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Friday, May 14, 2010

Retailers poised for victory in debit card fee fight

Retailers are poised for a major victory in the Wall Street reform bill currently pending in Congress. The Senate adopted an amendment late Thursday that will slap sharp restrictions on the fees issuers levy every time a buyer pays with a debit card.
Called "interchange" fees, the charges typically consume 1% to 3% of every transaction run through a debit or credit card. Network operators like Visa (V, Fortune 500) skim off a fraction of the fee, while the rest goes to the financial institution that issued the card.
Those tiny slivers add up fast: Industry kingpins Visa and MasterCard collected interchange fees of at least $35 billion in 2007, according to government estimates.
The new Senate amendment adds two major restrictions to the rules on interchange fees.
First, it requires that the fee be "reasonable and proportional to the actual cost incurred" by the payment network or issuer for processing the transaction.
The Federal Reserve will have leeway to determine what counts as a "reasonable" fee, but it's likely to be a lot lower than the current rates. In response to an antitrust probe, Visa Europe recently announced plans to cut its interchange rate to 0.2% on some debit-card purchases, echoing an earlier move by MasterCard. Rates in Australia are capped by regulators at 0.5%.
Second, it allows sellers to offer a discount to customers who pay with cards that carry lower transaction fees.
That's a change merchants have sought for years. They're currently contractually obligated to accept all cards on the same terms. If American Express (AXP, Fortune 500) -- which has some of the industry's highest interchange rates -- costs a merchant more to accept than a Visa card does, the merchant can't offer buyers a discount for using Visa.
Backed by Senate Majority Whip Richard Durbin, D-Ill., the amendment passed the Senate 64-33. It's now part of the broader financial reform bill the Senate hopes to finalize next week.
That the proposal has made it this far is a major victory for retailers, especially small ones, who have fought for years for regulatory curbs on what they view as the monopolistic practices of Visa, MasterCard (MA, Fortune 500) and other payment network operators. For businesses with slim margins, like gas stations and convenience stories, interchange fees can devour or even eliminate their profit on sales.
"It's a wonderful thing," 7-Eleven shop owner Dennis Lane said Thursday on hearing of the amendment's adoption. "This is a really personal thing for me. Life is one big negotiation, but not with credit card companies."
Lane, the former head of the National Coalition of 7-Eleven Franchise Owners Association, has been an outspoken foe of interchange fees. For 36 years, he has owned a 7-Eleven outlet in Quincy, Mass., which has a staff of 12 and annual sales of $2.5 million. Next to labor, credit-card fees are his biggest operating cost -- and they're the only cost he has no control over.
"In 10 years, the fees have doubled," he said. "If I sell a Boston newspaper, I make approximately 6 cents. If someone whips out plastic, I might as well hand them the paper for nothing, because it costs me 12 to 14 cents to sell them the paper."
Durbin's amendment isn't a compete fix. Its most prominent limitation is that it only applies to debit cards. Credit cards, like those issued by American Express and Discover (DFS, Fortune 500), are exempt from the fee caps.
But debit cards are becoming America's plastic of choice: Consumers will charge an estimated $1.6 trillion on them this year, eclipsing their spending on credit cards, according to industry trade publication The Nilson Report.
The amendment also excludes cards issued by community banks and credit unions with less than $10 billion in assets -- those can continue to carry the same interchange rates they currently do.
But in practice, that exemption will have little impact. The vast majority of all credit and debit transactions go through major issuers like Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500), and analysts suspect Visa and MasterCard will simply choose to levy the lower interchange rates across the board, on all debit purchases.
Critics vowed to continue fighting the proposal. Bankers are lined up in opposition, and the National Association of Federal Credit Unions fired off a response saying it will keep lobbying to have the amendment stricken from the final bill.
"The adoption of this amendment makes a bill that was already problematic for credit unions even more problematic," the association said.
The Independent Community Bankers of America called the amendment "lose-lose" and said it will "force many community banks to reevaluate their ability to offer debit and credit cards."
Congressional representatives trying to court Main Street votes rarely take up arms against community banks and credit unions, but in this case, another set of iconic Main Street stalwarts -- America's millions of independent retailers -- put on a full-court press.
More than 130 trade associations, which together claim to tally $1.5 trillion in annual sales, banded together to back Durbin's amendment. Senators were stuck choosing which puppy to kick.
For 7-Eleven owner Lane, the proposal offers the tantalizing possibility of a sea change for the retail industry.
"We're not looking for a free ride," he said. "I believe interchange fees are a legitimate cost of doing business. What I'm looking for are the companies to partner with us and decide what's fair. This is the first step."Privacy lifebi Crazy for you Fantastic Puppy Modellhttp://forum.footballcup.nl
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Portugal Follows Spain on Austerity Cuts

