Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/238196407?client_source=feed&format=rss
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Eco Animal Health () upped its dividend by a quarter last year as strong sales of its ?best in class? livestock antibiotic helped profits surge.
The veterinary drug company increased underlying net profits by 32 per cent to ?2.6 million, from ?2 million, in the year to March, while earnings per share rose to 4.19 pence from 2.96 pence.
The improvement was underpinned by sales of lead product Aivlosin in Argentina, Brazil and Venezuela.
The group?s fortunes were further boosted after the year-end by US approval for Aivlosin - a water soluble antibiotic for pigs.
The drug, which works much more quickly than existing older products and so is more profitable for farmers to use, currently accounts for 65 per cent of revenue.
Cenkos analyst Ian Berry said as the US and Canada are approximately a third of the addressable market, the approval represents a ?massive opportunity? for the group. ?
Financially, this boost isn?t likely to start showing on the group?s figures until next year as it will need a little time for the product to build momentum.
Eco expects to start making sales in the last quarter of this financial year.
Berry added: ?Once ECO has gained marketing authorisations and begun to sell product in all its major markets it will represent an attractive takeover target for an international pharmaceutical group that would be able to multiply ECO?s profitability several fold through distribution and marketing synergies.?
Chairman Peter Lawrence said: ?We are confident that the long awaited marketing authorisations in the US and Canada will have a major positive effect on the development of ECO, although it will be some months before the product launches gain momentum.?
?ECO is very well placed to further broaden its product ranges and its global reach will ensure that it capitalises on opportunities as they arise in all the company?s major markets.?
The company ended the year with ?9.5 million in net cash and it now plans to up its dividend by 25 per cent to 3.75p.
Lawrence added: ?We feel that we are confident our future is very bright and we want to share that with our shareholders and reflect it in the dividend.?
Cenkos has a ?buy? rating on the stock.
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Commodity prices are trading broadly lower, extending a rout that began in Asia amid worries about slowing Asian economic growth and rebuilding euro-zone debt crisis fears. Sentiment-geared crude oil and copper prices are following stocks lower while gold and silver are facing de-facto selling pressure as haven flows pour back into the US dollar.
Bank of Japan Governor Maasaki Shirakawa said monetary expansion alone will not boost economic growth. Separately, People?s Bank of China adviser Song Guoqing predicted Chinese economic growth would slow to 7.4% in the third quarter, the weakest in nearly four years.
On the European front, German Vice Chancellor Philipp Roesler said he was ?very skeptical? about Greece?s rescue and warned the country would not get further aid if it fails to meet its obligations. He also noted that the Greece may accept the ?wisdom? of exiting the euro zone if aid terms fail, adding that such a possibility has ?lost its terror.? Reports claiming several Spanish regions may follow Valencia in asking for a government bailout also circulated.
S&P 500 stock index futures are pointing sharply lower, warning of continued risk aversion ahead. The Chicago Fed National Activity Index amounts to the only bit of noteworthy event risk on the economic calendar. Traders are likely to interpret the outcome through the prism of QE3 probability, with a softer outcome offering a possible counter-balance to anti-risk momentum by stoking stimulus hopes.
Comex E-Mini Copper (NY Close): $3.448 // -0.086 // -2.43%
Prices are continuing lower after breaking through support at a rising channel bottom set from late June to form a Bearish Engulfing candlestick pattern. Sellers are now probing through the 23.6% Fibonacci expansion at 3.378, with a confirmed breach exposing the 38.2% level at 3.268. Near-term resistance is at 3.445, the 14.6% Fib.
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Prices appear to have completed a bullish Head and Shoulders (H&S) bottom chart pattern, implying a forthcoming advance to a measured target of 101.38. Prices are pulling back to retest 90.14, a familiar barrier reinforced by the H&S neckline (currently at 89.25) now recast as support. A daily close below the latter boundary invalidates bullish implications of overall positioning and initially exposes the July 3 closing high at 87.65. Near-term resistance is at 93.35.
