iPhone 5 Concept - Design by Federico CiccareseFederico Ciccarese's gorgeous iPhone 5 concept design. When the phone is faced down, it emphasizes its similarity to Apple's "magic mouse," which is known for its beautifully curved "teardrop" design.
Currency Pair Overview Dollar Strengthens On Very Light Volumes
Overall, the Asian session saw the majors losing a few pips compared to the greenback. However, the moves came on very light volume and are likely to be retested somewhere later. The European calendar is packed with releases coming from the U.K., with some likely to move the entire currency market during the European trading hours.
The Euro (Eur/Usd) managed to close higher for the first time in the last six days of trading. The euro gained 25 pips on Tuesday, after most of the day the pair traded in a 100-pip range. However, the moment was short lived because the euro continued to decline during the Asian trading hours.
The Pound (Gbp/Usd) traded between the 20 and the 100-day simple moving averages on Tuesday, but eventually the pair managed to break slightly above the resistance area. As it was the case with the other majors, most of the gains came during the U.S. open. In tonight’s Asian session, the pound traded side-ways above the 20-day moving average.
The Aussie (Aud/Usd) gained 110 pips on Tuesday, retracing almost half of the declines seen during the Monday trading session. Most of the gains came during the U.S. open, after the aussie moved side-ways during the overnight trading hours. In tonight’s Asian session, the aussie bounced off the 20-day moving average and fell 35 pips.
The Australian consumer price index came in at 0.1 percent for the March quarter 2009, which is below what economists had forecasted, but higher than the 0.3% drop in the December quarter 2008. The CPI rose 2.5% through the year to March quarter 2009, compared to an annual rise of 3.7% to December quarter 2008
The Cad (Usd/Cad) struggled to break above the 1.2420 resistance line during the overnight session. The pair broke the swing point only during the interest rate decision, when the BoC voted to reduce the interest rate by 25 basis points. However, the market quickly retraced the move, causing the cad to fall 150 pips in a very short time-span. In the Asian session, the cad gained 30 pips on almost no volume at all.
The Swissy (Usd/Chf) traded in a small, volatile range on Tuesday. During the overnight session, the swissy remained in a 30-pip range. However, the U.S. open helped the pair break lower, but at the end of the session, the swissy was again trading near the resistance line. During tonight’s Asian session, the swissy extended the range seen on Tuesday.
The Yen (Usd/Yen) picked up 80 pips during the Tuesday trading session, helped by the positive U.S. markets. Also on Tuesday, the pair re-tested the 200-day moving average during the late U.S. session, but the move was rejected due to the market’s light momentum at that time. The resistance area will most likely be tested again, during Wednesday’s trading.
iPhone 5 Concept - Design by Federico CiccareseCiccarese's iPhone 5 concept design is beautiful when you can see it, but when it's turned off, the brilliant Apple logo shines bright through the darkness. Apple should seriously consider adding this gorgeous feature.
Tupperware first quarter profit beats forecast
Tupperware Brands Corp
Tupperware, which makes food storage containers that are sold at in-home parties, reported first-quarter net income of $25.6 million, or 41 cents per share, down from $32.1 million, or 51 cents per share, a year earlier.
Excluding one-time items, the company reported earnings of 45 cents per share, up 7 cents from the prior year. The results also beat the company's forecast of net earnings of 29 cents to 34 cents per share.
Revenue fell 14.8 percent to $462.8 million, Tupperware said, hurt by fluctuations in foreign currencies.
In local currency, sales rose by 1 percent over the first quarter of 2008.
Analysts had expected the company to report earnings of 34 cents a share on revenue of $459.50.
The company said it saw strong double-digit increases in its Tupperware Russia, Indonesia, Brazil and Venezuela businesses.
We continued to achieve double-digit local currency sales growth in the 49 percent of our business that came from emerging markets, with sales up 10 percent in local currency, Rick Going, chairman and chief executive said in a statement.
