Beauty and The Beads

(RTTNews) – U.S. economic growth in the second quarter of 2011 was slower than initially reported, according to figures released Friday by the Commerce Department.

Following the weak gross domestic product growth seen in the first quarter, second quarter GDP increased at an annual rate of 1 percent, according to the report.

Initial figures had put second quarter growth at 1.3 percent, and while most economists had expected a downward revision, the figures came in even lower than the 1.1 percent growth generally predicted.

According to the Commerce Department, the downward revision to GDP growth reflected lower levels of private inventory investment and exports than previously estimated.

The downward revisions were partly offset by upward revisions to non-residential fixed investment and consumer spending.

The increase in non-residential fixed investment came largely in investments in structures, equipment and software, based on newly available data for June.

The upward revision to consumer spending largely came in the financial services and insurance sectors, with health care spending also increasing.

Overall, the 1 percent GDP growth in the second quarter, which proved stronger than the 0.4 percent growth posted in the first quarter, was driven by increases in non-residential investment, exports, consumer spending and federal spending that were partly offset by cuts to state and local government spending and private inventories.

Real personal consumption expenditures increased 0.4 percent in the second quarter compared to a 2.1 percent increase in the first.

However, real non-residential fixed investments picked up, rising 9.9 percent in the second quarter after climbing 2.1 percent in the first, driven by a reversal in building investment.

Residential fixed investment also reversed declines in the first quarter, rising 3.4 percent.

Export growth slowed in the second quarter, rising 3.1 percent, less than half of the growth seen in the first quarter, though the growth of imports in the second quarter also slowed, rising just 1.9 percent.

Federal spending in the second quarter ticked up 2 percent after falling sharply in the first quarter, with both defense and non-defense spending increasing.

Meanwhile, state and local government spending dropped 2.8 percent, a slower rate of decline than in the first quarter.

The price index for gross domestic purchases increased by 3.3 percent in the second quarter, 0.1 percent higher than initially reported.

However the “core” price index, which excludes the volatile food and energy sectors, increased less swiftly, rising 2.6 percent. The increase was, however, higher than the 2.4 percent increase seen in the first quarter.

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KARACHI ? Federal Interior Minister Rehman Malik on Saturday contradicted the reports of some accused persons? arrests at the Karachi airport involved in the murder of MQM leader Dr Imran Farooq in Britain.
Malik was talking to the media persons at the Karachi Chamber of Commerce and Industries (KCCI). About the reports appearing in international and local media about the arrests made by the secret agency from the airport, the interior minister said it was a conspiracy to create differences among the PPP and MQM.
It may be noted here that some reports appeared in the international media about the arrests of two people at the Karachi airport for being involved in the murder of Dr Imran Farooq. The arrests at the airport took place as a result of a tip-off by the British authorities and that the accused are in the custody of intelligence agency.
Meanwhile, Rehman Malik said the political parties had been banned from collecting hides of sacrificial animal and ?fitrana? during the holy month and Eid days. He claimed the decision had been conveyed to the political parties, who agreed to follow it because it is the right of people to decide themselves who they want to donate the hides of animals and money of fitrana. He also held meeting with the office-bearers and members of the KCCI and listened to their problems. The traders complained about the increasing incidents of extortion and life threats.
He also ordered the police to remove the flags of political parties from the electricity poles and government buildings. If any flag was found on electricity poles after the deadline of 48 hours, strict action would be taken against the SHO of concerned police station, he added.
Malik said the targeted action against the culprits would continue in the city. The police and Rangers could take action in all areas including Lyari against the criminals, target killers and extortionists on the lead provided by the intelligence agencies. He said though the target killers and extortionists use the name of political parties, they would be presented before the media after interrogation and investigation from the parties concerned.
The interior minister said due to the effective measures of the government, the law and order situation had improved visibly in the city, however, the surgical targeted action would continue until the elimination of criminals and complete restoration of peace.
Addressing the KCCI traders, he briefed them about the measures taken by the government and the achievements made so far in the ongoing surgical targeted actions against the criminals.
Rehman Malik said the operation was being conducted in a transparent manner against every criminal. He said President Zardari had instructed him to cleanse the city from the criminals. He said police pickets were being set up in various industrial zones in the city for the security of businessmen and their investment.
The interior minister assured the business community that government would discharge its duties by giving protection to life and property of the people. He dispelled the notion of any place of no-go-area in the city and said the citizens could go any where in the city freely.

Kite surfing at Hookipa is an a great Maui adventure. Hawaii Tourism Authority (HTA) / Ron Dahlquist

The California legislature could take a decisive vote on taxing out-of-state e-commerce retailers in the next couple of weeks.

This could be the next chapter in a tough battle of wills between a state legislature scrambling for revenue and out-of-state e-commerce retailers seeking to preserve their exemption from collecting sales tax.

The latest round started on Aug. 25, when, in a detailed legal action, the California Senate Appropriations Committee approved a bill, AB155, which demanded out-of-state retailers collect sales tax. It also repealed a recently passed law, ABX1 28, which also demanded out-of-state retailers collect taxes. However, ABX1 28 was the target of a campaign to repeal the law, which was supported by prominent Seattle-based e-commerce retailer Amazon.com.

A spokesperson for the referendum campaign said that there are no plans to shut it down. Were confident well collect more than enough signatures to qualify the referendum for the June 2012 ballot, said Ned Wigglesworth, who manages ballot campaigns for the company Goddard Claussen West.

AB155 might come up for vote on the floor of the state Senate anytime from Aug. 31 to Sept. 9, when the current legislative session ends. AB155 also includes an amendment to increase the small-business exemption in the collection of e-commerce sales taxes.In a previous law, only business with annual sales of less than $500,000 were exempt. In AB155, small businesses with annual sales of $1 million or less are exempted from collecting sales tax.

