Bank of Canada’s Carney says rate hikes will be gradual
















OTTAWA (Reuters) – The Bank of Canada will take care not to raise interest rates too rapidly when the time comes because of risks to the economy from challenges in the United States and Europe, Governor Mark Carney said in an interview released on Thursday.


Carney said on Wednesday that the need to hike rates in Canada was “less imminent,” but stuck to his message that the next move would be up, not down, in contrast to the U.S. Federal Reserve and other major central banks.












The Canadian economy has fully recovered from the 2008-09 recession and is expected to grow at a little more than 2 percent through to 2014, justifying an eventual rate hike, but global headwinds remain a threat to the trade-dependent country.


“There’s no question that what we will do, taking all these factors together, is manage policy so that interest rates rise at an appropriate pace,” Carney told Sun News Network in an interview to be broadcast Thursday at 6 p.m. (2200 GMT).


He said the bank would also try to avoid creating a shock for the 10 percent of Canadian households who are vulnerable to a sudden change in borrowing costs because of their excessive debt load.


“It’s not in our interest to do anything too abruptly either on the upside or the downside,” he said. “We’re well aware of the risks on that side of things.”


The bank is expected to hold its benchmark overnight rate at 1.0 percent until the fourth quarter of 2013, according to the median forecast in a Reuters poll of Canada‘s primary securities dealers conducted on Wednesday.


(Reporting by Louise Egan; Editing by Lisa Shumaker)


Canada News Headlines – Yahoo! News



Read More..

Academy broadens reach with Nicholl screenwriting fellowships
















LOS ANGELES (TheWrap.com) – This year’s Academy of Motion Picture Arts and SciencesNicholl Fellowship for Screenwriting saw a record 7,197 scripts boiled down to five winners.


Each of the five writers – four Americans and one South African – will receive a $ 35,000, the first installment of which will be given at a gala in Beverly Hills on November 8. It was the first time entries from South Africa and Louisiana won.












In recent years, four of five winners have typically come from California. This year, only one from Los Angeles won.


The 27-year-old program allows fellows to complete a feature-length script during their tenure. The Academy does not take rights to the screenplay or help shop it commercially but the awards attract industry attention.


Last week, producers Rick Gitelson and Jeff Wynne optioned Jeffrey R. Field‘s script “Pop Hit,” which was one of 129 semifinalists.


Here are the winners:


>> Nikole Beckwith, Brooklyn, N.Y., “Stockholm, Pennsylvania”


>> Sean Robert Daniels, Laezonia, Gauteng, South Africa, “Killers”


>> James DiLapo, New York, N.Y., “Devils at Play”


>> Allan Durand, Lafayette, La., “Willie Francis Must Die Again”


>> Michael Werwie, Los Angeles, Calif., “Extremely Wicked, Shockingly Evil, and Vile”


Movies News Headlines – Yahoo! News



Read More..

Facebook wins back friends on Wall Street, shares soar
















(Reuters) – Facebook Inc’s shares headed towards their biggest one-day jump on Wednesday after the company reported a surprising rise in mobile advertising, easing concerns it was having trouble capitalizing on soaring use of smartphones and tablets.


Facebook shares were up 21 percent at $ 23.55 in afternoon trade. They were sold for $ 38 each in their initial public offering in May but slumped to a low of $ 17.55 in September as investors fretted about the company’s slowing growth.












Several brokerages raised their price targets on Facebook shares. Barclays Capital raised its target to $ 26 from $ 23, Jefferies & Co to $ 32 from $ 30 and Macquarie Equities Research to $ 24 from $ 21.


Citi Investment Research upgraded the stock to “buy” from “neutral”.


Facebook, which reported third-quarter results on Tuesday, said it now gets 14 percent of its advertising revenue from mobile ads, a far bigger increase than mostly skeptical analysts had expected.


Mobile advertising has been a key investor concern hanging over Facebook, shaving more than $ 50 billion off its market value since its IPO. The world’s largest social network passed 1 billion active users in September but failed to dispel doubts about its mobile strategy.


Chief Executive Mark Zuckerberg, who has himself lost billions of dollars on paper since Facebook’s market debut, said on Tuesday that the mobile opportunity was “the most misunderstood” aspect of Facebook’s business.


