Aussie 'fraud mastermind' Daniel Tzvetkoff to stay in jail

Happier days ... Daniel Tzvetkoff and his former Gold Coast mansion.

A US judge has crushed former Australian internet high-flyer Daniel Tzvetkoff's hopes of winning release from prison ahead of his trial.Just a week ago Tzvetkoff, 28, accused of being the mastermind of a $US540 million ($590 million) internet gambling money laundering and bank fraud scheme, was granted bail by District Court Judge Peggy A. Leen in Las Vegas.

The decision infuriated US government prosecutors who believe Tzvetkoff may have a secret stash of $US100 million and would flee if released from prison.

At a fresh hearing on Wednesday in the New York District Court, where the trial will be held, Judge Lewis A. Kaplan sided with prosecutors and reversed the decision.

He declared Tzvetkoff "a serious risk" of fleeing if granted bail.

"No condition or combination of conditions will reasonably assure the presence of the defendant as required," Judge Kaplan noted.

Tzvetkoff has been locked up in the North Las Vegas Detention Center since his arrest at a casino in the city on April 16 despite Judge Leen's bail decision last week.

With Judge Kaplan's ruling, Tzvetkoff faces a tough road.

The complicated money laundering and bank fraud charges he faces could take two years to be finalised in court, resulting in Tzvetkoff spending that time in jail even if he is ultimately found not guilty.

If convicted of the charges Tzvetkoff faces up to 75 years in jail.

US Marshalls will transport Tzvetkoff from the jail in Las Vegas to a prison in New York.

The decision is a major blow to Tzvetkoff and his family, including fiancee Nicole Crisp who is eight months pregnant and hoped to live with Tzvetkoff in New York until the trial was completed.

Tzvetkoff's father, Kim, flew to Las Vegas last week to support his son in court and agreed to put up his $US1.17 million Brisbane home as bond and also drive his son from Las Vegas to New York for the proceedings.

If Judge Leen's bail decision had not been overruled, Tzvetkoff would have lived in New York and submitted to electronic monitoring, maintained a verified residence in New York and abide by a curfew.

Wednesday's court decision is the latest fall from grace for Tzvetkoff, who created highly-profitable Brisbane-based internet payment processing company Intabill, bought a $27 million home on the Gold Coast, drove Lamborghinis and Ferraris, sponsored a professional motor racing team and had was once estimated to be worth of $82 million.

Tzvetkoff has since filed for bankruptcy.

Source: http://newscri.be/link/1086509

Debt crisis: UK banks sitting on £100bn exposure to Greece, Spain and Portugal

Shares in UK lenders slide amid fears of renewed credit crunch but French, German and Swiss most at risk from Greek default

Barclays is estimated to have £40bn exposure to Greece, Portugal and Spain, while RBS may have £35bn in loans. Photograph: Kevin Coombs/Reuters

Fears of a fresh banking crisis stalked the markets today as the risk of Greece defaulting on its debt repayments raised concerns about the exposure of major banks to indebted countries in Europe.

As analysts estimated that Britain's banks have a combined exposure of £100bn to Greece, Portugal and Spain – the three countries causing most concern on the financial markets – the Financial Services Authority was closely watching the markets and assessing exposures to the vulnerable countries.

After the ratings agency Standard & Poor's had downgraded Greek debt to "junk" yesterday, bank shares were knocked today but spared further falls as the downgrade of Spain's crucial credit rating came just as the stock market was closing. With UK banks standing to lose more in Spain than in Greece and Portugal, analysts said there might have been a more severe reaction if London had remained open longer today.

Analysts at Credit Suisse calculated that UK banks had £25bn of exposure to Greece and Portugal but £75bn to Spain, where the collapse in the property market has already forced banks such as Barclays to admit to bad debt problems and left Royal Bank of Scotland facing questions about its exposure.

"Lloyds' exposure to the three regions is likely to be negligible, we estimate that Barclays has £40bn exposure (predominantly loans in Spain and Portugal, excluding daily positions in Barclays Capital), and RBS has around £30bn–£35bn (again predominantly Spain, although we estimate £3bn to £4bn in Portugal and Greece as well)," the Credit Suisse analysts said.

