Posts tagged: Los Angeles

Nation’s Mayors Support Gay Marriage But Complain About Unemployment

Tom Ramstack – AHN News Legal Correspondent

DC, Washington, United States (AHN) – The U.S. Conference of Mayors wrapped up its winter meeting Friday in Washington, D.C., with Chicago Mayor Rahm Emanuel stepping into controversies on same sex marriage and education.

Emanuel joined about 80 other mayors from across the nation in endorsing laws to give legal recognition to same sex marriage, along with the tax breaks and other benefits spouses can share.

The mayors signed on to a statement that said, “Our cities derive great strength from their diversity and gay and lesbian families are a crucial part. Studies have shown what we know through our hands-on experience that cities that celebrate and cultivate diversity are the places where creativity and ideas thrive.”

Emanuel supported the Illinois Legislature’s effort last year to legalize civil unions for same-sex couples.

He said New York did “a good thing” last June when state lawmakers legalized gay marriage.

In separate comments Friday, Emanuel discussed his plan to turn Chicago’s community colleges into training institutions for the city’s employers.

Currently, Chicago’s City Colleges have a graduation rate of about 7 percent and job prospects for graduates that are “not as high,” Emanuel said.

His plan calls for each of the city’s seven community colleges to operate with specialties, such as health care, transportation, hospitality and manufacturing.

In addition, employers would be brought in to develop curricula that would train the students to become their employees.

“I want it to have economic value” to attend college, Emanuel said at the downtown Washington hotel where about 250 mayors were meeting.

Turning colleges into job training institutions is controversial among some academics, who say a well-rounded education requires liberal arts courses that include literature, history and the arts.

Nevertheless, job creation and recovery from the economic disaster of the Great Recession were dominant themes throughout the meeting this week.

The U.S. Conference of Mayors released a report that said the nation’s metropolitan areas will struggle for five more years to regain jobs lost during the recession that started in September 2008.

“The recovery is very uneven across U.S. regions, with the southeastern and southwestern metro [areas that] were the most affected by the housing bubble looking ahead to years of recovery,” the report says.

U.S. nonfarm payrolls will grow about 1.3 percent this year, which is unlikely to reduce the unemployment rate below 8 percent, according to a report by IHS Global Insight.

The report predicts the nation will regain nearly half the jobs lost during the Great Recession by the end of 2012.

The mayors used the economic report to try to prod Congress to approve legislation that would create more jobs.

Los Angeles Mayor Antonio Villaraigosa, president of the Conference of Mayors, said “Congress has jumped ship” in its obligation to stimulate the economy and employment.

However, Villaraigosa acknowledged cities will have a hard time squeezing money out of Congress at a time the federal government is trying to reduce its deficit by cutting spending.

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LA Times joining new mass layoffs list with 66 additional employees cut

Linda Young – AHN News Writer

Los Angeles, CA, United States (AHN) – The Los Angeles Times has announced plans to cut at least 66 employees by the end of the third quarter of the year.

It is particularly bad news for the affected employees because the nation’s unemployment rate stands at 9.1 percent, and the economy did not create any jobs in August.

Company officials announced the first 30 of the 66 cuts just before Labor Day. At that point, the cuts only affected operations.

Now, the announced cuts affect circulation, marketing, advertising and editorial as well.

Company officials say most of the employees losing their jobs are eligible for severance pay.

Here is a breakdown of the job losses at the LA Times: 16 editorial staffers, 16 employees in packaging and distribution, 10 in the pressroom, 14 people in circulation, five workers in paper handling, two employees in marketing and two in advertising and one employee at the paper’s magazine.

The layoffs at the Los Angeles paper are only the most recent in the newspaper industry.

On Monday, the Salt Lake Tribune announced it had cut five employees from the newsroom because of a drop in advertising revenue. Last week, the St. Petersburg Times announced a 5 percent pay cut for employees, and it announced changes to the paper’s severance package in anticipation of new layoffs.

However, the woes extend well beyond the print media sector.

Yesterday, Bank of America announced plans to lay off 30,000 employees and industry insiders said they expected more U.S. banks to follow suit soon.

Other industries have recently announced mass layoffs as well.

