1/30/2013

Students borrowers much likelier to default then before



About one-third of all student-loan debt belongs to so-called subprime borrowers, and a growing number of these risky loans aren't being paid on time, a new report said.

Nearly $300 billion of the almost $900 billion in outstanding student loans was held by the riskiest category of borrowers in March 2012. Of the subprime student loans that have come due, 33% were considered delinquent, a rise from 24% five years prior, according to the report from TransUnion LLC, released Wednesday.

The dollar amount of student loans outstanding rose 75% between 2007 and 2012, with federal loans making up most of the increase, the report says. Over the same period, the average amount of debt held by each individual borrower rose 30% to around $24,000.

More than 12% of federal student loans were considered delinquent as of March 2012, meaning a borrower hadn't made payments for 90 or more days after first missing a payment. That is up from less than 10% one year earlier. A single borrower can have multiple student loans show up on their credit report.

The report also broke out data specific to private student loans, which have come under fire recently. Just over 5% of private student loans were delinquent, significantly lower than the federal rate.

But both delinquency rates were higher than those on other kinds of debt, including mortgages.

online.wsj.com

China burns half of coal consumption worldwide, figures show



China now burns nearly as much coal as the rest of the world combined.

The country's appetite for the carbon-intensive fuel rose by 9% in 2011, to 3.8bn tonnes, meaning it now accounts for 47% of worldwide coal consumption.

The growth, revealed by US government figures on Tuesday, was driven by China's booming economy, which has grown at an average rate of around 10% over the past decade. China overtook the US as the world's biggest carbon emitter in 2007, and became the world's biggest consumer of energy in 2010.

Research out last November suggested that 1,000 new coal-fired power plants are planned worldwide, with 363 in China and 455 in India. If all the plants were built, it would put the world on "a really dangerous trajectory" for climate change, experts at the World Resources Institute said.

Shell acquitted of Nigeria pollution charges

Plaintiff Nigerian farmer Eric Dooh showing his hand covered
with oil from a creek near Goi, Ogoniland, Nigeria. 


Shell was acquitted in a Dutch court on Wednesday morning of most of the charges against it for pollution in Nigeria, where disputed oil spills have been a long-running source of contention between the oil company, local people and environmental campaigners.

The case involved five allegations of spills in Nigeria, and four of these were quashed by the court. On the fifth count, Shell was ordered to pay compensation, of an amount yet to be decided.

The case was brought in the Netherlands because of Shell's dual headquartership, being both Dutch and British, and was brought by four Nigerian farmers co-sponsored by the international green campaigning group Friends of the Earth.

- Guardian.co.uk

Lights out – France to force shops and offices to go dark overnight


Shops and offices throughout France will be forced to turn off their lights overnight in a bid to fight light pollution, the country's environment ministry has announced.

Under the new law, which comes into effect on 1 July, lights in shop window displays will be turned off at 1am. Interior lights in offices and other non-residential buildings will have to be switched off an hour after the last employee leaves. Local councils will be able to make exceptions for Christmas and other special occasions, and in certain tourist or cultural areas.

The move, announced on Wednesday, is expected to save 250,000 tonnes of CO2 – enough energy to power 750,000 French households for a year.

The French ecology minister, Delphine Batho, said she hoped the law would change attitudes in France and help the country become a pioneer in reducing light pollution.

Lance Armstrong hits out at critics, insists 'no generation was clean'


Lance Armstrong has attacked the hypocrisy and "petty bullshit" surrounding cycling's doping scandal, saying he feels he has been made a fall-guy for the entire sport.

Armstrong, speaking for the first time since the controversial Oprah interview in which he admitted doping throughout his career, insisted no previous generation of cyclists was "exempt or clean".

He also renewed his call for Wada, the World Anti-Doping Agency, to set up a truth and reconciliation programme, insisted that the UCI should play no part in it – branding its president Pat McQuaid "pathetic" – and said it must be wide-ranging: "If you are alive today and you podiumed in a GT, WC, or Grand Tour then you should be called."

Speaking to Cyclingnews, Armstrong said: "My generation was no different than any other. The 'help' has evolved over the years but the fact remains that our sport is damn hard, the Tour was invented as a stunt, and very tough motherfuckers have competed for a century and all looked for advantages.

