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Dallas, TX, United States (AHN) – Texas has endured one of its hottest summer this year in its history, according to the National Oceanic and Atmospheric Administration. So when rain began to fall Thursday, it was welcomed like a long lost friend.

In addition, Texas has also experienced one of its driest. Wildfires have been raging though Texas near Austin. Thousands of homes have been destroyed and businesses ruined. Nearly all of the Lone Star State is currently classified as being in an extreme or exceptional drought by the U.S. Drought Monitor.

Farmers and ranchers in the Texas Panhandle have suffered. Fields are burnt and barren and cattle has been sold off as there has been no grass to feed them.

This year’s drought is being called worse than the 1930 Dust Bowl that swept large and widespread walls of dust through the Great Plain. During the Dust Bowl, the annual rainfall ranged between 12 to 20 inches.

This year to date, Amarillo has received a scant 3.89 inches of rain. In 2010, the area got 27 inches.

While the rain is welcome, and does little more than dampen the surface of the amount needed in Texas, the extended outlook is not so bright. NOAA said drought conditions will persist or intensify from now through December.

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Manama, Bahrain David Rosenberg (The Medi – King Hamad bin Isa Al-Khalifa has chalked up some successes in the past weeks in his drive to steady his island country after the shocks of mass unrest and a violent crackdown, but analysts say business stands no chance of getting back to usual without deep political reforms.

The kingdom reported on Sunday that its economy grew by 1 percent quarter-on-quarter in April-June after shrinking in the previous three months during the peak of the turmoil. Two days earlier, Bahrain was awarded a slot in the global Formula One schedule in 2012, a boost for the country’s key tourism industry and a vote of confidence after this year’s race was canceled because of the unrest.

But for every advance, Bahrain has had to contend with a setback. In the space of two days in mid-August, one French lender, Credit Agricole, was reported to be moving its regional headquarters out of Bahrain while another, BNP Paribas, was said to be dispersing some of its back-office operations around the Gulf — twin blows to a country that prides itself as the region’s first financial center.

“The situation will never stabilize itself ’til there is a political solution. We don’t even have the makings of that at this time,” Salman Shaikh, director of the Brooking Doha Center on Qatar, told The Media Line. “The problem with this situation is that the longer it goes on, the more difficult it will be to control the protest movement.”

In an event that pointed up the fragility of Bahrain’s political situation nearly six months after Saudi and United Arab Emirates (UAE) forces put down protests at King Hamad’s request, the kingdom was briefly shaken by street fighting between demonstrators and police after the alleged killing of a 14-year-old boy last week.

Bahrain has been the only Gulf country to be swept up in the Arab Spring turmoil. It is a tiny, oil-poor country, but is of key concern to its neighbors and to the U.S., which bases the Navy’s Fifth Fleet there, because it is located in the waters between Saudi Arabia and Iran. Its mixed population of Sunnis and Shiites makes it a flashpoint in the sectarian cold war between the two Muslim sects.

Since he imposed martial law and brought Saudi and UAE forces into the country, King Hamad has made some gestures of political reform, creating a National Dialogue Commission to discuss change with the country’s majority but marginalized Shiites. Also, at the end of August, he announced pardons for many political protesters while urging workers who had been sacked from their jobs for joining demonstrations to be reinstated.

But the severity of the crackdown – which left about 30 dead and led to the arrest of some 1,400 people, many of them still in prison – has left many Bahrainis feeling alienated and disillusioned. Small-scale clashes between police and mostly Shiite demonstrators have become nightly events since King Hamad lifted emergency rule in June.

Last Tuesday a group of Bahraini doctors on trial on charges of terrorism began a hunger strike to protest their treatment, including claims of torture. A day later, 14-year-old Ali Jawad died after he was shot in the head, opposition activists said, setting off 24 hours of street fighting.

The government has hired the Washington public relations firm Qorvis Communications, which counts Saudi Arabia among its clients, to upgrade its image abroad. But Shaikh said not enough was being done to create an inclusive domestic political structure.

“We see an increasingly radicalized youth. Young Shiite radicalized youth in Bahrain is not a movie you want to play over and over again,” said Shaikh. “Even if the opposition is somewhat disunited, there has been some ingenuity in keeping the protest alive. You’re seeing hunger strikes and flash protests taking place in the villages.”

Industry and Commerce Minister Hassan Fakhro told Bloomberg News on Aug. 22 that consumer and business confidence is almost back to normal. He said the number of new companies registering with the ministry in May-July was 30 percent higher than the same time last year, while the number of shoppers at City Center, Bahrain’s biggest shopping center, was up 8.5 percent in July from a year ago.

