Summary Box: Money manager settles fraud case (AP)

MANAGER SETTLES: The co-founder and former chairman of AXA Rosenberg is paying $2.5 million to settle federal fraud charges. He will also be banned from the securities industry for life, the Securities and Exchange Commission said Thursday.

BIG LOSSES: Barr M. Rosenberg learned of the coding error in June 2009, federal regulators said. The error was not disclosed to clients until April 2010. By then, clients lost $217 million.

EXECUTIVE `RELIEVED': Rosenberg's attorney, Jonathan R. Bass, said his client is "relieved" that the settlement is over and that he never intended to "cause harm to AXA Rosenberg clients or to gain any advantage or any benefit for himself."

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Oil falls below $80 per barrel on demand concerns (AP)

Oil fell for a third straight day on Friday on worries that the global economy is headed for recession and could cut demand for crude.

Economies around the world are at risk of stalling, and that has punished prices of stocks and commodities. U.S. political leaders are in a standoff that could force the government to shut down, a manufacturing survey suggested a slowdown in China, and Europe hasn't solved its banking crisis.

Moody's downgraded eight Greek banks, because of the country's deteriorating economy. The concern is that a Greek default could hurt other nations in Europe and beyond.

When the economy slows, do does demand for oil.

"People are just afraid that demand is going to be affected in a negative way and that's pulling prices back down," said Tom Bentz, an analyst at BNP Paribas Commodity Futures.

After a broad decline the day before, stock markets on Friday wavered between small gains and losses, while many commodities — including gold — continued to drop.

A day after it plunged more than 6 percent, Benchmark U.S. oil fell 66 cents to finish at $79.85 per barrel. The price of oil still is almost $5 a barrel more than a year ago. Analysts expect it to stay between $75 and $90 per barrel until there is a better picture of what's ahead for the global economy.

U.S. benchmark oil hit $113.93 a barrel on April 29. But high unemployment in the U.S. — the world's biggest oil consumer — and signs of a slowing economy in China — the second largest oil consumer — pulled crude down.

At the pump, gas prices fell almost 2 cents Friday to a national average of $3.54 per gallon, according to AAA, Wright Express and the Oil Price Information Service. That's about half-way between the high of $3.98 on May 5 and the low of $3.03 on Jan. 3.

Brent crude, which is used to price many kinds of oil produced overseas, fell $1.52 to end at $103.97 per barrel.

In other energy trading, heating oil fell 5.2 cents to finish at $2.8059 per gallon, gasoline futures dropped 1.93 cents to finish at $2.5244 per gallon and natural gas fell less than a cent to end the day at $3.701 per 1,000 cubic feet.

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KB Home posts wider loss for fiscal 3Q (AP)

LOS ANGELES – KB Home said Friday its fiscal third quarter loss widened, as the homebuilder delivered fewer homes than a year ago when a federal homebuyer tax credit helped inflate deliveries and revenue.

The Los Angeles company also said the tax credit, which expired in April 2010, contributed to a 40 percent climb in new home orders in this year's quarter.

Homebuilders have been reporting annual increases in new home orders this summer, but much of that is attributed to a hangover effect from the expiration of the tax credit. New home sales plummeted last year after potential homebuyers no longer had the tax credit. Sales remained weak throughout the summer and much of the fall. Even with the credit, new home sales in 2010 fell to the lowest level on records going back 47 years.

That made for favorable comparisons with new home orders in this year's third quarter. But the new-home market continues to be weighed down by weak consumer confidence, high unemployment, competition from foreclosures and tight mortgage-lending standards.

KB Home reported a net loss of $9.6 million, or 13 cents per share, in the three months that ended Aug. 31. That compares with a loss of $1.4 million, or 2 cents a share, a year earlier.

Revenue sank 27 percent to $367.3 million from $501 million the previous year.

Analysts polled by FactSet were expecting a larger loss of 16 cents a share on higher $390.4 million in revenue.

Its shares rose 32 cents, or 5.6 percent, to $6.04 in morning trading.

KB Home builds homes to order in 12 states for entry-level, move-up buyers and seniors. It was ranked the fifth-largest homebuilder in the nation last year, by closings.

The company said it delivered 1,603 homes in the quarter, compared to 2,320 last year. The decline in home deliveries was partially offset by a 6 percent increase in average selling price.

New orders climbed in each of its four geographic regions and jumped 73 percent in the West Coast.

KB Home also said selling, general and administrative expenses dropped 23 percent to $60.2 million in the third quarter of 2011. The company said that reflected a push to streamline its business and reduce overhead, the recovery of legal expenses from insurance carriers and the lower volume of homes delivered.

Its shares rose 4 cents to $5.76 in premarket trading.

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BP files first Gulf drill plan since Macondo (Reuters)

HOUSTON (Reuters) – BP Plc. confirmed on Friday it has filed a plan with U.S. regulators to pursue its first new deepwater oil exploration work in the Gulf of Mexico since the disastrous Macondo spill in 2010.

The plan, filed with the Bureau of Ocean Energy Management, Regulation and Enforcement, is BP's first move to return to deepwater Gulf exploration since its Macondo well ruptured on April 20, 2010, and caused nearly 5 million barrels of oil to spew into the sea in what was the worst U.S. marine oil spill.

The supplemental exploration plan will be a key litmus test for how U.S. regulators treat BP, the biggest Gulf oil producer, in the post-Macondo world.

In a key investigative report issued on September 14, the U.S. government heaped the lion's share of blame for the disaster on BP, which faces a raft of criminal and civil litigation and billions of dollars in potential damages.

BP's filing calls for further appraisal drilling at the 2006 Kaskida discovery in the Keathley Canyon area. An early appraisal well in 2009 confirmed oil in the highly touted Lower Tertiary play in the Gulf.

"We have filed a supplemental exploration plan," a BP spokesman confirmed. "Obviously, we had an exploration plan and we've added to it."

The offshore Gulf is key to the future of BP and U.S. domestic oil supply. BP produces about a quarter of the oil and natural gas output from the region that generates about a third of total U.S. domestic production.

After calling a full-stop on new offshore drilling after the spill, U.S. regulators have approved new drilling plans for many other companies, including Royal Dutch Shell and Chevron, but not for BP.

"I think it will be interesting to see whether BP is treated any differently. The word is they won't, but we'll see," said Phil Weiss of Argus Research in New York.

"It's significant in that, assuming it's approved, it gives BP the ability to get back to work on a project they're in charge of," Weiss said.

BOEM confirmed BP's application is its first since Macondo and said BP will receive standard treatment.

"All operators are held to the same enhanced safety and environmental standards put in place following the Deepwater Horizon explosion and oil spill," a BOEM spokeswoman said.

BP said it could not predict when drilling would begin until the application is approved. But the application specifies a target date of November 1 for the first of four wells to be drilled through 2013. BP estimates each will take 205 days to drill.

"We know there's a period of time BOEM ascribes to this process, but the exact timing of activity depends on the approval of the regulator," the BP spokesman said.

The proposed new drilling is 290 miles southwest of the Macondo well site. It is in 5,800 feet of water, about 800 feet deeper than Macondo.

(Reporting by Bruce Nichols, editing by Chris Baltimore and Sofina Mirza-Reid)

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Fannie Mae cited for failing to stop robo-signing (AP)

WASHINGTON – Fannie Mae missed chances to catch law firms illegally signing foreclosure documents and its government overseer did not take the right steps to ensure Fannie was doing its job, according to a federal watchdog.

The Federal Housing Finance Agency's inspector general said in a report Friday that Fannie failed to establish an "acceptable and effective" way to monitor foreclosure proceedings between 2006 and early 2011. FHFA then failed to ensure it was complying with demands that it clean up its programs.