Money markets, in which major banks lend to each other, also reflected the tension caused by the Greek downgrade with eurozone interbank lending rates enduring their biggest rise in nearly a year.

Much of the anxiety was targeted at French, German and Swiss banks. Howard Wheeldon, of BGC Partners, said: "If Greece defaults that means the pressure will then be felt and exerted on national banks that hold the Greek debt. That includes very many German, French and Swiss banks and it just may be that with so many banks involved one of these might just go down."

At today's annual meeting, RBS's chairman, Sir Philip Hampton, played down any exposure to Greece, while Lloyds' finance director, Tim Tookey, said on Tuesday that the bank had no "material [significant] exposure". Barclays publishes a trading update on Friday and will face questions about its exposure to the countries being downgraded.

In early trading today banks were the biggest fallers, with RBS tumbling 7%, Lloyds down by 6.5% and Barclays off 4%, though they recovered much of their losses by the time market closed.

Among continental European banks, analysts at Evolution calculated that Fortis, Dexia, CASA and Société Générale were most affected because of the value of their Greek debt holdings relative to their size.

According to Barclays Capital, UK banks account for only 3% of the exposure to Greek bonds, while data from the Bank for International Settlements shows that, at the end of 2009, Greece owed about $240bn (£160bn) overseas. Of this, France and Germany have the biggest exposures of $75bn and $45bn respectively.

Analysts expressed concern about the problems spreading. Daragh Quinn, banks analyst at Nomura, said: "Given the scale of the debt problem facing Greece, the prospect of some kind of debt rescheduling or even default are being considered as possibilities by the market. Sovereign risk concerns are also spreading to Portugal and Spain."

Only last week the International Monetary Fund, which has been called in to help fund the Greece deficit, warned about the impact of a sovereign risk crisis. "Concerns about sovereign risks could undermine stability gains and take the credit crisis into a new phase, as nations begin to reach the limits of public-sector support for the financial system and the real economy," the IMF said.

Credit Suisse analysts pointed out that not all the problems facing the markets were negative for the banking sector. "The increase in volatility should assist revenues at the investment banks, particularly for primary dealers like Barclays," the Credit Suisse analysts said.

"But there are clearly a number of important potential negatives. These include the potential for increased capital and liquidity trapping in affected sovereigns, or increased micro prudential requirements for local subsidiaries. Our bigger concern, however, is increased nervousness towards the UK," they added.

But while the timing of the downgrade of the Greek sovereign rate surprised the markets, there had been expectations for some time that the ratings agencies would eventually lose patience with the situation and take the decision to downgrade. This might have helped to cushion the markets' reaction to the situation, analysts said, and was likely to ensure that the major banks and other investors had already assessed their exposure to the Greece market before the downgrade took place.

The impact of a downgrade

The cost of borrowing for the Greek government briefly hit 38% in a stark illustration of the impact that a downgrade can have on the health of a nation's finances. Greece has been graded BB+ by the credit rating agency Standard & Poor's, official "junk" territory. It is now on a par with Azerbaijan, Colombia, Panama and Romania.

 

Britain is one of 11 countries with a prized 'triple A' rating, along with Australia, Denmark, Germany, France, the United States and Luxembourg. But it is the only one of the elite to have been put on "negative watch", a warning that it might face a future downgrade.

The cost of Greece borrowing on a two-year bond was as little as 1.3% in November, but has risen sharply amid fears of bankruptcy. By the end of tradingtoday, the cost had fallen back to 19%. In contrast, Britain is able to borrow on two-year bonds at a rate of 1.2%. S&P's lowest rating, CCC+, is assigned to Ecuador, which defaulted on $3.2bn of bonds last year.
 

Jill Treanor,guardian.co.uk, Wednesday 28 April 2010

Shanghai sets stage for World Expo spectacular

(Reuters) - Shanghai unveils to the world on Friday its multi-billion dollar World Expo, which China hopes will be an opportunity to assert its growing global clout and show off the fruits of its economic transformation.