But the moves by Credit Agricole and BNP Paribas could set off a run of banks, undermining Bahrain’s status as a regional banking and finance center. Some $10 billion in mutual funds are managed in the kingdom and its banks hold assets of about $211 billion.

Meanwhile, the economic news reported earlier in the week wasn’t all positive. While quarter-on-quarter growth resumed, gross domestic product marked its sixth quarterly year-on-year slowdown in a row even as higher oil prices lifted Bahrain’s key energy sector.

“The main drivers seem to be manufacturing and oil. Financial services were flat, which is better than people expected because there was a lot of talk about services going to Dubai,” Said Hirsh, Middle East economist at London-based Capital Economics, told The Media Line. “But the entire services sector is still at risk.”

Hirsh said he expected government spending would compensate for tepid growth in the private sector. Saudi Arabia has committed to giving Bahrain $1 billion annually over the next decade, equivalent to 5 percent of GDP. In July, Central Bank Governor Rasheed Al-Maraj forecast the economy to expand by 3 percent this year.

Analysts said Bahrain’s stability will be tested by two political events in the coming weeks – Sept. 24 elections for seats in parliament to replace lawmakers from the Al-Wefaq party, who resigned last February, and the final report of the Bahrain commission of inquiry due out Oct. 30.

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Sao Palo, Brazil (AHN) – Brazil’s central bank cited a “substantial deterioration” in its outlook for the economy and unexpectedly announced a cut in its key interest to 12 percent from 12.5 percent.

Rising prices have been a problem in Brazil, and the central bank had raised its key interest rate five times this year in an effort to contain inflation.

However, inflation is still running at a six-year high of 7.1 percent.

The continued high inflation rate couple with the unexpected cut coming a few days after several politicians had called for a rate cut. Observers say it calls into question the central bank’s independence.

Brazil, which is the biggest economy in South America, grew at the rate of 7 percent last year. This year Brazil’s economy is expected to grow at the rate of 5 percent.

View full post on Economy Stories

London, United Kingdom (AHN) – Retail sales, excluding gasoline, grew weakly in the United Kingdom during July rising only 0.2 percent compared to the 0.8 percent growth rate in June, according to Office for National Statistics (ONS).

A drop in the sales of clothing and household goods offset the increase in food sales.

Sales of clothing, shoes and household goods dropped by 0.3 percent each, which offsets the 0.7 percent growth in food store sales.

Economists blame the decline in retail sales on inflation in prices coupled with job losses and stagnant wages for those with jobs.

Sales were also down by 0.2 percent in July compared to the same month a year earlier.

View full post on Economy Stories

Seattle, WA, United States (AHN Sports) – PBA Hall of Famers Mike Aulby and Parker Bohn III, along with PBA Tour champions Danny Wiseman and Doug Kent, participated in the 10th annual “Jeff Gordon Bowling Ball” in Indianapolis on July 28, an event that raised more than $300,000 in support of Jeff Gordon’s Children’s Foundation and Riley Hospital for Children.

The annual bowling fundraiser has generated more than $1.58 million to Riley Hospital for Children since its inception. In addition, Gordon made a pledge of $1.5 million to Riley Children’s Foundation in 2010, establishing the Jeff Gordon Children’s Foundation Pediatric Cancer Research Fund.

Funds from the Jeff Gordon Children’s Foundation are creating a $1 million endowment for research conducted in partnership between Riley Hospital and the Wells Center for Pediatric Research at the Indiana University School of Medicine. The remaining $500,000 is addressing immediate research needs at Riley Hospital.

BARNES TO APPEAR ON NBC’S TODAY SHOW ON FRIDAY, AUG. 19

PBA Triple Crown winner Chris Barnes will make an appearance on NBC’s The Today Show on Friday, Aug. 19, offering bowling tips to co-hosts Kathi Lee Gifford and Hoda Katb along with their mothers. Barnes also will do a few bowling stunts.

The segment will be taped at Bowlmor Lanes in Manhattan. Barnes and The Today Show ladies will be joined by three local youth bowlers who will also show off their skills. The Gifford-Hatb segment airs in the fourth hour of The Today Show.

PBA SENIOR TOUR, REGIONAL COVERAGE RETURNS TO XTRA FRAME

PBA.com’s exclusive online coverage of the PBA Senior Tour and Regional action continues with Xtra Frame airing the final rounds of the concluding events on the 2011 PBA Senior Tour schedule. And while the Xtra Frame staff is in the neighborhood, pba.com’s subscription-based video streaming service will also include

coverage of the finals of two PBA Regional events.