“In baseball parlance, Facebook hit two doubles; advertising revenue growth accelerated for the first time in at least six quarters (maybe more), and mobile revenues are moving the needle positively following the launch of new ad formats,” Robert W. Baird & Co analyst Colin Sebastian wrote in a note.


Zuckerberg hinted in September that the company was “halfway through” a cycle to “retool” and offer new advertising products.


Analysts said new products, most of which are in nascent stages, could help the company deliver stronger growth as they come online and start adding to revenue.


Over time, Facebook’s growing expertise in mobile advertising, combined with more user data, will drive mobile monetization for the company, said Sebastian, who has an “outperform” rating on the stock and a price target of $ 32.


Rivals such as Google Inc are also struggling with a shift in consumer preference to mobiles from PCs.


Marissa Mayer, chief executive of struggling internet pioneer Yahoo Inc, said on Monday her top priority was to fashion a coherent strategy to manage the industry’s transition to mobile devices.


SYNCING WITH ADVERTISERS


“Facebook has the potential to utilize user data to better match its users with advertisers,” Wedbush Securities Inc analyst Michael Pachter, who has an “outperform” rating on the stock with a $ 35 price target, wrote in a note.


Needham & Co analyst Laura Martin said Facebook had opportunities to increase branded advertising revenue as top brands increase their association with the company in some form.


Facebook’s advertising revenue increased by 36 percent to $ 1.09 billion in the third quarter.


“The stock has seen its lows and should be able to withstand the coming share lockups,” Wells Fargo Securities analyst Jason Maynard said in a note to clients.


Facebook shares suffered a blow in August after early investors got the green light to sell for the first time since the company went public, starting a string of insider lockup expirations that will pressure the stock for months.


On November 14, more than 1.2 billion shares will be available for trading. Zuckerberg will not be able to sell his shares until then.


(Reporting by Neha Alawadhi in Bangalore; Editing by Ted Kerr and Saumyadeb Chakrabarty)


Social Media News Headlines – Yahoo! News



Read More..

New mortgage rules set for 2014

















Tougher rules on UK mortgage lending have been confirmed by the City regulator, but they will come into force later than anticipated.












Lenders will have to put a borrower’s ability to repay under greater scrutiny as a result of the rules from the Financial Services Authority (FSA).


The plan is to stop a resurgence in risky mortgage lending seen during the last housing boom in the UK.


But imposition of the new regulations has been put back to April 2014.


Under the proposals, which went through consultation, the rules had been expected to come into force in the summer of 2013.


Few checks


The basic idea behind the regulations is to ensure that future borrowers are not advanced home loans that they cannot afford.


Mortgage lending reached reckless levels during the last housing boom, and helped to push up property prices, the regulator has said. Some lenders handed out mortgages with only cursory checks on borrowers’ real ability to repay.


Continue reading the main story

Relying on rising property prices and sale at the end of the mortgage term won’t wash”



End Quote Paul Broadhead Building Societies Association


Others allowed potential borrowers to exaggerate their level of income, through self-certified mortgages, and so gave out loans that totalled many multiples of an applicant’s income.


Only record low interest rates, and some restraint by lenders, have prevented a deluge of homes being subsequently repossessed.


‘Common sense’


Now, self-certified mortgages have already been as good as outlawed. Other changes will be based around an affordability check on borrowers.


“We recognise that many lenders are now using a far more sensible set of lending criteria than before, but it is important that these common sense principles are hard-wired into the system to protect borrowers,” said Martin Wheatley, managing director of the FSA.


“We want borrowers to feel confident that poor practices of the past, which led to hardship and anxiety, are not repeated.”


The new rules have been watered down from the very first recommendations that resulted in a strident response from the industry. From April 2014:


  • Mortgage applicants must satisfy lenders that they can repay a mortgage, and lenders must check these assurances

  • Interest-only mortgage customers must prove they are relying on more than just rising house prices to repay a home loan

  • So-called “mortgage prisoners” on old deals will be given some leeway to remortgage, even if they would normally fall foul of the new rules

  • No age limit will be set on when a borrower can take out a mortgage

  • Those with an annual income of more than £300,000 or with more than £3m in assets will face a less stringent affordability check

The FSA also said that, with immediate effect, lenders must not take advantage of a borrower, unable to get a mortgage elsewhere, by treating them less favourably than other similar customers. So these applicants must not be offered a worse interest rate or terms.