José Gago da Graça owns a Portuguese real estate company and has two identical apartments in the same building in the heart of Lisbon. One rents for €2,750 a month, the other for almost 40 times less, €75.
Enlarge This ImageMiguel A. Lopes/European Pressphoto Agency
Portugal’s finance minister, Teixeira dos Santos, left, with prime minister Jose Socrates in Lisbon on Thursday. Portugal followed Spain’s lead in agreeing to more austerity measures to cut the deficit.
Multimedia
MapDebt Rising in Europe
The discrepancy is a result of 100-year-old tenancy rules, which have frozen the rent of hundreds of thousands of tenants and protected them against eviction in Portugal. Mr. Gago da Graça has been in a lawsuit for a decade over the €75-a-month apartment, since his tenant died in 2000 and her son took over and refused to alter his mother’s contract, which dates to the 1960s.
“We’re the only country in Europe that doesn’t have a free housing market and that’s just amazing,” Mr. Gago da Graça said.
Rules like these, which economists also blame for contributing to Portugal’s private debt load, help explain why this nation of 11 million has followed Greece and Spain into investors’ line of fire.
The Portuguese government Thursday followed Spain’s lead in agreeing with the main opposition party on more austerity measures to cut the deficit faster than planned, to 4.6 percent of gross domestic product next year from 9.4 percent last year.
To help restore investor confidence, José Sócrates, the Socialist prime minister, will rely on tax increases and cuts in wages and corporate subsidies to erase an additional €2.1 billion, or $2.7 billion, from the deficit. “These measures are necessary to obtain what’s essential, the financing of the Portuguese economy, but also to defend the euro,” Mr. Sócrates said.
Overhauling the tenancy rules, however, was not part of Mr. Sócrates’s latest plan. One fear among investors is that governments across the developed world do not have the courage and power to tackle such long-standing structural weaknesses.
Indeed, they may struggle even to implement their latest promises because the cuts could bring unrest and economic paralysis.
In Greece, recent protests against austerity measures turned deadly. In Spain, the two main labor unions called Thursday on all public sector workers to strike on June 2 against the government’s planned salary and benefit cuts. In Portugal, smaller political parties also urged resistance. Jerónimo de Sousa, head of the Communist Party, said on Portuguese television that “people have to react with protest and struggle.”
Under pressure from other world leaders, the governments in Portugal and Spain are taking similar paths toward getting their countries back within the euro’s deficit rules. But while there are problems of profligacy common to European nations, and also to the United States, each of the 16 countries in the euro zone has its own economic problems, and differences in legal and social structures that appear most in need of reform.
Portugal’s antiquated tenancy rules, for instance, stem directly from two revolutions that cemented leftist antagonism toward owners and landlords: the first was in 1910, which ended the monarchy, and the second was in 1974, which overthrew a dictatorship and returned Portugal to democracy.
The post-revolution rules helped protect tenants, but also led to a chronic shortage of rental housing. This, in turn, persuaded a new generation of Portuguese to tap recently into low interest rates and buy instead — often in new suburbs — thereby exacerbating the country’s mortgage debt and leaving Portugal with one of Europe’s lowest savings rates, of 7.5 percent.
“This system of controlled rents is a major problem for the Portuguese economy, but we will probably be waiting for a generational change to have room for institutional reform,” said Cristina Casalinho, chief economist of Banco BPI, a Portuguese bank. Beyond fueling housing credit, she added, the system “basically stops flexibility and mobility in the labor market because you can perhaps find a new job in another city but it will then be very difficult to rent a house there.” Planty Hold your hand Golden brige Airfore Sunflower http://www.plasmetic.com/forums
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Thursday, April 22, 2010

