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I know about this GROUP name since the end of April/beginning of May.The news to come will blow your mind.
iHub rules:
One board per security:
NowAuto (NWAU)
GPS GROUP
VIENNA, Austria - Delegates from about 100 countries began work Monday to revamp an international treaty on protecting nuclear material, arguing existing laws fail to do enough to safeguard nuclear power plants from terrorism.
The push to shield nuclear facilities has gained urgency since the attacks of Sept. 11, 2001, amid new security concerns and nightmare scenarios of fuel-laden jumbo jets smashing into an atomic power plants.
"We can't go on with an old instrument in a new world," the conference chairman, Alec Jean Baer of Switzerland, said after the opening session. He said the proposed changes to the Convention on the Physical Protection of Nuclear Material would amount to an overhaul.
The existing treaty was signed in Vienna and New York in 1980, long before the threat of terrorist nuclear attacks had become a pressing fear. It covers the international transport of nuclear material used for peaceful purposes, as well as some provisions on domestic storage and use.
After years of talks on amending the treaty, experts said it was time to undertake the job. But so many changes are necessary, Baer said, that delegates were essentially "tearing it (the treaty) down and building it up again."
He likened the convention to an aging building that needed so much renovation that only its outer skeleton could remain intact. For the measure to be updated to meet the current threat, a "more modern ... of course, more expensive" structure is needed, he said.
The changes under consideration by some 350 delegates would strengthen existing law by establishing an international standard to protect nuclear facilities from sabotage. The new changes also would call for cooperation between countries to locate and recover stolen and smuggled material and to combat such offenses.
Though experts have long worried nuclear plants and materials could be targeted by terrorists, drawing up rules to protect them from such attacks has taken time because the efforts cost money and require expertise some countries don't have.
Baer had no estimate on how much each country will have to spend to conform to the new rules, but it would be up to states to finance the necessary changes.
"The amendments now before this conference are vitally important and if adopted, will take another significant step in reducing the vulnerability of states, parties and indeed the entire world," David B. Waller, an IAEA deputy director general, said in his opening remarks.
The session is not expected to produce instant results. Even if experts agree to amend the treaty, the countries that have signed it will all have to ratify the changes — a process that could take time.
Deutsche Telekom may sell T-Mobile USA
by Boris Groendahl
Mon Jul 4, 2005
FRANKFURT (Reuters) - Deutsche Telekom (DTEGn.DE) has been sounding out institutional investors on whether to sell off U.S. mobile operator T-Mobile USA or spend billions of dollars to expand the business, according to fund managers.
Deutsche Telekom and T-Mobile USA (TMOG.UL) officials declined to comment on what they called market rumors.
In a series of one-on-ones meetings with major investment funds, Chief Financial Officer Karl-Gerhard Eick and other executives of Europe's biggest phone carrier told fund managers a decision would be made by the end of the year.
But many investors are skeptical a buyer will emerge and question whether there was a sensible way to spend the $30 billion Deutsche Telekom could raise in a sale, and hope T-Mobile USA might need less investment if it goes on its own.
"There were several meetings with Eick in which they were testing what our reaction would be," said one fund manager at a major German fund who spoke on the condition of anonymity. The meetings happened around March, he said.
A fund manager at another major German fund, who also declined to be named, confirmed that options for the U.S. mobile business were discussed earlier this year.
"They said there would be a period of uncertainty (until the end of the year), and that we would have to trust them to make the right decision," the second investor added.
One option that Eick presented to investors was to sell the fast-growing business, bought for $40 billion during the peak of the telecoms bubble, while it was still on a good run, signing up subscribers fast, and boosting sales and earnings.
The second scenario was to buy permits for third-generation (3G) mobile phone services in auctions next year and build a 3G network for such services as streaming music and video calls. Analysts reckoned costs of up to $10 billion.
Possible buyers would be Britain's Vodafone Group (VOD.L), the world's biggest mobile carrier, or cable operators seeking an entry into the mobile phone market, the investors said.
"Eick was saying half jokingly how he could always call (Vodafone Chief Executive) Arun Sarin if he wanted to sell," one fund manager said.
But Vodafone, whose U.S. mobile arm, Verizon Wireless, is a joint venture with Verizon Communications (NYSE:VZ - news), has repeatedly dismissed the notion. "We would not be interested in the T-Mobile USA assets," a company spokesman said Sunday.
GROWTH ENGINE
"Potential buyers of T-Mobile USA do not seem to be forming a queue," analysts at CSFB said in a research note last week. Deutsche Telekom would have to perform a strategic about-face if it sold the business.
T-Mobile USA has been among the fastest growing U.S. providers in recent years, with a more than 30 percent rise in customers and core earnings growth of nearly 50 percent in 2004.
T-Mobile USA had $2.85 billion in revenues and more than 18 million customers at the end of the first quarter.
Moreover, it was the sole growth motor of the entire Deutsche Telekom group. With fixed-line revenues in its domestic market and mobile sales in most of Europe slipping, T-Mobile USA is Chief Executive Kai-Uwe Ricke's brightest star.
"Ricke can kiss good-bye to his goal to be the fastest-growing European integrated telecoms operator if he sells T-Mobile USA," said one fund manager. "There is nothing he could buy that would deliver growth on the same scale."
After the latest round of consolidation in the U.S. mobile industry, which had six large players this time last year, the number of national operators is expected to drop later this year to four from five.
Analysts say T-Mobile, the smallest of the four operators, will have to prop up spending if it wants to keep pace.
"(It must) either commit to this, or look to divest itself of the asset at the best price," said Rich Nespola, chief executive at U.S. consultancy Management Network Group.
Spending includes 3G technology, which mobile operators hope will raise revenues as it becomes much more than a portable device for phone calls.
"They need 3G because data services are the only path to continue growing that makes sense," said a fund manager.
After operators spent around 100 billion euros ($121 billion) on 3G licenses in Europe in 2000, investors fret about a similarly inflated series of U.S. spectrum auctions next year. But the consolidation has reduced the number of bidders and might help make the next auction less expensive.
"It's not really clear what it all will cost," said a fund manager. "In the worst case, you could look at $10 billion (for spectrum and network gear). But as things stand now, I'd rather expect $5 billion over three to five years."
"That's manageable. They can do that, even without (their credit rating) being cut. To me it looks as if that's what's going to happen." ($1=.8275 Euro) (Additional reporting by Kenneth Li and Sinead Carew in New York)
Until the "group" changes name and listing/ticker, you'll just get news, such as :
Al-Qaida's Leader in Saudi Arabia Killed By ABDULLAH AL-SHIHRI, Associated Press Writer
2 hours, 45 minutes ago
RIYADH, Saudi Arabia - Security forces killed al-Qaida's leader in Saudi Arabia, who topped the nation's list of most-wanted militants, during a fierce gunbattle Sunday, an Interior Ministry official said.
Younis Mohammed Ibrahim al-Hayari, a Moroccan, was killed during a dawn raid by security forces on an area in the capital where suspected militants were hiding, the official was quoted by the official Saudi Press Agency as saying.