Shanghai, already China's richest and most glamorous city, has made an unprecedented effort to impress with its Expo, a world fair which has in recent years largely dropped off the world's radar, and to grab some glory from Beijing's Olympics.

The new roads and subway lines which criss-cross the city have been purposely built not only for Shanghai's future growth, but also to transport the 70 million mainly Chinese who will visit during the six-month extravaganza.

China says it has spent $4.2 billion on the Expo -- double what it spent at the 2008 Beijing Olympics. It is the most expensive and largest Expo to date, and local media have reported the true cost is closer to $58 billion, including infrastructure.

"This is a very important moment. We have made preparations for years," Hong Hao, Deputy General for the Expo, told Reuters.

Shanghai wants to put the World Expo back on the world stage as the first developing country to host one, encouraging countries large and small to take the Expo seriously and use it as a means to improve fractured foreign ties and increase trade.

China's relations with the outside world have been strained of late, with issues like the value of the yuan currency, a fight over censorship with Google and the trial of four Rio Tinto executives casting a pall over the country's efforts to present itself as a respected international player.

Leaders including French President Nicolas Sarkozy, Russian President Dmitry Medvedev, South Korean President Lee Myung-bak and EU Commission President Jose Manuel Barroso will be at Friday's opening ceremony.

Smaller countries, such as Israel, are also making efforts to engage China through the Expo, despite the shadow cast by the financial crisis.

Yaffa Ben-Ari, deputy commissioner general of Israel for the Shanghai World Expo, said the Jewish state aimed to boost cooperation through the event. It was the first time, he said, that Israel had built its own pavilion, with the government allocating a budget of $12 million for the project.

TEETHING PROBLEMS

The project has not been without its detractors. Rights groups have complained about evictions of residents to make way for the two spectacular main Expo sites on either side of the murky Huangpu River.

Some Chinese have also wondered why the country, with its growing rich-poor gap, severe environmental and other problems is spending so much on an event which lacks an Olympics' cachet.

"Our living costs are five times yours but our salaries are one fifth of yours. Yet we survived and we are still joyfully and happily welcoming friends from all around the world," wrote popular Shanghai blogger Han Han, with a strong sense of irony.

Despite unremitting propaganda in state media about how great the Expo will be, not all the country pavilions will be finished in time for Friday's opening.

Organizers are also trying to iron out teething problems for handling large crowds after initial trial days received widespread complaints from tired, hungry visitors.

Still, the financial hub is abuzz with Expo fever. The blue molar-shaped "Haibao" mascot adorns every street corner, bus stop and subway station.

"Most people are very excited," said Shanghai resident Si Yudan, 30, brushing off all the inconveniences of seemingly endless renovations and building projects to spruce up the city.

Security has been stepped up, with subway passengers forced to go through airport-style bag checks.

Analysts, however, say a terror attack is unlikely due to the relatively low global profile of the Expo.

"Of more concern would be bird flu or H1N1. If that breaks out on site, how will they manage to prevent it spreading and how will they attempt to quarantine such a large number of people?" said Greg Hallahan, regional director at business risk consultancy PSA Group in Shanghai.

(Additional reporting by Rujun Shen; Editing by Ben Blanchard and Ron Popeski)

(Reuters), http://newscri.be/link/1084332

Joos Orange Solar Charger

Reviewed by Bryan Gardiner 

$100  •  solarjoos.com/

Solar Charger Juices Your Gadgets, Rain or Shine

It's an unavoidable fact of life: Your gadgets need juice —like a preacher needs pain, like thunder needs rain. (Thank you, Bono.) And when it comes to portable power-ups, our new favorite flavor is Orange.

The Joos Orange solar charger is the physical manifestation of simplicity. It's rugged, easy to store and carry, and (most importantly) quick to bestow a watt or two whenever you need it. Simply choose the correct adapter (the Orange comes with seven of the most popular ones), plug in your depleted phone or DS into the charger and let the life-giving juice flow. Yep, that's it.

Weighing in at a pound-and-a-half, the Orange is roughly the same size and weight as an iPad —and arguably a lot more useful. It can be completely submersed in water, dropped, kicked, and, in general, take the worst abuse man or nature can dish out.