Mortgage industry employees — including law firms employed by Fannie Mae — signed documents they hadn't read and used fake signatures on foreclosure cases across the country. The practices, known collectively as "robo-signing," resulted in a suspension of foreclosures last fall and a probe by all 50 state attorneys general into how corners were cut to keep pace with the crush of foreclosure paperwork.

In 2005, Fannie hired outside investigators to look into allegations about faulty foreclosure documents. A year later, Fannie received a report from the investigators that found law firms working for Fannie had filed false documents.

Fannie said it was developing a computer system to improve communication and monitor its attorneys but the inspector general said they found no evidence Fannie had made any improvements in overseeing its attorneys.

FHFA was created in 2008 to oversee mortgage buyers Fannie Mae and Freddie Mac. To make sure Fannie was doing its job, FHFA has the authority to fire and replace employees; issue cease and desist orders; and impose fines. To date, the agency has not taken any of those actions, the inspector general's report said.

Fannie and Freddie own or guarantee about half of all U.S. mortgages, or nearly 31 million home loans worth more than $5 trillion. As part of a nationalized system, they account for nearly all new mortgage loans.

The Bush administration seized control of the mortgage giants in September 2008, hoping to stabilize the beleaguered housing industry.

In a separate report released Friday, the inspector general says the FHFA lacks examiners to monitor Fannie. Just a third of its 120 non-executive examiners are federally accredited, the report found. Other federal regulators, such as the Federal Deposit Insurance Corp., usually require all of their examiners to be accredited.

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Make Money Online with Flixya

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Calif. governor signs compromise on Internet taxes (AP)

SAN FRANCISCO – Gov. Jerry Brown signed legislation Friday that postpones new sales taxes rules that would have affected online purchases in California, granting more time for traditional and online retailers to lobby Congress for a national standard on the high-stakes issue.

The bill, crafted as a compromise among Amazon.com, traditional retailers and California lawmakers searching for ways to raise revenue, delays until at least September 2012 online tax rules that were implemented as part of this year's state budget package.

Under the compromise, Amazon will drop a ballot referendum planned for next year to overturn the law passed earlier in the summer, a move that promised an ugly and expensive campaign fight between online and traditional retailers.

"When you get two threats, that gives you an opportunity to find a compromise," Brown said after he signed the bill at Gap Inc. offices in San Francisco. "Hopefully, (the bill) will set an example for our colleagues in Washington that they too can cooperate."

If that effort fails, Amazon has agreed to start collecting sales tax from California customers. The budget bill signed previously by Brown forced more online retailers to collect the state sales tax effective July 1. The move prompted Amazon to cut ties with some 25,000 affiliate businesses in California and spend more than $5 million to collect signatures for the ballot referendum.

The compromise bill will cost California an estimated $200 million in tax revenue during the current fiscal year but helps both sides avoid a costly election contest and the possibility of legal challenges. State taxing authorities estimate that California loses at least $83 million a year in uncollected state and local use tax attributed to Amazon's sales.

Under the deal, the retailing giant will rekindle its relationship with its California affiliates and has promised to create at least 10,000 full-time jobs and hire 25,000 seasonal employees in the state by the end of 2015.

In a statement, Amazon's vice president of global public policy, Paul Misener, called the compromise legislation a win for all sides.

"We're committed to working with Congress, retailers and the states to pass federal legislation as soon as possible and as analysts have noted, we'll continue to offer customers the best prices, regardless of whether sales tax is charged," he said.

Consumers are required under state law to pay sales tax when they order online from companies out of state, but the tax is virtually impossible to enforce without the cooperation of the retailers. Customers rarely pay.

Traditional retailers, from Wal-Mart to local business owners, say the inability to police taxation on the Internet creates an uneven playing field, with online retailers gaining an unfair advantage.

A 1992 U.S. Supreme Court ruling in a case involving a mail-order retailer says a business must only collect state tax from customers if it has a physical presence in the state where they live, such as a retail store. Several states responded by trying to broaden the definition of physical presence. At least six states had done so by 2010 while nine more, including California, launched similar legislative attempts this year.

California's version, under the bill signed earlier this summer, imposed tax-collection duties on a company if it used marketing affiliates in the state to refer customers or if it had sister companies in California, such as Amazon's Silicon Valley company that developed the Kindle electronic book reader. Internet retailers such as Amazon and Overstock.com said that violated the Supreme Court ruling.

Amazon and the California Retailers Association worked out the compromise in the final days of the legislative session to postpone the tax measure and allow the online and traditional retail lobbies to make a unified push in Washington for a national standard.

The compromise also had the blessing of the California Chamber of Commerce and traditional retailers such as Barnes & Noble Inc., Best Buy Inc., Crate & Barrel, Sears, Target Corp. and Wal-Mart Stores Inc.

"Amazon's concession to finally begin collecting sales tax in California is a ground-breaking moment that sends a strong message to Washington that it is time to stop giving special treatment to a select few," Bill Dombrowski, president of the California Retailers Association, said in a statement released by the governor's office. "All retailers deserve the chance to compete, grow and create jobs on a level playing field, without government picking winners and losers."

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Dollar weakens against euro after two-day rally (AP)

NEW YORK – The dollar gave back some of its gains against the euro Friday, a day after hitting an eight-month high against the European currency.

The dollar had risen nearly 1.5 percent against the euro since Tuesday, as demand for the U.S. currency increased on fears about the global economy. At one point, the euro fell to $1.3384 Thursday, its lowest level since Jan. 18.

Finance ministers from 20 leading economies, who are meeting Friday in Washington D.C., tried to calm markets ahead of their meeting saying that they are strongly committed to stabilizing the global economy.

But with no economic data expected in the United States, the dollar traded in tight ranges against most currencies.

In afternoon trading Friday, the euro edged up to $1.3489 from $1.3469 late Thursday.

The British pound rose to $1.5464 from $1.5353. The dollar was practically unchanged at 76.39 Japanese yen from 76.40 Japanese yen. The dollar fell to 0.9043 Swiss franc from 0.9085 Swiss franc and to 1.0287 Canadian dollar from 1.0302 Canadian dollar.

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Senate blocks House disaster aid bill (AP)

WASHINGTON – The Democratic-led Senate blocked a House bill on Friday that would provide disaster aid and keep government agencies open, escalating the parties' latest showdown over spending and highlighting the raw partisan rift that has festered all year.

In a tit-for-tat battle, the Senate used a near party-line vote of 59-36 to derail the measure passed earlier by the Republican-run House. That bill would fund federal agencies and provide $3.7 billion in disaster assistance, partly paying for that aid with cuts in two Energy Department loan programs that finance technological development.

With the support of 10 GOP senators, the Senate had voted last week to provide $6.9 billion in disaster aid and no cuts to help pay for it.

Senate Majority Leader Harry Reid, D-Nev., offered a compromise Friday that would accept the House's lower level of disaster spending but lacked the loan program cuts. Republicans delayed a vote on Reid's measure until Monday, and they seem likely to block it then because Democrats would need 60 votes to win passage — exceeding the 53 votes they have.

The dispute pitted GOP objections that the disaster spending would worsen the government's budget problems unless savings were included against Democratic complaints that cutting the energy loan programs would stifle the economy and cost jobs.

The fresh round of brinksmanship came with lawmakers facing two deadlines. The Federal Emergency Management Agency's fund for disaster victims could run out of money early next week, even as claims from Hurricane Irene and other recent disasters continue to accumulate. And Congress has completed none of the 12 annual spending bills for the federal fiscal year that begins Oct. 1, meaning agencies would have to close their doors that day without fresh funding.

"We've agreed to their number on FEMA," Reid said. "I mean, do they want the government to shut down? Do they want FEMA to close?"

Reid said he believed the Senate would consider the issue on Monday and that "reasonable heads will prevail."

Senate Minority Leader Mitch McConnell, R-Ky., said Democrats want to continue the Washington custom of financing emergency spending by adding to colossal federal deficits.