Three other unidentified suspects were arrested, and weapons, ammunition, computers and documents were seized, he said.
The clashes took place in the Rawdah district, an upscale neighborhood in eastern Riyadh, Interior Ministry spokesman Lt. Gen. Mansour al-Turki said.
The unidentified official quoted by SPA said al-Hayari headed Osama bin Laden's al-Qaida network in the kingdom, which has been ravaged by terrorist attacks during more than two years of violence.
"He (al-Hayari) was nominated by his peers, and following the death of those preceding him, to be the head of sedition and corruption in the land," the official said in the SPA report.
Al-Hayari topped a list issued Tuesday of 36 most-wanted militants sought for participation in previous terror attacks in the kingdom dating back to 2003. On Wednesday, Saudi Interior Minister Prince Nayef warned that more attacks were possible.
Al-Hayari was believed to have had close ties to Abdul Karim al-Majati, an al-Qaida leader killed in April 2005.
The Interior Ministry official said security forces conducted two simultaneous operations in eastern Riyadh to capture suspects and killed al-Hayari after a shoot-out, while arresting three other suspected militants who were not identified.
It said the first operation ended without incident and with two suspects surrendering. But in the second raid, militants launched a gun battle with troops and lobbed grenades before al-Hayari was killed and another extremist was arrested.
"The two operations have concluded, but we will continue to pursue all the terrorists," al-Turki said.
The report said six security force personnel were slightly wounded in the gun battles while weapons, munitions, communications equipment, computers and documents were seized at both scenes.
According to information released by Saudi authorities earlier this week, al-Hayari entered Saudi Arabia five years ago for the annual hajj pilgrimage season but remained in the country with his wife and young daughter.
Saudi officials said al-Hayari, 36, had regularly disguised himself to avoid capture and had been previously spotted in Riyadh.
This oil-rich kingdom has suffered a series of heavy terrorist attacks since May 2003 when suicide bombers attacked three housing estates for foreigners in the capital Riyadh. The kingdom then launched a wave of retaliatory raids against the militants, and issued a list of 26 most wanted in December 2003. Security forces have killed or captured 23 of the 26 figures on that list.
Abbas Invites Hamas to Join His Cabinet
AP - 2 hours, 48 minutes ago
RAMALLAH, West Bank - Palestinian leader Mahmoud Abbas has invited the Hamas militant group to join his Cabinet to help oversee the smooth handover of the Gaza Strip after Israel withdraws, a Hamas official said Friday. Hamas is considering the offer, a senior Hamas official said, speaking on condition of anonymity because no decision has been made. The Islamic group's leadership in Gaza and abroad will have final say on whether to join Abbas' government, the official said.
By VANESSA ARRINGTON, Associated Press Writer
Mon Jun 27, 7:08 PM ET
HAVANA - Virgin Atlantic flew its first flight between London and Havana on Monday and begins twice-a-week service next month.
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British billionaire and Virgin Express Holdings PLC Chief Richard Branson stuck Cuban and British flags out of a small hole in the airplane as it rolled up on the Havana runway.
"I think there are billions of people who'd like to come to Cuba," he told reporters at the airport. "I think (our venture) will be enormously successful. We'll make it so."
Weekly flights on Thursdays and Saturdays between London and Havana were to begin July 7.
Canadians currently top the list of tourists coming to the communist-run island, followed by the Italians and the French. British tourists are currently No. 7 on the list, but growing.
The last eight years have seen an average annual growth of 19.5 percent among British tourists, according to Cuba's Tourism Ministry. Last year more than 160,000 British tourists came to Cuba, up from 46,000 in 1997, the ministry said.
Branson said he expected the new flights to add some $55 million to Cuba's economy, including jobs, new commerce and tourism.
Branson and some 150 guests he brought with him were scheduled to fly to Nassau, Bahamas, on Tuesday, where Virgin is also launching new direct service from London's Gatwick airport, beginning July 4.
Cubana Airlines flies from Havana and Holguin to London twice weekly.
This just in:
Wal-Mart Heir John Walton Dies in Crash 33 minutes ago
BENTONVILLE, Ark. - John Walton, the son of Wal-Mart founder Sam Walton and a member of the company's board, died Monday in a plane crash in Wyoming.
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Walton, 58, was piloting the ultralight that crashed shortly after takeoff from the Jackson Hole Airport in Grand Teton National Park, the company said.
In March, Forbes Magazine listed Walton as No. 11 on its list of the world's richest people, with a net worth of $18.2 billion, tied with his brother Jim Walton.
Walton had been a member of the board of Wal-Mart Stores Inc. since 1992. Company spokeswoman Mona Williams said the company notified its employees worldwide late Monday of his death.
Walton was an Army veteran who served with the Green Berets as a medic during the Vietnam War. He was awarded the Silver Star for saving the lives of several members of his unit while under enemy fire, according to the company. He attended the College of Wooster in Wooster, Ohio.
Walton is survived by his wife,Christy, and son, Luke; his mother, Helen; two brothers, Rob and Jim; and a sister, Alice.
The board changed quite a bit. I used the in-box to post
some news from Yahoo, but got a little fed up of upgrading every day.
hey new? pretty quiet board?
Feds Charge Father, Son With al-Qaida Link
SACRAMENTO, Calif. - A father and son were charged with lying to federal agents about the son's alleged training at an al-Qaida camp for a mission that a judge said was "to kill Americans whenever and wherever they can be found."
According to an FBI affidavit, Hamid Hayat first denied any link to terror camps, but then told agents he attended an al-Qaida camp in 2003 and 2004.
"Hamid advised that he specifically requested to come to the United States to carry out his jihadi mission," according to the affidavit. "Potential targets for attack would include hospitals and large food stores."
Hayat and his father, Umer Hayat, were arrested over the weekend, FBI agent John Cauthen said Tuesday. Two other men have been detained on immigration violations, he said. The court complaint alleges that Umer Hayat lied about his son's involvement and money he sent for the son's training.
Both men were being held at the Sacramento County Jail. Umer Hayat's attorney, Johnny Griffin III, called the allegations "shocking" but said his client "is charged with nothing more than lying to an agent."
U.S. Magistrate Judge Peter A. Nowinski denied a bail request for the elder Hayat, saying he was a flight risk and a danger to the community.
"He just returned from Pakistan where he built a new home and contributed financial assistance to an al-Qaida sponsored program training his son and others to kill Americans whenever and wherever they can be found," Nowinski said.
Hamid Hayat's attorney wasn't in court, and Nowinski set his bail hearing for Friday.
Umer and Hamid Hayat are American citizens, and the younger man was born in California.
According to reports in the Los Angeles Times and The Sacramento Bee, Hamid Hayat was trying to return to the U.S. on May 29 when the FBI told its Sacramento office that he was on the federal "no-fly" list.
The plane was diverted to Japan, where Hayat was interviewed by the FBI and denied any connection to terrorism. He was allowed to fly to California, but was interviewed again on June 3-4. He then acknowledged spending time at the training camp, the affidavit said.