Nestled inside its durable polycarbonate shell is a super-efficient 5,400-milliamp-hour replaceable lithium-ion battery capable of holding its charge for years. In our tests, we managed to dole out four full charges to a completely depleted iPhone before the Orange needed a solar recharge. It even fully charged the notoriously fickle iPad.

While PC owners will be able to download a standalone GUI for precise power metrics, the unit also has two LED status lights on the sides: one solar light (red) and other for the battery (green). When the Orange is running, the red light will blink rapidly to let you know you're getting juiced. Similarly, the green light spits out one blink for every 20 percent of the battery that's full. Four blinks and you know you have a battery that's between 60 and 80 percent full. Even better: the Orange comes with a pair of attachable reflectors that help collect somewhere between 20-30 percent more power when affixed to both ends.

No sun? No problem. While our test model wasn't equipped to charge efficiently by USB, the folks at Solar Components assured us that production models can be refilled at the standard USB charging rate (500 milliamps at 5 volts or 2.5 watts).

So go ahead and leave those outlets. Sucking down solar power has never been easier.

WIRED Cheap. Crazy-durable. Comes with nearly all connector tips you'll need for your mobile gear (you can order specific ones from Solar Components if not). Two screw-in mirror panels beef up charging efficiency by 30 percent. Nuclear fallout blot out the sun? Charge up by USB.
TIRED No Mac compatibility for GUI software. Deciphering the LED takes some getting used to. Screws for attachable mirrors are not ideal and are easily lost.

http://newscri.be/link/1085159

Brain Games Won't Make You Smarter, Study Says

Brain training games do not make you smarter - FACT

"Brain games" are certainly fun, but contrary to what many players hope, they're not likely to make you any smarter. From a six-week study paid for by the BBC and reported by Discovery News:
Photo by wetwebwork.

More than 8,600 people aged 18 to 60 were asked to play online brain games designed by the researchers to improve their memory, reasoning and other skills for at least 10 minutes a day, three times a week.
They were compared to more than 2,700 people who didn't play any brain games, but spent a similar amount of time surfing the Internet and answering general knowledge questions.
Researchers said the people who did the brain training didn't do any better on the test after six weeks than people who had simply been on the Internet. On some sections of the test, the people who surfed the Net scored higher than those playing the games.

Some brain-game manufacturers argued with the studies results, claiming that the findings didn't apply to their games. Whether or not the results of that study are on the money, professor of psychology from the University of Illinois Art Kramer points out: "There is precious little evidence to suggest the skills used in these games transfer to the real world."

It's not all bad news, though. For starters, regular mental exercise may increase your life expectancy. If you're really looking for some brain-boosting benefits, physical exercise is an extremely effective way to exercise your mind—and you're killing two birds with one stone.

Are you a big believer in the brain games? Share your experience in the comments.

Brain Games Won't Boost I.Q. [Discovery News]

Brain training games do not make you smarter - FACT

By Gerald LynchBy 

 

Nicole Kidman may have been fooled by its cute brain teasing charms, but Tech Digest were never truly convinced. Now there's proof: new research shows that brain training games do not improve your IQ.

A scientific study of 11,430 volunteers conducted by the BBC proved that while using the brain trainers made the gamers better at the games themselves, the skills gathered were not transferable to the world at large.

One third of the volunteers were tasked with training their reasoning powers, planning and problem-solving skills, another third played games designed to train short-term memory, attention, mathematical abilities and visuospatial skills, while the final group were given web-browsing tasks that didn't target any specific cognitive skills.

Across all the tests, none of the brain game participants gained a boost in everyday thinking tasks any more than those using the web-browser.

Dr Adrian Owen, a neuroscientist at the Medical Research Council, said: "The results are clear. Statistically, there are no significant differences between the improvements seen in participants who played our brain training games, and those who just went on the internet for the same length of time."

Via: BBC

Brain games may not make you smarter

LONDON: People playing computer games to train their brains might as well be playing Super Mario, new research suggests.

In a six-week study, experts found people who played online games designed to improve their cognitive skills didn’t get any smarter.

