Knight seeks financing after $440 million loss; shares drop

NEW YORK (Reuters) - Knight Capital Group Inc is being forced to raise money after an erroneous trading position wiped out $440 million of its capital, the firm said on Thursday, causing its shares to shed half of their value.

Problems at Knight, one of the largest firms that buys and sells stocks to provide liquidity to the markets, emerged at the beginning of trading on Wednesday.

"The company is actively pursuing its strategic and financing alternatives to strengthen its capital base," Knight said in a statement. Its shares were down 49.7 percent at $3.49 in morning trading after hitting a 13-year low of $3.15.

Knight has already approached JPMorgan Chase & Co for financing, according to a report on Fox Business Network. But it was unclear if that financing would be granted. A spokesman for JPMorgan declined to comment.

Wednesday's technology breakdown roiled the prices of some 140 stocks listed on the New York Stock Exchange, undermining fragile investor confidence in the stability of U.S. stock markets.

Speaking on Bloomberg Television, Knight Capital Chief Executive Officer Tom Joyce said the firm had "excess capital right now." On Tuesday night, it had put in new software that had a bug, he said.

The firm said it was in compliance with capital requirements and that it had traded out of the entire position.

"This issue was related to Knight's installation of trading software and resulted in Knight sending numerous erroneous orders in NYSE-listed securities into the market," Knight said. "This software has been removed from the company's systems."

The trading glitches are the latest in a series of market snafus that have eroded retail investors' confidence.

Others include the botched Facebook Inc initial public offering, the 2010 "flash crash" in which nearly $1 trillion in market value disappeared in minutes, and the failed public offering of BATS Global Markets, a rival to the NYSE and the Nasdaq.

Specialists in securities industry operations issues said the wave of recent problems pointed to an unsettling reliance on automated trading facilities that is robbing investors of confidence in the markets.

"We're losing the human control in our business," said Joe Anastasio, a founding partner of financial services consulting firm Capco who specializes in stock trading issues. "We've been so focused on automated throughput of orders and high-volume execution with no human intervention that we have lost the human logic factor when things go wrong."

One of the problems, he said, is that millions of orders stack up overnight for automatic execution at the opening of trading, with a single error potentially creating a deluge of bad trades.

Knight said its principal broker-dealer subsidiaries were fully compliant with their net capital requirements despite the pretax loss of about $440 million that has "severely impacted" the parent company's capital base.

The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority are looking into Knight's trading error, according to William Brodsky, CEO of top U.S. options market CBOE Holdings Inc.

"It's obvious that it appears that there was a technology glitch in the trading algorithm," Brodsky told analysts on Thursday. "All markets have rules to address these types of situations."

On July 18, Knight reported second-quarter earnings of $3.3 million, down 81 percent from a year earlier after recording a $35.4 million pretax trading loss from the Facebook initial public offering. The company has not yet filed its second-quarter report with regulators.

Knight's average daily U.S. equities market-making volume has fallen from a year ago as trading volumes have declined across the stock market. Daily market-making volume was $19.5 billion in June, a 12 percent decline from a year earlier.

More than 83 million shares of Knight stock have changed hands on Thursday, making it the most actively traded issue on U.S. exchanges.

(This story has corrected the third paragraph to say stock hit a 13-year low, not all-time low)

(Additional reporting by Jed Horowitz, Sam Forgione, John McCrank, Ann Saphir and David Henry; Editing by James Dalgleish and Lisa Von Ahn)

Source: http://news.yahoo.com/knight-seeks-financing-440-million-trading-loss-124602408--finance.html

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Build A Beautiful Wooden Summer House For Yourself ? George ...

A wooden summer house can be a very simple design but its contribution to the enjoyment of your garden will be immense.? It is perfectly possible for even a novice woodworker to build a really beautiful summer house from scratch, using a basic set of tools and some good assembly instructions. ?Depending on the design the result will be a pleasing and satisfying addition to any garden and, incidentally, add considerably to the value of the property.

One vital point ? garden summer houses must be built precisely and carefully.? Any poor measurements will be clearly visible once the building is finished. ?The more beautiful the summer house the more critical it is to get the assembly absolutely right.? This should not be a deterrent to a woodworking beginner ? just remember to take care throughout the build process.

