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Jan 30th

China's Wen: government debt risk "controllable"

By mercurialy

China's Wen: government debt risk "controllable"

dr dre headphones BEIJING (Reuters) - China's Premier Wen Jiabao said the nation's government debt is at an "overall safe and controllable" level, that funding for key projects would be ensured and that applying the brakes to the problem would be done in a way to avoid systemic risks.

Investors have been worried by the scale of the debts built up by China's local governments, which some fear could threaten the stability of the banking system.

Wen's comments, reported in the official People's Daily on Monday, were made in a speech dating back to early January at the government's flagship financial work conference.

Wen pledged to contain and defuse local government debt risks and avoid the spread of financial risks.

"Currently, our government debt is overall safe and controllable," he said.

"We are taking the issue of managing local government debt very seriously. Through clean-ups and regulation, the trend of expanding investment vehicles has been effectively contained."

beats by dre headphones China's state audit office said earlier this month it had uncovered 530 billion yuan ($84 billion) worth of irregularities involving local government debt.

But the figure is a fraction of the 2 trillion-3 trillion yuan of sour loans economists believe are buried in the 10.7 trillion yuan of debt local governments had at the end of 2010.

ACTIVELY, APPROPRIATELY EASE RISKS

Wen said China "must both actively and appropriately ease financial and fiscal risks, and also ensure the funding needs of key construction projects approved by the government."

But he warned against a simplistic approach to local government investment.

"We cannot simplistically hit the brakes and use a one-size-fits-all approach, and must avoid turning localized risks into comprehensive, systemic risks," he said.

Wen also urged greater attention and controls on systemically important financial institutions.

"We must study standards for determination and a framework for assessing our country's systemically important financial institutions, and we must adopt more stringent oversight standards towards these institutions, enhancing external constraints on them," he said.

beats headphones Wen also vowed to "break monopolies" against private capital participation in the financial sector, promising broad reforms to ownership and capital structures in banking, equities, insurance and other financial institutions that would encourage more private capital to flow into the financial services sector.

"Improving financial services for small businesses requires the reform, innovation and regulated development of financial institutions that come in different types and different sizes," he said, making clear there was a role for private credit in the economy, providing it was properly regulated.

In addition, Wen made the case for more market-based reforms to interest rates and credit pricing to enhance their roles, along with exchange rates, as price levers.

Wen said China should "accelerate nurturing of a market system for benchmark interest rates, guide financial institutions towards enhancing their risk price-setting capacities, and steadily advance marketizing reform of interest rates."

monster beats And he repeated the long-standing commitment to "further improve the renminbi exchange rate formation mechanism, strengthen the flexibility of the renminbi exchange rate in both directions, maintaining a basically stable renminbi exchange rate at a reasonable and balanced level."

China would push forward with yuan convertibility in an orderly manner and broaden the use of the currency in cross-boarder trade settlement, he added.

And Wen reiterated that the government would further diversify its huge $3.18 trillion foreign exchange reserves.

"We should explore a multi-layer investment channel for our foreign exchange reserves and further improve the skill of managing the reserve assets by steadily diversifying the investment to maintain safety, liquidity and preserve and increase its value," he said.

SUPPORT FOR ECONOMIC INNOVATION

monster headphones The Premier said China's financial institutions must step up support for key areas of economic structural adjustment, for projects aimed at saving energy and reducing pollution, and for indigenous innovation.

Beijing has unveiled a slew of tax breaks to help cash-strapped small firms cope with rising costs and has also allowed them to issue more bonds and tap other sources of financing to ease the funding squeeze.

China's big four state-backed lenders are criticized by small and medium-sized business owners for directing the bulk of their lending capacity to major state-owned enterprises.

Bank lending in China is essentially rationed by the government, which sets an annual lending target and decides how much credit can be created in the economy.

China has set a target of 8 trillion yuan ($1.27 trillion) in new local-currency bank loans and 14 percent growth in broad M2 money supply for 2012, three sources familiar with government plans told Reuters earlier this month.

beats by dr dre headphones That marks a rise from 7.47 trillion yuan in new bank loans and annual M2 growth of 13.6 percent achieved in 2011, implying a further loosening of policy by the People's Bank of China to support the economy as growth loses steam and inflation cools.