Looking ahead, the Orlando, Florida-based company said it expects fiscal second-quarter net earnings per share to be in the range of 62 cents to 67 cents. For the full year, the company expects net earnings between $1.90 to $2.00 per share.
Analysts on average see $1.96 per share, according to Reuters Estimates.
In after-hours trade, Tupperware shares were at $23.85, after closing at $21.36 on the New York Stock Exchange.
(Reporting by Ilaina Jonas; Editing by Gary Hill)
iPhone 5 Concept - Design by Antonio De Rosa of ADR StudioYet another ADR iPhone 5 concept features an uneven back that gets larger towards the center and thinner towards the edges, as well as a button smack dab in the middle of the screen.
Beware of rising interest rates and falling U.S. dollar: Gross
Bill Gross of PIMCO, manager of the world's largest bond fund, said on Bloomberg TV that investors should consider bonds denominated in non-dollar currencies that will hold their values like the Canadian dollar, Mexican peso, and the Brazilian real.
He also favors floating-rate bonds and playing credit spreads (i.e., the difference in the yields of bonds with the same maturity but with different credit quality) over investing in fixed-rate bonds.
Gross' recommendations stem from his concerns about rising interest rates and the decline of the U.S. dollar. These views are in turn shaped by his negative views of U.S. economic policy.
Gross took shots at President Obama's recent compromise with the Republicans as an example of misguided government policy.
Obama's plan extended income tax cuts, put in place a payroll tax cut, and extended unemployment insurance benefits. Many prominent economists applauded the direction of this plan because it will boost the economy in the short-run, even though it will also increase the budget deficit.
Gross sees it in a different light.
He thinks the short-term boost is just another misguided program of borrowing from the future in order to spend in the present. Framing it in the context of the jobs market, it's sending the unemployed to shopping malls and grocery stores instead of giving them jobs.
A better plan, according to Gross, would be investing in capital equipment and education in order to raise the long-term competitiveness of the U.S. economy; doing so will also create more jobs.
Obama's misguided policy is one reason Gross thinks the U.S. dollar will continue to devalue and interest rates (the borrowing cost of the U.S. government) will continue to rise.
The Federal Reserve's second round of quantitative easing (QE2) is another reason.
Back in November, Gross called the program a Ponzi scheme and said it signaled the end of the 30-year trend of falling interest rates.
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Obama: the Grand Illusionist
President Obama is smooth. He has an incomparable ability to say the correct thing and then doing the exact opposite. For instance, he says the United States cannot continue the boom bust cycle of economic activity and must repent from its proclivity to engender GDP growth off the back of building asset bubbles. He also contends that George W. Bush was disingenuously hiding the size of the true deficit by keeping certain items off budget. In those two statements he is completely correct.
However, he uses the magician’s tactic of deflection to sell his economic gimmickry. First Obama directs your attention towards his promise of removing Bush’s budget tricks and repudiating his fiscal irresponsibility, but then whips out his smoke and mirrors of trillion dollar deficits and accounting games.
Taking a closer look at how the President arrives at his rosy projection of cutting the deficit to “just” $530 billion by the end of 2013 you find he accomplishes it not by keeping expenditures off budget, like his processor, but by utilizing grossly unrealistic economic growth assumptions.
Mr. Obama assumes the contraction in GDP for 2009 will be only 1.2%. That’s a big improvement from the -6.34% annual rate drop of last quarter and far better than the non-partisan Congressional Budget Office’s (CBO) prediction of -2.2% growth for 2009. Then from there things get truly surreal. The Obama administration predicts GDP growth for 2010 will rebound to 3.2% and then increase by more than 4% for each of the next three years!