There are two main reasons for building a summer house for yourself:

1. ??? the big savings compared with ready-to-assemble kits and flatpacks, and
2. ??? the much broader range of designs and materials to suit your precise requirements.

Any ?flagship? project like a summer house always needs a good set of drawings and assembly instructions to get things right from the start.? Taking a casual approach to the assembly will not produce the intended result.? It is possible to draw up a set of plans yourself but, unless you are already an expert, it is much better to have it done professionally. ?

This applies particularly to the list of materials ? it is not easy to get everything identified and purchased before you start, unless you really know how to read and interpret engineering drawings.? ?Getting this done professionally will ensure accurate dimensions, logical assembly and, most importantly, proper fit!

Many people assume that plans and drawings are one and the same. ?More accurately, however, plans include drawings but contain much more information essential for proper assembly. ?A proper set of plans should include, as a minimum:

• ??? three-view drawings of the complete structure with clear and exact dimensions.
• ??? sub-assembly drawings for all detail parts.
• ??? isometric (three dimensional) drawings of each main assembly part.
• ??? full material specification, quantity and exact cut dimensions for every part.
• ??? an inventory of all the hardware needed.

Assembly instructions and notes are not always included with sets of plans, but are very useful especially for the novice woodworker who otherwise might not have the confidence to finish the project. ?Also it is extremely useful to have a large range of designs to choose from, unless you already know exactly what you want, and most good plans will include a wide selection.

Often you will find free plans advertised online, but these seldom include proper instructions or comprehensive lists of materials, the range of design choice is very limited, and the standard of drawing usually leaves much to be desired as well.? Probably best to steer clear of these and splash out on buying a proper set ? they only cost a few dollars and are really a very good investment to build one of these beauties properly.

And don?t forget the Dream Factor ? your summer house is capable of providing you with so much enjoyment at all sorts of levels.? ?See Dreams and Plans for Summer Houses for more ideas on these lovely buildings.

~~~~~~~~~~~~~~~~~~

Kieran Gracie is a keen woodworker, engineer and practical do-it-yourselfer.? His website, BuildThingsDirect.com, provides many ideas and interesting projects for beginners and experienced woodworkers alike, including summer houses and gazebos.

~~~~~~~~~~~~~~~~~~

?

Source: http://georgeslavov.com/general/build-a-beautiful-wooden-summer-house-for-yourself/

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Postal service waiting on Congress (CNN)

Share With Friends: | | Politics - Top Stories News, RSS Feeds and Widgets via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/238673312?client_source=feed&format=rss

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Radical cleric fails in new bid for release in UK

LONDON (AP) ? Two judges on Tuesday rejected the latest bid by radical Islamist cleric Abu Qatada to be freed from detention in Britain, which has been trying to deport him for years.

Lord Justice Anthony Hughes said he and Judge Stephen Silber were "quite satisfied" that the cleric's bid should be rejected. Lawyers for Abu Qatada said they would seek to appeal.

The U.K. has been trying for more than a decade to deport Abu Qatada, a Palestinian-Jordanian preacher described in both Spanish and British courts as a leading al-Qaida figure in Europe and a threat to national security.

Both the British and Jordanian governments want Abu Qatada to stand trial on terror charges in Jordan, but he claims he will be tortured if he is deported there. Over the years, the cleric, who is also known as Omar Mahmoud Mohammed Othman, has been detained in various ways, including being placed under house arrest. He is currently being held in a high-security prison.

His lawyers had applied to the British High Court for permission to seek judicial review and a writ of habeas corpus freeing the cleric while he fights deportation.

"There comes a point where detention is just too long, and this is the longest period of administrative detention, so far as we know, in modern English history," his lawyer, Edward Fitzgerald , told the court on Tuesday. "It cannot be right, when we are already at seven years ? and when there is an inevitable likelihood this is going to go on for at least another year ? for there to be continued detention."

In May, the Special Immigration Appeals Commission denied bail to Abu Qatada ahead of his deportation appeal in October.