Jan 30th

Hugo Chavez warns he could nationalize some banks

By mercurialy

Hugo Chavez warns he could nationalize some banks

beats by dre CARACAS, Venezuela (AP) — Venezuelan President Hugo Chavez warned private banks on Sunday that he will consider nationalizing any that refuse to finance agricultural projects promoted by his government.

Banks are required by law in Venezuela to provide at least 10 percent of their lending to finance government development projects.

"The private banks that do not comply with the constitution and their duty, well, I do not have any problem nationalizing them," Chavez said during his weekly radio and television program. "We must ensure the constitution and laws are complied with!"

beats by dr dre Chavez charged that the rules aren't being followed by some of Venezuela's biggest private banks — Banesco, Banco Mercantil and Banco Provincial, which is controlled by Spain's Banco Bilbao Vizcaya Argentaria.

Chavez singled out the president of Banesco, Juan Carlos Escotet, ordering him to lend more to Venezuela's cash-strapped farmers.

"If you cannot do it, give me your bank," Chavez said, prompting applause from a crowd of government officials and supporters.

dre beats A bill approved last year by Chavez's allies in the National Assembly describes banking as a "public service" and gives the government the authority to declare banks to be of "public utility," which paves the way for state nationalizations.

The government already seized control of about a dozen banks in recent years, accusing them of causing financial problems and violating banking rules.

Chavez's government controls about 28 percent of Venezuela's banking sector.

The president hosted Sunday's program from the city of Barinas in the heart of "Los Llanos," Venezuela's vast central plains. The sun-baked region produces most of Venezuela's meat, fruits and vegetables, but many farmers and ranchers complain of state expropriations and say government-imposed price controls on many basic foods cut into their profits.

In between telephone calls and announcements of forthcoming government agricultural programs, folkloric music typical of the president's home state — called "joropo" — boomed over loudspeakers.

beats by dre studio Chavez kicked off the program chatting with workers at a state-financed cattle ranch. The self-proclaimed "revolutionary" spent much of Sunday's show discussing the need to develop "idle" lands as a means of boosting agricultural production, which has diminished in recent years.

"We must advance quicker with the recuperation of land," Chavez said, stressing that the government must make more land available to the poor.

Chavez instructed government-friendly mayors and state governors "to travel on horseback and on foot, day and night" in search of lands that have not been put to adequate use under government standards that define when officials can initiate expropriations.

beats solo The government says it is redistributing large estates and other land that is not adequately used. Critics contend the land seizures have hurt productive farms, thus cutting agricultural production and forcing the oil-exporting country to boost food imports.

Opposition leader Pablo Perez, a state governor who hopes to challenge Chavez in an Oct. 7 presidential election, strongly criticized the government's agriculture initiatives Sunday, noting that oil-rich Venezuela imports much more food than it produces.

cheap beats by dre "We must create an axis of development that not only provides a supply for Venezuelans, but also to export to other countries, and put an end to the government's importation policy," Perez said during a visit the agriculture-dependent state of Merida.

Jan 30th

Neeson's 'The Grey' tops box office with $20M

By mercurialy

Neeson's 'The Grey' tops box office with $20M

cheap hollister clothes NEW YORK (AP) — Beware the Liam in Winter. Liam Neeson's "The Grey" topped the weekend box office with $20 million, according to studio estimates Sunday, continuing the actor's success as an action star in the winter months.

The Alaskan survivalist thriller opened above expectations with a performance on par with previous Neeson thrillers "Taken" and "Unknown." Those films, both January-February releases, opened with $24.7 million and $21.9 million, respectively.

But the R-rated "The Grey," which has received good reviews, drove home the strong appeal of Neeson, action star. It's an unlikely turn for the 59-year-old Neeson, previously better known for his dramatic performances, like those in "Schindler's List" and "Kinsey."

hollister kids "Liam is a true movie star, period," said Tom Ortenberg, CEO of Open Road Films. It's the second release for the newly formed distributor, created by theater chains AMC and Regal.

"My guess is that Liam Neeson in action thrillers would work just about any time of year."

January is often a dumping ground for less-stellar releases, a tradition held up by two badly reviewed new wide releases: "Man on a Ledge," with Sam Worthington, and "One for the Money" with Katherine Heigl.

"One for the Money" fared better, earning $11.8 million, while "Man on a Ledge" opened with $8.3 million.

hollister clothing Those were reasonably solid returns, and, in an unusual twist, were both ultimately for Lions Gate Entertainment. Its film studio, Lionsgate, released the romantic comedy "One for the Money." The action thriller "Man on a Ledge" was released by Summit Entertainment, which Lions Gate bought for $412.5 million earlier this month.