The upcoming Xtra Frame schedule includes:

Sunday, Aug. 14 – PBA Central Region Elite Motors/Backhaul Direct Open, Crest Lanes, Marion, Ind.

Monday-Tuesday, Aug. 15-16 – PBA Senior Decatur Open, Spare Time Lanes, Decatur, Ill.

Sunday, Aug. 21 – PBA Central Region Lefeld Implement Classic, Pla-Mor Lanes, Coldwater, Ohio.

Wednesday-Thursday, Aug. 24-25 – PBA Senior Jackson Open, Airport Lanes, Jackson, Mich.

Monday-Tuesday, Aug. 29-30 – PBA Senior Dayton Classic, Capri Lanes, Kettering, Ohio.

To subscribe to Xtra Frame, visit pba.com and click on the Xtra Frame logo.

PBA Regional Roundup:

INTERNATIONAL PLAYERS GOMEZ, WILLIAMS AMONG PBA REGIONAL WINNERS

Colombian native Andres Gomez of Sunrise, Fla., defeated Jesse Rodriguez of Davie, Fla., 235-174, to win his first PBA title in the PBA South Region’s Jimmy Keeth Memorial Open at Jupiter Lanes on Sunday. Along with his title, Gomez earned $2,500.

Also on Sunday, another international player won his first PBA title. In the West Region, Stuart Williams of England posted a 4-4 match play record and a 16-game total of 3,844 pins to win the PBA West Region Virgin River Lanes Championship.

Williams, who earned $1,300, defeated Andre Eubanks of Los Angeles, Calif., by 158 pins for his first PBA Regional title. With his win, Williams became eligible to enter the 2012 PBA Tournament of Champions which will be held in April at Red Rock Lanes in Las Vegas. Eubanks had a 5-3 match play record and 3,686 pins for 16 games including match play bonus pins.

In the companion Virgin River Senior Open, Tony Rodriquez Jr. of Rancho Cucamonga, Calif., went 5-3 and knocked down 3,948 total pins for 16 games to top Marv Sargent of Temecula, Calif., for his first Senior Regional title and $1,200. Rodriguez also became eligible to enter the Tournament of Champions as a PBA title winner. Sargent had 3,909 pins, 39 behind Rodriquez.

Bill O’Neill of Southampton, Pa., defeated Travis Celmer of Wernersville, Pa., 240-192, to win the PBA East Region Storm Products/Bowlers Supply Open at Colony Park Lanes North Sunday for a $2,800 prize and his seventh career PBA Regional title.

In Arlington Heights, Ill., Harry Sullins of Chesterfield Township, Mich., closed with a string of five strikes, overcoming a 29-pin seventh-frame deficit to upset top qualifier Kerry Painter of Henderson, Nev., 213-210, in the title game of the PBA Midwest/Central Senior Beverly Lanes Open presented by Allstate Insurance on

Sunday. It was Sullins’ third PBA Senior Regional title of the season and the 18th overall regional title of his career.

In Lubbock, Texas, West Texas A&M collegiate player Taylor Coggins of Burleson, Texas, won nine of his 12 matches to pull away from the rest of the finalists and win the inaugural PBA Southwest Region Lubbock Open at South Plains Lanes Sunday. Coggins earned $2,200, topping Dino Castillo of Carrollton, Texas, by 229 pins for the win. But he doesn’t get credit for a PBA title because he’s a non-member.

Next weekend’s round of PBA Regional events includes: the PBA East Region Iroquois Lanes Senior Open in Canajorharie, N.Y.; the Central Region Elite Motors/Backhaul Direct Open at Crest Lanes in Marion, Ind.; the Midwest Region St. Charles Lanes Non-Champions Challenge in St. Charles, Mo.; the Southwest Region Plano Super Bowl Open in Plano, Texas, and the PBA Northwest/West Region Ten Down Lanes Open

presented by West Bank at Roseburg, Ore.

Also in the Central Region, the Modern Woodmen of America Senior Championship at Al-Mar Lanes in Bowling Green, Ohio, will be held Tuesday-Friday, Aug. 16-19, sandwiched between the PBA Senior Decatur (Ill.) Open and the PBA Senior Jackson (Mich.) Open.

For complete Regional tournament schedules and entry information, visit pba.com and click on “Regional Tour” under the “Schedules” drop-down tab.