How realistic you ask is a 4% growth rate in GDP for the years 2011-2013? Well, let’s look at the past 11 years for some guidance. Starting from the beginning of 1998 thru Q4 of 2008, the average quarterly GDP growth rate was 2.17%. And the average yearly growth rate was just 2.7%. What’s truly amazing about the growth rate over the last 11 years (which was well below trend growth of 3%) is that it encompassed two of the biggest manias in the history of the United States—the equity bubble of the late 90’s and real estate bubble in the middle of this decade. You see, once you know the trick it’s easy. If you want to make deficits appear smaller, just pretend growth will be higher than what should be responsibly expected. Then simply bury your growth expectations in the fine print.
Perhaps part of Obama’s magical act of producing well above trend GDP growth will be to conjure up another asset bubble that equals or rivals that of the previous two. But the sad truth is that whether you use Obama’s overly optimistic projections or that of the CBO’s, deficits as a percentage of GDP will eclipse 100% of total output by 2019 (a record outside the years just after the end of WWll). But during the post war era we controlled the entire world’s manufacturing base and were not facing that wave of entitlement spending which looms straight ahead. Which means the consequences of such an onerous debt will be far dire than what was experienced 65 years ago.
When the veil of illusion is dropped the truth behind what this administration will produce is revealed. Record debt, lack luster growth and robust inflation will be the products of runaway spending and increased government intrusion into the free market. Barack Obama wants you to believe he is a fiscal conservative and that he is providing honesty and transparency in the government. The Administration’s trick is to make opacity appear as transparency and mendacity to appear as truth. But their performance is best viewed through gold (not rose) colored glasses.
UK Inflation At One-Year Low; Retail Prices Drop For First Time Since 1960
Consumer price inflation in the UK fell to its lowest level in an year in March, while retail prices dropped for the first time since 1960.
Annual inflation in March eased to 2.9% from 3.2% in February, a report from the Office for National Statistics showed Tuesday. The annual rate came in line with economists' expectations and reached the lowest since March 2008.
Consumer prices rose 0.2% in March from February as expected by economists. In the previous month, prices were up 0.9%.
The largest downward contribution to the change in the CPI annual rate came from housing and household services. Prices of food and non-alcoholic beverages as well as transport cost also had a downward effect on the annual change in the CPI. At the same time, upward contribution came from recreation and culture category and clothing and footwear.
Excluding food, energy, alcoholic beverages and tobacco, core inflation came in at 1.7% compared to 1.6% in the previous month. March's inflation was the highest since November 2008.
The ONS said the retail price index stood at 211.3, slightly down from 211.4 in February. On a monthly basis, retail prices remained flat in March.
From the previous year, retail prices dropped 0.4% in March, after staying flat in February. The annual rate turned negative for the first time since March 1960. However, prices fell by a less than expected 0.5%.
Housing cost led by depreciation and mortgage interest payments pulled down the annual rate of the RPI. The effect from mortgage interest payments follows February's half percentage point cut in the key interest rate to 1%.
RPIX inflation that excludes mortgage interest payments was 2.2% in March, down from 2.5% in February.
The above target inflation in February had forced the Bank of England Governor Mervyn King to write another open letter to the Chancellor of the Exchequer Alistair Darling. King expects sharp decline in CPI inflation, since its peak in September, to resume in the coming months.
King said it is likely that over the next year CPI inflation will move below target, although the profile of inflation could be volatile, reflecting the reversal of the temporary change in VAT on CPI inflation.
The central bank had held the interest rate at 0.5% on April 9. The interest rate now stands at the lowest level since the central bank was established in 1694.
Economist at Commerzbank, Peter Dixon said the inflation rate came below the upper limit of the central bank's target band for the first time since March 2008. Looking forward, the CPI is expected to remain broadly flat over the coming six months, which ought to be sufficient to drive the inflation rate close to zero by late summer.
But Dixon said this would possibly be a temporary phenomenon as the rate starts to pick up again later this year. The economist expects inflation to remain comfortably above 1%, which ought to quash any residual deflation concerns.