Cauthen identified the two other men as Shabbir Ahmed and Mohammed Adil Khan. He said he couldn't give any further details, citing an ongoing investigation.
The Lodi News-Sentinel reported that Ahmed is the imam of a mosque in the town, and Khan is the former imam. The Bee reported that the men were detained after meeting separately with Umer Hayat on Saturday.
Great article I found
http://news.bbc.co.uk/1/hi/world/europe/1727834.stm
Children never asked for war, hunger, aids ,etc...
Did you get it yet?
Nortel Announces Completion of Tender Offer for PEC Solutions
6/1/05
WASHINGTON, Jun 1, 2005 (CCNMatthews via COMTEX) --
Nortel (NYSE: NT)(TSX: NT) today announced the successful completion of the tender offer for all outstanding shares of common stock of PEC Solutions, Inc. (NASDAQ: PECS) by a subsidiary of Nortel's U.S. subsidiary, Nortel Networks Inc. (NNI). The tender offer expired as scheduled at 12 midnight eastern time on Tuesday, May 31, 2005.
Nortel has been advised by American Stock Transfer Company, the depositary for the tender offer, that as of 12 midnight eastern time on Tuesday, May 31, 2005, stockholders of PEC Solutions had tendered into the offer a total of approximately 26,693,725 shares of PEC Solutions common stock (including approximately 505,653 shares tendered by notice of guaranteed delivery). This number of shares represents approximately 96.6 percent of PEC Solutions issued and outstanding shares. All shares of PEC Solutions common stock that were validly tendered and not properly withdrawn before the expiration of the offering period have been accepted for payment.
It is expected that any remaining publicly held shares of PEC Solutions common stock (other than shares held by PEC Solutions or Nortel and shares held by stockholders who properly perfect appraisal rights under Delaware law) will be acquired for US$15.50 per share in a subsequent second-step merger transaction.
About Nortel
Nortel is a recognized leader in delivering communications capabilities that enhance the human experience, ignite and power global commerce, and secure and protect the world's most critical information. Serving both service provider and enterprise customers, Nortel delivers innovative technology solutions encompassing end-to-end broadband, Voice over IP, multimedia services and applications, and wireless broadband designed to help people solve the world's greatest challenges. Nortel does business in more than 150 countries. For more information, visit Nortel on the Web at www.nortel.com. For the latest Nortel news, visit www.nortel.com/news.
Certain information included in this press release is forward-looking and is subject to important risks and uncertainties.
The results or events described in these statements may differ materially from actual results or events. The words "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", "guidance" and similar expressions and variations thereof, identify certain of such forward-looking statements. These forward-looking statements represent the intentions, plans, expectations, and beliefs of Nortel or other identified persons, and are subject to risks, uncertainties, and other factors, many of which are beyond the control of Nortel. In particular, statements relating to the tender offer, the expected date of closing of the tender offer and the merger, management, potential benefits of the transaction, and expected integration, growth and improved customer service benefits are forward-looking statements. Important factors that could cause Nortel's actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements include among others: the timing and probability of completion of the acquisition of PEC, uncertainties as to the timing of the tender offer, the satisfaction of closing conditions, including the receipt of regulatory approvals, whether certain industry segments will grow as anticipated, the competitive environment among providers of IT solutions, the level of government IT expenditures, and difficulties encountered in integrating companies and technologies, Nortel's ability to realize the anticipated cost savings, revenue enhancements, operating efficiencies and other benefits from the acquisition of PEC.
In addition, these results or events may be affected by the outcome of regulatory and criminal investigations and civil litigation actions related to Nortel's restatements and the impact any resulting legal judgments, settlements, penalties and expenses could have on Nortel's results of operations, financial condition and liquidity and any related potential dilution of Nortel's common shares; the findings of Nortel's independent review and implementation of recommended remedial measures; the outcome of the independent review with respect to revenues for specific identified transactions, which review will have a particular emphasis on the underlying conduct that led to the initial recognition of these revenues; the restatement or revisions of Nortel's previously announced or filed financial results and resulting negative publicity; the existence of material weaknesses in Nortel's internal control over financial reporting and the conclusion of Nortel's management and independent auditor that Nortel's internal control over financial reporting is ineffective, which could continue to impact Nortel's ability to report its results of operations and financial condition accurately and in a timely manner; the impact of Nortel's and Nortel Networks Limited's ("NNL") failure to timely file their financial statements and related periodic reports and Nortel's inability to access its shelf registration statement filed with the United States Securities and Exchange Commission ("SEC"); ongoing SEC reviews, which may result in changes to their respective public filings; the impact of management changes, including the termination for cause of Nortel's former CEO, CFO and Controller in April 2004; the sufficiency of Nortel's restructuring activities, including the work plan announced on August 19, 2004 as updated on September 30, 2004, including the potential for higher actual costs to be incurred in connection with restructuring actions compared to the estimated costs of such actions;
cautious or reduced spending by Nortel's customers; increased consolidation among Nortel's customers and the loss of customers in certain markets; fluctuations in Nortel's operating results and general industry, economic and market conditions and growth rates; fluctuations in Nortel's cash flow, level of outstanding debt and current debt ratings; Nortel's monitoring of the capital markets for opportunities to improve its capital structure and financial flexibility; Nortel's ability to recruit and retain qualified employees; the use of cash collateral to support Nortel's normal course business activities; the dependence on Nortel's subsidiaries for funding; the impact of Nortel's defined benefit plans and deferred tax assets on results of operations and Nortel's cash flow; the adverse resolution of class actions, litigation in the ordinary course of business, intellectual property disputes and similar matters; Nortel's dependence on new product development and its ability to predict market demand for particular products; Nortel's ability to integrate the operations and technologies of acquired businesses in an effective manner; the impact of rapid technological and market change; the impact of price and product competition; barriers to international growth and global economic conditions, particularly in emerging markets and including interest rate and currency exchange rate fluctuations; the impact of rationalization and consolidation in the telecommunications industry; changes in regulation of the Internet; the impact of the credit risks of Nortel's customers and the impact of customer financing and commitments; stock market volatility generally and as a result of acceleration of the settlement date of Nortel's forward purchase contracts; negative developments associated with Nortel's supply contracts and contract manufacturing agreements, including as a result of using a sole suppler for a key component of certain optical networks solutions; the impact of Nortel's supply and outsourcing contracts that contain delivery and installation provisions, which, if not met, could result in the payment of substantial penalties or liquidated damages; and the future success of Nortel's strategic alliances.
For additional information with respect to certain of these and other factors, see the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed by Nortel with the SEC.
Nortel, the Nortel logo and the Globemark are trademarks of Nortel Networks. PEC and PEC Solutions are trademarks of PEC Solutions.
Nortel Media: Jay Barta, 972-685-2381 jbarta@nortel.com or Ann Fuller, 613-768-1208 afuller@nortel.com or Investors, 888-901-7286 or 905-863-6049 investor@nortel.com www.nortel.com NEWS RELEASE TRANSMITTED BY CCNMatthews
Thanks.Not sure when it will change.
