Alistair Scrutton

Blog Posts

November 27th, 2009

from FaithWorld:

Did Jesus headline Glastonbury before Springsteen?

Posted by: Alexander Clare
Tags: Uncategorized

glastonburyJesus Christ may have visited an English town now renowned for a raucous modern-day music festival to meet ancient druids, a new film argues.  "And Did Those Feet" explores the theory that Jesus accompanied Joseph of Arimathea on a visit to the area around the southern English town of Glastonbury.

(Photo: At the end of Glastonbury Festival 2009, 29 June 2009/Luke MacGregor)

The Glastonbury Festival held on a farm near the town draws some of the 21st century's biggest music stars such as Bruce Springsteen, Jay-Z, Neil Young and U2 to the world's largest open air music and arts festival.

Church of Scotland Minister and researcher for the film Gordon Strachan argues that Jesus may have come to Britain to further his education because the area was a stronghold of the ancient druids, then associated with ancient wisdom.

"There's no reason why Jesus shouldn't have come," Strachan told Reuters. "Glastonbury was very important in the ancient times, the tradition goes back to pre-Christian times ...  He probably came by boat with the traders. He had plenty of time and nobody knows what he did before he was 30."

Read the whole story here.

Follow FaithWorld on Twitter at RTRFaithWorld

November 27th, 2009

from Financial Regulatory Forum:

UK’s FSA recruits “panthers” to stalk banks

Posted by: Reuters Staff
Tags: Uncategorized

panthers   LONDON, Nov 26 (Reuters) - Britain's Financial Services Authority (FSA) has appointed five senior "corporate panthers" to prowl the city of London and help it judge the competence of top banking executives and improve governance.
   The FSA named Dominic Cadbury, Sarah Hogg, Colin Marshall, Brian Pitman and David Scholey to bulk up its clout and aid its quest to improve banking practices, supervise senior banking executives and quiz financial candidates applying for top jobs.
   "These new advisors have extensive experience acting on the boards of major companies and in senior policy positions and will bring valuable insight to the work the FSA is pursuing on governance," said Hector Sants, the FSA's chief executive.
   The FSA first appointed a group dubbed the "grey panthers" around a decade ago to its insurance division in the wake of the collapses of insurance companies.
   The new panthers, who are established business figures and less likely to be intimidated by bank grandees, will help the FSA judge the competence and capability of those applying for and holding influential banking positions.
   But one lawyer said the appointments sounded "a bit chummy and old fashioned". 
   "The problem with this approach is that it can be self-referential," he noted. "It's winding the clock back to how the city (of London) was 40 or 50 years ago."
   Cadbury is a former chief executive and chairman of eponymous confectionery giant Cadbury <CBRY.L>, Hogg is a non-executive chairman of private equity firm 3i Group <III.L> and senior independent director of BG Group.
   Marshall is a non-executive chairman of Nomura International, an investment bank, Pitman is senior independent director of phone retailer and service provider Carphone Warehouse <CPW.L> and a senior adviser at bank Morgan Stanley <MS.N> and Scholey is an adviser to Swiss bank UBS <UBSN.VX>. (Reporting by Kirstin Ridley, editing by Will Waterman) ((kirstin.ridley@thomsonreuters.com; +44 207 542 7987; Reuters Messaging: kirstin.ridley.reuters.com@reuters.net)) 
 Keywords: FSA APPOINTMENTS/  
  
Thursday, 26 November 2009 16:17:17RTRS [nGEE5AP1RW] {C}ENDS

November 27th, 2009

from Financial Regulatory Forum:

LSE stops trading for more than 3 hours

Posted by: Reuters Staff
Tags: Uncategorized

   By Jane Baird
   LONDON, Nov 26 (Reuters) - The London Stock Exchange <LSE.L> halted trading for more than three hours on Thursday because of technical glitches, while it placed all order-driven securities in an auction call period.
   Trading resumed at 1400 GMT, following an auction call period that started shortly after 1030 GMT.
   "Our decision was a result of customer feedback," said an LSE spokesman. "Some customers were experiencing connection issues while others were not, and customers requested for the market to be put into auction status so that there would be a level playing field."
   But Chi-X Europe, the LSE's leading rival, said the exchange's decision to put its market into auction status prevented the routing of trades to other venues.
   "The auction status hampered investors' ability to trade by not enabling participants to seek a reference price on another venue," the multilateral trading facility (MTF) said in a statement.
   Chi-X said the LSE should have halted trading, as it did on Nov. 9 during a partial system failure, because that would have allowed firms' trading systems to switch to other venues.
   The LSE spokesman denied the Chi-X claim.
   The auction process "had the effect of halting trading but allowed clients to continue to interact with orders on the system", the LSE said in a later statement.
   An investor was critical of the way LSE, Chi-X and many brokerage firms handled the breakdown.
   "The LSE should have had an auction process for a half-hour, not more than three hours," said Adrian Fitzpatrick, European head of centralised dealing for Aegon Asset Management.
   He said that while Chi-X had a point, they and the brokers should have developed contingency plans to handle such a situation.
   
   SMART ORDER ROUTING NEEDED
   "In the U.S. this doesn't happen, because you have smart order routing, and it (trading) would automatically move to the MTFs that would be generating prices," Fitzpatrick said.
   In Europe, at least a few brokers were able to switch off their connection to the exchange, but a lot of brokers do not have genuine smart order routing that allows such a switch, he said.
   In September last year the LSE suffered its worst systems failure in eight years, causing the share market to suspend trading for about seven hours, infuriating its users.
   One London fund manager said the LSE breakdown came at yet another inconvenient time, when the market was stirred by the Dubai debt crisis.
   LSE Chief Executive Xavier Rolet said, "We are working hard to ensure this doesn't happen again ahead of switching (to a new trading platform next year)."
   A system breakdown can be a very bad event for the LSE "in the current market environment where there is so much competition and the LSE is trying to win back institutional customers", said Axel Pierron, a senior analyst at Celent.
   "It could push market participants who didn't have access to other liquidity pools such as Chi-X or Turquoise to show them that they need a back-up solution," he added.
   But that is not what happened on Thursday, said Fitzpatrick, who predicted that volume of trading would be tiny for the day.
   "For the MTFs, it should have been mannah from heaven, but they have all struggled today to make a price," he said.
   "The only way you could do it is by looking at comparable stocks in Europe, put a limit order on and put it in a couple of dark pools and hope you start getting ticked off (trades executed)," he added.
   Pierron said it would be interesting to see how much volume on Thursday went to regulated MTFs and how much to the unregulated over-the-counter side.
   Chi-X called on the the LSE to close the market when failures occur in future to allow trading to continue.
   "To a certain extent it is fair for Chi-X to complain about the situation, and one can imagine that they will eventually benefit from it," Pierron said.
   But "issuers come into play as well, and some of them could be concerned if the LSE closed its market that Chi-X would become the relevant trading venue for their issue," he added. (With additional reporting by Daisy Ku, editing by Will Waterman)
 ((jane.baird@thomsonreuters.com, Reuters Messaging: jane.baird.reuters.com@reuters.net, +442075422471))
 Keywords: LSE/CHI X 
  
Thursday, 26 November 2009 18:55:35RTRS [nGEE5AP19I] {C}ENDS

November 27th, 2009

from Financial Regulatory Forum:

HK jails four in $516 mln share price manipulation case

Posted by: Reuters Staff
Tags: Uncategorized

    HONG KONG, Nov 27 (Reuters) - A Hong Kong court has jailed four investors for conspiring to boost the share price of a listed company, underscoring the city's increasingly assertive financial sector oversight.
   The case involved a conspiracy to manipulate shares of Asia Standard Hotel Group Ltd (ASH Group) <0292.HK> in 2005, which helped boost the firm's share price by 78 percent and its market capitalisation by HK$4 billion ($516 million), said Hong Kong's financial sector watchdog.
   The Securities and Futures Commission (SFC), which spearheaded the investigation, said the four had "effectively rigged the market" and "provided a false picture of the depth and liquidity" of ASH's shares by actively trading the stock through scores of brokerage accounts.
   Following an earlier conviction, a district court in Hong Kong sentenced the alleged head of the conspiracy, Chan Chin Yuen, to 30 months in jail. Three others, including Chan's brother and sister-in-law, were given 26 months.
   "This was a conspiracy to rip money out of the hands of innocent investors and is the largest market manipulation case brought before a court in Hong Kong," said Mark Steward, the SFC's Executive Director of Enforcement.
   Hong Kong's SFC has pursued an aggressive campaign amid the financial crisis to combat insider trading and other market abuses, which recently snared Morgan Stanley Managing Director Du Jun along with a score of others over the past year or so.
   Steward said the sentence "sends the clearest possible deterrent message to those who wrongly think they can get away with defrauding the market and the investing public. The message is that they can't get away with it, they will be caught and they will go to jail." (Reporting by James Pomfret; Editing by Valerie Lee) ((james.pomfret@thomsonreuters.com; +852 2843 6390; Reuters Messaging: james.pomfret.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) ($1=7.750 Hong Kong Dollar)
Keywords: SFC HONGKONG/MANIPULATION
  
Friday, 27 November 2009 00:51:14RTRS [nHKG29240 ] {C}ENDS

November 27th, 2009

from Hedge Hub:

Morning line-up

Posted by: Joel Dimmock
Tags: Uncategorized

Hedge fund stories from the past 24 hours from Reuters and elsewhere:

rtxcg5sPaulson deepens recovery bet - Seeking Alpha

Brussels trying to choke London - Telegraph blogs

UK pension scheme urged towards hedgies - Reuters

New problem, Old solution - WSJ

Insurance giants lumber into AIFM debate - ABI

November 27th, 2009

from Changing China:

Why we like garlic

Posted by: Tyra Dempster
Tags: Uncategorized

And China's best performing asset in 2009 is..... garlic

It beats gold, stocks and even property with prices up as much as 40 -fold.

Is it because of swine flu or rising production costs or market speculators ?

Beijingers give their reasons for the humble garlic bulb's rise to success.

Video credit: Christina Hu

Photo credit: David Gray
 

November 27th, 2009

from Afghan Journal:

Afghanistan: the Gods of war

Posted by: jonathon.burch
Tags: Uncategorized

If you have sat in on any “shura”, or tribal meeting, in Afghanistan attended by foreign military officers,  one of the most common things you are likely to hear from the soldiers is that there was nothing noble about the Taliban and their methods.

At a recent meeting to convince village elders not to support the Taliban, a soldier instructed his interpreter to convey this : “And tell them the Taliban are not fighting a holy war! There is nothing holy about blowing people up !"

But for many of the Taliban, their fight is exactly that: a holy war.

They are fighting what they see as the “infidel occupier” in a Muslim land and want to reestablish an “Islamic Emirate of Afghanistan” based on their interpretation of Islam. To die serving the cause, they believe, whether at the hands of foreign soldiers or by strapping explosives to their chest, is to achieve the ultimate sacrifice – martyrdom – and they will be rewarded by God.

But it’s not only the Taliban who believe God is on their side …

The following was taken from a sign posted on the canteen wall at Kandahar Airfield, a large foreign military base in southern Afghanistan. The boardwalk is a raised wooden walkway in the middle of the base that runs in a square, complete with its own American pizza outlet and coffee shops. It’s where soldiers come to hang out when they’re not fighting insurgents.

“Come and join us this Sunday for a prayer walk around the boardwalk. We will walk around seven times and pray. ‘By faith the walls of Jericho (Taliban) fell, after the people had marched around them for seven days’.”

The second part is a verse in the Old Testament of the Bible, and yes, “Taliban” was written in brackets.

Not a holy war? It seems that for many it is.

