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European Banks Have Until 1/20/12 to Detail Fundraising Methods to the European Banking Authority

“………..Some analysts have called banks the canary in the coalmine, saying that they can predict whether the economy will recover or whether it will get worse. ButRalph Silva, research director at SRN, said banks are more than that.

“I don’t think they’re the canary right now, I think they’re actually the grenade because they are the ones that are going to fix this or make it worse,” he told CNBC in an interview…..”

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Profits For Chinese Manufacturing Fall on Slower Growth

“Chinese industrial companies’ profits growth cooled, adding to evidence the government may need to ease policy to protect the nation’s economic expansion.

Net income increased 24.4 percent in the first 11 months of 2011 from a year earlier to 4.66 trillion yuan ($737 billion), the National Bureau of Statistics said on its website today. The pace compared with 25.3 percent gain in the first 10 months and a 27 percent rise in the first three quarters.”

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Bank of Japan Warns of Further Economic Risks

“…..Economic uncertainty is deepening around the world, which is showing up in some Japanese statistics on exports and production,” said Hitoshi Asaoka, a Tokyo-based senior strategist at Mizuho Trust & Banking Co. “Investors find it hard to move near year-end…..”

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Twitter Breaking U.S. Law, Supporting Online Jihad

Twitter Continues To Evade Explaining Its Breaking of U.S. Law and Its Indirect Support For Online Jihad: The Case of Hizbullah and Al-Manar TV

By: Steven Stalinsky

Introduction

As part of its research, the MEMRI Jihad and Terrorism Threat Monitor follows the multiple ways in which jihadi groups are using Twitter – “tweeting” news flashes, reporting attacks, battles, and other operational activities, and sharing videos, and more.

Jihadi groups’ use of Twitter is part of their online media strategy of taking advantage of Western websites and technologies,[1] uploading videos to YouTube[2] and to the Internet Archive,[3] creating official Facebook pages,[4] and other methods. Jihadis have come to depend on free web hosting, where content can be uploaded anonymously, reliably, and at no cost.

Headquartered in San Francisco, California and with servers in San Antonio, Texas, Boston, Massachusetts, and New York, Twitter is increasingly being used by terrorist organizations and their media outlets. Their online followers are growing in number.

Twitter’s Terms of Services Supposedly Ban Users “Barred From Receiving Services Under the Laws of the United States” – Yet Growing Number of Designated Terrorist Organizations Are Tweeting

The latest designated terrorist organization active on twitter is Hizbullah (http://twitter.com/#1/almanarnews). Other jihadi organizations include the Somali Al-Qaeda-affiliated Al-Shabaab Al-Mujahedeen,[5] the Taliban,[6] Jihad Al-Ansar Media,[7] Nukhbat Al-I’lam Al-Jihadi,[8] Ribat Media Center,[9] and many more, on which MEMRI will be reporting soon.

According to Twitter’s Terms of Service, account holders may use the Services only if “you [the user] can form a binding contract with Twitter and are not a person barred from receiving services under the laws of the United States or other applicable jurisdiction.” [10] Its “Restrictions on Content” states “We reserve the right at all times (but will not have an obligation) to remove or refuse to distribute any Content on the Services and to terminate users or reclaim usernames… We also reserve the right to… enforce the Terms, including investigation of potential violations hereof.”[11]

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Pope Benedict Rails Against Commercialization of Christmas

Pope Benedict ushered in Christmas for the world’s 1.3 billion Roman Catholics on Saturday, urging humanity to see through the superficial glitter and commercialism of the season and rediscover the real significance of the humble birth of Jesus.

The 84-year-old pope, celebrating the seventh Christmas season of his pontificate, also urged that those marking the holiday in poverty, suffering or far from home not be forgotten.

At the start of a Christmas Eve service, he was wheeled up the central aisle of St Peter’s Basilica standing on a mobile platform which he has been using since October.

The Vatican says it is to conserve his strength, allow more people to see him and guard against attacks such as one on Christmas Eve, 2009, when a woman lunged at him and knocked him to the ground. He is believed to suffer from arthritis in the legs.