Hey I like the new board. Good Luck new2005 em
spoke to him earlier this month, said the same
i talk to Patrick a few month ago and he said i have to wait a FEW WEEK
i think he know something but he cannot talk more
like the board, I might pass it on at mlxo, just trying to help out.
NEW2005 where do you come from ??
It's Not a Bubble Until It Bursts By David Streitfeld Times Staff Writer
Sun May 29, 7:55 AM ET
The chief economist for the Mortgage Bankers Assn. is worried enough about the torrid housing market to get out of it.
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"I'm going to rent for a while," said Douglas Duncan, who expects "significant reversals" in regions that have enjoyed strong home price appreciation, including Washington, D.C., Florida and California. He plans to sell his suburban Washington home, which has tripled in value since he bought it a dozen years ago, and move into an apartment.
Duncan is among a multitude of experts and consumers across the country debating the possibility of a housing bubble — a condition where prices have risen so far out of hand that they eventually crash.
Prominent policymakers and academics, including Federal Reserve Chairman Alan Greenspan, have recently warned about bubbles in regional markets. A recent nationwide Gallup/Experian poll of consumers showed that nearly four in 10 said they expected a bubble to burst in their region in the next three years. Across America, water cooler or cocktail party conversations often include talk about those who have made a killing in real estate, and whether it's now too late to get in on the action.
However, none of the experts or novices knows for sure when and how a bubble might burst. Bubbles throughout history, including tech stocks in the late 1990s, often go on for years, and crash when few expect it. Many experts and media pundits have been predicting a downturn for the last three years — and home prices have continued to rise, up nearly 70% since 2001 in the hot Southern California market.
Consequently, though some homeowners like Duncan are pulling back, others are buying as if prices will continue to rise for quite some time. Still others regret that they didn't buy in the last two or three years, now hoping to pounce when the bubble bursts and prices fall.
"If I had been reckless and disobeyed every single financial analyst's advice, I would be one of those people with tons of equity," said Susan Lindsey, a 42-year-old La Jolla renter who passed up buying a home in San Diego three years ago because she refused to take out a riskier type of mortgage that would have allowed her to qualify.
She estimates she would be up as much as $200,000 in home equity now if she had pulled the trigger then. "Yeah, I'm bitter. I want to own my own home. I want it badly." When the crash comes, she said, "I will have no qualms about swooping in on someone's foreclosure."
To listen to many pundits and the media, housing was a sure bet to implode long ago.
In late summer 2001, Business Week magazine was cautioning that "a housing bubble may be developing." In July 2002, a Wall Street Journal personal finance columnist warned, "Dumping Stocks for Land? That May Be a Big Mistake."
The current issue of Fortune magazine has a cover story on real estate speculators getting rich buying and selling houses in rapid succession. None of them seems to have taken to heart the magazine's 2002 cover story, which said: "U.S. housing prices are stretching the outer limits of what's reasonable and sustainable…. In a year or two, prices will fall with a thud."
When that didn't happen, some people got tired of waiting. The website http://www.housing-bubble.com hasn't been updated since mid-2003.
Others have accommodated themselves to the current reality.
A widely followed University of Michigan consumer survey, released Friday, showed that 24% of respondents nationwide said it was a good time to buy a home because prices would rise. That was the highest percentage since 1988 — right before prices peaked in the previous real estate cycle.
"These are powerful engines creating a boom in home sales, and all booms end the same way," Richard Curtin, director of the survey, said in a statement.
Three years ago, Phoenix Management Services, a turnaround firm based in Philadelphia, asked about 100 lenders in its regular quarterly survey if they thought there was a real estate bubble. Voting yes were 58%, and 29% said no.
A few months ago, Phoenix asked the question again. Despite the last three years of zooming prices, 46% of the lenders said it was a bubble, and 39% believed it wasn't.
"They're saying, 'This isn't a bubble — this is here to stay,' " said Phoenix Managing Director Michael Jacoby. "That's really scary."
It's possible that something fundamental in the nature of real estate has shifted over the last three years, powering the growth while tamping down the risks.
Irvine real estate consultant John Burns told the Los Angeles Times three years ago that "we're in a mini-bubble." He added that if the market continued to grow by double digits for more than a year, Orange County "will get to a point where home prices are no longer sustainable."
The median price in the county then was $317,000. Last month, it hit $576,000. But Burns no longer thinks there's much risk.
What's changed, he argues, is the job picture. In 2002, the region had emerged from a recession the year before. People who lost their jobs had to sell their homes. That's what dragged down housing in the early 1990s, and it easily could have done so again.
"It was a recipe for disaster," Burns said. "We got through the job losses somehow, and now we're generating more demand for houses than we're building."
In 2002, Dean Baker was a more emphatic housing bear than Burns. But he hasn't changed his mind.
"We're going to have a decline in house prices in six months," said Baker, director of the Center for Economic and Policy Research, a Washington think tank. "I've been saying that for three years now."
A year ago, Baker was so sure the collapse was at hand that he sold his Washington condo, which had tripled in value in the seven years he owned it. He moved two blocks away into a rental and wrote another article warning that "the crash of the housing market will not be pretty."
He pointed out that housing prices traditionally didn't rise faster than inflation, but that on the coasts the price jumps were exceeding that level by double digits. He dismissed the argument that prices were increasing because of immigration, or the scarcity of land or the demographics of the baby boomers.
Despite this excellent list of reasons, the crash stubbornly refused to happen.
"It's kind of troubling, like you were a physicist studying the laws of motion and you see an object that ignores gravity," Baker acknowledged.
Asked for his latest prediction of a bubble bursting, he said: "I'll stick with six months."
Some people, however, don't think a crash will ever come. They include many California homeowners.
Yale University professor Robert J. Shiller, a housing bear who expects prices to fall so much he sees a risk of national or even world recession, has been surveying recent home buyers in the Southland.
In 2003, new owners surveyed said they thought the value of their homes would increase an average of 13% a year for a decade.
By last year, they expected 22.5%.
"They said their $650,000 home was going to be worth $1.7 million," said Shiller. "About a third of the population has really high expectations. They see the price increases and extrapolate from them."
Shiller's unscientific survey — he sent out 500 letters and followed up with a postcard if there was no reply — was backed up by the recent Gallup/Experian poll, which surveyed the whole country.
A quarter of the respondents said they expected the value of their homes to increase by at least 10% a year, significantly above the historical average. However, that also was the survey in which about four in 10 said they expected a bubble to burst in the next three years.
Shiller, who earned a national reputation by calling the 2000 tech stock bubble shortly before it burst, is hedging his bets.
He bought a second house on Long Island a few years ago, despite his view that a psychological frenzy was gripping housing that matched the earlier mania for tech stocks. The house is worth a lot more now. He's not selling but said, "I pulled back on my real estate portfolio a bit. I don't see any sense of immediate urgency."
Millions of people still have to change their thinking, Shiller said. "That's a gradual thing."
It's a human temptation to stay in the game until the last moment. But Duncan, the economist for the mortgage bankers, doesn't seem to feel it. Workmen are prepping his home now for a sale, he said.