"If there's any lesson we can draw from the debates we've been having here over the last six months, it's that the American people won't accept that excuse anymore," McConnell said. "The whole, `that's the way we've always done it' argument is the reason we've got a $14 trillion dollar debt right now."

Besides its emergency aid, the measure the House passed early Friday would temporarily prevent a federal shutdown by financing government agencies from the Oct. 1 start of the new fiscal year through Nov. 18. It was approved by a near party-line 219-203 vote.

White House spokesman Jay Carney faulted House Republicans for the deadlock, saying they had passed legislation knowing it would die in the Senate, just as they had during last month's fight over extending the federal debt limit.

"The fever hasn't broken — the behavior that we saw this summer that really repelled Americans continues," Carney said.

Republicans blamed Democrats, saying the House-passed bill had enough money for the Federal Emergency Management Agency and that Democratic opposition to it was all about politics.

"The American people are sick and tired of political games," said House Appropriations Committee Chairman Harold Rogers, R-Ky. "Shutting down the government and cutting off essential programs that our people rely on is bad enough, but leaving disaster-stricken families and communities in the lurch in their hour of greatest need is simply reprehensible."

It was unclear how the standoff would be resolved. The House and Senate had both planned to take next week off, but neither seemed likely to risk accusations of ignoring the thousands of Americans victimized by natural calamities or of allowing the government to shut its doors.

House passage represented a reversal from an embarrassing setback the chamber dealt its Republican leaders on Wednesday. On that day, the House rejected a nearly identical measure, shot down by Democrats complaining its disaster aid was too stingy and conservative Republicans upset that its overall spending was too extravagant.

The bill the House approved Friday morning contained just one change — an additional $100 million in savings from cutting a second Energy Department loan program, this one aimed at sparking new energy technologies.

That is the same program that financed a $528 million federal loan to Solyndra Inc., the California solar panel maker that won praise from President Barack Obama but has since gone bankrupt and laid off its 1,100 workers. The Obama administration had praised Solyndra as a model for green energy companies, but now Congress is investigating the circumstances under which the government approved the loan.

The gridlock over the spending bill was the third time this year the two parties have clashed over legislation whose passage both sides considered crucial.

In April with just hours to spare, the two sides reached agreement on a bill that averted a federal shutdown and provided money for government agencies through September. Then this summer, they battled for weeks before finally approving legislation extending the government's borrowing authority and narrowly preventing a historic federal default.

Against a backdrop of the 2012 presidential and congressional elections and angst over the country's dismal job market, this year's clashes have been intensified by the infusion of dozens of tea party Republicans who often show little inclination to compromise.

Wednesday's defeat of the spending bill was only the most recent time they have made life difficult for House Speaker John Boehner, R-Ohio. And it underscored the challenges ahead this fall as Congress tackles efforts to fix the economy, create jobs and try to control the $14 trillion national debt.

___

AP writer Laurie Kellman contributed to this report.

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FedEx pares 2012 outlook, shares hit 2-year low (Reuters)

FedEx Corp (FDX.N), the world's No. 2 package delivery company, cut its full-year profit outlook, citing fuel prices and weak global economic growth, sending its shares down as much as 11 percent to a two-year low.

Chief Executive Fred Smith said he did not expect economic conditions to improve much any time soon, although he did not expect the United States to dip back into recession.

"We expect sluggish economic growth will continue, largely due to a lack of confidence that U.S. and European policy makers will effectively address current economic challenges," Smith said on a conference call to discuss quarterly results.

The sour mood of the consumer, which is compelling companies around the world to squeeze costs and hold down inventories, remains the biggest drag on the economic growth that FedEx needs to give its business a boost, company executives said on the call on Thursday.

With inventories low, FedEx expects to benefit if there is an uptick in demand in the run-up to the holiday shopping season and retailers needed fast delivery. Much is also riding on robust online orders. But for now, things remain subdued.

"Our customers' hair is not on fire," said FedEx Chief Financial Officer Alan Graf. "They're just saying, you know, we're going to be steady as she goes, so it just feels completely different than it did back in 2008."

The sheer volume of goods moved by FedEx makes its shipment trends a bellwether for consumer demand and economic growth. The value of packages handled by FedEx's trucks and planes every year is equivalent to about 4 percent of U.S. gross domestic product and 1.5 percent of global GDP.

FedEx, which is also being hurt by a slowdown in international trade, reported earnings of $1.46 per share, just beating the average analyst estimate of $1.45, according to Thomson Reuters I/B/E/S/. (For a graphic, see http://r.reuters.com/kys83s )

FedEx shares were down 8.9 percent at $66.04 in afternoon trading, well below their year-high of $98.66 in July.

"It's a cheap stock, and if this is a slowdown it's probably an opportunity to buy. But if it's more an indication of recession then I would say you wouldn't want to own it," said Donald Porter at Dalton, Greiner, Hartman, Maher & Co, which holds shares in rival United Parcel Service (UPS.N).

To help counter falling volumes in the Express division, its biggest, FedEx said it would raise shipping rates by a net 3.9 percent on average for U.S. domestic, U.S. export and U.S. import services from January 2.

The company so far has had little resistance to rate increases, the latest of which went into effect this month.

Memphis, Tennessee-based FedEx reiterated its $4.2 billion capital expenditure plan for the year ending next May. The company is considering buying about 50 wide-body freighters from Boeing Co (BA.N) and Airbus (EAD.PA) to update its fleet to more fuel-efficient models.

ASIAN VOLUMES DOWN

At FedEx Express, which represents more than 60 percent of total revenue, domestic revenue per package rose 13 percent in the three months ended August 31, mainly due to higher fuel surcharges and increased weight per package. Average daily package volume dropped 3 percent.

Volume fell 4 percent in the division's international unit, mainly due to a decline in traffic from Asia. Revenue per package grew 16 percent, helped by favorable exchange rates.

FedEx is the world's biggest air cargo carrier, a fact that Fred Labatt, director of equity research at South Texas Money Management, said made it more vulnerable than UPS to weakness in international trade.

"The stock is going to be more sensitive than UPS, which has a lot more ground and less air," he said. "On the other hand, the yields were better pretty much across the board in all the segments, which means they're getting pricing and the company's doing a really good job of managing their costs," said Labatt, whose firm holds FedEx shares.

FedEx said fiscal first-quarter profit, which slightly beat forecasts, rose to $464 million, or $1.46 per share, from $380 million, or $1.20 per share, a year ago. Analysts, on average, had expected a profit of $1.45 per share.

The company cut its forecast for earnings for the year to May 2012 to $6.25 to $6.75 per share from its June estimate of between $6.35 and $6.85.

Revenue rose 11 percent to $10.52 billion from $9.46 billion a year earlier. That was above the average forecast of $10.32 billion.

With the stock down about 30 percent this year, FedEx said it planned to buy back 5.7 million shares under its existing repurchase authorization.

The Dow Jones Transportation average (.DJT) has dropped about 19 percent this year while UPS shares have fallen about 14 percent.

UPS, the world's biggest package delivery company, last week affirmed its call for record earnings in 2011, downplaying the likelihood of a double-dip recession.

Its shares were down 3.7 percent at $61.97 at midday.

(Reporting by Lynn Adler in New York, editing by Dave Zimmerman, Maureen Bavdek and Matthew Lewis and Ted Kerr)

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Warnings mount on euro crisis, BRICS mull more aid (Reuters)

WASHINGTON (Reuters) – World leaders and finance chiefs on Thursday pushed Europe to quell its debt crisis and big emerging economies said they might provide more money to help stop the chaos from spreading.

As finance ministers and central bankers gathered for talks amid growing concern about sharply slowing growth and plunging stock markets, the leaders of seven big economies stressed the need to contain the euro zone crisis.