But he seemed to be in good shape during the solemn service in Christendom’s largest church as choirs sang, cantors chanted and organ music filled the centuries-old basilica.

Benedict, wearing resplendent gold and white vestments, urged his listeners to find peace in the symbol of the powerless Christ child in a world continually threatened by violence.

“Today Christmas has become a commercial celebration, whose bright lights hide the mystery of God’s humility, which in turn calls us to humility and simplicity,” he said in his homily to about 10,000 people in the basilica and millions more watching on television throughout the world.

“Let us ask the Lord to help us see through the superficial glitter of this season, and to discover behind it the child in the stable in Bethlehem, so as to find true joy and true light.”

The Christmas story of how Jesus, who Christians believe is the son of God, was born powerless “in the poverty of the stable” should remind everyone of the need for humility.

“… let us strip away our fixation on what is material, on what can be measured and grasped. Let us allow ourselves to be made simple by the God who reveals himself to the simple of heart,” he said.

PEACEMAKERS

The pope, who earlier placed a “candle of peace” on the windowsill of his apartments as the life-size nativity scene in St Peter’s Square was inaugurated, called for an end to violence, for oppressors to put down their “rods” and for all to become peacemakers.

“God has appeared – as a child. It is in this guise that he pits himself against all violence and brings a message that is peace,” he said.

“At this hour, when the world is continually threatened by violence in so many places and in so many different ways, when over and over again there are oppressors’ rods and bloodstained cloaks, we cry out to the Lord…” he said.

“…we suffer from the continuing presence of violence in the world, and so we also ask you: manifest your power, O God. In this time of ours, in this world of ours, cause the oppressors’ rods, the cloaks rolled in blood and the footgear of battle to be burned, so that your peace may triumph in this world of ours.”

Those celebrating Christmas in comfortable circumstances should remember those less fortunate.

“And let us also pray especially at this hour for all who have to celebrate Christmas in poverty, in suffering, as migrants, that a ray of God’s kindness may shine upon them, that they – and we – may be touched by the kindness that God chose to bring into the world through the birth of his Son in a stable,” he said.

On Christmas Day, the pope will deliver his twice-yearly “Urbi et Orbi” (to the city and the world) message and blessing from the central loge of St Peter’s Basilica.

He continues his Christmas and New Year’s celebrations on Dec 31 with a year-end Mass of thanksgiving known by its Latin name Te Deum.

On January 1 he marks the Roman Catholic Church’s World Day of Peace, on January 6 he marks the Epiphany and on January 8 will baptise several newborns in the Sistine Chapel.

He is due to visit Mexico and Cuba in March.

SOURCE

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BP Exiting the Solar Business Due to Unprofitability

BP Plc , Europe’s second-largest oil company will shut its solar power unit and quit the business after 40 years because it’s become unprofitable. Photographer: Andrew Caballero-Reynolds/Bloomberg

BP Plc is exiting the solar business after 40 years, countering a trend led by Google Inc. (GOOG), Warren Buffett and Total SA (FP) of investing in the industry just as competition drives down the cost of sun-based power.

Europe’s second-largest oil company will wind down the unit over several months because it has become unprofitable, BP Solar Chief Executive Officer Mike Petrucci told staff in an internal letter last week. About 100 employees will be affected.

BP Solar is withdrawing from an industry that’s facing oversupply and price pressures after Chinese competitors increased production. Total, Europe’s third-biggest oil company, Buffett and Google have entered the industry with investments over the last six months to take advantage of attractive tax breaks, declining costs and a source of power hedged against high fossil-fuel prices.

BP’s move is an anomaly with more companies trying to get involved than are getting out, said Paul Leming, an analyst with Ticonderoga Securities LLC analyst in New York.

“Two of the biggest oil companies have taken the opposite approaches,” Leming said in a phone interview. “The move toward alternative energy continues to be a well-recognized megatrend.”

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Does the ECB’s New Program Solve the Problem ?

In the short run it gives ample liquidity to the banks which can hopefully trickle down to society. It also eases rates as banks have less fear of lending to other banks.

Unfortunately, we still have deficit and growth problems.

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