Acting on his gut has served him well before. In 1988, as the economist was moving to Washington, he went to look at a house that was for sale. Three couples were already there. They started a bidding war in the living room.
"This is irrational behavior," Duncan remembers thinking. He decided to rent. Shortly afterward, the market crashed.
In 1993, he decided it was a good time to own. The price he paid for his house was about a third less than the previous owner, who had lost it in a foreclosure sale.
NowAuto Investor News Alert,
GPS TECHNOLOGY SUPPLY AND DEMAND DRIVES NAVICOM TO TRANSFORM FROM A RESELLER TO A TIER 1 PROVIDER
Navicom anticipates selling about 1,000 units each month with reoccurring revenue
Scottsdale, Arizona: NowAuto, Inc. (OTC: NWAU) announced today as a follow up to yesterday’s release, Navicom’s undertaking of this initiative is strategic from a market positioning and financial perspective. This was critical to Navicom’s goal of being a premier Telemetry provider on a Domestic and International level.
Today, Navicom is a reseller of various types of GPS hardware that is purchased from two different tier 1 providers. The type of hardware and its associated applications are dictated to Navicom then passed onto the customer. All backend applications such as custom mapping, report configurations currently run through the provider that Navicom purchased units through. Navicom has no control over that and no input on specific applications. These providers have a direct relationship with the Satellite carrier which in turn mark up airtime and pass it on to Navicom.
The significance of this project is that it will allow Navicom to control costs of its own front line hardware and backend revenue stream. Not only will Navicom have the ability to customize applications for clients based on specific need, they will also be able to decide what types of hardware will be certified to run on their state of the art backend. Navicom will have a significant edge over what is currently available in the GPS marketplace because they will be in a very exclusive group of tier 1 providers that can offer customized GPS solutions along with owning and operating their own backend server software combo. Many providers offer a limited choice of products or do not house their own backend server. Navicom will have both and more. IE: Better mapping, customized applications, multiple product suites and a server that is open to accept other manufactured products. The added benefit from being able to have a direct relationship with Microburst and GSM providers, will significantly change the margin structure for both the hardware and re-occurring monthly revenue stream.
“We’re excited about having telemetry devices that are both Microburst and EGPRS capable; however, we also realize the need to have a server platform capable of accepting other manufactured devices as well. Applications are exploding in the telemetric industry; we want to be able to carry the best products available for our clients and distributors, while still maintaining the quality control on the backend.†said Keith Tench, President of Navicom.
Navicom will also begin to transform their operation from a reseller to a provider. The company anticipates selling about 1,000 units each month with reoccurring revenue each month from those units. The Navitraq units combined with the q network will allow Navicom to sell direct to companies who operate under the same business model that Navicom operates under today. Nationwide there are thousands of these companies looking for another alternative to what is currently available.
“Navicom is actively seeking channel partners in the GPS industry. We’re reaching out, creating partnerships, taking pre-orders and solidifying our go to market partners. Because of the wide array of products and configurations that we can offer combined with an enhanced mapping and software application, we are seeing many companies express interest in partnering with Navicom,†said Scott Miller, CEO of NowAuto.
Navicom’s new business model will allow them to pursue nationwide partnerships with large retailers as well as direct auto, truck and heavy equipment manufactures in both the United States and abroad.
Those interested in learning more about Navicom and the benefits of GPS Technology can contact info@nowgps.com.
Those interested in learning more about NowAuto, Inc. and wholly owned subsidiary Navicom can send an email to info@nowauto.com and request to be added to future news and upcoming events.
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment.
We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties, as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance or expectations expressed or implied by such forward-looking statements.
CONTACT: Scott Miller, CEO, NowAuto, +1-480-990-0980 or SMiller@NOWAUTO.com, or Finn Walstad, CEO of OTCGrowth.com, +1-253-564-9254 or ceo@otcgrowth.com
Navicom anticipates selling about 1,000 units each month with reoccurring revenue
CLICK HERE FOR NAVICOM WEBSITE
--------------------------------------------------------------------------------
NowAuto/Navicom
2239 N. Hayden Road
Suite 100
Scottsdale, Arizona 85257
Phone: 480-990-0980
Web site: http://www.nowgps.com
E-mail: info@nowgps.com
almost done deal...
Lamperd Less Lethal Receives Letter of Intent for U.S. Distribution of Defender Products to Police and Military Agencies; First Shipments Expected in 30 to 60 Days
Lamperd Less Lethal, Inc. ( LLLI ) announced today the receipt of a letter of intent from Taylor's & Company, Inc. of Winchester, Virginia to establish non-exclusive U.S. sales and distribution of the Lamperd Less Lethal Defender and MPK firearms and ammunition system, including Lamperd's patented WASP(TM) less-lethal blunt impact round.
The letter of intent specifies that Taylor's & Company plans to market Lamperd Less Lethal products through its nationwide network of over 6,000 firearms dealers and distributors, targeting its existing and future law enforcement and military clients.
Taylor's & Company currently distributes products from a variety of well-known, well-regarded firearms manufacturers. Lamperd's products will be the first less-lethal/non-lethal arms the company offers. The decision to begin marketing the Lamperd Less Lethal system was made after product tests satisfied company officials that the efficacy and versatility of the Defender firearm and WASP round had strong market potential in the United States.
Taylor's & Company has indicated that it holds in good standing the necessary FLL license to import and distribute firearms in the United States and will be applying for additional licenses needed for the full range of marketing opportunities it will pursue with the Lamperd Less Lethal system. First shipments of Lamperd Less Lethal products are expected to take place in the next 30 to 60 days.
Barry Lamperd, President of Lamperd Less Lethal, reports that, "Taylor's & Company should become an important part of our export plans to U.S. law enforcement and military markets. Over the last few months, we've made significant progress ramping up to large scale manufacturing of the Lamperd Less Lethal system. Distributors with well established networks like Taylor's & Company will help us achieve the growth we forecast in the coming months and years."
About Lamperd Less Lethal Inc.
Founded in 1994, Lamperd Less Lethal is a multi-national supplier of less-lethal weapons and safety equipment to police, government, and military agencies. It currently manufactures more than 250 different products ranging from body protective gear to blunt impact weapons systems. These weapon systems are being positioned in the market as the newest generation of less-lethal weapons suitable for use in a wide range of challenging circumstances, including urban warfare, counter-terrorism, law enforcement, and public security. Lamperd Less Lethal is a certified supplier of law enforcement products for the USA, Canada, and NATO.
Visit the Lamperd Less Lethal, Inc. website at http://www.lamperdlesslethal.com/
SOURCE: Lamperd Less Lethal Inc.
Lamperd Less Lethal Inc.
Investor Relations
Barry Lamperd, 519-344-4445
info@lamperdlesslethal.com
Above is a pic of the OneTrackGPS unit
You said I can practice but I am not sure how to go about posting pix in the space above???
