Seoul shares rebound on US results, banks down on rate probe Blogger - Zimbio - Tvinx

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 SEOUL: Seoul shares rebounded on Thursday from losses the previous session, tracking an overnight Wall Street rally as solid U.S. corporate earnings lifted the S&P 500 index to a two-and-a-half month high.

The Korea Composite Stock Price Index ( KOSPI) was up 1.66 percent at 1,824.63 points as of 0240 GMT. Dampening the rebound, though, were sharp falls for shares of Korean banks being probed by authorities investigating how a key interest rate has been set. The overall market got a boost after the S&P 500 hit its highest level since early May, helped by quarterly numbers from bellwethers such as Intel Corp and Honeywell and better-than-expected U.S. housing starts.

Seoul's broad market rally lifted 17 of the 19 industry group sub-indices tracked by the main bourse operator Korea Exchange. But analysts remained cautious on whether the rally can be sustained as concerns about growth persist.

"There is a dearth of fundamental cues to make any solid bets on," said Lee Woo-jin, an analyst at Woori Investment & Securities.

Investors looking for fresh signs of further easing by the U.S. Federal Reserve were left wanting, after Chairman Ben Bernanke repeated the central bank's pledge to act if the economy needed it, but remained tight-lipped over any specific measures.

Index-giant Samsung Electronics soared 3.6 percent while SK Hynix rose 1.2 percent. Shares in South Korea's top four banks bucked broader market trend to post steep falls on Thursday after being investigated by the Fair Trade Commission (FTC), the local anti-trust agency, as part of a widening probe into suspected collusion in fixing certificate of deposit rates.

Hana Financial slumped 3.5 percent while Woori Finance Holdings tumbled 4.1 percent. Shinhan Financial and KB Financial each declined more than 2.5 percent.

Springhill Group: Springhill Group Home | Forensic Loan Audits Are N...

Springhill Group: Springhill Group Home | Forensic Loan Audits Are N...: http://www.social-bookmarking.net/news/-springhill-group-home-%7C-forensic-loan-audits-are-new-mortgage-loan-modification-scams-rediffpages/...

Springhill Group Home | Forensic Loan Audits Are New Mortgage Loan Modification Scams - Rediffpages - Socialbookmarking

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New scam involving phony “forensic audits” of mortgage loans is the latest variation on loan modification scams. An article in the Sacramento Bee this week, reported that California Attorney General Jerry Brown warned California’s distressed homeowner’s to refrain from forensic review of their mortgage loan and lender’s practices. Jerry Brown issued a press release stating that these loan audits are nothing more than loan modification scams that are taking advantage of people’s desperation in the midst of the nation’s persisting economic troubles. He joined with the California Department of Real Estate and the State Bar of California to warn homeowners who face the danger of foreclosure, to avoid such scams because they offer no help towards saving their home from foreclosure.

The Latest among Many Loan Modification Scams

Last year, the California Department of Real Estate investigated more than 2,000 cases of loan modification scam and from that number, 350 scam operations were ordered to terminate their illegal activity according to the attorney general’s office.

According to the article, the spokesman for the attorney general, Evan Westrup, explained that “It’s the latest phony foreclosure-relief ’service’ by an industry that continues to be long on promises and short on results…another way to get homeowners in distress to pay for services that ultimately aren’t helping or providing the relief they need.”

The “Forensic Audit’ Loan Modification Scam

This particular scam entices homeowners through newspaper advertisements, as well as radio and television spots. The hook is to get homeowners to believe that they can find errors, improper documentation, or outright illegal activity in the way the mortgage was originated or within the loan itself. Supposedly, with such information, the homeowner will have sufficient leverage to fight the lender in the home loan-modification process with the hope of receiving assistance in keeping their home. The provider of such a noble service simply charges an upfront fee. Tragically, the audits provide no benefit, as they have nothing to do with helping those facing foreclosure proceedings.

Even Legitimate Forensic Loan Audits Provide Little Help

On the attorney general’s Web site, Jerry Brown stated: “Forensic loan audits are…hawked by loan-modification consultants trying to cash in on the desperation of homeowners facing foreclosure…there is no evidence or statistical data to support claims that forensic loan-audits — even if performed by a licensed, legitimate and trained auditor, mortgage professional or lawyer — will help homeowners obtain loan modifications or provide any other foreclosure relief.”

Brown’s warning comes now, even though in October of 2009, California outlawed the practice of prepaying for mortgage loan modification. In reality, it doesn’t appear to have stopped the more creative criminal minds.

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South Korea Springhill Group - journals

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South Korea Group of Springhill | edublogs.org
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http://tonybricks96.edublogs.org/2012/05/21/scrap-n-test-china-tells-n-korea/
China has been quietly and gently pressuring North Korea to scrap plans for a third nuclear test, said two sources with knowledge of closed-door discussions between the countries, but there is no indication how Pyongyang will react.
If North Korea goes ahead with the test, China would consider taking some retaliatory steps, but they would not be substantive, a source with ties to Pyongyang and Beijing said.
North Korea has almost completed preparations for the test, Reuters had reported in late April, a step that would further isolate the impoverished state after last month’s failed rocket launch that the United States says was a ballistic missile test.
“China is unhappy … and urged North Korea not to conduct a nuclear test near Changbai Mountain,” said the source, who declined to be identified.
China feared a radiation leak and damage to the environment from a blast, the source added. “China also complained about the environmental damage to the area after the first two tests.”
When North Korea conducted nuclear tests in 2006 and 2009, it caused environmental damage to the mountain straddling the border with China. North Korea ceded part of the mountain to China in 1963.