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Spot Gold (NY Close): $1,584.50 // +3.07 // +0.19%
Prices continue to consolidate below resistance at 1,588.90. A break higher exposes falling trend line resistance now at 1,607.48. Near-term support lines up at 1,571.94. A breach below that initially targets 1,559.55, followed by the 1,522.50-32.45 area.
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Prices continue to tread water above support is at 26.75. A break below that exposes the multi-month triple bottom at 26.05. Trend line resistance is now at 27.51, with a breach above that exposing the July 3 high at 28.44.
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Daily Charts ? Created Using FXCM Marketscope 2.0?
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FLOOD FACTS
-Floods and flash floods happen in all 50 states.
-Everyone lives in a flood zone.
-Most homeowners insurance does not cover flood damage.
-If you live in a Special Flood Hazard Area (SFHA) or high-risk area and have a Federally backed mortgage, your mortgage lender requires you to have flood insurance. (To find your flood risk, fill out the Flood Risk Profile.)
-Just an inch of water can cause costly damage to your property.
-Flash floods often bring walls of water 10 to 20 feet high.
-A car can easily be carried away by just two feet of floodwater.
-Hurricanes, winter storms and snowmelt are common (but often overlooked) causes of flooding.
-New land development can increase flood risk, especially if the construction changes natural runoff paths.
-Federal disaster assistance is usually a loan that must be paid back with interest.
-If you live in a moderate-to-low risk area and are eligible for the Preferred Risk Policy, your flood insurance premium may be as low as $129 a year, including coverage for your property's contents.
-You are eligible to purchase flood insurance as long as your community participates in the National Flood Insurance Program.
-It takes 30 days after purchase for a policy to take effect, so it's important to buy insurance before the floodwaters start to rise.
-In a high-risk area, a home is more than twice as likely to be damaged by flood than by fire.
-Anyone can be financially vulnerable to floods. People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding.
-The average annual U.S. flood losses in the past 10 years (2001-2010) were more than $2.7 billion.
-When your community participates in the Community Rating System (CRS), you can qualify for an insurance premium discount of up to 45%.
-Since 1978, the NFIP has paid over $36.9 billion for flood insurance claims and related costs (as of 12/31/10).
-Over 5.5 million people currently hold flood insurance policies in more than 21,000 communities across the U.S.
Increased Cost of Compliance (ICC) - Coverage for expenses a property owner must incur, above and beyond the cost to repair the physical damage the structure actually sustained from a flooding event, to comply with mitigation requirements of state or local floodplain management ordinances or laws. Acceptable mitigation measures are elevation, flood-proofing, relocation, demolition, or any combination thereof.
Source: http://alicialagarderealtor.blogspot.com/2012/07/flood-insurance-facts-2012.html
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In this photo released by the office of the Egyptian Presidency, President Mohammed Morsi, second from right, talks with Field Marshal Hussein Tantawi, second left, as they attend a military graduation ceremony with Prime Minister Kamal el-Ganzouri, left, and Chief of Staff Sami Anan, right, in Cairo, Egypt, Tuesday, July 17, 2012. Egypt?s President Mohammed Morsi hailed the Egyptian army and its commanders at a time the newly elected Islamist president and the military council, which took power after ouster of Hosni Mubarak last year, are in mid of power struggle. (AP Photo/Sheriff Abd El Minoem, Egyptian Presidency)
In this photo released by the office of the Egyptian Presidency, President Mohammed Morsi, second from right, talks with Field Marshal Hussein Tantawi, second left, as they attend a military graduation ceremony with Prime Minister Kamal el-Ganzouri, left, and Chief of Staff Sami Anan, right, in Cairo, Egypt, Tuesday, July 17, 2012. Egypt?s President Mohammed Morsi hailed the Egyptian army and its commanders at a time the newly elected Islamist president and the military council, which took power after ouster of Hosni Mubarak last year, are in mid of power struggle. (AP Photo/Sheriff Abd El Minoem, Egyptian Presidency)
CAIRO (AP) ? On the eve of the 60th anniversary of a coup that started decades of military rule, Egypt's new president said Sunday that it failed to bring about democracy. He credited last year's uprising with correcting the path.