OKLAHOMA CITY
Energas Resources, Inc., Oklahoma City
Scott Shaw, 405-879-1752
www.energasresources.com
Energas Resources, Inc. (OTCBB:EGSR) is pleased to announce the acquisition of a new property in eastern Kentucky. This property consists of approximately 3,000 acres and 18 wells. The wells in this project have been shut in for varying amounts of time ranging approximately 20-40 years and the field superintendent believes that the reservoir has recharged. All the wells will require some workover and hook-up. Initial production rates for the wells in this field have been reported to be in the range of 10-100 barrels of oil per day and up to 250 MCF of natural gas per day. The Company is currently evaluating the full potential of this property and has begun work on the first well.
President George Shaw stated, "The natural gas in this property has never been produced. When the wells were initially completed 20 to 40 years ago, gas prices were as low as $0.15 per MCF and the nearest pipeline was, economically speaking, too far away. We suspect that the former operators may have been skimming the oil off the top to keep the gas pressure behind the oil. If that is the case, a majority of the oil and gas reserves are possibly remaining in the formation. At today's prices, this could be a very lucrative opportunity for the Company."
Further announcements will be forthcoming.
Safe Harbor Statement
When used in this press release, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include normal risks associated with oil and gas drilling activities. The primary risk lies in the drilling of dry holes or drilling and completing wells which, though productive, do not produce gas and/or oil in sufficient amounts to return the amounts expended and produce a profit. Hazards, such as unusual or unexpected formation pressures, downhole fires, blowouts, loss of circulation of drilling fluids and other conditions are involved in drilling and completing oil and gas wells and, if such hazards are encountered, completion of any well may be substantially delayed or prevented. In addition, adverse weather conditions can hinder or delay operations, as can shortages of equipment and materials or unavailability of drilling, completion, and/or work-over rigs. Even though a well is completed and is found to be productive, water and/or other substances may be encountered in the well, which may impair or prevent production or marketing of oil or gas from the well.
SAN RAMON, Calif. - ChevronTexaco Corp. shortened its name to Chevron Corp. on Monday, reverting to its identity before the oil company took over one of its largest rivals 3 1/2 years ago.
The San Ramon-based company adopted a hybrid name after buying Texaco Inc. for $39 billion in October 2001. Texaco is being dropped from the corporate masthead to reduce the confusion caused by the combined name, Chevron Chairman David O'Reilly said.
The Texaco brand won't disappear. Chevron still intends to sell gasoline at Texaco stations scattered in 21 states, primarily in the South and East. The company also sells gas under the Chevron and Caltex brands.
Chevron's stock will continue to trade on the New York Stock Exchange under the "CVX" ticker symbol adopted after the Texaco takeover. Shares rose 71 cents to close at $53.45 in Monday trading on the NYSE, where they have traded in a 52-week range of $44.01 to $63.15.
Besides changing its name, Chevron also is touching up its red-and-blue corporate logo with several minor revisions.
Chevron hopes to add another major oil company to its portfolio later this year. The company has agreed to buy El Segundo-based Unocal Corp. for about $17 billion. That deal still requires shareholder and regulatory approval.
Barrick buys increased Russian exposure
Last Updated Fri, 06 May 2005 18:08:21 EDT
CBC News
ST. HELIER, JERSEY - Barrick Gold has spent about $50 million US to raise its stake in Highland Gold, a company based in the Channel Islands with interests in Russian gold mines.
Highland said Friday that it had signed an agreement with Barrick that will see the Canadian company buy 11.4 million Highland treasury shares for 230 pence each. Once done, Barrick will have 20 per cent of Highland, up from 13.7 per cent now.
The Barrick purchase, far more than the market price for Highland, boosted Highland's shares by 12.5 per cent. Highland, traded on the London Stock Exchange's junior AIM market, closed up 23 pence at 206 pence.
Highland will use the money to pay down short-term debt and develop its projects. It has two mines and three areas under development. Production in 2004 was 200,000 ounces, and its target is an annual production of 700,000 ounces.
"Barrick has also agreed to provide Highland Gold with operational and financial management assistance at Highland Gold's existing operations," Highland said in a statement.
Highland made profit of $5 million US (four cents a share) on revenue of $82.1 million US in 2004.
Barrick Gold stock fell 21 cents to $28.72 in TSX trading.
BAGHDAD, Iraq - Iraqi political leaders have agreed on who will fill five vacant Cabinet ministries and one of two deputy prime minister slots, ending an impasse that has bogged down officials since the January elections, Prime Minister Ibrahim al-Jaafari said Saturday.
President Jalal Talabani and his two vice presidents have signed off on the names, which will be submitted to the 275-member National Assembly for a vote Sunday, al-Jaafari told reporters. He declined to give the names.
"All the ministries have been filled and the presidential council has approved them," al-Jaafari said. "The names will be given to the National Assembly on Sunday and you will hear the names then."
Fri May 6 TASR incident
MONCTON, N.B. (CP) - The RCMP is investigating the death of a 34-year-old man who collapsed and died after Mounties used a Taser gun to subdue him.
Cpl. Terry Kennedy, a spokesman for the RCMP in Moncton, said Friday that officers from Fredericton have taken over the investigation into the death of Kevin Geldart, 34, of Riverview, N.B. Geldart died after Moncton RCMP officers shocked him with a Taser gun, a high-voltage stun device, at a bar in Moncton late Thursday.
"When our members arrived, they were confronted by a man who was six-foot-six and about 300 pounds," Kennedy said.
"He was aggressive and violent towards the members. As a result, the Taser was used to control the gentleman."
Kennedy said officers handcuffed Geldart after he slumped to the floor. It was then that they realized he was unconscious and unresponsive.
An ambulance was called, but Geldart was pronounced dead on arrival at hospital.
Kennedy said Geldart earlier had gone missing from a local psychiatric unit.
The RCMP investigation will include an autopsy to determine the cause of death.
"Obviously, we want to find out exactly the cause of death," Kennedy said.
The Taser gun is becoming the subject of intense public and police scrutiny as a result of the growing number of deaths associated with its use.
At an inquest earlier this month in London, Ont., Dr. Jim Cairns, Ontario's deputy chief coroner, said that nine Canadians have died since 2003 shortly after being shot by a police Taser.
But Cairns said that experts nationwide agree the powerful stun guns didn't cause any deaths.
All nine people, Cairns testified, were determined to have died from the same cause: cocaine-induced excited delirium, which allows the rampaging person to feel no pain and exhibit superhuman strength before crashing.
"The evidence is overwhelming that (Tasers have) saved many, many lives," Cairns told the Ontario inquest. "Taser me before you shoot me - I'll take that.
"None of the deaths in Canada can be attributed to the Taser being used."
A Taser shoots 50,000 volts of electricity, temporarily paralysing the target.
The RCMP has been using the devices since 2001. At least 1,700 RCMP officers across Canada have been trained in their use.
The Canadian Association of Police Chiefs has commissioned a review of data and research on the use of Taser guns, but no results have been released.