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Have Kings held court for last time in Sacramento? Anaheim awaits

AHN Sports Staff

Sacramento, CA, United States (AHN Sports) – The Kings could have seen their final days in Sacramento, as team owners Joe and Gavin Maloof weigh the pros and cons of moving the franchise to Anaheim.

According to Sacramento Bee, the Maloofs made a presentation before the NBA Board of Directors about their plans to move the franchise to Anaheim Thursday night in New York and could formally file a formal application on Monday.

“We’re making a presentation today [Thursday] about what’s good and bad about Sacramento and Anaheim. If the owners are comfortable with it, we’ll take the next step. We’ll put in an application on Monday [April 18] if things are right.”

Meanwhile, Sacramento Mayor and former NBA player Kevin Johnson also traveled to New York in an effort to convince league owners to keep the Kings in the city.

“We felt very strongly that the Sacramento Kings were worth fighting for,” Johnson said Thursday at a news conference (according to Bloomberg). “If anybody thinks that we’re going to sit on our hands and roll over and just let somebody leave town without putting up a good fight, they’d be gravely mistaken.”

Over the last two years, the Kings’ net value has plummeted sharply (from $350 million in 2008 to $293 million in 2011) due to poor gate attendance.

The Kings are just averaging 13,890 fans per game, which is ranked 29th among 30 teams in the league.

The Maloof brother blamed the city’s adamant approach in approving the construction of a new arena built with tax payers’ money as the reason for decline of the team’s value.

They insisted relocating the Kings out of Sacramento is the only way to keep the franchise rolling financially. Still, the Maloofs will have to hurdle several road blocks for their plan to materialize. To relocate their franchise, the Maloofs will need the approval of majority of club owners.

However, Lakers owner Jerry Buss and Clippers owner Donald Sterling are apparently not happy of having another team in the Los Angeles-based area.

Moreover, the Kings must repay Sacramento a $77 million loan before they can move to another city.

With these obstacles, selling the team could be another feasible option for the Maloofs, but the business tycoons asserted they won’t sell the franchise. So far, business magnate Ron Burkle showed interest in buying the franchise and keeping the Kings in Sacramento.

The Kings played thier final regular-season game and perhaps their last at Power Balance Pavilion Wednesday against the Los Angeles Lakers. The Kings lost the game 116-109 in OT.

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Bank of America reportedly to cut 1,500 jobs

LOS ANGELES (MarketWatch) — Bank of America Corp. plans to slash 1,500 jobs at its mortgage-origination arm, according to a Dow Jones Newswires report Thursday. The bank also intends to shift another 350 position from home-loan origination to handling troubled existing loans, the report said, citing a Bank of America spokesman.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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World troubles push down mortgage rates

Los Angeles- The travails of Japan and turmoil in the Middle East pushed mortgage rates lower again, opening another window for anyone looking to lock in a 30-year loan in the mid-4 percent range.

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Unions lend support to downtown LA stadium plan

Representatives of unions, community groups and minority-owned business organizations are lending their support to plans for an NFL stadium that sports and entertainment firm AEG wants to build in downtown Los Angeles. Read comments

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COMMENTARY: A Time for Choosing

On February 6, 2011, falls the 100th anniversary of the birth of Ronald Reagan. The Great Communicator. The father of modern conservatism.

I wanted to write a testament to this man, to explain to those unfamiliar with him who he was and in what he believed. Try as I might, I couldn’t come up with anything as eloquent as his own words.

Below is a (rather long) excerpt from Reagan’s “A Time for Choosing” speech. He gave this speech a number of times in 1964 while he was campaigning for Barry Goldwater. Goldwater lost badly, however, this speech set the stage for the rise of modern conservatism.

It’s also a “timeless” sort of speech. As you read this speech, insert the events facing us today where Reagan discusses the issues America was facing in 1964. You’ll find that they are the same issues.

So, here is Ronald Reagn, in his own words:

I have spent most of my life as a Democrat. I recently have seen fit to follow another course. I believe that the issues confronting us cross party lines. Now, one side in this campaign has been telling us that the issues of this election are the maintenance of peace and prosperity. The line has been used, “We’ve never had it so good.”

