“President's space panel releases full report - Florida Today” plus 4 more |
- President's space panel releases full report - Florida Today
- Treasury to order bailed-out firms to slash pay - WCAX
- DiFi says go wtih Transbay site - San Francisco Chronicle
- Jackson Experiments with Lakers' Combinations - Santa Monica Mirror
- Anantara Expands Into China With First Resort - Hotels Magazine
| President's space panel releases full report - Florida Today Posted: 22 Oct 2009 10:20 AM PDT President's space panel releases full reportThe Human Space Flight Plans Committee final report has been released. Here's the link to the full report. You can click here to open a video player broadcasting the live news conference by members of the presidential panel in Washington. More details to come, but here are some highlights from early reading and there are some distinctions and nuances from the public hearings of the panel and the summary report released earlier: -- The committee compressed its destination options into three categories: going to Mars first, going to the Moon first to lay the foundation for later trips to Mars and using a flexible path that allows growth in deep-space travel ability. Augustine said in his opening remarks, "We ruled that out," of a direct-to-Mars approach. -- The committee said that while Mars is the ultimate destination of human space exploration, it is not the best first destination. The report includes a littany of reasons why focusing efforts now on landing humans on Mars is not the best option. Furthermore, the panel deemed the option not viable for funding, safety and other reasons. -- The committee says there are reasons to extend the International Space Station but that would require increased funding for science and engineering. They do not make a recommendation to extend the space shuttle program, but they do give several options for how that might work. They said shuttle is likely to not be finished with the last six missions until midway through 2011.
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| Treasury to order bailed-out firms to slash pay - WCAX Posted: 22 Oct 2009 10:42 AM PDT
By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) - The Treasury Department on Thursday is expected to order seven companies that have not paid back last year's government bailouts to halve their top executives' average compensation. The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by as much as 90 percent, according to a person familiar with the matter. Kenneth Feinberg, the special master at Treasury appointed to handle compensation issues as part of the government's $700 billion financial bailout package, was scheduled to release details of his actions later Thursday. The seven companies are Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial. Meanwhile, the Federal Reserve unveiled a proposal Thursday that for the first time would police banks' pay policies to ensure they don't encourage employees to take reckless gambles like those that contributed to the financial crisis. Unlike the Treasury plan, the Fed proposal would cover thousands of banks, including many that never received a bailout. But the central bank would not actually set compensation. Instead, the Fed would review - and could veto - pay policies that could cause too much risk-taking by executives, traders or loan officers. "The Federal Reserve is working to ensure that compensation packages appropriately tie rewards to longer-term performance and do no create undue risk for the firm or the financial system," said Fed Chairman Ben Bernanke. Under the proposal, the 28 biggest banks would develop their own plans to make sure compensation doesn't spur undue risk taking. If the Fed approves, the plan would be adopted and bank supervisors would monitor compliance. At smaller banks - where compensation is typically less - Fed supervisors will conduct reviews. Those banks don't have to submit plans. The Fed refused to identify the 28 banks that will have to submit plans. But Citigroup, Bank of America and Wells Fargo&Co. are usually included on such lists. Nearly 6,000 banks regulated by the Fed would be covered. Elizabeth Warren, who heads the Troubled Asset Relief Program's oversight committee, said Thursday on CBS's "The Early Show" that reports of pending slashes in executive salaries are "real." Smaller companies and those that have repaid the bailout money, including Goldman Sachs Group Inc. and JPMorgan Chase&Co., are not affected by the Treasury plan. Tom Wilkinson, a GM spokesman, said Wednesday that the auto company was "currently in discussions with Mr. Feinberg's office regarding executive compensation. We will have further information once those discussions have concluded." GMAC has "been working on a proposal that aims at embodying the principles set forth for compensation along with balancing the need to retain critical talent necessary