Yesterday, British media reports said Darling is expected to announce a reduction of GBP 15 billion in Whitehall spending in the budget statement on April 22. He is also set to downwardly revise the GDP forecast for the British economy.
The Confederation of British Industry on Monday forecast a slow and fragile recovery in the UK with growth resuming only in the spring of 2010. The industry lobby said the recession deepened more than expected in the first quarter of this year, but it is forecast to moderate in the second half of the year. The CBI revised down its GDP forecast for 2009 to a 3.9% contraction compared to an earlier estimate of a 3.3% GDP decline.
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Since its first introduction in June 2007, the iPhone has taken the word by storm, but one question dominates the general conversation: When's the next one coming out?
Apple has traditionally treated customers to a new smartphone experience around June or July, but since the last iPhone -- the iPhone 4S -- was released in the fall, consumers don't know when to expect the next one. Thankfully, fans won't have to wait any later than October 2012 to get their hands on Apple's latest iPhone design.
Earlier this month, Reuters reported that Apple plans to unveil the next iPhone around the second quarter of 2012. While this report would mean a release in June or July, it did contradict an earlier report from Japanese blog Macotakara, which believed, citing inside sources from the supply chain, Apple would release the iPhone 5 in September or October, effectively abandoning mid-year iPhone launches for a 11-month upgrade cycle starting in the fall.
Macotakara's report is bolstered by iMore's editor-in-chief Rene Ritchie, who said on March 23 that the iPhone 5 will be released in October 2012. Ritchie has a solid track record with Apple news. Last August, Ritchie correctly reported Apple's next iPhone would be unveiled in the first week of October and would be called iPhone 4S, while all other reporters at the time called the speculative device the iPhone 5. Ritchie also correctly pegged the new iPad's unveiling on March 7.
Apple's last iPhone, the iPhone 4S, was the first Apple smartphone released outside the summer months; the original iPhone, as well as the iPhone 3G, 3GS and 4, were all released in either June or July. While there is no clear reason why the 4S was the only iPhone released in the fall, analysts believe the Cupertino, Calif.-based company attempted to implement LTE into the phone, and failed. Now, it would seem the company wants to wait a full year until releasing its next iPhone.
Moving the iPhone's annual release date to October makes sense, given the wild success of the iPhone 4S. Although the phone was largely unchanged from the iPhone 4, Apple added a couple of features like Siri and an 8-megapixel camera, and it became the most-popular and fastest-selling iPhone of all time. No one should be surprised, then, if Apple wants to repeat that formula, releasing its best smartphone yet around the holiday season.
The iPhone 4S was unveiled on Oct. 4, one day before the death of the company's visionary co-founder Steve Jobs. If Apple holds true to its annual tradition, it's safe to say the next-gen iPhone will be released in September, or at the very latest, October.
Furthermore, if any report about release dates is to be believed, it should be Ritchie's. Ritchie has valuable sources from within Apple, and his reports have always been highly reliable and accurate. Given that Apple just released its new iPad in March and it will reportedly release a new line of MacBooks in April or May, it would make for Apple to hold onto the iPhone, let it continue to build hype for several months, and then release it in October, making it a great Christmas gift.
What Will The iPhone 5 Look Like?
Apple fans are already clamoring for the iPhone 5, even though nobody outside of Cupertino knows what it looks like, what it can do, or when it's coming out. But since Apple keeps its lips sealed until the official unveiling, the best we can do is use the latest reports and rumors to imagine what the finished iPhone 5 could look like.
On March 21, Apple had reportedly ordered 4.6-inch screens, to be featured in the company's next iPhone. The report came from a South Korean publication, the Maeli Business Newspaper, which quoted an unnamed industry source, according to Reuters.
Two days later, a new report from Ritchie stated the iPhone 5 retains the current 3.5-inch screen -- the same size as all previous generation iPhones -- but Apple added a few new features.