But I have an uncomfortable feeling that this prosperity isn’t something on which we can base our hopes for the future. No nation in history has ever survived a tax burden that reached a third of its national income. Today, 37 cents out of every dollar earned in this country is the tax collector’s share, and yet our government continues to spend 17 million dollars a day more than the government takes in. We haven’t balanced our budget 28 out of the last 34 years. We’ve raised our debt limit three times in the last twelve months, and now our national debt is one and a half times bigger than all the combined debts of all the nations of the world. We have 15 billion dollars in gold in our treasury; we don’t own an ounce. Foreign dollar claims are 27.3 billion dollars. And we’ve just had announced that the dollar of 1939 will now purchase 45 cents in its total value.

As for the peace that we would preserve, I wonder who among us would like to approach the wife or mother whose husband or son has died in South Vietnam and ask them if they think this is a peace that should be maintained indefinitely. Do they mean peace, or do they mean we just want to be left in peace? There can be no real peace while one American is dying some place in the world for the rest of us. We’re at war with the most dangerous enemy that has ever faced mankind in his long climb from the swamp to the stars, and it’s been said if we lose that war, and in so doing lose this way of freedom of ours, history will record with the greatest astonishment that those who had the most to lose did the least to prevent its happening. Well I think it’s time we ask ourselves if we still know the freedoms that were intended for us by the Founding Fathers.

Not too long ago, two friends of mine were talking to a Cuban refugee, a businessman who had escaped from Castro, and in the midst of his story one of my friends turned to the other and said, “We don’t know how lucky we are.” And the Cuban stopped and said, “How lucky you are? I had someplace to escape to.” And in that sentence he told us the entire story. If we lose freedom here, there’s no place to escape to. This is the last stand on earth.

And this idea that government is beholden to the people, that it has no other source of power except the sovereign people, is still the newest and the most unique idea in all the long history of man’s relation to man.

This is the issue of this election: Whether we believe in our capacity for self-government or whether we abandon the American revolution and confess that a little intellectual elite in a far-distant capitol can plan our lives for us better than we can plan them ourselves.

You and I are told increasingly we have to choose between a left or right. Well I’d like to suggest there is no such thing as a left or right. There’s only an up or down-[up] man’s old-old-aged dream, the ultimate in individual freedom consistent with law and order, or down to the ant heap of totalitarianism. And regardless of their sincerity, their humanitarian motives, those who would trade our freedom for security have embarked on this downward course.

In this vote-harvesting time, they use terms like the “Great Society,” or as we were told a few days ago by the President, we must accept a greater government activity in the affairs of the people. But they’ve been a little more explicit in the past and among themselves; and all of the things I now will quote have appeared in print. These are not Republican accusations. For example, they have voices that say, “The cold war will end through our acceptance of a not undemocratic socialism.” Another voice says, “The profit motive has become outmoded. It must be replaced by the incentives of the welfare state.” Or, “Our traditional system of individual freedom is incapable of solving the complex problems of the 20th century.” Senator Fullbright has said at Stanford University that the Constitution is outmoded. He referred to the President as “our moral teacher and our leader,” and he says he is “hobbled in his task by the restrictions of power imposed on him by this antiquated document.” He must “be freed,” so that he “can do for us” what he knows “is best.” And Senator Clark of Pennsylvania, another articulate spokesman, defines liberalism as “meeting the material needs of the masses through the full power of centralized government.”

Well, I, for one, resent it when a representative of the people refers to you and me, the free men and women of this country, as “the masses.” This is a term we haven’t applied to ourselves in America. But beyond that, “the full power of centralized government”-this was the very thing the Founding Fathers sought to minimize. They knew that governments don’t control things. A government can’t control the economy without controlling people. And they know when a government sets out to do that, it must use force and coercion to achieve its purpose. They also knew, those Founding Fathers, that outside of its legitimate functions, government does nothing as well or as economically as the private sector of the economy…

We have so many people who can’t see a fat man standing beside a thin one without coming to the conclusion the fat man got that way by taking advantage of the thin one. So they’re going to solve all the problems of human misery through government and government planning. Well, now, if government planning and welfare had the answer-and they’ve had almost 30 years of it-shouldn’t we expect government to read the score to us once in a while? Shouldn’t they be telling us about the decline each year in the number of people needing help? The reduction in the need for public housing?

