October 18, 2011
TEXT-Fitch places two MARC Finance notes on RWN


JPY2bn* Series M415 repackaged notes due 2016 ‘Asf’ placed on RWNJPY600m* Series M496 repackaged notes due 2017 ‘Asf’ placed on RWN*as of 17 October 2011The RWN reflects Fitch’s recent rating action on BNP Paribas (BNP; ‘AA-’ placed on RWN), the swap counterparty in these transactions, For further details, see “Fitch Places Major French Banks on RWN”, dated 13 October 2011.The ratings of the notes reflect the first-to-default risk of the two risk-presenting entities in these transactions - the collateral issuer and the swap counterparty. A downgrade of the swap counterparty, if any, would lead to a similar rating action on both transactions.Fitch will resolve the RWN on these transactions once that on BNP’s Long-Term IDR is resolved.

October 14, 2011
PRESS DIGEST - Wall Street Journal - Oct 14


* A major investor in Solyndra was instrumental in helping the firm compete for a lucrative U.S. Navy deal, a previously unreported connection that will likely fuel controversy surrounding the company.* The travails of the developed world are starting to take their toll on fast-growing countries like China, Brazil and Indonesia, which are moving to policies aimed at refueling growth.* European banks such as BNP Paribas SA , Dexia SA and Deutsche Bank AG have flummoxed investors who are trying to divine the lenders’ capacity to absorb losses on Greek debt and other shaky holdings.* Owners of online-video site Hulu LLC ended efforts to sell the joint venture, after an auction process exposed rifts between them and potential buyers on the value of future rights to stream television shows over the Internet.* Raj Rajaratnam, the face of the biggest trading scandal in a generation, was sentenced to 11 years in prison, the longest-ever term handed down for an insider case.* Google’s third-quarter earnings rose 26 percent as growth in demand for the Internet heavyweight’s search advertising accelerated sharply.* Slowing economic growth, spiraling unemployment and overspending by its powerful regional governments could make Spain the latest ailing euro-zone country to miss its budget target this year.* The U.S. is considering a program to draw private investment back into the mortgage market by having Fannie and Freddie sell slices of securities that wouldn’t carry a federal guarantee but would pay a higher interest rate than current mortgage-backed bonds.* Asian stock markets were lower after a downgrade of Spain’s long-term sovereign credit rating, with exporters and resources stocks leading declines. The Nikkei fell 0.7 percent.* J.P. Morgan Chase & Co stoked new fears about the health of the U.S. banking industry as it posted its first year-on-year drop in quarterly profits since the height of the financial crisis.* Gap Inc. plans to shut more than a fifth of its Gap stores in North America over the next two years, a comedown for the struggling retailer and a stark symbol of the way the tepid recovery and rise of online shopping have altered the landscape at shopping malls.* The four-day selloff that knocked Hong Kong’s stock market down 10 percent early this month would have scared off most companies planning an initial public offering. China’s biggest broker was undeterred.* The organization responsible for auditing circulation figures that newspapers report in the U.K. said it is weighing whether to investigate a deal that The Wall Street Journal Europe made to distribute bulk copies on the Continent.* Unilever PLC is nearing a deal to buy Russian skincare company OAO Concern Kalina for about $850 million, according to people familiar with the matter, in the Anglo-Dutch consumer products giant’s latest move to boost its exposure to faster-growing emerging markets.* Americans’ incomes have dropped since 2000 and they aren’t expected to make up the lost ground before 2021, according to economists in the latest Wall Street Journal forecasting survey.