Mohammed Morsi, the country's first freely elected civilian and Islamist president, delivered the message at a time when his Muslim Brotherhood patrons are struggling to wrest authority from the country's military, which has been at the center of power since the coup 60 years ago.
The generals, who ruled Egypt for 16 months after last year's uprising, took legislative powers from the Brotherhood after parliament was dissolved. Just days before Morsi was sworn in last month, they issued a decree that also gave themselves budgetary authority and control over the process of drafting a new constitution.
Morsi said the 1952 coup's ambitions failed in the last three decades, a reference to the reign of Hosni Mubarak, who was ousted in the 2011 popular uprising.
"It stumbled in many of its goals ... especially in trying for democracy in the last 30 years due to corruption and fraud," he said.
He added that "the second revolution in Jan 25, 2011", when the uprising against Mubarak began, corrected the path.
Egypt's military released its own statement online Sunday, congratulating the people for the 1952 revolution, also known as the Free Officers Coup.
The military has been Egypt's de facto ruler since army officers first seized power in 1952. Its first four presidents, ending with Mubarak, all came from the military. With conscription of men in force since the 1960s and four wars against Israel between 1948 and 1973, there is hardly an Egyptian family without a male who has military experience or has at least one member in active service.
Morsi praised the Egyptian army for its role in the revolt.
"The great Egyptian army sided with the people's choice and backed the building of the second republic on the basis of real freedom for all," he said in his televised speech.
He noted in his speech that in 1952, Egyptians succeeded in overthrowing the British-backed King Farouk with the intention of bringing about social equality. He said Egyptians claimed a stake in their future after decades of French and British rule.
But he added that Egypt should learn from the past and be aware of both the coup's failures and successes.
"This moment is cause for more effort, more work and more sacrifice," Morsi said.
Some activists have spoken out against celebrating on July 23, which is a national holiday in Egypt, and are instead calling for it to be a day of protests against military rule.
Since the 1952 coup, the military has acquired vast economic interests ? giant construction companies, farms, water-bottling facilities and a nationwide chain of gas stations? as well as control of top government posts. Civilian oversight has been one of the demands of the revolutionary groups.
"If someone wants to go out on July 23, they should ask for the end of military rule and not go out and celebrate the military junta's revolution and the continuation of military rule," wrote Ahmed Maher, one of the founders of the activist April 6 movement, which helped engineer the uprising against Mubarak.
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BMW?s 2013 BMW ActiveHybrid 3 will?arrive?in US showrooms this fall at an MSRP of $50,195 including destination and handling.?The ActiveHybrid 3 blends BMW?s TwinPower Turbo 3.0-liter inline 6-cylinder engine and 8-speed Steptronic automatic transmission with an electric motor powered by a high-voltage Li-ion battery (cells from A123 systems) housed under the luggage compartment between the wheel arches.
Together the inline 6 and electric motor combine for 335 hp (250 kW) and 332 lb-ft (450 N?m) of torque, an increase of 13% and 11% respectively. In addition to the boost available for the internal combustion engine, the electric motor is capable of powering the ActiveHybrid 3 in all-electric mode for speeds up to 45 mph (70 km/h) for distances up to 2.5 miles (four kilometers).
When the driver applies more throttle, the internal combustion engine is engaged automatically, then disengaged on overrun. During overrun and braking, the electric motor acts as a generator, converting kinetic energy into electrical energy, which is used to charge the battery. This is the same principle as the Brake Energy Regeneration function on the regular models, although on the BMW ActiveHybrid 3 the amount of energy recuperated by the electric motor is greater.