But the reverse is true. Each year the need grows greater; the program grows greater. We were told four years ago that 17 million people went to bed hungry each night. Well that was probably true. They were all on a diet. But now we’re told that 9.3 million families in this country are poverty-stricken on the basis of earning less than 3,000 dollars a year. Welfare spending [is] 10 times greater than in the dark depths of the Depression. We’re spending 45 billion dollars on welfare. Now do a little arithmetic, and you’ll find that if we divided the 45 billion dollars up equally among those 9 million poor families, we’d be able to give each family 4,600 dollars a year. And this added to their present income should eliminate poverty. Direct aid to the poor, however, is only running only about 600 dollars per family. It would seem that someplace there must be some overhead.

Now-so now we declare “war on poverty,” or “You, too, can be a Bobby Baker.” Now do they honestly expect us to believe that if we add 1 billion dollars to the 45 billion we’re spending, one more program to the 30-odd we have-and remember, this new program doesn’t replace any, it just duplicates existing programs-do they believe that poverty is suddenly going to disappear by magic?

Well, in all fairness I should explain there is one part of the new program that isn’t duplicated. This is the youth feature. We’re now going to solve the dropout problem, juvenile delinquency, by reinstituting something like the old CCC camps [Civilian Conservation Corps], and we’re going to put our young people in these camps. But again we do some arithmetic, and we find that we’re going to spend each year just on room and board for each young person we help 4,700 dollars a year. We can send them to Harvard for 2,700! Course, don’t get me wrong. I’m not suggesting Harvard is the answer to juvenile delinquency.

But seriously, what are we doing to those we seek to help? Not too long ago, a judge called me here in Los Angeles. He told me of a young woman who’d come before him for a divorce. She had six children, was pregnant with her seventh. Under his questioning, she revealed her husband was a laborer earning 250 dollars a month. She wanted a divorce to get an 80 dollar raise. She’s eligible for 330 dollars a month in the Aid to Dependent Children Program. She got the idea from two women in her neighborhood who’d already done that very thing.

Yet anytime you and I question the schemes of the do-gooders, we’re denounced as being against their humanitarian goals. They say we’re always “against” things-we’re never “for” anything. Well, the trouble with our liberal friends is not that they’re ignorant; it’s just that they know so much that isn’t so.

Now-we’re for a provision that destitution should not follow unemployment by reason of old age, and to that end we’ve accepted Social Security as a step toward meeting the problem. But we’re against those entrusted with this program when they practice deception regarding its fiscal shortcomings, when they charge that any criticism of the program means that we want to end payments to those people who depend on them for a livelihood. They’ve called it “insurance” to us in a hundred million pieces of literature. But then they appeared before the Supreme Court and they testified it was a welfare program. They only use the term “insurance” to sell it to the people. And they said Social Security dues are a tax for the general use of the government, and the government has used that tax. There is no fund, because Robert Byers, the actuarial head, appeared before a congressional committee and admitted that Social Security as of this moment is 298 billion dollars in the hole. But he said there should be no cause for worry because as long as they have the power to tax, they could always take away from the people whatever they needed to bail them out of trouble. And they’re doing just that.

A young man, 21 years of age, working at an average salary-his Social Security contribution would, in the open market, buy him an insurance policy that would guarantee 220 dollars a month at age 65. The government promises 127. He could live it up until he’s 31 and then take out a policy that would pay more than Social Security. Now are we so lacking in business sense that we can’t put this program on a sound basis, so that people who do require those payments will find they can get them when they’re due-that the cupboard isn’t bare?…

At the same time, can’t we introduce voluntary features that would permit a citizen who can do better on his own to be excused upon presentation of evidence that he had made provision for the non-earning years? Should we not allow a widow with children to work, and not lose the benefits supposedly paid for by her deceased husband? Shouldn’t you and I be allowed to declare who our beneficiaries will be under this program, which we cannot do? I think we’re for telling our senior citizens that no one in this country should be denied medical care because of a lack of funds. But I think we’re against forcing all citizens, regardless of need, into a compulsory government program, especially when we have such examples, as was announced last week, when France admitted that their Medicare program is now bankrupt. They’ve come to the end of the road…

I think we’re for an international organization, where the nations of the world can seek peace. But I think we’re against subordinating American interests to an organization that has become so structurally unsound that today you can muster a two-thirds vote on the floor of the General Assembly among nations that represent less than 10 percent of the world’s population. I think we’re against the hypocrisy of assailing our allies because here and there they cling to a colony, while we engage in a conspiracy of silence and never open our mouths about the millions of people enslaved in the Soviet colonies in the satellite nations.