"Euro zone governments and institutions must act swiftly to resolve the euro crisis and all European economies must confront the debt overhang to prevent contagion to the wider global economy," the leaders of Australia, Canada, Indonesia, Britain, Mexico, South Africa and South Korea wrote in an open letter to France, chair of the Group of 20 leading economies.

Separately, officials from the so-called BRICS countries, including heavyweights China, Brazil and India, said they would consider giving more funds to the International Monetary Fund to boost global stability.

But India issued a reminder that developing countries were not in a position to bail out richer economies.

"We represent a group of countries where there is (an) enormous amount of demand for resources at home for poverty reduction," Reserve Bank of India Governor Duvvuri Subbarao told a joint BRICS news conference in Washington.

The euro area crisis has put a strain on the IMF's resources. With key economies teetering on the edge recession, more countries could seek emergency loans, quickly depleting its capital.

An internal IMF staff report obtained by Reuters last week showed that the fund could comfortably lend out another $390 billion without endangering its balance sheet. But in a worst-case scenario, it may face demands for $840 billion -- an increase of $200 billion from staff estimates made in June.

Highlighting the growing role of the BRICS in the world economy, China's central bank governor said major emerging markets should boost domestic demand to take up some of the slack caused by weakness in the United States and Europe.

"In today's crisis period, internal demand of each economy is important, and we should find a way to enlarge internal demand in our economy," Zhou Xiaochuan said.

But he made no mention of repeated U.S. calls for Beijing to let the yuan currency rise faster.

As stock prices around the world fell on fears of a new economic slump, U.S. Treasury Secretary Timothy Geithner voiced optimism that Europe would devote more of its own resources to backstop euro area governments and banks under stress.

"I am very confident they're going to move in the direction of expanding (their) effective financial capacity," he said. "They're just trying to figure out how to get there in a way that is politically attractive."

French Finance Minister Francois Baroin said giving more clout to Europe's new bailout mechanism, the European Financial Stability Fund, could be done but was not top of his agenda.

"The main issue (for the euro zone) is reducing deficits as quickly as possible. Leveraging the EFSF is not a priority for now, we could eventually consider how to leverage it to give it more systemic firepower."

ECB WARNS EURO IN DANGER

In Frankfurt, a European Central Bank study on Thursday warned the entire euro currency project was now in peril.

The study, perhaps the most stern warning about the euro's future from a central banker, was a parting shot from ECB chief economist Juergen Stark, who resigned this month after opposing the bank's purchases of troubled countries' bonds.

"Greatly increased fiscal imbalances in the euro area as a whole and the dire situation in individual member countries risk undermining stability, growth and employment, as well as the sustainability of (Europe's Economic and Monetary Union) itself," said the research paper, which was published by the ECB but not endorsed by it.

G20 finance ministers will meet for dinner in Washington on Thursday to discuss the crisis, but they have no plans to issue a communique to outline a response.

That may be disappoint investors who are alarmed about the inability of policymakers to tackle jointly the world's economic problems as they did at the height of the financial crisis in 2008 and 2009.

World stocks plunged on Thursday as investors worried about the grim global growth outlook including data pointing to a slowdown in China, one of the world's key economic engines.

European stocks fell over 4.5 percent and the Dow Jones Industrials closed down over 3.5 percent.

Investors flooded into the safe haven of U.S. Treasury debt, pushing yields to new lows a day after the Federal Reserve, warning the U.S. economy faced significant risks, announced a new plan to keep lending rates low.

The European Union's monetary affairs commissioner, Olli Rehn, did not rule out the possibility of a Greek debt restructuring but vowed European leaders would not allow an uncontrolled default nor Greece leaving the euro zone.

In Athens, Prime Minister George Papandreou said further austerity measures were vital to Greece, even as workers striking in protest shut down the country's transport system.

"There is no other path. The other path is bankruptcy, which would have heavy consequences for every household," he said.

BANKS IN FOCUS

The crisis has raised pressure on European banks, particularly in France, which are heavily exposed to Greece and other troubled euro zone sovereigns. Baroin said any liquidity problems for Europe's banks were addressed by a move by global central banks to set up new liquidity facilities last week.

The IMF has pressed for a recapitalization of European banks but has faced opposition from bank executives and EU governments who have said balance sheets are sound.

Europe's banking regulator denied a Financial Times report that it would force 16 weaker, mid-tier banks to raise capital more quickly after they came close to failing European stress tests last year.

France's biggest bank, BNP Paribas denied a Reuters report that it was in talks with the Gulf state of Qatar on taking a stake in the bank.

(Additional reporting by David Ljunggren in Ottawa, Regan Doherty in Qatar, Daniel Flynn, Jan Strupczewski, Rachelle Younglai and Lesley Wroughton in Washington, Lionel Laurent and Julien Ponthus in Paris, Ross Finley in London, Lefteris Papadimas in Athens, Martin Santa in Frankfurt; Writing by David Lawder; Editing by Neil Stempleman)

(Reporting by David Lawder; Editing by Neil Stempleman)

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Download The Band Perry-If Die Young

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Title: If I Die Young |  
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Download Adele Rolling In The Deep

Adele Rolling In The Deep  This song just for preview, please buy MP3 Original and use ringtone for the artist can be work. We do not save this file, we only provide the latest song info. So we do not save this file in the data base http://the-best-make-money-online.blogspot.com


Mp3 Info:  
Title: Rolling in the Deep |  
Artist: Adele |
Year: 2010 |  
Track Number: 1 |  
Bit Rate: 192 kbps |  
Sample Rate: 44100

Download: Adele Rolling In The Deep

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Download I Wanna Go - Britny Spear

 I Wanna Go - Britny Spear This song just for preview, please buy MP3 Original and use ringtone for the artist can be work. We do not save this file, we only provide the latest song info. So we do not save this file in the data base http://the-best-make-money-online.blogspot.com


Mp3 Info:  
Title: I Wanna Go By PAH-Radio |  
Artist: Britny Spear |
Album: Britny Spear |
Genre: PAH |
Bit Rate: 192 kbps |
Sample Rate: 44100

Download: I Wanna Go - Britny Spear

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Download Rihanna Cheers (Drink to That)

 Rihanna Cheers (Drink to That)  This song just for preview, please buy MP3 Original and use ringtone for the artist can be work. We do not save this file, we only provide the latest song info. So we do not save this file in the data base http://the-best-make-money-online.blogspot.com


Mp3 Info:  
Title: Cheers (Drink to That) |
Artist: Rihanna | Album: Loud |
Genre: R&B |
Year: 2010 |  
Bit Rate: 271 kbps |  
Sample Rate: 44100

Download: Rihanna Cheers (Drink to That)

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Q&A: Is this the end of the road for the gold rush? (Reuters)

Growth is stalling, the euro zone is flailing, the Fed is spent and risk markets are melting down -- yet gold, the one asset that has consistently rallied in similar circumstances over the past year, is in a tailspin.

After a month of unprecedented volatility that has rattled some investors' confidence in gold's decade-long winning streak, the question is obvious: Is this what the popping of a gold bubble looks like?

The answer, of course, isn't obvious. The bursting of asset bubbles is best seen in retrospect, and gold's 10 percent decline from a record high just three weeks ago is far from its worst tumble; it last suffered such a setback in late 2009, and multiple times in 2008. It is only halfway to the 20 percent mark that separates a correction from a bear market.

While a survey of the best minds of the bullion market predicted this week that gold would continue to power higher over the next year, topping $2,000 an ounce, there are undeniable warning signs flashing along the way, threatening to undermine one of this year's top-performing assets.

Returns this year: http://r.reuters.com/suz52s

Spot gold prices tumbled more than 3 percent to a one-month low of $1,721 an ounce on Thursday, falling further out of favor as a global round of risk aversion triggered by weak Chinese manufacturing data and grim comments from the Federal Reserve hit commodity markets especially hard.