Under combined ICE/electric power, the BMW ActiveHybrid 3 delivers a 0 to 100 km/h (62 mph) acceleration time of 5.3 seconds. The sedan?s governed top speed is 155 mph (250 km/h) when equipped with performance tires.
TwinPower Turbo 6.?The BMW ActiveHybrid 3 is the second hybrid model from BMW?after the BMW ActiveHybrid 5 ?to use an in-line 6-cylinder engine in its powertrain. Also featured in the BMW 335i, this engine develops maximum output of 300 hp (224 kW) at 5,800 rpm and maximum torque of 300 lb-ft (407 N?m) between 1,200 and 5,000 rpm.
The engine has won the international ?Engine of the Year? award two years in a row. The six-cylinder powerplant?s BMW TwinPower Turbo technology comprises a twin-scroll turbocharger, High Precision Direct Injection and VALVETRONIC fully variable valve timing. This technology package improves throttle response and revving ability as well as refinement and efficiency, while an aluminum crankcase also optimizes weight.
Electric motor.?The BMW ActiveHybrid 3?s synchronous electric motor develops a maximum output of 55 hp (41 kW). As well as supporting all-electric operation around town, it can also provide a performance-boosting function for more powerful acceleration. In either case, the drive power is supplied instantly and without lag. Like all electric motors, this one develops its full torque of 155 lb-ft (210 N?m) from a standing start.
The electric motor is compactly integrated within the housing of the eight-speed automatic transmission, and is connected to the transmission by a clutch. Its operating temperature is controlled by the cooling system of the internal combustion engine.
With its eight speeds, the transmission combines a wide gear range with close ratio spacing. It also allows more use to be made of top gear, for a fuel-efficient, low-rpm driving style. The direct downshift capability and exceptionally short shift times can support very sporty driving, as well. A high-performance transmission controller matches gear changes to the driver?s demands and the driving situation.
Optionally, the BMW ActiveHybrid 3 can be supplied with a quick-shifting sports automatic transmission, the dynamic characteristics of which are emphasized by a customized selector lever and steering wheel-mounted paddle shifts.
Lithium-ion battery.?The electric motor is powered by a lithium-ion high-voltage battery developed specifically for the BMW ActiveHybrid 3. The battery is encased in a special high-strength housing and positioned between the wheel arches in the trunk. This provides optimal protection for the battery and helps to ensure a well-balanced weight distribution. The battery cooling system is integrated into the air conditioning cooling circuit. The battery comprises 96 cells and has an effective energy capacity of 675 Wh.
In addition to its conventional 14V electrical system, the BMW ActiveHybrid 3 is also equipped with a high-voltage electrical system with 317 volts. Linked by a voltage transformer, these two systems provide maximum electrical power throughout the operating range, for improved performance and comfort. Both the electric motor and the air conditioning compressor are powered exclusively by the lithium-ion high-voltage battery, via the high-voltage electrical system. This allows the desired interior climate to be maintained even when the internal combustion engine is not running?i.e. when the car is at a standstill, operating purely on electric power or in coasting mode.
Fully charged, the lithium-ion high-voltage battery provides an all-electric driving range of up to 2.5 miles (four kilometer) at an average speed of about 20 mph (35 km/h).
Since the lithium-ion high-performance battery is packaged under the trunk, the load capacity of the BMW ActiveHybrid 3 is reduced only marginally compared with other BMW 3 Series Sedan models. This space-saving integration allows for a completely level load floor and means the rear seat backrests with optional 40:20:40 split-folding remain fully functional. The positioning of the high-voltage battery near to the rear axle also contributes to the balanced weight distribution of the BMW ActiveHybrid 3.
Hybrid-specific auto start-stop function and coasting mode.?The specially designed hybrid auto start-stop function ensures that comfort is not affected even when the vehicle is stopped in traffic for longer periods, because the automatic climate control and the on-board electrical system are powered by the lithium-ion high-voltage battery. On moving off again, when the driver releases the brake, the vehicle will restart on either the electric motor alone or the electric motor and the engine, depending on the high-voltage battery?s current charge level and on how much power the driver wants or needs.