Robin Tam, a lawyer representing the Commission, said one court judgment had called Abu Qatada "a truly dangerous individual" who, if granted bail, might "abscond and go to ground."

Britain's Home Office has said it will "strongly resist" any attempt to overturn the decision to keep Abu Qatada locked up, calling the latest legal bid "the last desperate attempts of a man who has run out of options."

Abu Qatada has fought attempts to expel him from the U.K. since 2001. He has previously been convicted in absentia in Jordan of terrorist offenses related to two alleged bomb plots in 1999 and 2000, and he will face a retrial if deported from Britain.

Source: http://news.yahoo.com/radical-cleric-fails-bid-release-uk-164806725.html

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Gas jumps 5 percent in July, now $3.50 nationally

By SANDY SHORE, Associated Press

Gasoline is at $3.50 per gallon for the first time this summer after a sharp run-up in July.

The price of gas rose 17 cents per gallon, or 5.1 percent this month, as oil rose and drivers burned more fuel on summer road trips. It was the first monthly increase since March, and the biggest gain in any July since auto club AAA started keeping records in 2000.

The average price for gas nationwide hit a high of $3.936 per gallon on April 6 when oil topped $100 per barrel. As the global economy weakened in the spring, oil fell sharply. Gas eventually dropped to $3.326 per gallon on July 2.

On Tuesday, gas rose 1.4 cents to reach an average of $3.50 for the first time since June 19.?

More money and business news:

Follow NBCNews.com business on Twitter and Facebook

?

? 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://bottomline.nbcnews.com/_news/2012/07/31/13055372-gas-jumps-5-percent-in-july-now-350-nationally?lite

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Massive data for miniscule communities

Public release date: 1-Aug-2012
[ | E-mail | Share ]

Contact: Layne Cameron
layne.cameron@cabs.msu.edu
517-353-8819
Michigan State University

EAST LANSING, Mich. It's relatively easy to collect massive amounts of data on microbes. But the files are so large that it takes days to simply transmit them to other researchers and months to analyze once they are received.

Researchers at Michigan State University have developed a new computational technique, featured in the current issue of the Proceedings of the National Academy of Sciences, that relieves the logjam that these "big data" issues create.

Microbial communities living in soil or the ocean are quite complicated. Their genomic data is easy enough to collect, but their data sets are so big that they actually overwhelm today's computers. C. Titus Brown, MSU assistant professor in bioinformatics, demonstrates a general technique that can be applied on most microbial communities.

The interesting twist is that the team created a solution using small computers, a novel approach considering most bioinformatics research focuses on supercomputers, Brown said.

"To thoroughly examine a gram of soil, we need to generate about 50 terabases of genomic sequence about 1,000 times more data than generated for the initial human genome project," said Brown, who co-authored on the paper with Jim Tiedje, University Distinguished professor of microbiology and molecular genetics. "That would take about 50 laptops to store that much data. Our paper shows the way to make it work on a much smaller scale."

Analyzing DNA data using traditional computing methods is like trying to eat a large pizza in a single bite. The huge influx of data bogs down computers' memory and causes them to choke. The new method employs a filter that folds the pizza up compactly using a special data structure. This allows computers to nibble at slices of the data and eventually digest the entire sequence. This technique creates a 40-fold decrease in memory requirements, allowing scientists to plow through reams of data without using a supercomputer.

Brown and Tiedje will continue to pursue this line of research, and they are encouraging others to improve upon it as well. The researchers made the complete source code and the ancillary software available to the public to encourage extension.

"We want this program to continue to evolve and improve," Brown said. "In fact, it already has. Other researchers have taken our approach in a new direction and made a better genome assembler."

###

Michigan State University has been working to advance the common good in uncommon ways for more than 150 years. One of the top research universities in the world, MSU focuses its vast resources on creating solutions to some of the world's most pressing challenges, while providing life-changing opportunities to a diverse and inclusive academic community through more than 200 programs of study in 17 degree-granting colleges.

---

[ | E-mail | Share ]

?

AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.

Public release date: 1-Aug-2012
[ | E-mail | Share ]

Contact: Layne Cameron
layne.cameron@cabs.msu.edu
517-353-8819
Michigan State University

EAST LANSING, Mich. It's relatively easy to collect massive amounts of data on microbes. But the files are so large that it takes days to simply transmit them to other researchers and months to analyze once they are received.