The U.S. dollar index (.DXY) rose 1.25 percent and U.S. stock indices fell nearly 4 percent. Brent crude dived by $5 a barrel, copper logged its biggest loss since October 2008 while sugar and grains slumped 5 percent.

Without calling a top in a market that has consistently proven all but the most intrepid gold bugs wrong, below are several factors to consider when weighing whether this is the end of the road or just a big bump in it.

RISK CORRELATIONS IN TATTERS, DOLLAR DRIVER RETURNS

The most alarming shift in the gold market in recent weeks has been the abrupt collapse in what had become a predictable risk-off trade. The 25-day correlation between gold and U.S. 10-year Treasuries had strengthened to the highest since at least 2005 at 0.7 by a week ago, but has since collapsed. The inverse link with the S&P hit its lowest in early September since the financial crisis, but has now bounced.

The dislocation has been increasingly evident this week, with gold falling in tandem with oil, stocks and copper, while the safe money rushed instead for Treasuries and the dollar.

The apparent cause? Possibly the rise of another popular correlation, one that had been largely set aside -- the dollar. On Thursday, the correlation returned negative for the first time in two weeks. It has averaged -0.4 for five years.

If that correlation holds strong, gold may be hostage to the greenback for some time. While the euro's woes and ultra-risk-averse investors may continue to help pull the dollar index (.DXY) up from near its 2008 record lows, few expect a sustained recovery that could drag down gold.

INFLATION BEGONE

Along with the loss of its safe-haven status, for the moment at least, gold's long-standing favor as a hedge against inflation hasn't been evident for months, with Western economies closer than ever to another recession.

Even so, with the Fed pledging to keep interest rates at near zero for the next two years, gold's lack of yield is less of a penalty than in normal times.

VOLATILITY BITES

On top of the disrupted correlations, gold has extended a period of unprecedented volatility, with day-to-day price movements in excess of 2 percent during 15 of the last 37 trading sessions -- a run unrivaled except for in 2008. On an absolute basis, intraday swings of more than $50 an ounce have not been regularly witnessed since 1980.

Volatility graphic: http://r.reuters.com/bet83s

"When something can move 3, or 5 or 6 percent in the course of two days, that's not a safe haven. Safe havens should be quiet and stable ... not violent," said Dennis Gartman, a longtime professional commodities investor who has regularly traded in and out of the bullion market.

OPTIONS FLASH AMBER

The extraordinary whipsaw trade has bled into the options market, where implied volatility -- a measure of the cost of buying options either to bet on prices rising or to protect against prices falling -- has surged lately.

The CBOE's gold volatility index (.OVX) based on COMEX futures prices spiked in August to its highest in two years, and surged anew on Thursday as prices crashed.

More tellingly, traders say there is growing demand for buying put options, which protect an investor if prices fall. In the past, they say, far more investors wanted call options to benefit from gold's seemingly unyielding rise.

TEMPORARY LIQUIDITY RUSH?

Over the past few years, gold has occasionally tumbled in tandem with stocks and other "riskier" assets simply because investors in those other markets were desperate to raise cash in order to cover margin calls or offset losses. This had little to do with any safe-haven issues or correlations and everything to do with the need for immediate liquidity.

That occurred most recently in June, with several days of in-sync losses. But the impact tends to ebb quickly, and few analysts see that as a compelling factor at the moment, suggesting the bounce-back may not be as swift.

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Rate on 30-year mortgage stays at record 4.09 pct. (AP)

WASHINGTON – Fixed mortgage rates hovered at record lows for a third straight week. They are likely to fall even further now that the Federal Reserve said it would shuffle its holdings to drive down long-term interest rates.

The average rate on the 30-year fixed mortgage was unchanged at 4.09 percent this week, Freddie Mac said Thursday. That's the lowest rate seen since 1951.

The average rate on the 15-year mortgage ticked down to 3.29 percent. Economists say that's the lowest rate ever for the loan.

Mortgage rates tend to track the yield on the 10-year Treasury note. One day after the Fed's announcement, the yield on the 10-year note touched 1.74 percent Thursday. That's the lowest level since Federal Reserve Bank of St. Louis started keeping daily records in 1962.

In July, the yield on the 10-year note was above 3 percent.

Low mortgage rates have done little to boost home sales. This year is shaping up to be the worst for sales of previously occupied homes since 1997. Few are buying, even though the average rate on the 30-year fixed mortgage has been below 5 percent for all but two weeks this year.

Many Americans are in no position to buy or refinance. High unemployment, scant wage gains and large debt loads have kept them away.

Others can't qualify. Banks are insisting on higher credit scores and 20 percent down payments for first-time buyers. Some homeowners have too little equity invested in their homes to meet loan requirements.

Most people must also pay extra fees to get the low mortgage rates. Those fees are known as points, with one point equaling 1 percent of the total loan amount.

The average fees for the 30-year held steady at 0.7 point. Fees paid on 15-year fixed loans and both 5-year and one-year adjustable-rate loans were all at 0.6 point.

Once fees are factored in, the average rate on the 30-year loan rises to 4.25 percent, Freddie Mac said.

A drop in mortgage rates could provide some help to the economy if more people could refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend.

But many homeowners with good jobs and stable finances have already refinanced in the past year. The average rate on the 30-year fixed loan fell to 4.17 percent last November, and to 4.15 percent last month. Both were previous lows.

Homeowners typically pay a few thousand dollars in closing costs when they refinance. To refinance again, most experts say rates would need to fall an additional 1 percentage point to make it worthwhile.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rate on a five-year adjustable-rate mortgage rose to 3.02 percent. That's higher than last week's 2.99 percent.

The average rate for the one-year adjustable-rate mortgage increased slightly to 2.82 percent from 2.81 percent, the lowest rate on records going back to 1984.

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Geithner certain euro zone will boost bailout fund (Reuters)

WASHINGTON (Reuters) – Treasury Secretary Timothy Geithner said on Thursday he was sure Europe would boost the firepower of its bailout fund to contain the debt crisis as pressure on Europe grew to act decisively to calm markets.

Geithner traveled to Europe twice in the last two weeks to discuss dealing with the crisis. He suggested boosting the firepower of the euro zone bailout fund -- the European Financial Stability Facility (EFSF) -- through leveraging to EU finance ministers last Friday.

Borrowing costs for euro zone countries like Spain and Italy have been rising steadily despite a euro zone agreement to allow the EFSF to buy bonds on the secondary market, extend preventive credit to countries and lend to recapitalize banks.

Investors are concerned about the apparent lack of unity among euro zone countries to support the single currency area's weakest members and they doubt that the bailout fund has enough money to finance Spain and Italy if needed.

Speaking ahead of a meeting of finance ministers and central bankers of the world's 20 biggest economies, Geithner said euro zone officials were aware of the risks.

"They recognize that if you let, as the United States did in the early part of 2008, the momentum of these concerns build, they're very hard to arrest, much more expensive to arrest," Geithner said.

"So you're going to see them act with more force in the coming weeks and months," he said.

"I am very confident they're going to move in the direction of expanding the effective financial capacity of that set of financial ring fences because they have no alternative and they recognize that and they're going to do it," Geithner said.

"They're just trying to figure out how to get there in a way that is politically attractive."

Canadian Finance Minister Jim Flaherty said on Wednesday European nations could "get ahead of the game" if they were prepared to increase the euro zone's bailout funds to 1 trillion euros from the current 440 billion euros.

French Economy Minister Francois Baroin said on Thursday the euro zone's priority was to get the new powers for the EFSF ratified by all euro zone countries as soon as possible, but the idea of leveraging the bailout fund was to be considered.

"Leveraging the EFSF is not a priority for now, we could eventually consider how to leverage it to give it more systemic firepower," Baroin said, in a first clear admission from a senior euro zone official that the idea was under discussion.