ECO PRO?mode, which can be activated via the Driving Experience Control switch, supports a particularly fuel-efficient driving style in the BMW ActiveHybrid 3 and makes more frequent use of all-electric mode. ECO PRO mode modifies the characteristics of the powertrain, including the transmission, while the electrically powered convenience functions are programmed for optimal energy efficiency.
Coasting mode, a new development for the BMW ActiveHybrid models, boosts efficiency by shutting the internal combustion engine down not only when the vehicle is stationary, or when driving in town.
Coasting mode switches off the gasoline engine and disconnects it from the driveshaft. From this point on, the BMW ActiveHybrid 3 coasts soundlessly, with zero emissions and with no engine braking effect. The efficiency improvements are further enhanced by reduced rolling resistance tires.
In ECO PRO mode, the coasting function is available at any speed up to 100 mph (160 km/h), while in Comfort mode it operates between 37 and 50 mph (60 and 80 km/h) when the brakes are applied lightly. In Sport and Sport+ mode the coasting function is not available.
Even in coasting mode, all safety and comfort functions remain fully operational. When the combustion engine is shut down at a standstill, as well as during all-electric operation and in coasting mode, the electrically powered stationary climate control continues to maintain a pleasant interior climate. The stationary climate control can also be used to cool the interior before getting into the vehicle.
Intelligent energy management with proactive analysis.?In addition to coordinating the operation of the internal combustion engine and electric motor based on the current driving situation, the advanced-design power electronics also support proactive, forward-thinking analysis of the driving situation for even more efficient energy management.
To achieve this, the power electronics can be linked up to the optional navigation system. When a destination has been input and route guidance is active, the electronics can then access and analyze data that can take advantage of an upcoming change in external conditions or driver requirements. Based on this analysis, and subject to the quality of the navigation data, the vehicle can be prepared in advance for imminent requirements so that all powertrain systems and the onboard electronics can be managed appropriately and in such a way as to make the most efficient possible use of the available energy.
Factors that may cause a change in powertrain operating strategy include the topography of the route and speed limits. For example, if the system knows that a downhill stretch is coming up soon, the BMW ActiveHybrid 3 can wait to recharge its battery and invest all the high-voltage battery?s electrical energy in providing supplementary driving power, since the battery will be recharged during the forthcoming descent at no cost in terms of fuel consumption.
On longer downhill sections the electric motor?s generator function, too, can be enlisted to recharge the high-voltage battery with no loss of speed. The operating strategy can also be managed so as to achieve, as far as possible, optimal charging of the high-voltage battery when nearing the end of the journey, thereby increasing the electric driving range on the ?last lap?.
The operating status of the powertrain components is shown in model-specific displays in the instrument cluster and in the Control Display of the BMW ActiveHybrid 3. As well as the energy flow and energy recuperation display, these include a further gauge next to the rev counter which shows the boost effect being provided by the electric motor during acceleration.
A model-specific menu in the iDrive operating system provides a variety of information?for example on the lithium-ion high-voltage battery?s charge level and the power sharing between the internal combustion engine and the electric motor in the course of a journey. A fuel consumption history can also be displayed, which not only shows fuel consumption history for the previous 15 minutes and the extent to which the electric motor of the BMW ActiveHybrid 3 has been used.
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NEW YORK (AP) ? Fear that Spain may need a bailout sent its borrowing costs soaring, the euro to a two-year low against the dollar and stocks around the world tumbling as investors pulled back Monday from all manner of risk.
The Dow Jones industrial average, after falling 239 points earlier in the day, was down 127 to 12,696 shortly after 3 p.m. EST. Yields for U.S. government bonds sank to record lows as traders sought the safety of American debt.