The review is being conducted by the Canadian Police Research Centre - a coalition of the police chiefs association, the RCMP and the National
Photon Dynamics Names CFO
5/6/2005 4:28 PM EDT
Photon Dynamics (PHTN:Nasdaq - news - research) named Maureen Lamb financial chief, replacing Richard Okumoto, who will leave because of health issues.
"Lamb is a perfect fit for our company, and has exactly the background that we need," said CEO Jeffrey Hawthorne. "As the vice president of finance at KLA-Tencor (KLAC:Nasdaq - news - research) for the past several years, she has led the worldwide finance and accounting teams and has been responsible for SEC reporting, tax and treasury."
Skinvisible Sells World Wide License for $1 Million
5/5/05
Marketing and Distribution Rights Sold for Patented Antimicrobial Hand Sanitizer
LAS VEGAS, May 5, 2005 /PRNewswire-FirstCall via COMTEX/ --
Skinvisible, Inc. (OTC Bulletin Board: SKVI) (Website: www.skinvisible.com) announced today that it has entered into a definitive distribution agreement with Safe4Hours, Inc., a Nevada corporation, to sell the exclusive marketing & distribution rights for all countries of the world except Canada, Mexico and the United States for Skinvisible's patented antimicrobial hand sanitizer, incorporating 1% Triclosan, and its patented Invisicare(R) polymer delivery system.
Under the terms of the agreement, Safe4Hours, Inc. is required to pay an up-front fee of $1 million, with an initial non-refundable deposit of $75,000 and the remaining $925,000 payable in quarterly installments based upon a predetermined formula until the entire $925,000 is received. In addition and further to the payment fee of $1 million Safe4Hours, Inc. agreed to pay a royalty fee of 5% on product sales of the antimicrobial hand sanitizer with minimum royalties due each calendar quarter.
Mr. James Graves, President of Safe4Hours, Inc. states that "since we are receiving interest from so many countries including Asia and the Middle East for the hand sanitizer it became apparent that we had to have the exclusive rights to this product for the entire world." The product has been successfully introduced in the US to law enforcement, fire, rescue and the US military. In addition the product is widely used in the Food Industry including hotels, casinos and restaurants in the fight to stop the spread of germs caused by cross contamination through hand to hand contact.
"On February 23, 2005 we announced the sale of the exclusive marketing & distribution rights for Canada, Mexico and the United States for the hand sanitizer. This new agreement means that this product has now been licensed world wide, allowing us the opportunity to stay focused on the research and development of new polymer technologies and formulations while providing us with the receipt of revenue from license fees, product sales and royalties," says Mr. Terry Howlett, Skinvisible's President.
Headquartered in Las Vegas, Nevada, Skinvisible, Inc. is a research and development company that has formulated and patented innovative polymer delivery system technology and compositions for topical skin applications. Skinvisible's primary marketing and sales objective is to license its technology and sell its trademarked polymer delivery vehicles to established dermatological, medical, cosmetic, and skincare brand manufacturers. Skinvisible also produces a variety of skincare products for private label clients.
This press release contains "forward-looking" statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, and are subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in Skinvisible, Inc. reports that will be on file with the US Securities and Exchange Commission (including but not limited to the report on Form 10KSB for the year ending December 31, 2005).
For Corporate Information Contact: T. Howlett -- Skinvisible, Inc. -- Ph. (702) 433-7154 / Fax (702) 433-7192 / Email: terry@skinvisible.com
Media Contact: Tommi Hanley -- Thompson Lloyd Communications -- Ph. (250) 860- 9959 / Email: tommi.tlc@shaw.ca
SOURCE Skinvisible, Inc.
T. Howlett of Skinvisible, Inc., +1-702-433-7154, or fax, +1-702-433-7192, terry@skinvisible.com; or Media, Tommi Hanley of Thompson Lloyd Communications, +1-250-860-9959, tommi.tlc@shaw.ca, for Skinvisible, Inc. http://www.prnewswire.com
Preview of the Upcoming Trading Day and Today's Highlights
Thursday, May 5, 2005
Market Preview
Pixar (NASDAQ: PIXR)
The animation studio responsible for the Incredibles said sales of the DVD version of the film helped it post a threefold increase in its quarterly profit. The company announced net income of $81.9 million or 67 cents a share, up from its year earlier profit of $26.7 million or 23 cents a share. Revenue climbed to $161.2 million from $53.8 million. Analysts had expected a 47-cent profit on sales of $116.3 million.
McAfee (NYSE: MFE)
The network security software maker reported profit fell to 21 cents per share, even as it recorded higher revenue. McAfee said that excluding unusual items, it would have reported a near doubling in its quarterly profit to $45.6 million or 27 cents a share, from $20.9 million or 11 cents a share. Analysts had expected quarterly earnings of 19 cents a share on sales of $216.8 million on that basis.
Word On The Street
"We had a pretty decent day going, with things pretty quiet ahead of the April employment report, but that GM news just sent out a little shock wave," said John Hughes, market analyst at Shields & Co. in an interview with CNN/Money.
LONDON - Tony Blair won a historic third term as prime minister Thursday but his Labour Party suffered a sharply reduced parliamentary majority in apparent punishment for going to war in Iraq, according to projections based on exit polls. A chastened Blair said "we will have to respond to that sensibly and wisely."
Such an outcome, if confirmed by the actual vote count, could set the stage for Blair to be replaced in midterm by a party rival such as Gordon Brown. As Treasury chief, Brown was widely credited for the strong economy that appears to have clinched Labour's victory, outweighing the bitterness many voters said they felt over Iraq.
Blair, bruised by opposition claims that he lied over the war, acknowledged Britons had punished his 8-year-old government.
"I know too that Iraq has been a divisive issue in this country but I hope now that we can unite again and look to the future there and here," said Blair, as he was comfortably returned to his parliamentary seat in Sedgefield, northern England, despite a challenge from the father of a British soldier killed in the Iraq war.
"It seems as if it is clear ... that the British people wanted the return of a Labour government but with a reduced majority. And we have to respond to that sensibly and wisely and responsibly."
Partial official results showed 283 seats were won by Labour incumbents, 83 went to the Conservatives, 35 went to the Liberal Democrats and 11 went to other smaller parties. Results in 306 of 646 constituencies showed a turnout of about 58 percent of the electorate.
Counting was to continue through the night, and the winner would not be officially confirmed at least until Friday morning.
But the BBC and ITV television stations projected Labour would win 358 seats in the 646-seat parliament, ahead of the Conservatives with 209. The Liberal Democrats — the only party to have opposed the Iraq war — were projected in third place with 53 seats, for them a disappointing gain of two seats.
The television projections, based on a survey of more than 16,000 voters in 115 closely contested districts, showed Labour with 37 percent of the popular vote, the lowest winning share ever.
Never before has the Labour Party won three straight elections. Margaret Thatcher accomplished the same feat for the Tories, the only other prime minister in modern British history to do so.
But if the BBC projection is correct that Labour's majority will decline from the current 161 seats to 68, Blair could face difficulties controlling a faction of his party deeply disillusioned with his leadership, especially over Iraq.