The EFSF, which is likely to get its new tools of intervention by mid-October, may need large funds to take over from the European Central Bank the purchasing of Italian and Spanish bonds on the secondary market.

Economic and Monetary Affairs Commissioner Olli Rehn told a seminar in Washington these ECB responsibilities would gradually be transferred to the EFSF, with the two institutions working in parallel for a while before the bailout fund takes over bond interventions completely.

Furthermore, the EFSF could be used to beef up the capital of some European banks that hold Greek, Portuguese, Irish, Belgium, Spanish or Italian bonds, the size of which would depend on the assumed losses on these assets.

The IMF has warned such losses, combined with exposure to interbank lending risks, could total 300 billion euros and has been pushing for a recapitalization so that they can weather any potential losses.

Rehn said he did not agree with the IMF estimates but supported the idea of recapitalization.

"It's essential that we continue to work in order to ensure sufficient recapitalization of European banks," Rehn said.

"In this regard we do not share the numbers of the IMF which have been published today and leaked three weeks ago. We share the same concern and I can just say that is a work in progress."

(Reporting by Rachelle Younglai, Dan Flynn, Mark Felsenthal and Jan Strupczewski, Editing by Chizu Nomiyama)

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What is a referral link

The referral link is the link through which you build your downline at a ptc sites or any kind of website that allows you to bring referrals and earn money on their activity.
The link can be in simple format just like you receive it from the ptc site. Here is an example of referral link:  http://bux.gs/?r=your-ptc-username
It can be used as a text link like in the following example:
It can also be used as an image link (banner) like in the following example:

The html code for the image link is:
<a href=”http://www.themoneymaking.com/the-best-ptc-sites/palmbux/” target=’_blank’ rel=’nofollow’>
<img border=”0″ src=”http://www.palmbux.com/images/banners/banner2.png” width=”468″ height=”60″></a>
…where the first URL should be your referral link and the second URL should be the address where the banner as an image file is hosted.
The form of a referral link differs from one website to another as you’ll see within the accounts you have on ptc sites. Also if you use image links more often you’ll see that the html code for the banner is given to you in all the ptc sites.
The referral link is very important because  earning more money with ptc sites means bringing as many direct referrals as you can.
The direct referrals, most of the times, you get from posting your referral link in forums , comments on blogs.
Also promoting your referral link is the best way to increase your income with the ptc sites because it is free, it will cost you only a little bit of your time to post your link in different places.
I hope you’ll find this post useful and I also have to let you know that soon I wil add several posts in which I will show you how to bring referrals to your ptc accounts fast and easy.

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6 tips that guarantee your success with ptc sites

I’ve been working with ptc sites in the past year or so and I can say I’m doing pretty well. All though I see every day people frustrated that they do not make money with these kinds of websites and give up easily.
I know what it means to be a beginner and wait for months to see 1 -2 dollars in your account, not to mention how much effort you have to put in to bring a couple of referrals every month and to see that only a third of them actually click on the ads and bring you money.
But, if you keep going and don’t give up and put up a plan to follow exactly you can earn enough money with ptc sites.
Here are 6 things you should be aware of if you want to be successful with ptc sites:

1) Choose carefully the websites you’re joining
The websites we are joining and investing time and effort in can make the difference between success and failure.
We all want to earn as much as possible from these websites and sometimes we get carried away and join dozens of websites only to find out that after a month or two we’ve worked for nothing and maybe lost money too.
That is why you should work only with websites that have been analyzed (see the ‘Scam PTC vs Trusted PTC’s post) and you know can be trusted.
This way you can avoid as much as possible the frustration I’ve mentioned above and earn some nice money.
Some of the trusted ptc sites you can find on the first page of this blog.

2) You have to set up an objective and a plan to achieve it
In order to earn a nice amount of money it is not enough to just join the ptc sites and click on the ads every day.
First of all you have to decide upon an objective – mine was to get at least 10 direct referrals for each ptc site daily.
After you’ve set up the target you have to make a plan to achieve it – take a piece of paper or open a document on your computer and write down what exactly you have to do to get to your target.
Example:
-Use X and Y and Z websites and forums to get direct referrals
-Use other ways to get direct referrals
-Upgrade at 2 of the ptc sites I’ve joined and start investing in the referral packages
-Log in as many times as possible on a daily basis to be able to click on many more ads and earn more money
After you have made the plan add a deadline to it – when exactly do you want to implement all the things from the plan.

3) Take action
Now that you have a plan and a deadline all that is left to do is get to work.
Start doing everything you’ve planned to and stick to it until you see the results.

4) Track everything
Whenever you do something it is good to keep an evidence of what works and what doesn’t. When you keep tracking the actions you do and the results you can find the places that need improvements.
Take a piece of paper or open a new document and write down all the things you do daily and what are the results, meaning what do you receive from the actions you took.

5) Don’t quit
It is possible to not see the results coming for a while, but do not give up. As long as you have a good plan and a little faith in yourself you will get what you deserve.

6) See what works the best and keep doing that
A last advice I can give is focus on the things that bring you the most. If you apply the things above and keep a track of them then you will definitely notice what actions bring you money and what do not.

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Summary Box: Nike Inc. fiscal 1st-quarter results (AP)

EARNINGS: Nike Inc.'s net income rose 15 percent to $645 million, or $1.36 per share from $559 million, or $1.17 per share, in the same quarter last year.

REVENUE: Revenue for the world's largest athletic shoe and clothing company rose 18 percent to $6.08 billion.

EXPECTATIONS: The quarter beat analysts' expectations of $1.21 per share on revenue of $5.75 billion, according to data from FactSet.

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Download Stereo Hearts - Gym Class Heroes feat. Adam Levine

Stereo Hearts - Gym Class Heroes feat. Adam Levine This song just for preview, please buy MP3 Original and use ringtone for the artist can be work. We do not save this file, we only provide the latest song info. So we do not save this file in the data base http://the-best-make-money-online.blogspot.com

Mp3 Info:  
Title: Stereo Hearts (Feat. Adam Levine) |  
Artist: Gym Class Heroes |
Album: The Papercut Chronicles II |
Genre: (13) |  
Track Number: 3 |
Bit Rate: 160 kbps |  
Sample Rate: 44100 

Download Stereo: Hearts - Gym Class Heroes feat. Adam Levine

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Download One Republic - Good Life

One Republic - Good Life This song just for preview, please buy MP3 Original and use ringtone for the artist can be work. We do not save this file, we only provide the latest song info. So we do not save this file in the data base http://the-best-make-money-online.blogspot.com

Mp3 Info:  
Title: Good Life |  
Artist: OneRepublic |
Album: Good Life - Single |  
Genre: (17) | Year: 2009 |  
Track Number: 1 |  
Bit Rate: 321 kbps |  
Sample Rate: 44100 

Download: One Republic - Good Life

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Download Lil Wayn - How To Love

Lil Wayn - How To Love This song just for preview, please buy MP3 Original and use ringtone for the artist can be work. We do not save this file, we only provide the latest song info. So we do not save this file in the data base http://the-best-make-money-online.blogspot.com

 

Mp3 Info: 

Title: Lil Wayne - How To Love Girl (Prod. By Digital) (Carter 4 Comin Soon!!!) |

Artist: Eminem & Lil Wayne |  

Album: Marshall Carter |  

Genre: (7)Hip-Hop | 

Bit Rate: 192 kbps |  

Sample Rate: 44100  

 

 Download :Lil Wayn - How To Love

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Download Lighters (ft. Bruno Mars)

Lighters (ft. Bruno Mars) This song just for preview, please buy MP3 Original and use ringtone for the artist can be work. We do not save this file, we only provide the latest song info. So we do not save this file in the data base http://the-best-make-money-online.blogspot.com