Researchers recruited participants from viewers of the BBC’s science show Bang Goes the Theory. More than 8,600 people aged 18 to 60 were asked to play online brain games designed by the researchers to improve their memory, reasoning and other skills for at least 10 minutes a day, three times a week.

They were compared to more than 2,700 people who didn’t play any brain games, but spent a similar amount of time surfing the Internet and answering general knowledge questions. All participants were given a sort of I.Q. test before and after the experiment.

Researchers said the people who did the brain training didn’t do any better on the test after six weeks than people who had simply been on the Internet. On some sections of the test, the people who surfed the Net scored higher than those playing the games.

The study was paid for by the BBC and published online yesterday by the journal Nature.
“If you’re (playing these games) because they’re fun, that’s absolutely fine,” said Adrian Owen, assistant director of the Cognition and Brain Sciences unit at Britain’s Medical Research Council, the study’s lead author.

“But if you’re expecting (these games) to improve your I.Q., our data suggests this isn’t the case,” he said during a press briefing.

One maker of brain games said the BBC study did not apply to its products. Steve Aldrich, CEO of Posit Science, said the company’s games, some of which were funded in part by the US National Institutes of Health, have been proven to boost brain power.

“Their conclusion would be like saying, ‘I cannot run a mile in under four minutes and therefore it is impossible to do so,” Aldrich said.

Posit Science has published research in journals including the Proceedings of the National Academy of Sciences showing their games improved memory in older people.

Small effects, Small difference

Computer games available online and marketed by companies like Nintendo that supposedly enhance memory, reasoning and other cognitive skills are played by millions of people worldwide, though few studies have examined if the games work.


“There is precious little evidence to suggest the skills used in these games transfer to the real world,” said Art Kramer, a professor of psychology and neuroscience at the University of Illinois. He was not linked to the study and has no ties to any companies that make brain training games.

Kramer had several reservations about the BBC study’s methodology and said some brain games had small effects in improving people’s cognitive skills.

“Learning is very specific,” he said. “Unless the component you are trained in actually exists in the real world, any transfer will be pretty minimal.”

Instead of playing brain games, Kramer said people would be better off getting some exercise. He said physical activity can spark new connections between neurons and produce new brain cells. “Fitness changes the building blocks of the brain’s structure,” he said.

Still, Kramer said some brain training games worked better than others. He said some games made by Posit Science had shown modest benefits, including improved memory in older people.

Difficulty levels matter

Other experts said brain games might be useful, but only if they weren’t fun.

“If you set the level for these games to a very high level where you don’t get the answers very often and it really annoys you, then it may be useful,” said Philip Adey, an emeritus professor of psychology and neuroscience at King’s College in London.

If people are enjoying the brain games, Adey said they probably aren’t being challenged and might as well be playing a regular videogame.

He said people should consider learning a new language or sport if they really wanted to improve their brain power. “To stimulate the intellect, you need a real challenge,” Adey said, adding computer games were not an easy shortcut. “Getting smart is hard work.” — AP
++++
www.nature.com/nature

Goldman profited during crisis

Wall Street titan Goldman Sachs made huge profits during the financial meltdown through subprime, or higher-risk, mortgage backed securities that have been linked to the origin of the crisis, Senator Carl Levin said on Saturday.

Wall Street titan Goldman Sachs made huge profits during the financial meltdown through subprime, or higher-risk, mortgage backed securities that have been linked to the origin of the crisis, Senator Carl Levin said.

The US Securities and Exchange Commission (SEC) charged Goldman Sachs with fraud earlier this month, sending the company's share price into a tailspin.



"These emails show that, in fact, Goldman made a lot of money by betting against the mortgage market," said Levin in a statement alongside the internal messages that were released ahead of a hearing next week focusing on the role of investment banks in contributing to the crisis.

The SEC accused the Wall Street investment giant of "defrauding investors by mis-stating and omitting key facts" about a product based on subprime securities.

© 2010 AFP
This story is sourced direct from an overseas news agency as an additional service to readers. Spelling follows North American usage, along with foreign currency and measurement units.