"One for the Money" was helped by a promotion with Groupon, the Internet discount site, with which Lionsgate previously partnered for "The Lincoln Lawyer." David Spitz, head of distribution for Lionsgate, said the large number of older, female subscribers of Groupon matched well with the audience of "One for the Money."

Groupon email blasts, he said, had a significant promotional effect.

Last week's box-office leader, "Underworld: Awakenings," Sony's Screen Gem's latest installment in its vampire series, came in second with $12.5 million, bringing its cumulative total to $45.1 million.

hollister jeans The unexpectedly large haul for "The Grey," strong holdovers (such as the George Lucas-produced World War II action film "Red Tails," which earned $10.4 million in its second week) and the bump for Oscar contending films following Tuesday's nominations added up to a good weekend for Hollywood. The box office was up about 15 percent on the corresponding weekend last year.

So far, every weekend this year has been an "up" weekend, after a somewhat dismal fourth quarter in 2011.

"'Mission: Impossible,' I think, really helped reinvigorate the marketplace, and that's carried over into the first part of the year," said Paul Dergarabedian, box-office analyst for Hollywood.com. "That's good news for Hollywood after the down-trending box office of 2011."

Oscar favorites "The Descendants," ''Hugo" and "The Artist" sought to capitalize on their recent Academy Awards nominations. Each expanded to more theaters and saw an uptick in business.

hollister sale Fox Searchlight's "The Descendants," which is nominated for five Oscars including best picture, added 1,441 screens in its 11th week of release. It added $6.6 million and has now made $58.8 million, making it one of Fox Searchlight's most successful releases.

Sheila DeLoach, senior vice president of distribution for Fox Searchlight, said the film's nominations and its recent Golden Globes wins (for best drama and best actor, George Clooney) "played a big role" in its weekend box office.

Paramount's "Hugo," which led Oscar nominations with 11 including best picture, saw a 143 percent jump in business over its last weekend. In its tenth week of release, it earned $2.3 million, bringing its total to $58.7 million.

hollister outlet The Weinstein Co.'s "The Artist," with 10 Oscar nominations including best picture, expanded a modest 235 screens to bring it to a total of 897 screens in its 10th week of release. It earned $3.3 million, with a total of $16.7 million.

The Weinstein Co. is being careful with the black-and-white, largely silent film. Thus far, it has appealed particularly to older audiences.

"It's not the same type of picture as any other picture in the marketplace," said Erik Loomis, head of distribution for the Weinstein Co. "Now that the nominations are out, we're going to look to capitalize on it as best we can. ... We're being very, very meticulous with it. We're not throwing it out there and grabbing every theater we can. At some point, we'll open the floodgates on the movie, maybe closer to the awards."

hollister shirts Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Hollywood.com. Final figures will be released Monday.

1. "The Grey," $20 million.

2. "Underworld: Awakening," $12.5 million.

3. "One for the Money," $11.8 million.

4. "Red Tails," $10.4 million.

5. "Man on a Ledge," $8.3 million.

6. "Extremely Loud & Incredibly Close," $7.1 million.

7. "The Descendants," $6.6 million.

8. "Contraband," $6.5 million.

9. "Beauty and the Beast," $5.3 million.

10. "Haywire," $4 million.

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Jan 30th

Neeson's "Grey" wins box office weekend

By mercurialy

Neeson's "Grey" wins box office weekend

hollister shirts LOS ANGELES (Reuters) - Survival story "The Grey" starring Liam Neeson in a battle against weather and wolves led the box office pack with a better-than-expected $20 million in ticket sales over the weekend.

"The Grey" knocked last weekend's winner, "Underworld: Awakening," to second place. The vampire and werewolf sequel starring Kate Beckinsale brought in $12.5 million from Friday through Sunday at domestic theaters, according to studio estimates compiled by Reuters on Sunday.

In "The Grey," Neeson returns to an action role as a man who leads a team of plane crash survivors who must fight harsh weather and a fierce pack of wolves in the Alaskan wilderness.

hollister clothing The movie played at 3,185 North American (U.S. and Canadian) theaters and earned a per-theater average of $6,279, according to the box office division of Hollywood.com.