Mp3 Info:  
Title: Lighters (ft. Bruno Mars) |  
Artist: Bad Meets Evil |  
Album: Hell: The Sequel |  
Genre: Hip-Hop/Rap |  
Bit Rate: 192 kbps |  
Sample Rate: 44100

Download :Lighters (ft. Bruno Mars)

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How to Make Money Online Building Custom WordPress Themes

Nowadays, several people are already using different techniques on how to make money online building custom WordPress themes. This is because of the websites’ need to create a page that reflects their unique characteristics. Also, website owners absolutely wouldn’t want another website to look exactly or similar as their web pages. This calls for the need of website owners to have custom-made themes.
WordPress is one of the leading blog sites. This is where people express their opinions, ideas, as well as experiences. Since every people have his own personality and characteristic, it is just appropriate for them to have a theme that is also distinctive of their own topic. There is no better way to express your insights than incorporating theme in your web designs.
To start off, you must be familiar with how WordPress works. It will be better for you to have an account. Familiarity or in depth knowledge of HTML and CSS will be an advantage. You can also visit the WordPress site as it offers different techniques of building custom themes. There are also posts that provide step-by-step procedures for almost all the possible designs that you will have to know.
The next thing you have to worry about would be the designs that you will create. You should exert effort on this one since you need to know what designs will actually sell. This necessitates extensive research for you to have an edge apart from other theme designers. Using keyword tolls will help you filter the areas where most people are interested in. You can also use keywords in the descriptions of your themes. This will eventually provide you more traffic.
Before launching your site, it is advisable to have at least a dozen of custom designs. Make sure that these designs are fitted for different topics. By doing this, you will be able to target different customers. You could also concentrate on building themes that is directed to a particular topic. However, this will be more difficult since you need to be more creative so as not to overlap the designs.
You should not forget to check each and every theme before you put it on sale. Look for possible errors that may possibly occur. This way, you will minimize complaints from your buyers and will help you maintain a good reputation. Make quality themes and you will surely get to your success.
When you have already settled these matters; it will now be easy for you to move on. Standard themes can be paid online. You won’t even have to think of delivery since it can be done automatically or on autopilot. This now gives you more time to concentrate on building more designs.
These are just basic tips on how to make money online building custom WordPress themes. You can also explore on other tactics that you can use in your designs. This will help you build more unique themes that will surely be appropriate for several topics that your customers may have.

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GM Becomes First of Big Three to Reach New Agreement with UAW (ContributorNetwork)

As predicted, General Motors became the first of the Big Three to reach a new contract agreement with the UAW on Friday. The agreement, described as "tentative" because it has yet to be officially ratified by UAW members, was reached late that evening, according to reports that emerged from Detroit on Saturday.

General Motors had begun preliminary negotiations with the UAW earlier this year, but as the expiration date of the current contract loomed nearer, discussions intensified, reaching a head in the last two weeks. Chrysler and Ford are still in negotiations with the UAW, although Chrysler is said to be close to a deal of their own. Ford has extended its current contract indefinitely while negotiations continue. Contracts between each of the Big Three and the UAW expired on Wednesday.

What are some of the focal points of the new contract between GM and the UAW?

The contract has not been officially released to the media, so many parts of the negotiations remain unknown. Items that have been announced include a $5,000 signing bonus per UAW worker and a $3 gradual increase in per-hour wages for entry-level jobs. Rumored items include a proposed buyout of about 1,000 skilled trades workers and new jobs for at least three more factories, including two more in Michigan, over and above the ones that were already slated for increases in announcements made by the company earlier this year. Retirement benefits, which were considered a potential target for further cuts, are rumored to have been maintained at near-current levels. Health care benefits also are thought to have been spared any significant changes.

Now that an agreement has been reached, what happens now?

The contract agreement now goes to local UAW leaders. They are expected to receive the new deal on Tuesday to begin going over the proposed changes. After local leaders see the pact, it goes out to the approximately 48,500 UAW workers that are employed by General Motors for ratification. Ratification is expected to take seven to 10 days.

What did the sides have to say about the agreement?

Both sides table have proclaimed themselves pleased with the way that negotiations turned out. UAW President Bob King was quoted as saying, "We're proud of this agreement and are happy that it truly recognizes that the success of the company is tied to the success of the workers."

GM Vice President of Labor Relations Cathy Clegg said in statements after the conclusion of negotiations that, "We worked hard for a contract that recognizes the realities of today's marketplace, enabling GM to continue to invest in U.S. manufacturing and provide good jobs to thousands of Americans." The UAW is expected to take the new contract with GM into negotiations with Chrysler and Ford.

Vanessa Evans is a musician and freelance writer based in Michigan, with a lifelong interest in politics and public issues.

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Greece promises primary surplus in 2012 (AP)

VOULIAGMENI, Greece – Greece's finance minister promised Monday to stick with his plan for the country to post a primary surplus in 2012, hours ahead of an emergency teleconference with creditors that could go a long way to determining whether Greece avoids defaulting on its debts.

Evangelos Venizelos' target of generating more revenues next year than the country spends, before paying off interest on debts, comes despite the ongoing recession in the crisis-hit country.

Greece's economy is expected to contract by about 5.5 percent this year and to shrink further next.

Speaking at a conference south of Athens, Venizelos said the 2012 target was vital for Greece to avoid international "blackmail and humiliation" and came as markets continued to fret about the possibility of an imminent Greek default — stock markets around the world were down sharply Monday.

"We are living though a recession that is unprecedented in recent decades. The recession ... will reach 5.5 percent in (2011). It is the third straight year of recession and it will continue for a fourth, though significantly reduced," Venizelos said.

He said Greece planned to record a euro3 billion ($4.1 billion) primary surplus in 2012. That compares with a primary deficit of euro24 billion ($33 billion) in 2009.

"It is not rational or responsible to continue to increase the debt when our partners are helping us deal with the national debt," Venizelos said.

The Socialist government still must live up to its commitment to lower the 2011 budget deficit goal to 7.6 percent of gross domestic product.

When it became obvious earlier this month that there was a more than euro2 billion ($2.75 billion) shortfall in the budget, Greece's creditors threatened to withhold the sixth installment of a euro110 billion rescue package agreed upon in May 2010.

Without the installment, worth euro8 billion, Greece faces defaulting on its debts by mid-October.

A review by officials from the International Monetary Fund, the European Central Bank and the European Commission, collectively known as the 'troika,' was suspended earlier this month amid talk of missed targets.

The government hurriedly announced an extra property tax — to be levied this year and next and charged through electricity bills to make it easier to collect — in an attempt to raise enough to plug the gap.

But the news was greeted with an outcry from a public already reeling from salary cuts and the recession. State electricity company unionists also threatened to refuse to collect the taxes, and to prevent those who don't pay having their power supply cut off.

Venizelos said Sunday night that the backlash led to skepticism among Greece's creditors about whether the government would manage to raise the projected revenue.

The troika heads had been due to return to the country this week, but have stayed away and will hold a crucial teleconference with Venizelos later Monday instead.

"We expect the Greek authorities to explain, in particular, how they intend to close the fiscal gaps in 2011 and 2012 and how they plan to proceed with the structural reforms and privatizations," said Amadeu Altafaj Tardio, a spokesman for the European Commission.

"Depending on what they say, (the troika) will decide on the resumption of the review mission," Altafaj Tardio said.

Technical staff from the troika have been back in Athens for about a week, trying to figure out whether the recently announced measures will be enough to meet the targets.

Altafaj Tardio said "it will be important to have the minister's take on that."

Prime Minister George Papandreou, who canceled a scheduled trip to Washington and New York on Saturday to remain in Athens for a "critical week," has also called a government meeting.

Despite record unemployment, Greeks have been slapped with emergency taxes this fall, further straining household budgets.

Venizelos acknowledged that the new levies were "deeply unfair" but said the country had little choice.