I think we’re for aiding our allies by sharing of our material blessings with those nations which share in our fundamental beliefs, but we’re against doling out money government to government, creating bureaucracy, if not socialism, all over the world. We set out to help 19 countries. We’re helping 107. We’ve spent 146 billion dollars. With that money, we bought a 2 million dollar yacht for Haile Selassie. We bought dress suits for Greek undertakers, extra wives for Kenya[n] government officials. We bought a thousand TV sets for a place where they have no electricity. In the last six years, 52 nations have bought 7 billion dollars worth of our gold, and all 52 are receiving foreign aid from this country.

No government ever voluntarily reduces itself in size. So governments’ programs, once launched, never disappear.

Actually, a government bureau is the nearest thing to eternal life we’ll ever see on this earth. Federal employees-federal employees number two and a half million; and federal, state, and local, one out of six of the nation’s work force employed by government. These proliferating bureaus with their thousands of regulations have cost us many of our constitutional safeguards. How many of us realize that today federal agents can invade a man’s property without a warrant? They can impose a fine without a formal hearing, let alone a trial by jury? And they can seize and sell his property at auction to enforce the payment of that fine. In Chico County, Arkansas, James Wier over-planted his rice allotment. The government obtained a 17,000 dollar judgment. And a U.S. marshal sold his 960-acre farm at auction. The government said it was necessary as a warning to others to make the system work…

Now it doesn’t require expropriation or confiscation of private property or business to impose socialism on a people. What does it mean whether you hold the deed to the-or the title to your business or property if the government holds the power of life and death over that business or property? And such machinery already exists. The government can find some charge to bring against any concern it chooses to prosecute. Every businessman has his own tale of harassment. Somewhere a perversion has taken place. Our natural, unalienable rights are now considered to be a dispensation of government, and freedom has never been so fragile, so close to slipping from our grasp as it is at this moment.

Our Democratic opponents seem unwilling to debate these issues…

Those who would trade our freedom for the soup kitchen of the welfare state have told us they have a utopian solution of peace without victory. They call their policy “accommodation.” And they say if we’ll only avoid any direct confrontation with the enemy, he’ll forget his evil ways and learn to love us. All who oppose them are indicted as warmongers. They say we offer simple answers to complex problems. Well, perhaps there is a simple answer-not an easy answer-but simple: If you and I have the courage to tell our elected officials that we want our national policy based on what we know in our hearts is morally right.

We cannot buy our security, our freedom from the threat of the bomb by committing an immorality so great as saying to a billion human beings now enslaved behind the Iron Curtain, “Give up your dreams of freedom because to save our own skins, we’re willing to make a deal with your slave masters.” Alexander Hamilton said, “A nation which can prefer disgrace to danger is prepared for a master, and deserves one.” Now let’s set the record straight. There’s no argument over the choice between peace and war, but there’s only one guaranteed way you can have peace-and you can have it in the next second-surrender.

Admittedly, there’s a risk in any course we follow other than this, but every lesson of history tells us that the greater risk lies in appeasement, and this is the specter our well-meaning liberal friends refuse to face-that their policy of accommodation is appeasement, and it gives no choice between peace and war, only between fight or surrender. If we continue to accommodate, continue to back and retreat, eventually we have to face the final demand-the ultimatum. And what then-when Nikita Khrushchev has told his people he knows what our answer will be? He has told them that we’re retreating under the pressure of the Cold War, and someday when the time comes to deliver the final ultimatum, our surrender will be voluntary, because by that time we will have been weakened from within spiritually, morally, and economically. He believes this because from our side he’s heard voices pleading for “peace at any price” or “better Red than dead,” or as one commentator put it, he’d rather “live on his knees than die on his feet.” And therein lies the road to war, because those voices don’t speak for the rest of us.