Distributor Open Road Films acquired the film for about $5 million and had projected up to $12 million in debut weekend sales. The film beat that forecast because "it doesn't look like every other movie out there. In a crowded marketplace, I think it's important to be distinctive," said Open Road Films CEO Tom Ortenburg.

Katherine Heigl's new comedy, "One for the Money," finished in third place with $11.8 million, topping industry forecasts of less than $10 million for the film based on a best-selling book by Janet Evanovich.

hollister sale Distributor Lions Gate Entertainment said readers who loved the book helped the movie beat expectations.

"We think the audience that showed up are not frequent moviegoers. They're just huge fans of Janet Evanovich," said David Spitz, head of domestic distribution for Lions Gate.

In the film, Heigl plays a cash-strapped woman who joins a bail-bond business and must track down a wanted man who happens to be an ex-boyfriend. Audiences surveyed by exit polling firm CinemaScore game the movie a B-minus on average.

OSCAR BOOST

The weekend's other new movie, crime drama "Man on a Ledge," landed in fifth place. The film was distributed by Lions Gate's newly acquired Summit Entertainment unit as release dates and marketing plans were set well before the studios combined earlier this month.

hollister uk "Man on a Ledge" took in $8.3 million, within studio forecasts. The movie features "Avatar" star Sam Worthington as a fugitive who threatens to jump from a hotel ledge.

"Red Tails," a drama about black fighter pilots in World War Two, brought in $10.4 million to land in fourth place in its second weekend in theaters.

Also this weekend, a crop of films capitalized off last week's Oscar nominations.

"The Descendants," starring George Clooney as a father dealing with a family crisis, expanded to 2,001 theaters from 560 and gained 176 percent from last weekend. The movie took in $6.6 million, lifting its domestic tally to $58.5 million since its release last November. The movie has added $27 million in international markets for a worldwide total of $85.5 million.

hollister Black-and-white silent film "The Artist" increased its weekend sales by 40 percent from a week earlier, bringing in $3.3 million after adding 235 more screens. To date, the film has grossed $16.7 million domestically.

Family film "Hugo," which led the Oscar nominations with 11, also jumped 143 percent to $2.3 million. Its total sales to date stand at $58.7 million domestically.

Open Road Films, a joint venture between theater owners Regal Entertainment Group and AMC Entertainment Inc, released "The Grey." The film unit of Sony Corp distributed "Underworld: Awakening." "Red Tails" and "The Descendants" were released by divisions of News Corp's Fox Filmed Entertainment.

hollister hoodies Privately-held The Weinstein Co released "The Artist," and Viacom Inc unit Paramount Pictures distributed "Hugo."

Jan 30th

300 arrested in daylong Occupy Oakland protests

By mercurialy

300 arrested in daylong Occupy Oakland protests

abercrombie and fitch sale OAKLAND, Calif. (AP) — Dozens of police maintained a late-night guard around City Hall following daylong protests that resulted in 300 arrests. Occupy Oakland demonstrators broke into the historic building and burned a U.S. flag, as officers earlier fired tear gas to disperse people throwing rocks and tearing down fencing at a convention center.

Saturday's protests — the most turbulent since Oakland police forcefully dismantled an Occupy encampment in November — came just days after the group said it planned to use a vacant building as a social center and political hub and threatened to try to shut down the port, occupy the airport and take over City Hall.

An exasperated Mayor Jean Quan, who faced heavy criticism for the police action last fall, called on the Occupy movement to "stop using Oakland as its playground."

abercrombie sale uk "People in the community and people in the Occupy movement have to stop making excuses for this behavior," Quan said.

Protesters clashed with police throughout the day, at times throwing rocks, bottles and other objects at officers. And police responded by deploying smoke, tear gas and bean bag rounds, City Administrator Deanna Santanta said.

Interim Police Chief Howard Jordan said about 300 arrests were made.

"These demonstrators stated their intention was to provoke officers and engage in illegal activity and that's exactly what has occurred today," Santana said.

The group assembled outside City Hall late Saturday morning and marched through the streets, disrupting traffic as they threatened to take over the vacant Henry Kaiser Convention Center.

abercrombie sale The protesters walked to the vacant convention center, where some started tearing down perimeter fencing and "destroying construction equipment" shortly before 3 p.m., police said.

Police said they issued a dispersal order and used smoke and tear gas after some protesters pelted them with bottles, rocks, burning flares and other objects.

The number of demonstrators swelled as the day wore on, with afternoon estimates ranging from about 1,000 to 2,000 people.

