That Larry Ellison is having a good week would be an understatement.
The Oracle (ORCL) founder made more than $1 billion overnight, at least on paper, after a gain in the business software maker's stock price, Forbes reports. Oracle shares http://download.cnet.com/s/crystal-reports/ rose 3 percent in after-hours trading on Tuesday despite the company announcing middling financial results, and have http://ge.tt/6iG04PZ2/v/0 continued to edge up.
The boost in Oracle's market value also lifted Ellison, who serves as the company's executive chairman and chief technology officer, on Forbes' list of the world's richest people. A decline in Oracle's stock in 2015 had shaved $10.7 billion off Ellison's fortune, but a rebound in recent weeks has boosted his estimated worth by more than $5 billion.
According to Forbes' latest numbers, Ellison is now the sixth-richest person on the planet, with a net worth PDF Bursting of $49.1 billion. Not bad for a college dropout. In terms of tech industry bragging rights, it also vaults him past Faceb00k's (FB) Mark Zuckerberg (another college dropout), whose wealth is estimated at $48.6 billion.
The richiest rich dude? That's Microsoft co-founder Bill Gates (yet another dropout), with a fortune of nearly $78 billion.
Rounding out the top five are retail king Amancio Ortega, founder of Zara ($71 billion); celebrated investor automatic invoice delivery Warren Buffet ($66 billion); Mexican telecom Delivery Invoices honcho Carlos Slim Helu ($59 billion); and Amazon (AMZN) founder Jeff Faxing invoices Bezos ($49 billion).
There's a reason the PDF Explode current president promised to be "no-drama Obama." It's a promise he's delivered on, and that has served email Crystal reports the country well. Those who want to know what a re-elected Obama is likely to do should not be distracted by his underwhelming recent performances. They should look back at his first-term record and note how consistent it Crystal reports is with his pragmatic and moderate personal character: an effective, but ultimately modest, balanced stimulus that's helped turn the economy around; the achievement, at long-last, of near-universal healthcare using an idea originating in conservative circles; the comeback of that emblem of American capitalism, the auto industry; winding down two wars and killing al Qaeda's leader in a bold but limited strike that deployed smart power rather than chest-thumping militarism; advancing and protecting reporting reproductive and LGBT rights.
Bullish yuan herd leaves China fundamentals in the dust
| Reuters
SHANGHAI Investors convinced China's currency is once again a one-way bet upward should think again: signs of slowing economic growth could cut short the yuan's rally.
Investors and companies have been pouring funds into China in recent months, helping send the yuan to a series of record highs.
But with evidence of a slowdown mounting, investors thinking of joining the rush into yuan would do well to remember 2011 and 2012, when fears of a Chinese hard landing sent the yuan, or renminbi, tumbling.
"Does this herald a return to the old status quo of one-way FX appreciation? Our medium-term answer is 'no,'" Paul Mackel, head of Asian FX research for HSBC in Hong Kong, wrote in an April 14 note to clients. The latest inflows, he wrote, were driven by financial inflows, including speculators betting the yuan will rise. "These expectations could reverse in the future should the domestic and external environments change."
A Reuters analysis of official data indicates that $181 billion in so-called "hot money" portfolio investment flows entered China in the first three months of 2013.
And that estimate may understate the true figure, since it doesn't include those inflows that many economists suspect have been disguised as trade payments.
The inflows have helped push the yuan up 1.1 percent since April. Though hardly dramatic by the standards of freely floating currencies, most analysts began the year forecasting gains of only 1 to 2 percent in 2013.
China's foreign exchange regulator responded earlier this week with new rules aimed at plugging holes in China's capital controls that punters have exploited to bet on appreciation.
The new rules spooked China's currency market: yuan traded outside China, or offshore yuan, suffered their worst one-day drop in 15 months on May 6, while yuan traded in China's more regulated currency market, or onshore yuan, fell by the most since December. But the currency quickly recovered to scale new highs on May 8 and May 9. <CNY/>
China's problems with hot money put it among the many emerging economies coping with the frustrations of rapid capital inflows from the United States and Europe, where central banks have pushed interest rates to record lows in an effort to revive growth, sending domestic investors in search of higher returns abroad. That has sparked concerns of a global "currency war," with central banks cutting interest rates to help keep their own currencies from rising.
In the past week, central banks in Australia and South Korea surprised markets with rate cuts, and New Zealand's central bank said it had been selling its own currency to stem its rise.
While the yuan's own exchange rate was once fixed, in 2005 China began letting its value fluctuate around a set rate. With its trade surplus ballooning and its foreign exchange earnings soaring, the question was not whether the yuan would rise or fall, but how quickly authorities would let the currency rise.
In late 2011, as fears that China's credit-boom would burst and send the economy into a sharp "hard landing," the market got its first taste of downside risk.
Even the most pessimistic forecast would have left China growing at a rate most countries would envy, but the fear of a sharp Chinese slowdown was enough to spook investors and cause a sharp drop in a seemingly unshakeable market.
Chinese companies that had sold dollars short during years when the yuan was a one-way bet rushed to buy them back, helping to speed the yuan's decline. Onshore yuan fell 1.3 percent through the first seven months of 2012, the currency's first bout of sustained declines since China's modern foreign-exchange trading system was launched in 1994.
The yuan's tumble appeared for a time to have cured the market of its faith in the yuan's perpetual ascent. But in August 2012, the market shifted again. As fears of a euro zone break-up eased and China launched a mini-stimulus program to revive growth, investors' taste for yuan returned.
When the yuan began rising anew in the fourth quarter of 2012, companies that had accumulated large dollar holdings earlier in the year scrambled to sell them, accelerating the yuan's climb. By late November, when confidence in the recovery peaked, China's onshore foreign exchange market ground to a virtual halt, as dollar bids disappeared from the market, forcing the central bank to step in to buy dollars itself.