"From hopping on trains 100 years ago to EPO now. No generation was exempt or 'clean'. [Not that of] Merckx, not Hinault, not LeMond, not Coppi, not Gimondi, not Indurain, not Anquetil, not Bartali, and not mine."

- Guardian.co.uk

The Wood Queen (The Iron Witch #2) by Karen Mahoney

Donna Underwood is in deep trouble.An ancient alchemical order is holding her accountable for destroying the last precious drops of the elixar of life. Never mind the fact that Donna was acting to free her friend, Navin, from the dangerous clutches of the Wood Queen at the time. But what the alchemists have in store is nothing compared to the wrath of the fey. The Wood Queen has been tricked and Donna must pay. Get ready for all hell - quite literally - to break loose...

Tourism in Cyprus: A Seven-Year High

The Mediterranean island of Cyprus had a great tourism year in 2012, hitting a seven-year high. This good news comes despite an economy that continues to struggle and is forecast to shrink by 3.5% percent last year, with no help in sight until after 2015. Tourism is the only area that seems to be improving in an economic downturn that began in 2009 and experts think will continue until at least 2015.

The number of tourists that visited the island in 2012 rose by 3.0% from the year before, mostly because of a 42% jump in visitors from Russia. 2.46 people came to Cyprus as tourists overall, with 223,861 coming from Russia alone. Tourists from Britain fell 6.0% to 1.02 million, but still remains the country that brings the most people to Cyprus every year.

The surge in holidaymakers from Russia makes them the second largest tourist market, followed by Germany at third and Greece at fourth. Germany's tourists dropped 8.5% from 2011 and Greece was down 4.1%. The Czech Republic's numbers dropped from 20,576 in 2011 to 14,741, which was the largest decline among all countries.

While the total revenue for the year has not been announced yet, from January to September revenue was up 16 million over the same period in 2011. Revenue for last year's tourism trade was at a three year high, even though the economy had weakened every one of those three years. The record year for tourist visiting Cyprus continues to be 2001, when 2.69 people visited the island. Revenue was 2.17 billion, which continues to be the benchmark. Tourist dollars are very important to Cyprus, where this revenue accounts for near 12% of their GDP. Tourists and their increasing revenue continues to be the only bright spot in their struggling economy, which can only do so much as they wait for EU financial aid to bail out their economy and struggling Greek-exposed banks. Hopefully the rest of the economy will start to follow tourism's lead in the near future.

(Source: Tourism-Review)

Mama (2013)

Mama is a 2013 Spanish-Canadian horror film co-written and directed by Andres Muschietti, and starring Jessica Chastain. The film is produced by J. Miles Dale and Barbara Muschietti, with Guillermo del Toro serving as executive producer. It is based on Muschietti's 2008 Spanish-language short film of the same name. Originally set for an October 2012 release, it was released in theaters on 18 January 2013.

Synopsis: Occurring at the onset of the 2008 financial crisis, a distraught man called Jeffrey kills his business partners and estranged wife before taking his children - 3-year old Victoria and 1-year old Lilly - away from home. Driving dangerously fast on a snow-covered road, the car slides off road and crashes into the woods. Surviving the crash, Jeffrey takes the children into an abandoned cabin, where he prepares a fire. Planning to kill his children and commit suicide, Jeffrey tells Victoria to look out the window and holds a gun to her head. Just as he is about to pull the trigger a shadowy figure pulls him away and out of the door, snapping his neck in the process. Victoria cannot see the figure as her glasses were in the possession of her deceased and now missing father. The girls survive by the fireside and are tossed a cherry by the mysterious figure in the night.

Five years later, a rescue party sponsored by Jeffrey's brother Lucas stumbles upon the car and the abandoned house, finding the children alive but animal-like in behavior.[3] They are rescued and put in a welfare clinic by the courts under psychiatric care of Dr. Gerald Dreyfuss. Dreyfuss agrees to support the custody claim of Lucas and his girlfriend Annabel against the girls' maternal great-aunt Jean on condition of having continued access to the children in a house sponsored by the clinic for case studies. Dreyfuss is intrigued by the drawings the girls have made of a mysterious character they call "Mama," whom they talk to and play with. During an intimate moment between Lucas and Annabel one night, Annabel is startled by the appearance of a shadowed figure in their bedroom doorway; while investigating, Lucas is attacked by Mama and falls off the staircase, losing consciousness and sliding into a comatose state. Annabel, a rock musician with no relation to the girls, finds herself left alone to care for them while the visits of Mama continue. Although she makes progress with Victoria, she finds Lilly hostile. Alarmed by nightmares and a warning about "Mama's jealousy" by Victoria, she asks Dr. Dreyfuss to investigate.