(Top: U.S. service members pray at a ceremony marking Veterans Day in Kabul November 11, 2008. REUTERS/Omar Sobhani

Bottom: A Taliban fighter poses with weapons in an undisclosed location in Afghanistan October 30, 2009 REUTERS/Stringer)

November 26th, 2009

from Rolfe Winkler:

Happy Thanksgiving

Posted by: Rolfe Winkler
Tags: Uncategorized

From The Reformed Broker...

thanksgiving-bailout

The family is spending Thanksgiving with my sister at Luke Air Force Base in Surprise, AZ. Guest housing on the base comes with a helpful instruction manual, including this:

(Click to enlarge in new window)

toaster

November 26th, 2009

from Route to Recovery:

A nation reconnecting on the ground

Posted by: Nick Carey
Tags: Uncategorized

ST CHARLES, Illinois – This has been a voyage of discoveries.

ROUTE-RECOVERY/

Not least of which has been the mere fact that we were able to pull this off: 22  consecutive days with a minimum of 18 hours work a day. We traveled and conducted interviews all day before working late into the night -- only to start all over again the next day.

I am lucky that everyone who accompanied me on this trip from start to finish – Sharon Reich, Lucy Nicholson, Carlos Barria and Brian Snyder – are all true professionals willing to put in whatever time it takes to get the job done, not to mention lovely people.

But the biggest discovery has been one I have been able to dwell upon only since returning home. When you’re on the road talking, writing, driving and planning the next stop, there is little time for genuine reflection.

That discovery was that everywhere we went people were in the process of working out where America goes from here after two illusory booms – the dotcom bubble and the housing bubble – and where will the jobs come from to fuel real, sustainable growth.
ROUTE-RECOVERY/
This is not a debate I see much of at the national level, but connecting with Americans along the some 6,000 miles of our journey renewed my faith in this country’s greatest capacity: the ability to reinvent itself.

The greatest asset that will help America achieve that is its people. In most of the places we visited the people we met were earnestly looking to the future or were reconnecting with their communities because the housing crisis had affected them or their neighbors.
ROUTE-RECOVERY/
After decades of rampant, credit-fueled consumption, people like Denny Robertson in Bella Vista, Arkansas, who has had his salary cut, are reexamining the way they spend and live their lives.

Or people Mike McGreevy, Brandon Barry and Edwin Andino, three young men in Buffalo, New York, who are working for below-poverty wages rehabbing homes because they are tired of hearing people complain about how bad things were in the city and decided to do something about it themselves.
ROUTETORECOVERY/
Or Megan Smith, 21, a student in Providence, Rhode Island, speaking out on behalf of the state’s growing number of homeless people.

All of them good people. We met good people wherever we went, doing the best they can to make a difference where they are.

Then at night while I worked on blogs in my hotel room I would turn the television to one of the cable news channel. The America they talked about was full of Democrats and Republicans, ideology pitted against ideology. Froth and vitriol.
ROUTE-RECOVERY/
I did not see their America on the ground, I just saw good people doing the best they can, together. The contrast between the angry men on television and good people on the ground could not have been more striking. And I found myself wondering just how much of a disservice the media and this country’s two parties do the American people by dividing them up into “us” and “them.”

Because just as this country’s greatest strength is its ability to reinvent itself, it first needs to acknowledge what is broken and what can be done to fix it. Therein lies the real route to recovery.

Political divisions, however, appear to stand in the way of that process on a national level.
ROUTETORECOVERY/
This is not just a foreign observer talking. Time and again throughout this trip I talked to Americans making a difference on a local level who told me they had lost faith in Washington or even state governments because ideology had trumped common sense.

People like Jack Hakim, the Republican mayor of Bullhead City, Arizona, who was angry that the state’s Republican leaders were cutting revenue to towns like his for ideological reasons.

Or Jay Williams, the mayor of Youngstown, who ran against the city’s Democrat political machine because he wanted to affect real change. A registered Democrat, he had to run as an independent with Republican funding to beat local entrenched interests.

Again, both of them good people.
ROUTETORECOVERY/
Most heartening for me on this trip was seeing people stepping up and doing something for their communities, realizing perhaps that while the government should be there to help, it cannot do everything.

People like Pastor Jonathan Watson in Bella Vista, Arkansas, have reached that conclusion. He said he had to overcome his fear of using his church to raise funds in order to launch a book and CD to raise money for healthcare and other services for the elderly in his community.