Researchers at Michigan State University have developed a new computational technique, featured in the current issue of the Proceedings of the National Academy of Sciences, that relieves the logjam that these "big data" issues create.

Microbial communities living in soil or the ocean are quite complicated. Their genomic data is easy enough to collect, but their data sets are so big that they actually overwhelm today's computers. C. Titus Brown, MSU assistant professor in bioinformatics, demonstrates a general technique that can be applied on most microbial communities.

The interesting twist is that the team created a solution using small computers, a novel approach considering most bioinformatics research focuses on supercomputers, Brown said.

"To thoroughly examine a gram of soil, we need to generate about 50 terabases of genomic sequence about 1,000 times more data than generated for the initial human genome project," said Brown, who co-authored on the paper with Jim Tiedje, University Distinguished professor of microbiology and molecular genetics. "That would take about 50 laptops to store that much data. Our paper shows the way to make it work on a much smaller scale."

Analyzing DNA data using traditional computing methods is like trying to eat a large pizza in a single bite. The huge influx of data bogs down computers' memory and causes them to choke. The new method employs a filter that folds the pizza up compactly using a special data structure. This allows computers to nibble at slices of the data and eventually digest the entire sequence. This technique creates a 40-fold decrease in memory requirements, allowing scientists to plow through reams of data without using a supercomputer.

Brown and Tiedje will continue to pursue this line of research, and they are encouraging others to improve upon it as well. The researchers made the complete source code and the ancillary software available to the public to encourage extension.

"We want this program to continue to evolve and improve," Brown said. "In fact, it already has. Other researchers have taken our approach in a new direction and made a better genome assembler."

###

Michigan State University has been working to advance the common good in uncommon ways for more than 150 years. One of the top research universities in the world, MSU focuses its vast resources on creating solutions to some of the world's most pressing challenges, while providing life-changing opportunities to a diverse and inclusive academic community through more than 200 programs of study in 17 degree-granting colleges.

---

[ | E-mail | Share ]

?

AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.

Source: http://www.eurekalert.org/pub_releases/2012-08/msu-mdf080112.php

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New Recipe: Cafe Rio Salad Dressing

I absolutely love Cafe Rio.

I used to get to eat here all the time in Utah, but now, my visits are few and far between.

I haven?t been shy about sharing my affection for their ?Mexi-Salad? as I call it. ?It?s a salad with lettuce, grilled chicken, an OBSCENE amount of fresh pico de gallo, a tiny scoop of guacamole, and the most delicious salad dressing.

Doesn?t that look heavenly?

Last weekend, I had a chance to eat at Cafe Rio with a friend of mine at their Ft. Collins location. ?It was SO delicious? and it got me thinking that I needed to try to duplicate these flavors at home.

The Girl Who Ate Everything?has posted a recipe for Cafe Rio dressing. ?Loving all of her recipes I?ve tried so far? I knew that I had to try this dressing! ?It is INSANELY good. ?If you like Cafe Rio, you?re going to LOVE this dressing. ?If you?ve never had the pleasure of Cafe Rio, you?ll still love this dressing.

From the Girl Who Ate Everything

INGREDIENTS

1 (1 ounce) package Hidden Valley Ranch Dressing mix
1 cup lowfat buttermilk
1 cup light Mayo
1 large or 2 small tomatillos (they are green and by the tomatoes)

1 clove garlic, minced
1/2 bunch cilantro, chopped
1/2 teaspoon lime juice
1/2 to 1 small jalapeno, seeds removed

Instructions:
1. ?Blend all ingredients together in a blender or food processor.

2. ?Pour into a container and store in the refrigerator to let the flavors meld. Beware that the dressing tends to get hotter the longer it sits.

Serve it on your favorite salad or along with your favorite mexican food. ?I swear, it?s good enough to drink with a straw?. but I don?t recommend doing that.

Super simple salad I made with the yummy dressing?

Related posts:

Source: http://www.nothankstocake.com/2012/07/31/new-recipe-cafe-rio-salad-dressing/

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