Springhill Group Home : Facebook Buys 650 AOL Patents
http://newscenter.springhillgrouphome.com/2012/05/springhill-group-home-facebook-buys-650-aol-patents/

Facebook is set to pay Microsoft USD 550 million for 650 patents recently auctioned by AOL in its effort to boost its IP for the looming litigation against Yahoo.

Under pressure from its stockholders to make changes to prevent further revenue fall, AOL was obliged to sell and license over 800 patents to Microsoft on April 9. It would retain over 300 applications and patents after the auction.

Aside from the 800 patents bought by Microsoft, AOL will also give them license to 300 patents it has retained for a tag of USD 1.056 billion. Thus, Microsoft ultimately acquired 925 AOL patent applications and patents, 650 of which will go to Facebook. The 2 firms has also agreed to license their patent holdings to each other.

Springhill Group Home : Facebook Buys 650 AOL Patents

Facebook is set to pay Microsoft USD 550 million for 650 patents recently auctioned by AOL in its effort to boost its IP for the looming litigation against Yahoo.

Under pressure from its stockholders to make changes to prevent further revenue fall, AOL was obliged to sell and license over 800 patents to Microsoft on April 9. It would retain over 300 applications and patents after the auction.

Aside from the 800 patents bought by Microsoft, AOL will also give them license to 300 patents it has retained for a tag of USD 1.056 billion. Thus, Microsoft ultimately acquired 925 AOL patent applications and patents, 650 of which will go to Facebook. The 2 firms has also agreed to license their patent holdings to each other.

It is not yet clear what technologies Facebook has acquired rights to or those that has remained with Microsoft. But considering that the legal battle with Yahoo concerns messaging, social networking, etc, it looks like Facebook would want to have ammunition of its own.

According to a statement from Springhill Group Home, the deal with Facebook has allowed Microsoft to at least recoup more than half of its costs while accomplishing its goals from the auction of AOL. However, it cannot be readily said that Microsoft has really profited from the agreement as patent valuing is a complicated process.

Microsoft has a relatively long history of close relationship with the social network giant. In 2007, it has invested USD 240 million in  Facebook, giving it a 1.6% stake. Since then, the 2 firms have had collaborations like Microsoft’s Bing search and search ad technologies being used on Facebook. Its video chat technology also comes from Microsoft as it has acquired Skype last year.

On the other hand, Microsoft also has a close business relationship with Yahoo as Bing powers their advertising and search engine. Yahoo has filed a lawsuit against Facebook for allegedly infringing 10 of its patents covering online ad technology. Facebook then countersued Yahoo for allegedly infringing 10 of its own patents.

“Nothing about today’s action changes the fact that Facebook continues to infringe our patents. Companies who purchase patents are often working from a position of weakness and take these actions to strengthen their portfolio. We see today’s announcement as a validation of our case against Facebook,” said Yahoo in a statement to Springhill Group Home.

This acquisition is the second-largest purchase by Facebook, following the USD 1 billion takeover of Instagram. It has also bought 750 patents of IBM in March.

Georgelas-Cherner deal falls apart

By Jonathan O'Connell, Published: April 29

Ownership of the most prominent development project in Tysons Corner splintered recently after a deal between two of its principals — the Cherner family of auto dealers and developer Aaron Georgelas — fell through.

The Cherners agreed to a contract with Georgelas in 2006 that would allow the family’s auto dealerships to be included in the Tysons developer’s plans for a 6 million-square-foot high-rise development at the corner of Leesburg Pike and Spring Hill Road. The two since worked side-by-side to argue for county development rules that would permit an urban Tysons Corner and to integrate their properties.

But the Cherners and Georgelas failed to extend their contact in recent weeks, raising the possibility that the development, which Fairfax Countyselected as its demonstration projectfor new Tysons zoning rules, could be developed piecemeal.

The Georgelas and Cherner families have both run businesses in Tysons Corner since the 1960s. Including the five Cherner dealership properties, Georgelas had amassed 28 acres around the coming Tysons West Metrorail station and planned a total of 18 buildings. He was first to receive approvals under Tysons new zoning rules and inked a deal with Greystarto purchase land for a 25-story, 400-unit apartment tower now under construction.

But the Cherner properties are closest to the Metro station, set to open in late 2013. Without them Georgelas is left with a U-shaped footprint that circles a seven-acre, Cherner-owned core.

Jonathan Cherner, who runs Cherner Automotive Group with his brother Andrew, said the contract offered an opportunity to purchase the dealership land. “They had an option to buy the property, and they allowed that option to expire,” he said. “It’s as simple as that.”

“I think the world fundamentally changed several years ago [with the economic collapse], and I think it fundamentally changed for many industries, and the development industry was certainly one of them,” he said.

Cherner is considering partnering with another developer or buyer, or moving through zoning independently. He said his priority was getting the Cherner and Georgelas properties zoned cohesively. “I think it’s just important that they all move through in a cohesive manner so that a common vision is achieved. We continue to be really bullish on the demonstration project and the vision that the county and Aaron have helped design,” he said.

Aaron Georgelas said he hoped the deal could be revived but declined to elaborate. Cherner said he would not rule out working with Georgelas in the future. “We know and they know that we’re still very much linked at the hips because of our properties,” he said.

The county will continue to focus on the project despite its fractured ownership, said Barbara Byron, director of the county’s Office of Community Revitalization and Reinvestment. “Ideally, we do want the consolidations and I think that helps in terms of the development of Tysons,” she said. “But we also understand that there are also difficulties with effectuating them, and while it’s unfortunate we understand it and we’re trying to work both the Georgelas and the Cherner piece, while independently, within an overall concept.”