Initially believing "Mama" to be a creation of Victoria's mind, her story of Mama being an aggrieved mother separated from her child is corroborated by Dreyfuss' research that brings to light the story of Edith, a mental asylum inmate in the 19th century. He recovers a box of the dead child's remains, and has his first encounter with Mama while interviewing Victoria. During Dr. Dreyfuss' studying of Edith, Annabel has a nightmare about Mama and her past; she had committed suicide by jumping off a cliff after stealing her baby from the nuns who had separated them but on her fall, her child was snagged on a branch and killed on impact while Mama fell into the water. Annabel realizes Mama has been searching for the child she never knew what happened to (since the baby was not in the water with her) and saw Victoria and Lilly as 'substitutes'. Meanwhile, Lucas returns to consciousness after a disturbing vision of his dead brother Jeffrey telling him to go to the cabin in the woods. Annabel and the girls are visited by Jean, who, alarmed by some bruises on the girls, tries to get Annabel investigated for abusing them. Meanwhile, Victoria's growing closeness with Annabel makes her more unwilling to play with Mama, unlike Lilly, who still prefers Mama over Annabel.

Dr. Dreyfuss visits the cabin to research Mama's presence, and upon trying to photograph her, is attacked and killed. Finding him missing, Annabel steals the case files of the girls from his office. She learns that Edith and Mama are the same person, while Lucas leaves the hospital to search for the cabin. Shortly after she makes a breakthrough with Lilly, Annabel and the girls are attacked by a jealous Mama, who subdues Annabel, possesses the body of Aunt Jean, who had broken into the house for evidence of abuse, and escapes with the girls. Upon regaining consciousness, Annabel takes the box bearing the remains of Mama's child and heads for the woods, where she meets Lucas. The couple spot the children on a nearby cliff, where Mama (who killed Jean) is preparing to relive her suicide by taking Victoria and Lilly with her over the cliff. Annabel offers Mama the remains of her child, and the angry spirit undergoes a more peaceful transformation, appearing human again. But when Lilly calls out for her, Mama returns to her terrifying form and attacks, discarding the remains of her child. After a desperate struggle, Annabel has just enough strength to hold on to Victoria who decides to stay with her and Lucas, while Lilly cries that she and her sister should be with Mama. Mama encases herself and Lilly in a cocoon and jumps off the cliff, hitting the same branch she did in the 1900s. Upon impact, she and Lilly turn into a shower of moths. While hugging Annabel and Lucas, Victoria notices a blue and black moth land on her hand, which she believes to be Lilly.

First Lady Michelle Obama again picks designer Wu for inaugural gown

WASHINGTON (Reuters) - It was one of the biggest questions of Monday's inaugural celebrations: not what would President Barack Obama say, but what would his wife, Michelle Obama, wear?

The first lady cemented her reputation as an international style trend-setter with her choice of a Jason Wu red sleeveless ball gown in the evening, and a striking business-style blue navy coat and dress for the ceremonial daytime events.

It was a huge win for U.S. designer Wu making one of his ball gowns her choice for a second straight inauguration.

The first lady appeared for her first dance of the night with the president at the Commander-in-Chief's Ball for U.S. service members in a ruby-colored chiffon and full-length velvet gown custom made by the New York-based designer.

Her shoes were from the London-based Malaysian-Chinese designer Jimmy Choo, and she wore a diamond-embellished ring handmade by jeweler Kimberly McDonald of New York.

Michelle Obama helped make Wu a household name by choosing a white chiffon gown he designed for the balls celebrating her husband's first inauguration in 2009. Wu, now 30, has since had significant commercial success, but his creations in the two inaugurations has won him a place in U.S. fashion history.

Dressing the first lady, a Harvard-trained lawyer known for her style, can be a huge boost for a fashion designer or retail chain.

Praised for wearing high-end designers as well as pieces from mass-market stores, the first lady has won over fashion critics in her four years in the White House.

"Icon's a big word and it sometimes gets over used, but I think if we're going to use it, we can use it now," said Steven Kolb, chief executive of the Council of Fashion Designers of America, adding, "What makes her a real icon is the work that she does and the woman that she is."