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Coal is so commonly used in life that we seldom notice it. We burn coal everyday to heat food and water. The first locomative was driven by burning coal. In winter we feel a special need for coal. The coal gives us fire, light, heat and warmth. Industry cannot operate withoutcml, therefore,mai i9 called the food lot industry. Coal is not so treasured as gold. Gold is made into shining ornaments for the necks of heroes and heroines. Coal is shining in its own way. It burns silently for the benefit of all. In a sense it is black gold. Coal underwent great changes before it became the bright, brittle, black substance which we now use. During ancient times, when the earth enjoyed a very warm and moist climate, the land was covered with large forests and big plants. As time went on, the ground changed and began to sink. These enormous quantities oftrees and vegetable matter were covered by a deposit of sand and clay. This layer of sand and clay pressed upon the layer beneath and prevented the contact with air. These trees and plants succummed to the pressure and changed their appearance. Generation after generation, as the ground kept gradually sinking, another layer of sand and clay was deposited above the layers already formed. A great pressure was thus exerted and the peat was changed into the black and brittle substance which is known as coal. From the formation of coal, I see that the coal bas the same character as the pine trees in winter. The pines remain green when they are covered with snow. The coal remains of service to mankind after being burted underground for years and years.
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Sunday, March 14, 2010

wireless sensor network


Wireless sensor network is deployed in the monitoring region to a large number of low-cost micro-sensor nodes, through wireless communication to form a multi-hop ad hoc network. For its low-power, low-cost, distributed and self-organization characteristics which brought about the information perception revolution. Wireless medical telemetry positioning system is a Medical monitoring tool combined with WSN and modern computer technology. The system can acquire and process information from the patients. Since entering the 21st century, WSN is one of the most important developing communication technologies in the future. With its cheap, portable, versatile features, at the people's livelihood in various fields it has been widely used.In this paper, firstly, we introduced many classic location algorithms and analyzed the advantages and disadvantages of these algorithms. These traditional methods could not achieve a good mobile location, so we pointed out a mobile location algorithm for wireless sensor network based on Monte Carlo. Different from the traditional Monte Carlo methods, it could use few anchor nodes or intensive anchor nodes. This algorithm could achieve precise mobile location.

Thursday, March 11, 2010

Are parents the best teachers?


Who teaches you to walk? Who teaches you to speak? It is your parents who teach you to do these basic things in your life. So don’t you think that parents are the best teachers!
  Firstly, parents know us very much. Parents give us life, and I think that we will spend large amount of time with them. Keep your cheap nike shoes close!So they know our merit and demerit in details. Meanwhile, they will help us to get rid of our demerit.Furthermore, parents possessed many experiences. Since they are older than us, they have experienced many things. Sometimes, they are just like our models. And as the saying goes: “Example is better than precept.”Cheap Nike shoes are very nice here! So we will unconsciously copy some of our parents’ habits and styles of behavior, i.e. we can learn many things from them.
  Finally, parents will teach us everything. Since schoolteachers can just teach us knowledge from the books, our parents can teach us everything.Buy cheap nike shoes is very smart! For example, I learn knitting, cooking and make-up from my mother, while learn fixing leaky faucet from my father. They are the persons who love me most, so they will teach me everything without reservations.Just as the saying goes: “There is no place like home.” And I think there is no teacher like our parents. They are the best teachers in our life.
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About Chatting in English

Chatting with friends online in English is an approach to enjoying the delight brought by using a foreign language as a real tool of communication. But I don't think it is the best way to improve our English.
Firstly, as you know, when you are chatting, you have no time and energy to pay attention to the grammar and it is common to spell words in wrong ways, and NO teacher will check and correct errors for you. So if you overlook such kind of mistakes and fall into the habit of spelling and writing without thinking carefully, you will most likely forget the Standard English and totally be confused eventually. Here is the best northface outlet!Here, I take the liberty to suggest that you should remember to confirm what you have ‘said’ online as soon as possible by turning to your dictionaries and grammar books after being offline.
Secondly, during the spell of chatting, you have to answer the same questions such as 'where are u from', 'how old are u' etc. patiently in order to show your politeness. And I don’t think they are good questions, even it is not too much to say they are dull and tasteless. In other words, it will make both you and your friend feel tiresome soon. As a result, the atmosphere of chatting will be frozen. I suggest you should switch your topic wisely at that time instantly. Otherwise, both of you will be in low spirit, let alone learn something from each other and improve your English level. Where can you find this chi straightener?The only benefit, I guess, you can get from it is killing your precious time in an expensive way.
When it comes to talking about the fee spent for being online, I think it is still too high to be accepted by most students and unfortunately the greater proportion of chatters (who like chatting in English) are students who are supported by parents. Do you need cheap ralph lauren polo shirts?And each penny is drenched in parents' sweat.
So, my conclusion is that chatting with friends in English online can’t be totally substituted for learning English in class, and if you want to improve your English overall, then, chat online properly not frequently and do more hard work after being offline.
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Thursday, March 4, 2010