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Filed under: PRESS DIGEST Wall Street Journal Oct 14 
October 13, 2011
Songbirds decline as Wyoming oil and gas soars: study


A study led by Anna Chalfoun, an avian ecologist with the Wyoming Cooperative Fish and Wildlife Research Unit, is thought to be the first to shed light on how the energy boom in the Intermountain West is affecting songbirds that rely on sagebrush for feeding, mating and nesting.The research, published in a recent edition of The Journal of Wildlife Management, may aid in shaping the design of future oil and gas fields in Western states.Sagebrush ecosystems there have been fragmented or otherwise altered to allow for development of everything from cities to wind farms.Energy activities have ramped up for two decades on sage-covered public lands in southwestern Wyoming, where biologists have already tracked damage to the habitat of game birds such as the greater sage grouse.Now Chalfoun and University of Wyoming colleagues are sharpening the focus on migratory songbirds like Brewer’s sparrows and sage sparrows, both classed as sensitive species by the Bureau of Land Management. The birds are suffering range-wide declines of up to 3 percent a year, the study said.The scientists linked dwindling numbers of those sparrows and vesper sparrows in two gas fields and an oil field in Wyoming to the density of drilling wells, which the study used to gauge the level of petroleum exploration and production in a given area.Researchers found the steepest declines where the presence of wells, roads and human activity was greatest.HUMAN ACTIVITYThe Jonah field south of Pinedale, Wyoming, ranks among the most highly concentrated and productive natural gas fields in North America, according to the BLM.There, scientists found comparatively higher losses among the Brewer’s sparrow and the sage sparrow, with the estimated rate of decline at six birds for every 10 additional wells per square kilometer.But energy development did not affect all songbirds alike. For unknown reasons, the number of horned larks rose with well density in one gas field, and sage thrashers appeared unaffected by the industry, the study showed.While habitat loss and alteration were cited as factors in the decline of sagebrush sparrow species, it was also possible that heavily developed areas opened the way for invading predators, like raccoons.”One hypothesis is areas with human activities attract generalist predators,” Chalfoun told Reuters.Environmentalists like Erik Molvar of the Biodiversity Conservation Alliance said the BLM, which regulates oil and gas production on federal lands, should demand drilling methods that lessen damage to sagebrush.An example is directional drilling, which requires fewer wells and a smaller footprint. A BLM official said the agency recognizes the impacts of energy development in environmental assessments for proposed projects.BP America, which owns wells in the Jonah field, is said to be a leader in applying techniques like directional drilling.”We can produce more energy without impacting as much habitat,” Daren Beaudo, BP spokesman, said in a statement.Encana Oil & Gas Inc. said geologic and economic factors drove that company to employ conventional methods like vertical drilling in its Jonah field operations. That method demands more wells and more traffic.Spokesman Doug Hock said Encana did not dispute the data in the study, and was eyeing directional drilling for a new natural gas project in Wyoming that would allow for no more than 3,500 wells over 10 years.”We’re going to continue to monitor future studies as they are done for opportunities to look at further mitigation,” he said.

October 13, 2011
Hacker says was addicted to prying on celebrities


“It started as curiosity and it turned into just being addicted to seeing behind the scenes of what was going on with these people you see on the big screen every day,” Chaney told Fox television affiliate WAWS in Jacksonville, Florida.”I was almost relieved months ago when they came in and took my computer…because I didn’t know how to stop,” he said.Chaney was charged on Wednesday with 26 counts of cyber-related crimes against Hollywood celebrities after an 11-month FBI probe dubbed “Operation Hackerazzi.”Victims included “Iron Man 2” star Johansson, whose topless photo was leaked online in September, and “Black Swan” actress Mila Kunis, who was seen in a bubble bath.Chaney said he couldn’t remember who or when he started hacking but said his activities just “snowballed”.”I deeply apologize,” he said. “I know what I did was probably one of the worst invasions of privacy someone could experience. I am not trying to escape what I did.”Chaney said he had no intention of selling the photos and information or releasing it to others, saying he had been approached by a third party but had given them nothing.”I wasn’t attempting to break into e-mails and get stuff to sell or purposefully put on the Internet…I never wanted to sell or release any images,” he said in the interview.Federal officials said on Wednesday that they had no information on whether Chaney profited from the hacking, but said the investigation, which identified more than 50 victims, remained open and others could be implicated.Chaney faces up to 121 years in jail if convicted on all counts.Investigators said there is no connection between Chaney and a hacking scandal involving one of the London newspapers owned by media giant News Corp.

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