A majority of the arrests came after police took scores of protesters into custody as they marched through the city's downtown, with some entering a YMCA building, said Sgt. Jeff Thomason, a police spokesman.

abercrombie and fitch outlet Quan said that at one point, many protesters forced their way into City Hall, where they burned flags, broke an electrical box and damaged several art structures, including a recycled art exhibit created by children.

She blamed the destruction on a small "very radical, violent" splinter group within Occupy Oakland.

"This is not a situation where we had a 1,000 peaceful people and a few violent people. If you look at what's happening today in terms of destructing property, throwing at and charging the police, it's almost like they are begging for attention and hoping that the police will make an error."

Dozens of officers surrounded City Hall, while others swept the inside of the building looking for protesters who had broken into the building, then ran out of the building with American flags before officers arrived.

abercrombie outlet The protest group issued an email criticizing police, saying "Occupy Oakland's building occupation, an act of constitutionally protected civil disobedience was disrupted by a brutal police response today."

Michael Davis, 32, who is originally from Ohio and was in the Occupy movement in Cincinnati, said Saturday was a very hectic day that originally started off calm but escalated when police began using "flash bangs, tear gas, smoke grenades and bean bags."

"What could've been handled differently is the way the Oakland police came at us," Davis said. "We were peaceful."

abercrombie and fitch uk City leaders joined Quan in criticizing the protesters.

"City Hall is closed for the weekend. There is no excuse for behavior we've witnessed this evening," City Council President Larry Reid said during a news briefing Saturday.

Oakland Councilman Ignacio De La Fuente, echoed Reid's sentiments and said that what was going on amounts to "domestic terrorism."

The national Occupy Wall Street movement, which denounces corporate excess and economic inequality, began in New York City in the fall but has been largely dormant lately.

Oakland, New York and Los Angeles were among the cities with the largest and most vocal Occupy protests early on. The demonstrations ebbed after those cities used force to move out hundreds of demonstrators who had set up tent cities.

In Oakland, the police department received heavy criticism for using force to break up earlier protests. Quan was among the critics, but on Saturday, she seemed to have changed her tune.

abercrombie outlet uk "Our officers have been very measured," Quan said. "Were there some mistakes made? There may be. I would say the Oakland police and our allies, so far a small percentage of mistakes. "But quite frankly, a majority of protesters who were charging the police were clearly not being peaceful.

Earlier this month, a court-appointed monitor submitted a report to a federal judge that included "serious concerns" about the department's handling of the Occupy protests.

Jordan said late Saturday that he was in "close contact" with the federal monitor during the protests.

Quan added, "If the demonstrators think that because we are working more closely with the monitor now that we won't do what we have to do to uphold the law and try keep people safe in this city, they're wrong." abercrombie and fitch uk

Jan 30th

Merkel deflects pressure to boost euro bailout funds

By mercurialy

Merkel deflects pressure to boost euro bailout funds

abercrombie and fitch uk BERLIN (Reuters) - Chancellor Angela Merkel tried to deflect growing international pressure on Germany to agree an increase in the euro zone's bailout funds Sunday by saying talks were still continuing.

Amid calls to raise the size of the permanent European Stability Mechanism (ESM) ahead of an EU summit Monday, Merkel was asked by Bild am Sonntag newspaper about "rising pressure" on Germany to "massively increase" the bailout fund.

But the chancellor did not address the issue of whether Germany would back raising the ESM and instead answered a question about what impact increasing the ESM might have on the German budget this year.

abercrombie outlet "The negotiations are continuing on whether we'll pay in our contribution in one tranche or two tranches," said Merkel, who has resisted calls for Germany to back increasing the bailout funds in part due to opposition in her center-right coalition.

"But independent of all that, our deficit level as far as the European Stability Pact is concerned will not be increased as a result because the money won't be gone. It's only to be transferred from the federal budget to the ESM."

Merkel is keen to avoid the EU summit being sidetracked by debate about whether extra funding should be funneled into the euro zone bailout funds, as the International Monetary Fund and some euro states -- including Italy and Spain -- have suggested.

abercrombie sale A close Merkel ally in parliament, Peter Altmaier, said it made sense to first see how effective the ESM is.

"It would be good if we make good use of the amounts that are now available," Altmaier, a senior MP, told German radio.