to execute our turnaround. Until we receive notification about that plan, we have no further comment," said Gina Proia, a spokeswoman. Chrysler Group issued a similar statement. Representatives for Chrysler Financial, Bank of America, Citigroup and AIG declined to comment. But company officials and lobbyists earlier this month said Bank of America, Citigroup, GMACFinancial Services and others were reworking their pay plans to ensure compensation reflects executive performance. They're giving executives more of their compensation in stock and stock options, and spreading pay over a longer period. They are also adopting plans to recapture some pay when bets go bad. The changes are not limited to those on Feinberg's list. JPMorgan Chase&Co. and Goldman Sachs Group Inc. also are compensating senior employees with more stock and less cash. In the AIG trading division, the arm of the company whose risky trades caused its downfall, no top executive will receive more than $200,000 in total compensation, the person familiar with Feinberg's plan said. The giant insurance company has received taxpayer assistance valued at more than $180 billion. In an August filing with the Securities and Exchange Commission, AIG disclosed that new CEO Robert Benmosche would be paid $7 million a year, with the potential to make millions more in performance-based incentives. According to reports from the time, the package included $3 million initially with $4 million in stock to be held for five years as well as performance bonuses. As CEO, Benmosche's pay would be considered outside of the $200,000 average compensation for AIG's trading unit. But, according to reports at the time, Feinberg saw splitting the salary and future stock bonuses as a model because it tied compensation to the company's long-range performance. The administration will warn AIG that it must significantly reduce the $198 million in bonuses promised to employees in its financial services division, the person familiar with Feinberg's decisions said. The pay restrictions for all seven companies will require any executive seeking more than $25,000 in special benefits - things such as country club memberships, private planes and company cars - to get permission for those perks from the government. Until now, these companies were only required to provide guidelines for the use of such luxuries. The inspector general at Treasury who oversees the bailout program found a range of standards. GM, for instance, generally prohibits employees from flying in private jets for business travel. Bank of America, on the other hand, encourages senior management to use corporate aircraft "for safety and efficiency purposes." Feinberg's decisions come days after administration officials voiced sharp criticism of plans by some firms, particularly those on Wall Street, to pay huge bonuses even as the country continues to struggle with rising unemployment and the effects of the recession. Goldman Sachs, which has paid back its bailout money, has said it earmarked $16.7 billion for compensation so far this year, more than $500,000 per employee. Citigroup is paying $5.3 billion in bonuses to its employees and Bank of America $3.3 billion. Elsewhere, Freddie Mac is giving its chief financial officer compensation worth as much as $5.5 million, including a $2 million signing bonus. The government-controlled mortgage finance company doesn't have to follow the executive compensation rules because it is being paid outside the TARP. Congress passed legislation in February requiring Treasury to oversee pay at companies that took bailout money. Treasury created the pay czar's office in June as one means of implementing that law. Treasury's rules require the special master to review pay for the 25 top earners at companies that received "exceptional assistance," examining overall pay structures and recapturing payouts that go against taxpayers' interests. Feinberg on Tuesday told a Washington audience that negotiating with the companies was a study in contradictions. "Perfect metrics, competitive pay, no excessive risk, loyalty to the company," he said. "What Ihave to do under the law - and everyone's waiting" is to create compensation packages "reflecting those often conflicting principals." Feinberg has until Oct. 30 to design pay packages for top earners. ____ Associated Press Writers Jeannine Aversa, Ken Thomas, Jim Kuhnhenn and Marcy Gordon contributed to this report. Copyright 2009 The Associated Press. 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| DiFi says go wtih Transbay site - San Francisco Chronicle Posted: 22 Oct 2009 09:59 AM PDT DiFi says go wtih Transbay siteThe California High Speed Rail Authority may be looking at possible alternatives to a new Transbay Terminal to bring bullet trains into San Francisco, but our former mayor and California's senior senator says the choice is clear. Go with the proposed Transbay Transit Center.  