AB155 is required to get two-thirds approval from the California Assembly and Senate before it can be signed into law by the governor. It will need at least two Republican votes in each voting body. This might be tough to do because Republicans nationwide have adamantly vowed to not raise taxes this political season.

But the bill stands a chance of passing because the measure is popular with bricks-and-mortar retailers, said Scott Hauge, president of advocacy group Small-Business California. I have not found too many who say that they dont like this, Hauge said. [Bricks-and-mortar retailers] obviously want a level playing field.

Before ABX1 28 was approved, out-of-state e-commercecompanies did not collect sales tax. It was part ofa loophole that was instituted in the early days of e-commerce, when online retailing was a struggling industry. California law demands that consumers pay tax for the items they purchase from an out-of-state e-commerce retailer.

When ABX1 28 was approved in June, Amazon.com and other e-commerce retailers cut ties with California affiliates and publishers of websites that post advertisements and coupons for e-tailers on their websites. Affiliate ties will be restored when the law is repealed, said Rebecca Madigan, executive director of Performance Marketing Association, a trade group for affiliates.When ABX1 28 passed, 25,000 small businesses in California had their incomes devastated, she said in a statement.Andrew Asch

Tony Blair says the riots were not about national moral decline but caused by a small core of families living outside social norms and substituting feral gangs for society. Photograph: Bob Child/AP

FYI

Interested in joining the Choral Society? Contact Dr. Raphael Bundage at 615-898-2849 to schedule an audition for today. The first rehearsal will be Aug., 30 in Room 117 of Saunders Fine Arts building at MTSU. Prospective members will need to prepare a standard classical song or aria, sacred, or Broadway selection to be sung.

In the world of cut-throat reality TV, ABCs new summer series Expedition Impossible proved good guys can finish first.

Our hometown boy John Leo Post and his team the Gypsies won the 10-challenge adventure across the rough terrain of Morocco on Thursdays finale episode. They beat out 12 other teams over the course of 10 weeks, including their best friends made during the adventure, Colorado-based No Limits.

And now theyre taking their winnings, $50,000 each, and cashing-in on their fame to launch their next adventure, dubbed The Modern Gypsies, an interactive Web-based nonprofit that allows fans and donors to follow them on their charitable adventures around the globe.

Post and his adventure-seeking teammates, Taylor Filasky, 32, of San Diego and Eric Bach, 26, of San Francisco, have worked, volunteered, lived in and traveled to more than 45 countries during their short lives.

So were using the money to be able to inspire the compassionate adventurer in everyone, said Post, 25, a Gulf Breeze High alumni who grew up on Pensacola Beach. Through a partnership with Feed the Children, an international organization, theyve posted three of the missions on their website and are asking people to vote on which of the adventures they want to see the Modern Gypsies embark on next.

By voting and donating, people will feel involved in what were doing, Post said. Well leave in October on the next adventure. And well have live video on the website so people can follow us. If you cant have your own adventure, you can enjoy it with us.

They collected more seed money for their cause during a watch and victory party with No Limits team members, Jeff Evans, of Boulder, famed blind climber Erik Weihenmayer, of Golden, and former solder Aaron Ike Isaacson, of Kansas. The teams sold 600 tickets at $20 each for the party at Lazy Dog Saloon on No Limits home turf in Boulder, Colo. The proceeds benefit Free the Children and No Limits charity, No Barriers.

The victory celebration, complete with a host of media, including People Magazine, and friends and family from Pensacola Beach, was perfect, Post said.

A scientific abstract prepared for next weeks meeting of the European Society of Cardiology in Paris tipped off analysts over the weekend to some positive mid-stage data on dalcetrapib, Roches promising good cholesterol drug. News of the promising data on a drug tapped as one of the pharma giants top pipeline prospects helped push up the value of Roches shares.

Reuters reports that the data from a 130-patient study indicates that the researchers did not see signs of plaque-related inflammation on artery walls, plaque buildup in patients taking the drug was less than that seen in the placebo arm, and the drug group indicated that dalcetrapib was well tolerated. Only two cardiovascular related events were reported in the drug arm compared to 13 in the placebo group.

Roche has a considerable distance to travel in its quest to bring dalcetrapib to market, of course. Late stage data from a much larger study wont be available until the end of next year, though interim numbers are expected in the early part of the year. And Pfizers expensive pratfall with torcetrapib along with the considerable disagreement over the health effects that can be expected from raising HDL levels has raised doubts and questions.

Theres also quite a varying set of numbers on potential sales. Some analysts, including Vontobels Andrew Weiss, believe a clinical hit in this arena would produce a blockbuster capable of earning $5 billion a year. UBS analyst Gbola Amusa projected peak sales of $6.8 billion. Others have projected a much smaller $203 million in annual revenue by 2015, according to Thomson Reuters Pharma, provided Roche can go on to beat the odds and gain an approval. Mercks candidate for a good cholesterol drug is dubbed anacetrapib.

Theres excitement, cardiologist Chris Cannon told Bloomberg last week. Weve been thinking about this for decades. On the other hand, theres renewed caution and realization that its hard to make things work.

- heres the story from Reuters

Related Article:
Roche targets good cholesterol drug win where rivals failed

Hillsborough Countys lost and found pets page has been active on Facebook since July. For information, go to www.facebook.com/lostandfoundpetsofhillsboroughcounty.

We never tire of seeing the images that our readers send in each week for Pet Photo Friday, and we know that this week will be no exception.

With summer now in full swing, we are sure that there have to be a few memories captured of fun-loving pets in recent days.

Perhaps you captured your dog enjoying an ice cream cone from a local shop or maybe your bunny spent time out in your yard. Did you snap a photo of them?

Wed love to see them, if youre willing to share!