Life of High Quality

Several days ago, I came across one of my friends in a birthday party of north face jackets. After a short greeting, he was too impatient to wait to compare his life style with the rest of the people at cheap north face jackets, and drew a conclusion that people should pursue a life of high quality. And then, he told us very proudly that his life was really of high quality. As somewhat head of a branch of a company, he begins his morning with breathing deeply the fresh air with fragrance of green grass outside his office. Then he will read "Huashang Newspaper" already piled orderly on his desk. After that, he usually takes exercises in the company's gymnasium. Only in the afternoon, he may work for about two hours. Until now, his proud expression is still very vivid in my memory. I can't help asking myself what is exactly life of spyder jackets. Does the lifestyle like that of my friend deserve to be advocated? When thinking about it carefully and deeply, I have eliminated my doubt. I don't think that kind of life is of high quality. And I have my own interpretation of life of high quality.

Tuesday, February 2, 2010

"Happy Birthday to You" Where did that song come from?


The story of how the song "Happy Birthday to You" came to be, began as a sweet one, that later soured. Two sisters, Mildred Hill, a teacher at the Louisville, Kentucky Experimental Kindergarten, and Dr. Patty Hill, the principal of the same school, together wrote a song for the children, entitled "Good Morning to All." When Mildred combined her musical talents, as the resident expert on spiritual songs, and as the organist for her church, with her sister's expertise in the area of Kindergarten Education, "Good Morning to All" was sure to be a success.The sisters published the song in a collection entitled "Song Stories of the Kindergarten" in 1893. Thirty-one years later, after Dr. Patty Hill became the head of the Department of Kindergarten Education at Columbia University's Teacher College, a gentleman by the name of Robert H. Coleman published the song, without the sisters' permission. To add insult to injury, he added a second verse, the familiar "Happy Birthday to You."


Mr. Coleman's addition of the second verse popularized the song and, eventually, the sisters' original first verse disappeared. "Happy Birthday to You," the one and only birthday song, had altogether replaced the sisters' original title, "Good Morning to All."After Mildred died in 1916, Patty, together with a third sister named Jessica, sprang into action and took Mr. Coleman to court. In court, they proved that they, indeed, owned the melody. Because the family legally owns the song, it is entitled to royalties from it, whenever it is sung for commercial purposes.

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Desired Job Category:Department Manager Plant Manager/Assistant Manager Engineering/Equipment Management Production Manager
Desired City:Jiangsu Zhejiang Guangdong Shanghai
Desired Salary: before taxmonthly salaryRMB18000 RMB
Desired Salary:Negotiable
I can start from:within 1 month

Love


Have you ever been confused? Confounded? Troubled? Can you love something that you know you cant have a life with, and love something that is real? That you can touch, feel, make love to, than something you can't touch, talk to, feel (but feel in a different way) and make love to? How do I decide if both things make me happy? Love is a strong bond between two people, but what if you love one or the other and they're both strong? How do I choose between my guardian, and a beautiful man? How do I keep my heart from falling for the wrong thing? My heart can't take another wrong choice, another let down, it's lost too much blood from the last time, and too many tears has been shead, too much stress has been put on my head. But then again, how could I love again after I've been severely hurt, and these wounds are still healing? But on the other hand, why does these two things make it feel so right? Then it comes back to the question of-which one? How do I choose? I may never know and end up alone for the rest of my life, oh I hope that doesn't happen.

Determination Helps

Cows have to be milked twice a day, so work on a farm never stops. But every Christmas, we nine Gardner children let Dad sleep in). We woke before dawn in the Wyoming[ii]) cold to do the chores[iii]). My brother and I would argue — and sometimes wrestle — over who had to do what. One year he fed the calves — a ten-minute job. While I got stuck[iv]) herding the cows into their stalls to be milked. They can knock you over, and while you‘re down 20 of them will escape. That morning I decided I wasn‘t going to run from work that had to be done. I wanted to say I did my best. By myself, I pushed them all into the milking pens.

The same determination helped me win a gold medal in Sydney, and kept me alive when I drove my snowmobile into a frozen Wyoming creek in February 2002. I was lost outside in sub-zero weather from 4:30 in the afternoon until the next morning. When the rescuers found me, they had to saw[v]) my boots off. I should have died that night but willed[vi]) myself to stay alive by focusing like I did on herding the cows, like I did on facing an opponent[vii]). Even if I didn‘t make it, I wanted to know I had done my best.

I did make it. Doctors amputated[viii]) a toe and I had several skin grafts[ix]), but I can still wrestle. That first Christmas after the accident meant a lot to me. My nieces and nephews did the farm chores, so I got to sleep in. I woke up viewing the day, and any that followed, as a bonus[x]).