"One of the conclusions of this is that he (Blair) certainly does not have a mandate to launch another war along with George Bush," said Robin Cook, who resigned from Blair's Cabinet in protest to the war.
Clare Short, who also quit Blair's Cabinet over the war, said Blair had proved a liability.
"I think everyone agrees we would have done better with a different leader," Short said.
The White House reacted cautiously. President Bush was expected to make a call to Blair once the vote count became clearer, aides said.
Former Conservative Defense Secretary Michael Portillo said the projected outcome could prove perilous for Blair.
"On these results I would have thought ... the Brown supporters will be wondering how quickly they can move Tony Blair out of Downing Street," he said.
Brown called the predicted Labour victory "historic" but said it was too early to say what the majority would be.
"This is the work that drives us on. This is the vision that gives enduring purpose to what we do. This is the task our party wants to take forward starting from this morning," Brown said after winning a seat in his constituency.
While Blair apparently was diminished in victory, Conservative leader Michael Howard gained stature as his party lost a third straight election but at least showed some signs of life.
The Conservatives were projected to take 33 percent. The Liberal Democrats were in third place with 22 percent.
A big part of the Conservative strategy was to make it a referendum on Blair, urging voters to "wipe the smirk" off his face. Although Howard supported the Iraq war, he attacked Blair, accusing the prime minister of lying about intelligence and the legality of the invasion and lacking a plan to win the peace.
But Blair benefited from the Conservatives' even greater unpopularity and a perception that the opposition is less capable of handling the economy.
And the government's strong economic record — Britain's growth is high and unemployment low compared to much of the rest of the European Union — appears to have outweighed the resentments over Iraq. Labour is also credited with improving public services such as health and education through investment.
Still, the projected victory for Labour on Thursday stood in stark contrast to Blair's landslides in 1997 and 2001.
Blair's government only narrowly defeated Labour revolts in the last parliament, including the crucial vote to go to war in Iraq and legislation to introduce tuition fees for university students, allow more private funding for state-run hospitals and toughen anti-terrorism laws.
Other governments have coped with smaller majorities. Thatcher won with a majority of 43 in 1979. Her successor, John Major, struggled along with a majority of 21, which shrank toward zero at the end of his five-year term in 1997.
Blair says this will be his last term. A politically weakened Blair would find it difficult to persuade British voters to approve a proposed constitution for the European Union — which requires ratification by all member states.
During the campaign, the left-leaning Guardian newspaper offered free clothespins to any reader who requested one after a columnist urged reluctant Labour supporters to put aside opposition to the Iraq war and back the party for its domestic policies.
Iraq loomed large in voters' thinking.
"Iraq has been a big thing — trust," said Nicola Wyndham, 33, who voted for Labour four years ago but switched to the Liberal Democrats this time. "He (Blair) has had eight years to make an impact and he really hasn't. There are still problems with health, education and crime."
"I've turned from Labour to Liberal Democrat because I don't really believe what Labour are saying," said Marguerite Hoy, 64, a voter in Braintree, northeast of London.
Democratic Party volunteers from the United States joined Blair's campaign, including Stan Greenberg, Zack Exley, Bob Shrum and Karen Hicks.
Republicans, the traditional allies of British Conservatives, were not much in evidence. Bush's White House has kept the Tories at arms length in deference to his alliance with Blair.
In New York, two small makeshift grenades exploded early Thursday outside a building housing the British Consulate. The blast caused minor damage and no injuries
MarketWatch
Last Update: 4:10 PM ET May 3, 2005
NEW YORK (MarketWatch) -- Morningstar, the Chicago-based fund- and stock-rating service, rose in its stock market debut Tuesday as the initial public offering drew healthy interest.
Morningstar closed at $20.05 in its first day of trading, up about 8% over its $18.50 IPO price. The stock opened at $18.66 a share and climbed on volume of 3.3 million.
Founded more than 20 years ago by Joe Mansueto, 48, Morningstar (MORN: news, chart, profile) went public as the first major open-auction IPO since Google (GOOG: news, chart, profile) made its debut last summer. In a sign of health, Morningstar priced 7.61 million shares at $18.50 a share, near the top of an estimated $16-to-$19 range.
The IPO raised $141 million through underwriter W.R. Hambrecht. With its overallotment of 1.14 million shares, the IPO tips the scales at $162 million.
All 7.6 million shares in the IPO are coming from Softbank, which will divest its 20% stake through the offering.
Mansueto, who remains chairman and chief executive, owns 78% of Morningstar but did not put forward any shares in the IPO. His 30 million shares are worth about $555 million at the IPO price.
With about 38.45 million shares outstanding, Morningstar is going public with a market cap of $711 million, or about four times its 2004 revenue of $180 million.
Morningstar leads a parade of planned May IPOs, paced by the nearly $1 billion stock-market debut from Lazard later this week. See full story.
Morningstar is one of the few IPOs of late with strong name recognition among retail stock market investors.
Morningstar reported that its fourth-quarter loss narrowed to $1.1 million from $1.8 million in the year-earlier period. Revenue rose 31% to $48.7 million from $37.1 million.
For 2004, Morningstar swung to a profit of $8.8 million from a loss of $11.9 million in 2003. Revenue climbed 29% to $180 million from $140 million.
Road show pitch
Out on the road to sell the IPO, Manuseto said the company's growth hinges on branching out beyond mutual funds toward clients in the equity and hedge-fund businesses, according to documents filed with regulators. "We want to leverage the investment we've made in equity research," Mansueto said in an IPO filing. "We're targeting more stock investors with Morningstar.com. We're also marketing our stock research to brokerage firms, international investors in U.S. equities, and eventually, buy-side analysts and portfolio managers."
The company's premium membership base at Morningstar.com stood at more than 130,000 in 2004, up from 14,000 in 1999, he added.
Regulatory snarls
Morningstar disclosed in December that it received a subpoena from New York Attorney General Eliot Spitzer related to possible conflicts in the company's consulting unit.
Spitzer sent a formal request for information on Morningstar Associates, which provides investment advice to 401(k) plans, as the New York gubernatorial candidate probes the firm's ability to offer impartial ratings on mutual funds when it also collects money from other services it sells to them. See full story.
In a separate regulatory wrinkle, the company said that it's "fully cooperating" with the Securities and Exchange Commission staff and that it could face fines or other measures related to incorrect total return data that the company published last year. See full story.
Auction IPO
Morningstar filed to go public in May 2004 with Morgan Stanley, only to change its banker to share-auction specialist W.R. Hambrecht in February.
"Under the auction, every investor -- large and small -- will have access to the same information about our company," Mansueto said. "In contrast to traditional IPOs, there are no preferential allocations under the auction format."
Morningstar marks the second open-auction IPO this year from underwriter W.R. Hambrecht, which was the lead underwriter on Bank of Internet (BOFI: news, chart, profile) on March 15.
W.R. Hambrecht has at least two other IPO auctions, both for medical-device producers, on deck.
Cyrocor Inc. of San Diego filed to raise up to $46 million, and HemoSense Inc. recently filed to raise $35 million.
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