Austrian chancellor Werner Faymann said in an interview in Der Spiegel news magazine he believed the 500-billion euro ESM firewall may need to be raised, echoing appeals made in Berlin by IMF head Christine Lagarde and Italian premier Mario Monti.

"I wouldn't promise my parliament that 500 billion euros will be enough," Faymann said, adding his government was preparing to contribute to a higher firewall by taking funds from the European Financial Stability Facility (EFSF).

cheap abercrombie clothes "This is the direction it should go -- that way we'd come up with a total of about 750 billion euros," he said. "Financial markets are observing us closely and measuring how strong we are by looking at the size of the firewall. If it's too low, we'll be giving the markets a reason to speculate against us."

German government sources have told Reuters Merkel does not rule out boosting funds if the euro zone crisis deteriorates over the coming months. But only the threat of a disaster may persuade her coalition to back more funds for the currency bloc.

The German government believes that there should not be any discussions about increasing the firewall until March.

The leader of Germany's center-left opposition in parliament, Frank-Walter Steinmeier, said Merkel was making a mistake by resisting calls to raise the ESM.

abercrombie and fitch kids "You can argue whether continually coming up with new bailout funds is the right way to go," Steinmeier told the Welt am Sonntag newspaper. "But for those who decide in a situation like this to set up a permanent bailout fund, they should realize that this one is definitely not big enough."

Steinmeier, foreign minister under Merkel in the 2005-2009 grand coalition and a possible challenger in 2013, said that Merkel had failed to inspire public confidence during Europe's worst post-war crisis, by repeatedly changing course.

"She has annoyed a lot of people and put them off on Europe by continuously changing direction," said Steinmeier.

abercrombie and fitch sale "As Europe's strongest export nation we have a fundamental interest in preventing this crisis from becoming a permanent recession for all of Europe," he added. "If Europe isn't doing well, then Germany won't be doing well either."

Jan 30th

Up to 10 months to remove capsized cruise ship

By mercurialy

Up to 10 months to remove capsized cruise ship

louis vuitton outlet GIGLIO, Italy (AP) — The cruise ship that capsized off Italy's coast will take up to 10 months to remove, officials said Sunday, as rough seas off the Tuscan coast forced the suspension of recovery operations.

Officials called off both the start of operations to remove of 500,000 gallons of fuel and the search for people still missing after determining the Costa Concordia had moved four centimeters (an inch and a half) over six hours, coupled with waves of more than one meter (three feet).

A 17th body, identified as Peruvian crew member Erika Soria Molina, was found Saturday. Sixteen crew and passengers remain listed as missing, with one body recovered from the ship not yet identified.

Officials have virtually ruled out finding anyone alive more than two weeks after the Costa Concordia hit a reef, but were reluctant to give a final death toll for the Jan. 13 disaster. The crash happened when the captain deviated from his planned route, creating a huge gash that capsized the ship. More than 4,200 people were on board.

"Our first goal was to find people alive," Franco Gabrielli, the national civil protection official in charge of the operation, told a daily briefing. "Now we have a single, big goal, and that is that this does not translate into an environmental disaster."

University of Florence professor Riccardo Fanti said the ship's movements could either be caused by the ship settling on its own weight, slipping deeper into the seabed, or both. He also could not rule out the ship's sliding along the seabed.

louis vuitton outlet Gabrielli noted that the body of a man recovered from the ship remains unidentified, despite efforts to obtain DNA samples from all of the missing, meaning that officials cannot preclude that the deceased is someone unknown to authorities. Costa has said that it runs strict procedures that would preclude the presence of any unregistered passengers.

Experts have said it would take 28 days to remove fuel from 15 tanks accounting for more than 80 percent of all fuel on board the ship. The next job would be to target the engine room, which contains nearly 350 cubic meters of diesel, fuel and other lubricants, Gabrielli said.

Only once the fuel is removed can work begin on removing the ship, either floating it in one piece or cutting it up and towing it away as a wreck. Costa has begun the process for taking bids for the recovery operation, a process that will take two months.

Gabrielli said the actual removal will take from seven to 10 months — meaning that the wreck will be visible from the coast of the island of Giglio for the entire summer tourism season.

Residents of Giglio have been circulating a petition to demand that officials provide more information on how the full-scale operations can coexist with the important tourism season. At the moment, access to the port for private boats has been banned and all boats must stay at least one mile (1.6 kilometers) from the wrecked ship, affecting access to Giglio's only harbor for fishermen, scuba divers and private boat owners.