Time to redefine Malaysia’s work culture

THE world of work is changing. More people are working into their so-called retirement years.
Many wish to embark on new career paths. I know of people who have said good-bye to high-stress jobs to follow their passion.

For others who are less financially secure, work is a necessity. Perhaps they didn’t save enough for retirement or maybe their investments have soured.

Age matters

Unfortunately, older employees are not always valued in today’s fast-moving world.

In many instances, employees in their late 40’s or 50’s find it hard to find a company that understands how valuable they are.

Unless the person has special experience or credibility that is sought after for management, directorship or advisory positions, their employability value has decreased.

Age discrimination in the workplace still persists in many companies. All young employees will ultimately age and they will experience similar treatment if we do nothing to change the negative perception aged employees currently suffer. You could soon become a victim of that discrimination.

There is a need to promote ideas for employing older employees and extending the retirement age. Savvy employers must recognise that their success depends on their employees’ contributions. It is the result of team effort, with old and young employees contributing their best. Yesterday’s employer-of-choice concept needs to be refined because the shifts in age demographics that have characterised the early 21st century have brought new challenges to the workplace. For instance:

·Brain drain: Baby Boomers and Generation-X migrating to other countries contributes to the country’s lack of talented and experienced human resource;

·Responding to the marketplace: A salaried ageing workforce will lead to more consumers. Only if businesses create job opportunities – with necessary take-home pay – for aged consumers will there be sufficient cash and demand for the products and services that are designed for that demographic;

·Manpower shortages: Employers with high percentages of older employees have begun to feel the impact of lost talent as Baby Boomers near the retirement age of 55 and above. Their concerns are exacerbated by fewer employees from the younger generation who are keen to work in routine or mundane jobs with unattractive salary packages. Sometimes, it is no longer the “work hard” but the “work easy” attitude for the young ones; and

·Lack of interest: Employers in industry sectors like agriculture, manufacturing or labour-intensive industries are facing difficulties in attracting young people. They resort to hiring foreign workers instead of retirees, who are often fully trained and capable of productive work.

It takes both hands to clap

Stereotypes of older employees have made us believe ageing brings with it physical and attitude limitations (not to mention a lack of being technology savvy). Sometimes this can lead to disengagement at work with other colleagues.

But this may not be necessarily true. There are Baby Boomers with positive mental health and attitudes, superb technical and people skills that are not being given second opportunities to excel.

Unless employers accept that age is just a number and continue the employment relationship as long as the employee can make valuable contributions to the company, nothing much can be done.

While older employees can adopt new paradigm shifts in mindset to be more engaged with young colleagues, employers can consider aligning older employees’ competencies with specific business strategies that take advantage of their wealth of experience. Whether you call them “know-how”, “gut feel” or “instinct”, these attributes are often lacking in younger employees.

Multi-generational workforce

Companies in some western countries with ageing populations are now adopting a new work culture – a multi-generational workforce – and policies that provide alternatives for both young and old employees to improve their work-life balance.

These measures have proven to help overcome manpower shortages, retain employees who want to spend time with family and attract retirees to work.

These new approaches have led to a healthy work culture for employees of all ages with different life priorities and are non gender-biased.

Employers benefit from less staff turnover and salary costs, while work gets done with multi-generational engagement ideas such as:

·Flexible work options: Flexi-time or reduced-hour options like part-time positions, job shares and phased retirement (part-time work designed for older employees to ease the transition into retirement);

·Work on project or contract basis where an employee is “self-employed”;

·Jobs with different sets of responsibilities to develop new competencies, or less demanding jobs due to health or personal reasons; and

·Work from alternative locations or home to reduce commuting time and ecological footprint.

For the 21st century multi-generational work culture to be successful and rewarding for Malaysia’s business and work community, human resource managers must implement these new concepts as soon as possible.

Employment agencies or online job portals will need to specialise in flexible work option job matching.

These are small hurdles but the result is a healthy society with higher number of employed people including retirees, leading to improved economic growth for the country and consumption growth for individuals. It is at this point that we can all stand and give ourselves a self-congratulatory clap – with both hands!

BY CAROL YIP
 ·Yip is a personal financial coach and also founder and CEO of Abacus for Money.