QUICK NOTES:

Lumber Liquidators PBA Tour star Tommy Jones and partner Shannon Pluhowsky won their fourth title in the 12th annual Luci Bonneau Striking Against Breast Cancer Memorial Mixed Doubles Tournament in Houston, Texas, on July 24. Jones and Pluhowsky posted a combined 16-game total of 3,490 pins to top Andres Gomez and Clara Guerrero by 59 pins. Emily Maier and two-time PBA Tour titlist Mike Fagan finished third in a sold-out field of 84 teams that featured more than a dozen Lumber Liquidators PBA

Tour title winners.

Journeyman PBA Senior Tour competitor Ron Garr of Ridgedale, Mo., may be done bowling for the season. The 64-year-old right-hander made it to Round 8 in the losers’ bracket in the USBC Senior Masters before being eliminated and tying for fifth place, but he was experiencing some hip pain. He decided to work it out by

riding a bike, but reportedly hit a rut and took a nasty spill, resulting in a fractured left collarbone in addition to assorted abrasions.

PBA Hall of Famer Amleto Monacelli won a pair of gold medals for Venezuela in the men’s singles and men’s all-events categories in the 44th Lee Evans Tournament of the Americas at Sawgrass Lanes in Tamarac, Fla. Monacelli won the singles crown with a 12-game total of 2,657 pins and led in all-events with a 36-game total of 7,879 pins, a 218.86 average. The event, which drew competitors from 15 American Zone countries, ended on Aug. 6.

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Washington, DC, United States (AHN) – The national unemployment rate for the month of July remained little unchanged at 9.1 while total nonfarm payroll employment rose by a modest 117,000, according to the monthly report by the U.S. Bureau of Labor Statistics.

Although the 117,000 jobs created during July was slightly better than anticipated, it was still not enough to keep up with growth in the number of working-age Americans, let alone make a dent in the unemployment figures. Economists say the nation must create from 120,000 to 200,000 jobs monthly to keep up with people entering the labor market for the first time.

In addition, the percentage of working-age Americans who held either a part- or full-time job continued its slide in July, falling to 63.9 percent from 64.2 percent in June. Moreover, about 8.4 million people were involuntarily employed part-time for economic reasons in July, including people whose hours have been cut back or who have been unable to find full-time work, or about the same numbers as in June.

The gain of 117,000 jobs came from openings in health care, retail trade, manufacturing and mining while federal, state and local governments continue to shed jobs.

Unemployment rates among major groups stood at:

• Adult men 9.0 percent
• Adult women 7.9 percent
• Teenagers 25.0 percent
• Whites 8.1 percent
• Blacks 15.9 percent
• Hispanics 11.3 percent

In addition, the number of people who were unemployed for less than 5 weeks dropped by 387,000 in July while the number of long-term unemployed (those jobless for 27 weeks and longer) remained little changed at 6.2 million. Some 44.4 percent of the unemployed are long-term.

The Bureau of Labor Statistics also revised some figures from earlier months. It revised the total nonfarm payroll employment for May from +25,000 to +53,000 and for June revised employment from +18,000 to +46,000.

View full post on Economy Stories

A recent study has shown checking accounts to be rather costly. In fact the study shows they are more costly than they should be. Pew Health Group looked at hidden entities in checking accounts in order to develop a case for save and clear checking account information. They found the following:
• There is a penalty of $35 for overdrafts
• Monthly fee of $8.95
• There is a transfer fee of $10 for overdrafts
• Extended penalty for overdraft of $25 after each 7th day. This is when the account has been overdrawn

Moebs Services estimates in 2011 about $38 billion will be spent by Americans for overdraft fees. If overdraft is considered a loan on a short time period then it means the APR for one year is a percentage of 5,000 according to Pew. This is more than payday loans.

Pew looked at 250 different checking accounts provided in the US from the top 10 USA banks. Pew stated as well as the high fees they also found these checking accounts do not provide transparency. There is a definite lack of clarity when it comes to the average account because the average account has a massive amount of disclosures (111 pages worth) when opening an account that makes it complicated to read and not everything is spelled out.

A couple years ago Congress worked on the 2009 Credit Card Act to help protect credit card consumers from unfair practices. Pew stated it is now time for a similar act for checking accounts to occur in order to become more transparent. The study examined 392 financial institutions, and 12 banks (online) with regards to clarity. Forty percent of these financial companies adhere to the federal truth in Savings Act.

