigrew, 51, president of the San Jose, California, chapter of the Hell's Angels. Two other people, both of California and members of the Vagos motorcycle club, were in stable condition at hospitals after being shot in the abdomen and the leg, respectively.
Cesar Villagrana, 36, was arrested after surveillance video showed him "shooting into the crowd" during the Friday night melee, Sparks police said in a statement. "However, it cannot be confirmed at this time if any of the projectiles struck the victims."
Besides assault with a deadly weapon, Villagrana also faces charges of carrying a concealed weapon; aiming a firearm at another; aiming or discharging a firearm where a person is endangered; and possession of stolen property/firearm, jail records show. His bail was set at $500,000 cash only.
Authorities appealed to bystanders who may have photographed or videotaped the event to contact police.
A second shooting occurred at 10:49 a.m. Saturday, police said. A motorcyclist was traveling down a street when a car pulled alongside him and he was shot in the stomach. The name of that victim was being withheld, but he was in stable condition, authorities said.
Witnesses said a black four-door BMW with two people inside was seen speeding away just after the shooting.
"We are unable to definitively link the two shooting incidents at this time," police said.
The incidents occurred during the Street Vibrations Fall Rally, an event that began Wednesday and was expected to continue into Sunday. After the shootings, however, the Sparks portion of the event were canceled through the weekend, the city announced Saturday. The mayor of Sparks also declared a state of emergency.
"Whenever you have people who enter our city with bad intentions, bad things are going to happen," Sparks Mayor Geno Martini said Saturday.
Police said they have increased the number of foot and mobile patrols in the city.
Authorities reported that as many as 30 people took part in the casino brawl. Police responded with assistance from overhead helicopters.
There has been no violence since the Street Vibrations rally expanded into Sparks, police said.
"The Sparks Police Department wants to acknowledge the acts of these two motorcycle clubs do not represent a majority of the motorcycle enthusiasts that come to the Street Vibrations event," authorities said in a statement.
View the Original article
Is it Going to Be Google+ vs. Facebook? (BLOG)
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(yahoo)COMMENTARY | The social media gauntlet has been thrown out and two Internet heavyweights are starting to circle each other. Current social media champion Facebook has announced a few changes. Those changes timed out rather interestingly with Google+ being made available to everyone. A social media showdown could be in the making.
Perhaps it is just users not liking change, but a survey of 1,000 users revealed about 86 percent of Facebook users strongly dislike the changes to the social platform. Plus, another hoax is making the rounds on that Facebook will start charging. However, the changes will be rolled out completely on Sept. 30.
That date could give Google+ a little more momentum. If Facebook users are truly upset with the changes and do not want to stick around, another social network is opening its arms wide. Google+ could fill the void for many users who are just tired of changes with little or no advanced notice.
The strange part about folks leaving Facebook in favor of Google+ is that change is still change regardless if it is on another website or not. Therefore, if Facebook does see a massive exodus, the company might never really know how much the changes influenced departures. A few years ago, MySpace was the biggest thing on the Internet, but a series of changes, tweaks, and a variety of other reasons led users to Facebook. History could be repeating itself, or maybe the Internet has room for more than one social media heavyweight.
Of course, that is one of the big questions: How many social media sites will users embrace at one time? Google+, Facebook, Twitter, LinkedIn and even MySpace offer a host of different experiences. However, Facebook has more than 750 million user accounts and Google+ has around 25 million, so the score is pretty lopsided right now. But Google definitely has the cash and the Web experience to give Facebook a serious run for their money.
Working against the flood of social networks is an old foe: time. There is a finite amount of time people will spend updating and checking different sites. Folks are probably going to do what their friends do, which is what drives social media anyway. Is it going to boil down to Facebook versus Google+, or is there enough room for both to thrive? Oddly enough, time will tell.
View the Original article
Perhaps it is just users not liking change, but a survey of 1,000 users revealed about 86 percent of Facebook users strongly dislike the changes to the social platform. Plus, another hoax is making the rounds on that Facebook will start charging. However, the changes will be rolled out completely on Sept. 30.
That date could give Google+ a little more momentum. If Facebook users are truly upset with the changes and do not want to stick around, another social network is opening its arms wide. Google+ could fill the void for many users who are just tired of changes with little or no advanced notice.
The strange part about folks leaving Facebook in favor of Google+ is that change is still change regardless if it is on another website or not. Therefore, if Facebook does see a massive exodus, the company might never really know how much the changes influenced departures. A few years ago, MySpace was the biggest thing on the Internet, but a series of changes, tweaks, and a variety of other reasons led users to Facebook. History could be repeating itself, or maybe the Internet has room for more than one social media heavyweight.
Of course, that is one of the big questions: How many social media sites will users embrace at one time? Google+, Facebook, Twitter, LinkedIn and even MySpace offer a host of different experiences. However, Facebook has more than 750 million user accounts and Google+ has around 25 million, so the score is pretty lopsided right now. But Google definitely has the cash and the Web experience to give Facebook a serious run for their money.
Working against the flood of social networks is an old foe: time. There is a finite amount of time people will spend updating and checking different sites. Folks are probably going to do what their friends do, which is what drives social media anyway. Is it going to boil down to Facebook versus Google+, or is there enough room for both to thrive? Oddly enough, time will tell.
View the Original article
Idaho boy, 10, escapes clash with mountain lion (BLOG)
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View the Original article
BOISE, Idaho (AP) — A 10-year-old Idaho boy who came face-to-face with a mountain lion in rural Boise County escaped with minor scratches — and concerns that his friends at school wouldn't believe his story, according to state wildlife managers.
The Idaho Department of Fish and Game said Friday the mountain lion was tracked down and killed after the encounter late Thursday. The boy, whose family asked not to be identified, received first aid at home for minor scratches and was expected to get a tetanus shot Friday.
The boy was not traumatized from his encounter, state wildlife officials said.
"His biggest concern was that his schoolmates wouldn't believe him, which is kind of funny," Senior Conservation Officer Matt O'Connell said.
The boy came across the mountain lion while searching for a missing hunting dog with his father near their home in a rural subdivision about 15 to 20 miles northeast of Boise. The boy ran from the predator but stumbled and fell. It was then the mountain lion took a swipe, scratching the boy's arm and hand.
The child then yelled to his father and stood up, pulling out a hunting knife, which made the predator back down and gave the dad enough time to fire off several shots from his 9mm handgun to scare the lion away, O'Connell said.
Conservation officers with the Idaho Department of Fish and Game, along with an off-duty officer from the Meridian Police Department, responded to the reported encounter and a couple hours later, tracked down the big cat.
The mountain lion, which was estimated to be about 18 months old, was found feeding on the carcass of the family's missing hunting dog, O'Connell said.
"When a lion has actually made physical contact with a person and in conjunction with that, has killed a domestic animal and has been close enough to that residence, the animal did need to be euthanized at that time," O'Connell said.
These types of encounters are extremely rare in Idaho, said southwest regional wildlife manager Steve Nadeau. Wildlife managers could recall only one other injury by a cougar. That involved a 12-year-old boy and was reported in the early 1990s on the Salmon River, he said.
"It happens in surrounding states more frequently," Nadeau said.
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