"We are really sorry, we would have preferred to save them all. But now other needs and other problems arise," said Franca Melils, a local business owner who is promoting a petition for the tourist season. "It's about us, who work and make a living exclusively from tourism. We don't have factories, we don't have anything else." www.louisvuittonoutletjan.com

Jan 5th

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Jan 5th

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Jan 3rd

Returns of online holiday gifts to hit record

By mercurialy

Returns of online holiday gifts to hit record

hollister jeans (Reuters) - After the holiday party comes the hangover for retailers: handling millions of returns this week.

With a Christmas season that has seen record e-commerce sales coming to a close, returns should hit an all-time high on Tuesday for United Parcel Service .

The delivery company expects to handle more than 550,000 returns on Tuesday, a record, and up almost 8 percent from a year earlier. Several other days during the first week of 2012 will also top half a million returns, UPS said.

"This will definitely be the busiest year for returns," Ken Burkeen, marketing director of the retail and consumer products division at UPS, told Reuters.

hollister shirts The good news for retailers is that most of the jump is simply a reflection of the explosive growth in e-commerce this Christmas season: U.S. online sales were up 15 percent between November 1 and December 26, according to data firm comScore.

Burkeen said UPS expects returns to rise 7.7 percent, meaning returns as a percentage of total sales have actually dipped despite more customer-friendly return policies.

A lot of that has to do with how much better web sites have gotten, including the ability to rotate the image of a product 360 degrees.

Diana Ku, a 25-year-old elementary school teacher from the San Francisco area, said she buys more from Nordstrom Inc , in part because of the quality of the photography on the upscale department store chain's web site.

hollister clothing Such improvements to many e-commerce sites have lowered the risk for a customer like Ku of placing an order only to open a package and find the item wasn't what she was expecting.

Ku has yet to return a product she bought online this holiday period. "I do return quite a lot normally, but I didn't this year," she said.

It's expensive for retailers to take back products they have already sold, check they are still in good condition, repackage them and integrate them back into inventory for resale.

Kurt Salmon retail strategist Al Sambar said that the returned items often end up in the discount bin, meaning a further danger to margins during a holiday season that has already seen steep discounting.

hollister clothes But retailers have found that easier returns policies, online or off, can be good business.

Nordstrom this year stopped taking $6 off of refunds on returns when an item bought online is mailed back. Kohl's Corp , a mid-priced department store chain, has long been praised by retail strategists for its policy of accepting returns without receipts.

Even when returns spike, that can be good news. If shoppers know they can bring products back to stores or mail them back to online retailers, they are likely to buy more from that retailer.

"Making it easier to return increases loyalty and doesn't increase returns per se," said Fiona Dias, chief strategy officer for ShopRunner, a company that manages returns and shipping for the e-commerce sites of retailers including American Eagle Outfitters and Toys R Us .

cheap hollister clothes "If retailers make it difficult to return, the customer is left with an overall bad taste in their mouth about the brand."

ELECTRONICS, CLOTHING TOP LIST OF RETURNS

UPS is seeing a "surge" in returns of electronic devices, Burkeen told Reuters.

When consumers buy electronics online, they do not get a chance to try out the devices first. So often, after the products arrive, "they play around with the product and decide they would like to return it for another product," he said.

hollister outlet Consulting firm Accenture last month estimated that returns would cost U.S. electronics stores and makers $17 billion this year.

Several top electronics retailers, including Amazon.com , Best Buy Co and Apple Inc , have extended their normal return windows to accommodate the large number of people who will need to initiate returns or refunds over the next few weeks, according to STELLAService, which rates the customer service of the largest retail websites.

Categories with the highest percentage of returns will also include apparel and footwear.

hollister sale Such items are not easy to purchase online because they need to fit properly and require being tried on before consumers commit fully.

For such items it is becoming common practice to offer fast, easy and even free returns, according to Jordy Leiser, chief executive officer of STELLAService.

Zappos, a unit of Amazon which sells mostly shoes and apparel, pioneered free shipping both ways - including returns.

ShopRunner's Dias said that only about 10 percent of retailers offer free shipping on returns but predicted that would grow quickly in the coming years.

hollister kids Bonobos, a fast-growing online men's clothing retailer, specializes in selling pants that fit right. A crucial part of its service is to allow consumers to mail back poorly fitting pants as many times as needed.

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