Pew believes banks should provide data in a clear and concise manner such as fees and conditions of the account. They should also provide clear information on all overdraft options. Furthermore, the penalty fee needs to be proportional and reasonable, meaning the bank should not charge more than it costs for the overdraft loan. The consumer Financial Protection Bureau also needs to look at the clauses, fees, and other details of the accounts. Policymakers may or may not take these suggestions and put them to use.

Washington, DC, United States (AHN) – Sales of existing homes decreased by 0.8 percent in June compared to sales a month earlier, falling to a seven-month low.

An increase in contract cancelations fueled part of the drop in sales. Analysts say the increase in cancelations reveals that buyers are changing their minds about buying a home in this time of growing national economic uncertainty.

However, many of the buyers changed their mind after appraisals of the property revealed it was worth less than the contract price they had offered.

In addition, the continued lack of recovery in the jobs sector coupled with the difficulty of obtaining credit make it difficult to find buyers for existing homes, which continues to depress sales.

It was the third consecutive month existing home sales dropped. June’s decreased numbers brought existing home sales to a seasonally adjusted annual rate of 4.77 million, according to the National Association of Realtors. That puts sale this year behind the 4.91 million homes sold last year, which had set a 13-year record-low sales pace.

Despite the weak sales figures, median sales prices for existing homes rose by 0.8 percent to $184,300 compared to $182,900 a year earlier.

The National Association of Realtors said its members were surprised at the increase in the number of buyers who signed contracts to purchase a house and then backed out of the deal. NAR’s chief economist, Lawrence Yun, blamed shaky consumer confidence for the increase. About 16 percent of member realtors reported having a would-be buyer back out of a contract compared to the typical 10 percent rate.

Although sellers and real estate agents are upset by low and falling valuations of houses, a property is only worth what someone is willing and able to pay for it.

Just as easy credit and high employment helped to drive housing prices up to bubble-high levels, the lack of credit, high unemployment and falling or stagnant wages are driving housing prices back down toward their pre-bubble levels.

View full post on Economy Stories

Brussels, Belgium (AHN) – Solving the Greek sovereign debt crisis is essential or the other member states of the Eurozone will feel the negative consequences, warned the European Commission president.

Eurozone leaders are meeting in Brussels, Belgium this week to discuss the Greek crisis.

Despite the urgency of the matter, Eurozone leaders remain divided on how to address the problem.

German Chancellor Angela Merkel says her nation wants private investors to help with any package of aid by rolling over loans they have already made to Greece, thereby extending the due dates for repayment.

But the European Central Bank objects to this plan and says international credit agencies would view that move as a default by Greece and it would undermine investor confidence not just in Greek debt but in the value of the euro as well.

With such a level of disagreement, Merkel has said it is not likely that any concrete plan will emerge from this meeting.

Observers have said that the basic problem stems from merging the currencies of 17 nations without first merging agreeing on similar fiscal policies.

View full post on All Stories

A recent study has shown checking accounts to be rather costly. In fact the study shows they are more costly than they should be. Pew Health Group looked at hidden entities in checking accounts in order to develop a case for save and clear checking account information. They found the following:
• There is a penalty of $35 for overdrafts
• Monthly fee of $8.95
• There is a transfer fee of $10 for overdrafts
• Extended penalty for overdraft of $25 after each 7th day. This is when the account has been overdrawn

Moebs Services estimates in 2011 about $38 billion will be spent by Americans for overdraft fees. If overdraft is considered a loan on a short time period then it means the APR for one year is a percentage of 5,000 according to Pew. This is more than payday loans.

Pew looked at 250 different checking accounts provided in the US from the top 10 USA banks. Pew stated as well as the high fees they also found these checking accounts do not provide transparency. There is a definite lack of clarity when it comes to the average account because the average account has a massive amount of disclosures (111 pages worth) when opening an account that makes it complicated to read and not everything is spelled out.

A couple years ago Congress worked on the 2009 Credit Card Act to help protect credit card consumers from unfair practices. Pew stated it is now time for a similar act for checking accounts to occur in order to become more transparent. The study examined 392 financial institutions, and 12 banks (online) with regards to clarity. Forty percent of these financial companies adhere to the federal truth in Savings Act.

Pew believes banks should provide data in a clear and concise manner such as fees and conditions of the account. They should also provide clear information on all overdraft options. Furthermore, the penalty fee needs to be proportional and reasonable, meaning the bank should not charge more than it costs for the overdraft loan. The consumer Financial Protection Bureau also needs to look at the clauses, fees, and other details of the accounts. Policymakers may or may not take these suggestions and put them to use.