Borrowing costs rose sharply for Spain and Italy after news the Spanish economy contracted by a quarterly rate of 0.4 percent in the second quarter. Falling economic output makes it more difficult for Spain to deal with its debts.
The Standard & Poor's 500 index fell 15 points to 1,348. The Nasdaq composite index dropped 40 points to 2,886.
"Increases in Spanish borrowing costs have brought back questions about the health of Europe," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott in Philadelphia. "That's driven a flight to safety."
The selling was widespread. All 10 industry groups within the S&P 500 were down, with energy companies off nearly 1.5 percent.
In addition to Spain, investors are worried that Greece might get cut off from emergency loans it needs to avoid default. On Tuesday, inspectors from its international creditors arrive in the country to check on its progress in cutting its budget and in meeting other conditions it had agreed to in exchange for aid.
The Greek government has repeatedly failed to hit targets required for the two bailouts it has received.
Adding to the jitters, a Chinese central bank adviser forecast that China's economic growth could slow from its second-quarter rate of 7.6 percent rate, which itself was the slowest pace in three years. Investors had hoped that the world's second-largest economy would compensate for slowdowns in the U.S. and Europe but now aren't so sure.
"I wish it were still the weekend," said Lawrence Creatura, a portfolio manager at Federated Investors, a mutual fund firm. "People were initially worried just about the Europe but now its spread to China and beyond."
In Spain, the yield on its benchmark 10-year bond rose to 7.43 percent, the highest since the euro was launched in 1999 and a level considered unsustainable for more than a few months. Spanish banks have already received international aid. Now investors fear it's the government's turn.
The prospect of bailing out Spain is worrisome for Europe because the potential cost far exceeds what's available in existing emergency funds
The fear ratcheted up over the weekend when a southern region of Spain announced that it might need a financial lifeline from the government in Madrid to make ends meet. That followed news last week that an eastern region of the country had asked for help.
In a move that recalled the global financial crisis four years ago, Spain's market regulator on Monday said it was temporarily banning short-selling of shares on its stock indexes. In a short sale, an investor seeks a profit by betting that the price of a certain stock will fall.
The U.S. briefly banned short selling of dozens of stocks in 2008 as prices were tumbling.
Strong selling rattled European markets. The main stock index dropped more than 7 percent in Greece, 1 percent in Spain, 3 percent in Germany and France. Asian stocks were also sharply lower.
Bank stocks, which tend to take a hit when fear flares in Europe, were among the biggest losers. Citigroup stock dropped 2.6 percent.
The price of oil fell 3.6 percent to less than $90 per barrel. Exxon Mobil declined $1.02, or 1.2 percent, to $84.93.
The euro slipped just below $1.21 against the dollar, its lowest since June 2010.
There were also signs that a global economic slowdown is hitting U.S. companies that rode out the recession fairly well, largely because currencies overseas have tumbled against the dollar.
While global sales at McDonald's restaurants open at least a year rose 3.7 percent, profits slid by about the same rate due to currency exchange. McDonald's generates about two-thirds of its revenue outside the U.S.
"A disproportionately large amount of revenue overseas is seen as a negative today," said Creatura of Federated Investors. "The list of weakening overseas markets is getting longer by the day."
Stock in the world's largest hamburger chain slid 2.5 percent after the company fell short of most Wall Street expectations for both net income and revenue.
Hasbro is also getting hurt by the dollar. If not for the surge in its value, its international revenue in the second quarter would have risen 5 percent, instead of falling 4 percent, the toy maker said Monday. Still, the company beat analyst estimates of net income, thanks partly to cost cutting.
Stock of the Hasbro, whose products include Monopoly and Scrabble, rose $1.43, or 4.2 percent, to $35.27.
Another winner Tuesday was RailAmerica Inc., a short-line railroad operator. It rose 10 percent to $27.29 after announcing that it had agreed to be bought by another short-line operator, Genesee & Wyoming, for $1.39 billion in cash.
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AP Business Writer Matthew Craft contributed to this report.
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