Courtesy to The Chronicle Proposed new look for the Transbay Terminal. That's the message Sen. Dianne Feinstein sent in a letter Wednesday to Transportation Secretary Ray LaHood in advance of the Obama administration's decision on federal stimulus funding for high speed rail projects across the country. A new Transbay Terminal at First and Mission Streets is "an ideal destination for high speed rail" and a project where construction could begin in the first three months of next year, Feinstein wrote. "The project represents a real downtown station in one of America's great cities, assuring that high speed rail delivers travelers to the city center without the traffic or delays that afflict other modes of travel," the senator wrote. "This project will not only put thousands of Californians back to work, but will also move the state's plans for high speed rail one step closer to reality." Feinstein joins fellow Sen. Barbara Boxer and Gov. Arnold Schwarzenegger in calling for federal funds to build San Francisco's high-speed rail terminus at the site of the old bus station. "Transbay will become the 'Grand Central of the West,'" Boxer wrote to LaHood. The Transbay Joint Powers Authority, in charge of building a station in San Francisco that links high-speed and commuter rail with other transit, isn't exactly thrilled that the state agency responsible for building the high-speed rail line is looking at alternatives. But the High Speed Rail Authority says it's simply following state environmental laws that require they consider options, and the Transbay site is still its top choice. | October 22 2009 at 09:00 AM This content has passed through fivefilters.org. |
| Jackson Experiments with Lakers' Combinations - Santa Monica Mirror Posted: 22 Oct 2009 09:37 AM PDT Last season there was a lot of speculation that Lakers' coach Phil Jackson might start a giant front line of Andrew Bynum, Pau Gasol and Lamar Odom.
In that alignment there wouldn't be one smaller player to defend the NBA's many swift, active small forwards. For that reason I never took the speculation seriously. Now there's talk that the Lakers might start an even bigger group, with Bynum, Gasol, and Odom being joined by two big guards, Kobe Bryant and newcomer Ron Artest. Once again, I don't see the wisdom. Not only wouldn't the Lakers have the proper-sized small forward, they wouldn't have anyone to match up night after night with the league's many lightning-quick point guards. But the eight exhibition games permitted in the NBA give coaches an opportunity to experiment. And that's what Jackson has been doing. In the first game, the Lakers' tall front line easily overpowered the Golden State Warriors' small lineup in Anaheim. But when the teams played again a few nights later, the Warriors' spoiled the Lakers' nostalgic return to the Forum with a 20-point victory. In that game, the Warriors' speed got to the Lakers instead of the Lakers' brute strength being a factor. And so, it is as I suspect. The huge lineup might be employed from time to time, but I don't think it can be the staple of the Lakers' game plan over the 82-game season. The travel, the fatigue, becomes something to be concerned about and smaller, swifter players are required. Then in the third exhibition game, when the Lakers had some injuries, including Odom, Jackson called on a backcourt of Jordan Farmer and Shannon Brown. An important ingredient for a championship team is chemistry, and that doesn't merely mean the players have to get along. It means they have to accept their roles. With the Lakers' opening defense of their championship on Tuesday, October 27 against the Clippers, those roles haven't been determined yet. Odom says he'd be content as a reserve, but we'll see how that unfolds. Does he mean it's not important to start as long as he plays in decisive fourth quarters? He did last season because Bynum didn't come back well enough from knee injuries to earn that time. But what if Bynum is ready to dominate now, as he has shown at times in exhibition games. Does Odom sit at the most crucial times? Does Gasol? Then there's Artest. He's been reluctant to shoot as he's trying to see where he's needed. He's trying to be a good teammate. But Jackson is asking Artest to assert himself more. Artest points out he's never been on a team with such talent as Bryant, Gasol and Odom. He's studying them to determine how he belongs. In time he'll probably fit in well. He's a quality player. But it's not likely to happen in the first few weeks of the season. The Lakers would have been more cohesive at the outset of the season if they'd have stuck with Trevor Ariza at small forward. But they didn't. Before the season gets too far along, we'll get some answers to how Jackson will employ his personnel. There's also Sasha Vujecic, who'll compete with Farmer and Brown for minutes. And there'll be an occasional game when Josh Powell is needed at forward for matchup purposes. Last season's championship is a pleasant memory for fans. The celebration is behind us and the off-season is over. As the NBA begins again the Lakers start like all the other teams -- with a 0-0 record. This content has passed through fivefilters.org. |