Dresses, sweaters, shoes and belts she has worn have sold out at retailers from designer showrooms to mass market chains including Gap Inc., J. Crew and Target Corp., for which Wu has designed low-priced fashions.

Earlier on Monday, the first lady wore a navy coat and dress by designer Thom Browne, inspired by the fabric of a man's silk tie.

Her belt and gloves were from J.Crew, a chain that is a fixture in U.S. shopping malls; the necklace and earrings were designed by Cathy Waterman. The suede boots were by Reed Krakoff, as was the short blue cardigan she wore to a celebratory lunch in the Capitol.

(Reuters)

Chris Brown Makes His Instagram Private After Frank Ocean Fight

Following Chris Brown's parking-lot brawl with Frank Ocean over the weekend, the problem-plagued R&B singer attempted to maintain a lower profile on social media, posting to Instagram on Monday that he wants to stay focused on his work, "not negativity" — along with a controversial crucifix painting.

On Tuesday (January 29), Brown took things a step further when he switched his Instagram account from public to private, effectively disconnecting himself from his 2 million followers. Before making the switch, Brown thanked his fans, a.k.a. Team Breezy, for all their love and support of his music and his art and posted one final message and a redirect to his official website.

"Social media takes away the essence of why we are even special or icons," Brown wrote. "So with that, I'm detaching myself from that world."

Before Brown stepped away from the photo-sharing site, he posted a drawing Monday of Jesus on the cross with the caption: "Painting the way I feel today. Focus on what matters!" The symbolism in being crucified was clearly a thinly veiled response to the headlines and scrutiny generated by his beef with Ocean. If Ocean decides to press charges against Brown, it could affect his five-year probation agreement stemming from his 2009 assault of on-again, off-again girlfriend Rihanna.

This is not Brown's first hiatus from social media: Back in 2009, he stepped away from his then-Twitter account @mechanicaldummy after expressing anger at large retailers like Walmart for not carrying his album Graffiti. More recently, in November, he deleted his @chrisbrown Twitter account after engaging in a vulgar exchange with comedian Jenny Johnson.

(Source: Mtv)

US soldier who lost all limbs gets new arms

'One of my goals is to hand-cycle a marathon'


The first US soldier to survive losing four limbs in Iraq has said he is looking forward to swimming and driving after having a double arm transplant.

Brendan Marrocco, 26, was injured by a roadside bomb in 2009.

He also received bone marrow from the deceased donor of his arms, a therapy intended to help his body accept the new limbs with minimal medication.

His surgeon says it will take more than a year to know how fully Mr Marrocco will be able to use the new arms.

Biggest 'full HD' smartphone unveiled

The Vega No 6 has only been confirmed for sale in
South Korea at this point

A South Korean firm has unveiled the biggest smartphone to date with a screen capable of showing 1080p high-definition video at full resolution.

Pantech's Android-powered Vega No 6 features a 5.9in (15cm) display, which packs in 373 pixels per inch.

China's Huawei recently unveiled a 6.1in handset, but it was only a 720p display.

They add to the so-called "phablet" category, as manufacturers test how big customers are willing to go.

When Samsung helped pioneered the format with its 5.3in Galaxy Note in 2011, many analysts suggested its size was too large to find favour.

- BBC.co.uk

Microsoft launches Office 2013 software suite


Microsoft has launched a new version of its Office software suite.

Word, Excel, Powerpoint and Outlook have been redesigned to work better with touch-screen-controlled computers.

They also integrate the firm's Skype video chat facility. Users can add further functions via a new app store.

The programs account for a major part of Microsoft's earnings. The firm hopes to keep users loyal by offering more powerful features than cheaper online alternatives.

Mario Balotelli: AC Milan agree deal to sign Manchester City striker


AC Milan have agreed a deal to sign Manchester City striker Mario Balotelli on a four-and-a-half-year contract, the Italian club have confirmed.
City manager Roberto Mancini said on Tuesday that Balotelli could complete his move after a medical on Wednesday.

"Both clubs are talking about him," said Mancini. "Maybe tomorrow [Wednesday] they can close [the deal]."
The clubs are believed to have agreed a fee of 22m euros (£19m), rising to 25m euros (£22m) with add-ons.
"We love Mario, but he had this big chance to go back to Italy," added Mancini. "Milan started to talk to Manchester City in the last two days and they are very close."