You and I know and do not believe that life is so dear and peace so sweet as to be purchased at the price of chains and slavery. If nothing in life is worth dying for, when did this begin-just in the face of this enemy? Or should Moses have told the children of Israel to live in slavery under the pharaohs? Should Christ have refused the cross? Should the patriots at Concord Bridge have thrown down their guns and refused to fire the shot heard ’round the world? The martyrs of history were not fools, and our honored dead who gave their lives to stop the advance of the Nazis didn’t die in vain. Where, then, is the road to peace? Well it’s a simple answer after all. You and I have the courage to say to our enemies, “There is a price we will not pay.” “There is a point beyond which they must not advance.” And this-this is the meaning in the phrase of Barry Goldwater’s “peace through strength.” Winston Churchill said, “The destiny of man is not measured by material computations. When great forces are on the move in the world, we learn we’re spirits-not animals.” And he said, “There’s something going on in time and space, and beyond time and space, which, whether we like it or not, spells duty.”

You and I have a rendezvous with destiny.

We’ll preserve for our children this, the last best hope of man on earth, or we’ll sentence them to take the last step into a thousand years of darkness.

Thank you, Mr. President. And happy birthday.

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Los Angeles Agency Launches EV Testing Program

LOS ANGELES – The Housing Authority of the City of Los Angeles (HACLA) is testing 10 BYD F3DM dual-mode electric sedans at its offices. HACLA expects each vehicle will significantly reduce fuel costs and reduce CO2 emissions by almost 37 lbs. annually.

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Fidelity Financial Group Featured as Leading Mortgage Violation Audit Firm. FidelityFinanceGroup.com – Fidelity Financial Group via Secure Audit Group Now Established Retail Presence.

LOS ANGELES, Dec. 27, 2010 /PRNewswire/ — Fidelity Financial Group and Secure Audit Group, America’s leading real estate audit experts, were recently featured in press showcasing business ideas given to residential and commercial owners to help them better restructure their loan terms. The experts

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Inclement weather creates commuting nightmare on both sides of globe

Ayinde O. Chase – AHN News Editor

Los Angeles, CA, United States (AHN) – California is being battered by heavy wind, rain and snow resulting in thousands left without power.

The storms rolled in Friday and the entire state has been affected. The Santa Monica Mountains in the south have had more than 12 inches of rain while Mammouth Mountain ski resort received 13 feet of snow.

Central Los Angeles has been deluged with 5 inches of rain since Friday morning, accounting for more than a third of the region’s average annual amount. Rivers of mud are flowing down Los Angeles’ famed Hollywood Hills.

Nearly 21,000 people in the southern portion of the state are without power, while in the farming region in the central part of the state 2,000 people were told to evacuate.

Residents travelling on roadways in the region are crawling at a snail’s pace as cars inch along bumper to bumper. In some areas people are wading through knee-high waters.

With the inclement weather officials are warning of the dangers of flash flooding. The rain could also send the rising rivers and streams in the area surging out of their banks.

The U.S. National Weather Service warned that a new storm would “bring heavy rain” through Wednesday afternoon.

As bad as it is on the western side of North America, Europe is being battered even harder. Much of Europe is under a blanket of snow that is expected to continue to fall for the next several days.

Freezing weather has crippled the infrastructure of the region’s travel. Thousands of travelers are stranded across the continent as flights and train service have been cancelled for days.

Britain’s Heathrow Airport, the largest air hub in Europe, has been operating under limited service for days. The resulting logistical disaster has sparked criticism from the thousands of stranded travelers and even the government.

Even 72 hours after the first major snowfall, the airport reportedly still has a lack of snow clearing machines and personnel that are seemingly the root of the airport’s major problems.

British Airways is likely to make a “significant number of cancellations,” according to the airline, further adding to the frustration of travelers during what is one of the busiest times of the year.

Iced-over roadways have also caused more than their share of problems. Some roads are so impassable drivers opted to just abandon their vehicles in heavy snow and walk.

In what is also the busiest shopping time of the year, the weather is proving to be contentious for retailers. They fear the poor weather will affect their sales.

Earlier this month insurer RSA said the snow could cost the British economy up to $2 billion dollars a day.