ROUTE-RECOVERY/Watson said Reuters coming to his church was God’s will. Our arrival confirmed for him that he was doing the right thing. And while I didn’t see it that way, nor take up his offer of spiritual advice at the end of his Sunday service, I like to think we parted as friends.

To Watson, I was part of his conversation with God. To me, his raising money for the elderly was simply just a good thing. For what it's worth, perhaps one of my greatest discoveries on this trip was my faith in good people like Pastor Watson and other Americans, of any religion or none.
ROUTE-RECOVERY/

Click here for the Route to Recovery slideshow.

Pictures: From top to bottom

People in a truck leave after shopping at Wal-Mart in Rogers, Arkansas, November 8, 2009. REUTERS/Lucy Nicholson

Paul McDouglad sits on a table at the Urban Ministry soup kitchen in Charlotte, North Carolina November 15, 2009.  Since 1979, the Urban Ministry is the largest and oldest soup kitchen in Charlotte serving more than 300 meals a day.  REUTERS/Carlos Barria

A U.S. flag decal is stuck to the window in a door to the Harrington Hall homeless shelter in Cranston, Rhode Island November 18, 2009. REUTERS/Brian Snyder

A woman walks down the street in the Broadway-Fillmore neighborhood of Buffalo, New York November 19, 2009. Buffalo has 15,000 vacant lots from houses that have been demolished, amounting to 3200 acres of vacant land. REUTERS/Brian Snyder

Steve Patronas stands at the Organized Seafood Association of Alabama office in Bayou La Batre, Alabama November 10, 2009.  REUTERS/Carlos Barria

Pastor Charles Hudson cries as he looks at the damage to the Madison School, where Hudson worked with the anti-violence organization Bondage Busters, in Youngstown, Ohio November 21, 2009. Youngstown has 4,500 vacant structures in a city of about 75,000 people, and about 22,000 vacant parcels of land.     REUTERS/Brian Snyder

Denny Robertson (R) sits with his daughter Heidi, 6, in the living room of their home in Bella Vista, Arkansas, November 7, 2009.  REUTERS/Lucy Nicholson

Senior Pastor Rev. Jonathan Watson (R) blesses parishioners during a Sunday service at the Bella Vista Assembly of God church in Bella Vista, Arkansas, November 8, 2009.  REUTERS/Lucy Nicholson

A pelican flies near a fisherman in Pensacola, Florida November 11, 2009. REUTERS/Carlos Barria

November 26th, 2009

from Fan Fare:

So, you think you’re funny? Try this contest

Posted by: Bob Tourtellotte
Tags: Uncategorized

turkeyEverybody thinks they're a comedian -- or so goes one of the oldest sayings in showbiz. If you are one of those people in the United States -- sitting on the couch after a big Thanksgiving Day dinner wondering what to do with yourself in 2010 -- and a career in comedy comes to mind, think about this.

The Improv at Harrah's Las Vegas, which is affiliated with Los Angeles' Improv comedy club, has begun a contest to find the "next funniest person" in the US. The contest is being held in conjunction with the release of the movie "Funny People" on DVD and Blu-Ray. To win, you must video yourself for at least one minute performing your best jokes, upload the video to the "Funny People" section of comedy website ijoke, and wait for a panel of pros to pick you -- with any luck.  Budd Friedman, who founded The Improv and has helped the careers of Jay Leno, Sarah Silverman, Adam Sandler and others, is one of the people sponsoring the contest, which runs two weeks from Nov. 24 to Dec. 8.

The panel of judges will pick 5 videos that will be posted on ijoke no later than Dec. 14, and people can then vote. From there, three finalists will be chosen and flown to Las Vegas to perform at The Improv at Harrah's. One winner will be chosen from the group of three and win a grand prize of a six-night gig at the club in 2010 -- not too shabby, as Sandler might say.

So, if you are reading this in the States and the turkey has settled in and you're wondering what's next. Look in the mirror at that newly rounded stomach of yours and smile. Then, take out your video camera and make the rest of us laugh. For more info, click here.