“Consumers will however be faced with more detailed questions and the need to demonstrate that they can afford a loan – the application process may take rather longer than it does today too,” said Paul Broadhead, head of mortgage policy at the Building Societies Association.


“The key will be that the borrower has a sensible repayment strategy in place. Relying on rising property prices and sale at the end of the mortgage term won’t wash.”


Paul Smee, director general of the Council of Mortgage Lenders, said: “In practical terms, the regulatory changes have already been widely anticipated and so are unlikely to create any significant additional or unexpected impacts.”


BBC News – Business



Read More..

Newer Pill has low blood clot risk: ob-gyn group
















NEW YORK (Reuters Health) – A newer version of the Pill may carry a slightly higher blood clot risk than older formulations – but it’s still a small risk, says the American College of Obstetricians and Gynecologists.


In new recommendations, the group says that women should be aware of the “possible minimally increased risk” of blood clots with birth control pills containing the hormone drospirenone.












Those include big-selling brands like Yaz, Yasmin, Beyaz and Safyral, along with their generic equivalents.


It has long been known that women on the Pill have a small, but higher-than-average risk of blood clots. And some recent studies have suggested that the risk is relatively higher with pills containing drospirenone.


But because of “study weaknesses,” it’s not certain whether that is the case, said Dr. Kavita Nanda, who helped draft the new ACOG recommendations.


And the absolute risk of blood clots with any birth control pill is small, ACOG says in a report in its journal Obstetrics & Gynecology.


For every 10,000 women using birth control pills over a year, there would be anywhere from three to nine cases of blood clots called venous thromboemboli. That compares with one to five cases for every 10,000 women who are not pregnant and not on the Pill.


With drospirenone-containing pills, some studies suggest there would be 10 cases per 10,000 women each year.


Venous thromboemboli usually form in the leg veins, but can travel to the lungs, where they cause a sometimes life-threatening condition called pulmonary embolism.


Drospirenone is a synthetic form of progesterone that’s different from the versions used in older “generations” of the Pill. Yasmin, which arrived on the market about a decade ago, and its sister “Yaz” products have been promoted as causing less weight gain and swelling than older-generation pills.


“Drospirenone oral contraceptives may also have advantages for some women with acne or premenstrual dysphoric disorder,” Nanda said in an email, referring to a severe form of PMS that causes physical symptoms and severe mood swings.


FDA WARNING


Earlier, industry-funded studies of Yasmin, Yaz and related pills had found no elevated blood clot risk versus other Pill formulations. But several studies since 2009 have linked the newer contraceptives to relatively higher risks.


In a review of records from more than 800,000 U.S. women, the U.S. Food and Drug Administration (FDA) concluded that for every 10,000 women on drospirenone pills, there would be about 10 cases of blood clots over a year. That compared with six per 10,000 among women on older versions of the Pill.


Earlier this year, the FDA said it would add information on the possible risk to the products’ labels.


According to ACOG, women should be aware of that information. But the choice of whether to use drospirenone pills, or any other form of birth control, should be up to women and their doctors, the group says.


Nanda said it’s also important to remember that pregnancy carries a greater risk of blood clots than any birth control pill does.


For every 10,000 pregnant women, between five and 20 will develop a blood clot. And the risk goes up in the few weeks after delivery – to between 40 and 65 cases per 10,000 women.


Nanda advised discussing all your birth control options with your provider.


“Oral contraceptives are but one method in a mix that includes several, including long-acting IUDs and implants,” Nanda said.


In fact, IUDs (or intrauterine devices) and contraceptive implants are considered the most effective forms of reversible birth control. That’s because the devices are put in place by your doctor and last for several years; they don’t rely on a couple’s ability to use them “perfectly,” like birth control pills and condoms do.


As for blood clot risks, some women are at greater risk than others and may need to avoid any type of birth control pill. Smokers who are age 35 or older are among them.


SOURCE: http://bit.ly/RDhkoW Obstetrics & Gynecology, November 2012.


Sexual Health News Headlines – Yahoo! News



Read More..