While Ritchie believes the iPhone 5 could get a little bigger than its predecessors, he said that it would not be nearly as big as those 4.5-inch-plus Android smartphones.
The truth seems to be somewhere in between Ritchie's report and the Korean source. In early January, as Apple was reportedly gearing up to begin production on the iPhone 5. A source from within China's Foxconn manufacturing plant told 9 to 5 Mac that various sample iPhone 5 prototypes were floating around the factory floor, but there were a number of common features among the phones, including a display that measured at least 4 inches, and a longer and wider form factor that did not match that of the iPhone 4 or 4S. The Foxconn sources believed the iPhone 5 would retain the rectangular shape of its predecessors, which, if true, would put to bed any rumors of a slimmer teardrop design.
Other Features, Specs To Look For In The iPhone 5
It's already a foregone conclusion that Apple will implement radio bands for 4G LTE in the iPhone 5, given that Apple introduced the high-speed network on its new iPad, released on March 16, which was likely done as a practice run.
LTE features significantly higher download and upload speeds compared to 3G technologies, but previous implementations of LTE in smartphones tended to ravage battery life, which was a major complaint from users. If Apple wanted LTE in the iPhone 4S at the time, it would have been forced to increase the phone's thickness to accommodate a larger circuit board and a bigger battery. Apple CEO Tim Cook, in a company earnings conference call in April 2011, said first-generation LTE chipsets force a lot of design compromises.
The iPhone 4 PCB [printed circuit board] is already incredibly small, not leaving any room for an extra chip to enable LTE without shrinking the size of the battery, said Anand Shimpi, a chip expert and CEO of Anandtech.
Fortunately, Qualcomm recently unveiled the fifth iteration of its new chip, which supports TD-SCDMA, TD-LTE, HSPA+, EV-DO, embedded GPS, and LTE on TDD and FDD networks worldwide. The chip works with Android and Windows 8 devices, but there's a great chance this will be the chip inside the iPhone 5.
Apple's next iPhone may also include a number of the company's recently granted patents. Apple won a major patent on March 6 for a piece of technology called the iWallet, which is a digital system that gives users complete control over their subsidiary financial accounts on their iPhones, and also leverages Near-Field Communication (NFC) technology to complete credit card transactions directly on the phone as well. The iWallet has many different features, including giving users the ability to see their entire credit card profiles, view statements and messages from their banks, and even set parental controls for their children, should they also want to use their iPhones as digital wallets. Outside of the iPhone, users can keep track of their payments and statements within the iTunes billing system, which keeps credit card information and records safe and secure. There's a possibility that iWallet could also work with other Apple utilities, which could allow users to buy things like movie tickets directly within the apps, but only time will tell with that one.
The iPhone 5 might also be the first phone to feature a new piece of software for multi-player gaming. On March 15, the U.S. Patent and Trademark Office published a patent application from Apple that describes a system for multi-player gaming, which allows groups of people to play the same game together and even see it from different perspectives according to the devices' physical relation to one another. The system actually mimics that of the Find My Friends app, in which a user's device detects other nearby devices that it recognizes as friends, and invites them to all join a common application. The technology also determines the relative position of those devices, so some games -- like turn-based role-playing games or card games -- can be played in a specific order.
The best patent of them all, however, may be Apple's patent for crack-resistant glass, granted on Nov. 15. Basically, the crack-resistant glass solution utilizes the same alumino silicate glass used in the iPhone 4 and 4S, but by chemically treating it with potassium and sodium ions, the glass can then achieve greater compression thresholds on the surface and edges of the glass, making it less susceptible to cracks. The patent also involves a shock mount between the glass and the body of the device that will instantly inflate if the device senses it's falling, which is determined by the device's internal accelerometer. An actuator within the device sucks in the cover glass as it accelerates to the ground, protecting it from damage.
What else would you like to see in the iPhone 5? Would you rather see the iPhone 5 released earlier, or later for the holidays? Let us know in the comments section below.