| Anantara Expands Into China With First Resort - Hotels Magazine Posted: 22 Oct 2009 10:27 AM PDT -- Hotels, 10/22/2009 10:58:00 AMAnantara Hotels, Resorts & Spas, a leading hospitality and leisure organisation in the Asia-Pacific region, announced its expansion into the Chinese market with Anantara Sanya Resort & Spa, due to open at the end of 2010. Building upon the presence of its existing Anantara Spas in China, Anantara Sanya will further complement the brands growing network of luxury hotels and spas throughout Asia and beyond. Occupying a tranquil section of beach on the serene Luhuitou Peninsula, Xiaodonghai, on the southernmost tip of Hainan Island in south China, Anantara Sanya will comprise 128 guestrooms and 20 pool villas within a luxury boutique property designed by GLC Enterprises LLC and owned by Sanya Luhuitou Tourism Development Co., Ltd. The topographic attractions of this destination abound as the Luhuitou peninsula is flanked by two beaches, Xiaodonghai Bay and Luhuitou Bay, and boasts a coastline stretch of over 1000 metres. The renowned Sanya tourism attraction, Luhuitou Park, is located on the hill overlooking the peninsula and provides a setting for 1000 year old romantic fables as well as panoramic views of the vast sea, the rolling mountains and Sanya city, which is only 3 km away. In 2008 Sanya ranked sixth in China's tourism revenue growth with an annualised rate of 14%, highlighting significant domestic and global reach for the destination. More broadly, the Anantara group is also planning several more Anantara resorts anticipated to open in China over the next few years. William E. Heinecke, CEO of Minor International, owners of the Anantara brand, comments, "It is an honour to be launching our first resort in China, as it is evidence of our growing international presence in upmarket destinations both in China and beyond. It is our strong intention to provide guests with a unique collection of resort experiences in the world's most sought after destinations, unified by Anantara's philosophy for passionate, authentic exploration. We look forward to realising this aspirational promise at Anantara Sanya and for all forthcoming openings, with the imminent signing ceremony in Shanghai being testament to our global expansion of luxury resorts." This latest move illustrates Anantara's sound progress in developing at least five new properties in the next two years and up to 40 resorts in Asia, Africa and the Middle East over the next 10 years. Anantara recently received a number of top awards in key publications, with both Anantara Phuket and Anantara Desert Islands being named amongst the world's hottest hotels in the annual Condé Nast Traveller "2009 Hot List", the definitive guide to the hottest new hotels in the world. In addition, the July edition of Travel + Leisure USA named Anantara Dhigu, Maldives the "World's Best" resort in the Maldives and Anantara Golden Triangle ranked in the Top 10 hotels in Asia. For hundreds of years throughout Thailand, people would leave a jar of water outside their house to provide refreshment and extend a welcome to the passing traveller. Anantara is taken from an ancient Sanskrit word that means 'without end', which symbolizes this sharing of water and heartfelt hospitality is at the core of the Anantara experience. Anantara Resorts are currently located in the seaside town of Hua Hin and on Koh Samui, in the Gulf of Thailand, and in the Golden Triangle in the country's north. In the world-renowned destination of the Maldives, Anantara Dhigu and Anantara Veli are a 30-minute boat ride from the capital Male. Anantara Seminyak debuted in April 2008 in the most fashionable district of Bali – the Island of the Gods. Late 2008 saw the opening of Anantara Phuket, situated in the serenity of Mai Khao Beach, Thailand, followed by Anantara Desert Islands Resort & Spa on Sir Bani Yas Island off the coast of Abu Dhabi, and Anantara Si Kao which lies on the secluded Changlang Beach area south of Krabi, Thailand. The newest member of the Anantara family opened its doors in April 2009, Anantara Baan Rajprasong in Bangkok is the first serviced suites property for the Anantara group. www.anantara.com Anantara is a member of Global Hotel Alliance (GHA), the world's largest alliance of independent hotel groups. GHA partner hotels are renowned for reflecting and respecting local traditions and culture through the their products and services www.globalhotelalliance.com TalkbackHotels MarketplaceThis content has passed through fivefilters.org. |
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