Article © AHN – All Rights Reserved

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WikiLoan Adds Wendy Paskin-Jordan to Its Advisory Board

LOS ANGELES, Dec. 16, 2010 /PRNewswire-FirstCall/ — WikiLoan, Inc (OTC Bulletin Board: WKLI), a peer-to-peer lending platform, announces today that Wendy Paskin-Jordan is joining the Company’s Advisory Board, effective immediately. “We are committed to making WikiLoan a first class operation and a

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Hong Kong stocks sell off amid lending concerns

LOS ANGELES (MarketWatch) — Hong Kong stocks closed sharply lower Tuesday, selling off on concerns that major banks may curb lending, especially to the property sector, and as investors worried about more possible interest-rate hikes from Beijing. The benchmark Hang Seng Index lost 2.7% to close at 22,896.1, its first finish below 23,000 since October, while the Hang Seng China Enterprises Index plunged 2.9% to end at 12,817.3. Property-developer shares suffered, with Cheung Kong Holdings Ltd. dropping 4.5% and Sun Hung Kai Properties Ltd. closing down 3.3%. Banks were also hit, as HSBC Holdings PLC gave up 2.5% of its value, and Bank of China Ltd. fell 4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Bad Credit Loans Loan In Canada Clarification Of Bad Credit Payday Loans Part Forty Four

Results from Californian studies show how banks are financing bad credit payday loans companies so that the banks do not have to create the infrastructure to grant and administer bad credit payday loans to the lower income communities throughout the United states of America. As a result of this financing, bad credit payday loans lenders, businesses and companies are creating a five point seven billion dollar turnover loan industry as a direct result of the loan fees and loan charges that these bad credit payday loan lenders attach to borrowers payday loans. This billion dollar turnover is being achieved mainly through the granting and administering of bad credit payday loans to people from the state of California’s low income neighbourhoods such as West Oakland, Pacoima and National city. This turnover is achieved on a yearly basis and is steadily growing every year.

Other aspects disclosed from further studies show that there are not many banks in these Californian neighbourhoods and therefore bad credit payday loans are not available through the few banks that are located in these areas because of the national blanket financing policy, of financing all bad credit payday loan lenders, that many United States banks have adopted. This means that people in those Californian neighbourhoods have to apply to the many other loan outlets, such as cheque cashing agencies to get their quick cash. These bad credit payday loan outlets and associated lenders are charging anywhere from five hundred percent to nine hundred percent annual percentage rates on bad credit payday loans granted to people in the West Oakland, Pacoima and National city areas in California. Other bad credit payday loans studies show that it is not only the state of California where this type of loan lending trend has been adopted.

Results of these bad credit payday loans studies show that in the Counties of Fresno and Sacramento sixty percent of the cheque cashing outlets are financially supported by various traditional banks. The same financial trend has also been discovered and revealed in the Counties of Alameda, Los Angeles and San Diego. As a result of the lack of competition between the bad credit payday loan lenders and the very powerful financial giants such as the traditional banks, due to the financial support that these payday loan lenders receive from the banks, the number of cheque cashing lenders and businesses who provide payday loans of all types have increased from two thousand physical outlets or businesses in nineteen ninety six to twenty two thousand in two thousand and four. This is an abnormal and extraordinary increase which proves that the banks financial support policy with regard to the payday loans industry is definitely working and is successful.

To read about the various types of Canada loans available at BHM Financial or to apply directly online for a Canada loan in any one of the Canadian provinces namely, Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan, visit the loans in Canada website at bad-credit-loan-in-canada.com. You can also text chat with a BHM Financial loans consultant now, online, about your Canada loan, by accessing this link Canada loans text chat.

To learn more about the different kinds of Canada loans offered by BHM Financial visit Bad Credit Loans Loan In Canada Clarification Of Bad Credit Payday Loans Part Forty Three.

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Lawyers: Clipper announcer broke promises in deal

A prosecutor says evidence shows Los Angeles Clippers announcer Mike Smith committed grand theft when he convinced a friend to use his home for collateral on a $735,000 loan to finance an Orange County development deal. Read comments

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Pacific Commerce Bank Announces Third Quarter 2010 Results with Steady Credit Improvement

LOS ANGELES–(BUSINESS WIRE)–Pacific Commerce Bank (OTCBB:PFCI), today announced its unaudited results of operations for the third quarter-ended September 30, 2010. The Bank reported a net loss of $61 thousand for the third quarter compared to net income of $22 thousand in the third quarter of 2009. Year-to-date, the Bank’s net income is $427 thousand, compared to a 2009 year-to-date net income of $194 thousand. On an “operating profit” basis (excluding provisions for loan losses, stock option

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