IMF representative Bob Traa urged the government to speed up structural reforms and avoid further emergency taxes.

"I have compared Greece to a Mercedes that can go 120 kilometers per hour but is only going 40 because it has so much sludge in the engine," Traa told the conference.

He said Greece needed to speed up its reforms in tax collection and reducing the size of the overmanned public sector.

Income tax and sales tax rates should not be reduced until those reforms succeed, he argued.

"The authorities clearly need to guard against the program becoming imbalanced between revenues and spending," he said. "In our view, it should not result in higher and higher taxes on a limited tax base."

___

Elena Becatoros in Athens and Gabriele Steinhauser in Brussels contributed.

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Lennar 3Q profit falls, but meets Street's view (AP)

MIAMI – Lennar Corp.'s fiscal third-quarter net income dropped 31 percent as the company delivered fewer homes.

But the homebuilder said Monday that demand is picking up somewhat, driven by low home prices and low interest rates.

The company earned $20.7 million, or 11 cents a share, for the three months ended Aug. 31. That compares with net income of $30 million, or 16 cents a share, a year ago.

This met analysts' expectations.

Revenue dipped 1 percent to $820.2 million from $825 million, but beat Wall Street's estimate of $794.4 million.

Home deliveries fell 3 percent to 2,865 homes, while new orders rose 11 percent to 2,914 homes.

Lennar, based in Miami, has operations in 17 states and is the third-largest homebuilder in the U.S., based on homes delivered last year.

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Stock index futures signal sharp losses (Reuters)

(Reuters) Stock index futures pointed to a sharply lower open on Wall Street on Monday, as renewed fears of a Greek debt default prompt investors to book some of last week's gains and turn to safer assets such as gold.

* At 0900 GMT, futures for the S&P 500 were down 2 percent, Dow Jones futures down 1.7 percent, and Nasdaq 100 futures down 1.8 percent.

* European stocks were down 2 percent in morning trade, led by banking shares such as Deutsche Bank (DBKGn.DE) and Societe Generale (SOGN.PA) on renewed fears euro zone leaders won't be able to prevent a default by debt-stricken Greece.

* At meetings ending on Saturday, EU finance ministers broke no new ground in dealing with the crisis and made no decision on whether to give more firepower to the 440 billion euro ($607 billion) bailout fund, suggested by Treasury Secretary Timothy Geithner.

* Investors' risk aversion also rose after news Greece's Prime Minister George Papandreou canceled a visit to the United States to chair a cabinet meeting on Sunday, a day before European Union and International Monetary Fund inspectors hold a conference call with Finance Minister Evangelos Venizelos to hear how Greece will plug this year's budget shortfall.

* A regional election defeat for German Chancellor Angela Merkel on Sunday, her sixth election defeat this year, also kept investors on edge.

* Investors awaited U.S. President Barack Obama's deficit-reduction plan on Monday, ahead of the Federal Open Market Committee meeting later in the week.

* Swiss bank UBS (UBSN.VX) increased the amount it said it had lost on rogue equity trades to $2.3 billion on Sunday and Chief Executive Oswald Gruebel said the alleged fraud would have consequences for strategy and possibly also for himself.

* Netflix Inc (NFLX.O) is separating its movie streaming business and its DVD by mail service, which will be called Qwikster, Chief Executive Reed Hastings said in a company blog post.

* U.S. stocks rose for a fifth day in a row on Friday and the S&P 500 scored its best week since early July on signs euro zone leaders were acting together to limit any damage from its sovereign debt crisis.

* The Dow Jones industrial average (.DJI) ended up 75.91 points, or 0.66 percent, at 11,509.09. The Standard & Poor's 500 Index (.SPX) was up 6.90 points, or 0.57 percent, at 1,216.01. The Nasdaq Composite Index (.IXIC) was up 15.24 points, or 0.58 percent, at 2,622.31. ($1 = 0.725 Euros)

(Reporting by Blaise Robinson; Editing by Jon Loades-Carter)

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Merkel ally: German govt coalition will survive (AP)

BERLIN – A senior ally of Chancellor Angela Merkel says Germany's troubled government will survive and keep working together to resolve the eurozone debt crisis despite a state election wipeout for her junior coalition partner.

Merkel's Christian Democrats performed respectably in Sunday's election in Berlin but their junior partner, the Free Democratic Party, lost three-quarters of its support. It was ejected from the state legislature.

Last week, Merkel's vice chancellor — a Free Democratic — talked about the possibility of an eventual "orderly insolvency" for Greece. The comments ignited market fears, irked Merkel and prompted speculation her coalition government could collapse before a vote in 2013.

Volker Kauder, parliamentary leader of Merkel's conservatives, told ZDF television Monday "the coalition will stay together."

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UBS starts probe into $2.3 billion rogue trade loss (Reuters)

ZURICH (Reuters) – UBS kicked off an internal investigation into the catastrophic failure of its risk systems after rogue equity trades cost the Swiss bank $2.3 billion, raising the pressure on top management.

UBS said its board of directors had set up a committee chaired by independent director David Sidwell, former chief financial officer at Morgan Stanley, to conduct an independent investigation into the trades and the bank's control systems.

"External expectations are that the investigation should take weeks and not months," a UBS insider told Reuters. "The internal investigation will be coordinating with the regulators on their probe."

The Swiss bank stunned markets on Thursday when it announced unauthorized trades had lost it about $2 billion, a figure it increased to $2.3 billion on Sunday. London trader Kweku Adoboli was charged on Friday with fraud and false accounting dating back to 2008.

Chief Executive Oswald Gruebel, who was brought out of retirement in 2009 to turn the bank around, said the alleged fraud would have consequences for strategy and possibly also for himself.

UBS said the trader concealed "unauthorized speculative trading in various S&P 500, DAX and EuroStoxx index futures over the last three months" by creating fictitious hedging positions in internal systems.

The UBS source said there was no indication that others were involved and the global synthetic equities team in which Adoboli worked was still operating, but added that members of the team would have to stop trading while answering questions as part of the investigation.

The loss is a heavy blow to the reputation of Switzerland's biggest bank, which had just started to recover after its near collapse during the financial crisis and a damaging U.S. investigation into its aiding wealthy Americans to dodge taxes.

"The UBS explanation about how the loss was incurred is similar to those speculated in the market on Friday but in the cold light of day remains just as shocking," said Peter Thorne, analyst at Helvea.

By 0903 GMT UBS shares were down 1.4 percent at 10.1 francs, outperforming a 2.9 percent slide on the European banking stocks index.

The new crisis has prompted calls for UBS's top managers to step down and for its investment bank to split into a separate unit from its core wealth management business.

Swiss politicians will debate tough new financial regulations later on Monday and are expected to call for the bank to split off its investment unit to shield the core wealth management business from risk.

UBS is now widely expected to speed up an overhaul that had initially been planned for announcement on November 17, although big shareholders have signaled that they could wait until that date while the bank completes its internal investigation, according to the inside source.

Along with Gruebel, Carsten Kengeter, head of the investment banking unit, may be in the firing line.

"This begs a lot of questions with regard to management and reputation," said Kepler analyst Dirk Becker.

"We estimate that the investment banking chief Carsten Kengeter, who was appointed in April 2009 with a mission to build up a leading fixed income franchise and promoted in November 2010 to become solo divisional head, will be sacrificed after this scandal."

UBS said it had covered the risk resulting from the unauthorized trades, and its equities business was again operating normally within previously defined risk limits.

It said the trader had allegedly concealed the fact his trades violated UBS risk limits by executing fake exchange-traded funds (ETFs) positions.

ETFs are index funds listed on an exchange and can be traded just like regular stocks. They try to replicate index performances and offer lower costs than actively managed funds, but regulators have warned about risks from some complex ETFs.

(Writing by Sophie Walker; Editing by Will Waterman)

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