The central bank was still buying dollars in the early months of 2013. Balance of payments data shows that it bought $157 billion in the first quarter, the most since the fourth quarter of 2010.
"Non-FDI capital flows have returned to China on improved global risk sentiment and signs of stabilization on the Chinese economy," Wang Tao, head of China economic research at UBS in Beijing, wrote in late April, using an abbreviation for foreign direct investment.
Currency traders say China-based companies have also been "over-hedging" their dollar holdings by buying forward contracts for yuan, fuelling the yuan's rise. A Reuters analysis of yuan purchases by companies shows that China-based importers and exporters are now buying yuan at the fastest pace since 2010.
But even as Chinese companies and invoice faxing global investors lay ever-bigger bets on the yuan's rise, worries about China's economy are stirring, threatening a 2011-style correction. GDP grew at 7.7 percent in the first quarter, down from 7.9 percent in the last three months of 2012 and well below analysts' expectations of 8.0 percent. Industrial output and fixed-asset investment also disappointed.
Purchasing managers' indexes, which gauge economic activity, also suggest China's manufacturing and service sectors were still weak in April.
If such indicators continue to disappoint, a 2011-style correction may not be far behind. The latest regulations, which target fake trade invoicing used to convert excess dollars to yuan, are also likely to bring reported export growth down to levels economists view as more realistic, given weak external demand.
That could sap confidence in China's economy and its yuan.
"It's going to be quite difficult for the renminbi spot exchange rate to appreciate much in the short-term. We think the recent moves have slightly overshot,' said Robert Minnikin, senior foreign exchange strategist at Standard Chartered in Hong Kong. "The data is not super strong," he said. "If anything, there's a risk that we could see a bounce in dollar-CNY."
Why McGraw-Hill Is Offering $100 for Your #usedtextbookproblems
"Someone highlighted the entire chapter... #usedtextbookproblems ----> Share yours for a chance to win $100!"
That's what college textbook publisher McGraw-Hill's twitter account has been blasting out to their followers the past few days.
Anyone even remotely exposed to higher education in the past decade is probably familiar PDF Bulking with the skyrocketing cost of college textbooks. The numbers are staggering -- an 812 percent increase in the past few decades, increasing more than 3x the rate of inflation. The College Board suggests students budget more than $1200 for textbooks and supplies each year.
In many cases, the only way that students can afford the materials they need is by purchasing used or rented textbooks.
Here's the catch: the big textbook publishers that are charging $200 a book don't want students to buy used textbooks -- it means less profit for them. The publishers - McGraw-Hill included, have shown their willingness to do whatever it takes to undermine these cost-saving alternatives, and their latest tactic in no less obvious.
That's why, just a few days ago, McGraw-Hill launched a contest on Twitter using the hashtag #usedtextbookproblems - and offering twitter users a chance at $100 to poke fun at used textbooks.
It's a blatantly transparent attempt to put down and undermine the used textbook market, and - as someone who needed to purchase used textbooks myself - I can't let that go unanswered.
So, we asked students to take a second and tell McGraw-Hill that used textbooks are important - and they save students a lot of money.
Check out some of the awesome tweets that people have submitted already:
@G0Casey: I don't know what to do with all of the money I'm saving by not getting ripped off #usedtextbookproblems #textbookbroke@MayBeeFox: Dear @mhhighered, know what's not funny? Charging more than200 for one new book. I'll take the used book, thanks. #usedtextbookproblems@ChloCanDo : McGraw-Hill, you can keep your100. I'd save that much buying ONE book used. #newtextbookproblems #usedtextbookproblems @MHEstudents@1over2pirc: #usedtextbookproblems My wallet can't hold all the money I save@iforitza : Sorry @mhhighered I can't play this #usedtextbookproblems game Had I not bought used textbooks, I'd be #textbookbroke @CliffroseA: i'm ever so flattered that they think we can't see through this complete farce #usedtextbookproblems@jesuishenessa: @mhhighered but what if I have no #usedtextbookproblems? my problem is publishers that overcharge & leave college kids #textbookbroke
Join the conversation yourself at #usedtextbookproblems.
To their credit, McGraw-Hill says that the contest was meant to highlight the fact that their digital books don't have the same drawbacks as used textbooks.
This is partly true - you won't get a digital textbook that has been doodled on - but you will face printing restrictions, device restrictions, and you won't be able to retain a copy of the book after your 3 month or 6 month purchase runs out. You definitely won't be able to sell it back.
All-in-all, most e-textbooks aren't much better of a deal than a used textbook.
If publishers are serious as they claim about reducing costs for students, they should offer students affordable options with user-friendly terms - instead launching a transparent PR stunt to undermine affordable options available today.
Header image courtesy of Snowmanradio, available at http://en.wikipedia.org/wiki/Highlighter#/media/File:Highlighter_pen_-photocopied_text-9Mar2009.jpg
Salutation is one of the most important, and yet one of the most underrated aspects of letter writing. A salutation is basically a greeting, most often used in case of formal letter, with which you are expected to begin the letter. It helps to set the tone of the letter, and therefore one has to be careful when selecting the words to use.
In order to choose the right salutation for writing a business letter, one has to take into consideration quite a few things, including the seniority of the person being addressed and the relationship they share. If the two are on good terms, even the use of first name would not be a problem; if not, that might come across as a bit rude.
Personal details, like educational background, gender, and marital status of the person, also have to be taken into consideration when addressing him. Discussed below are salutation etiquette that you need to follow when writing a formal business letter.
Salutation for Business Letters
By far the most widely used method of opening a business letter is with 'Dear', followed by name, or title, and a colon.
Dear Mr. Rogers:
Dear Mrs. Williams:
Dear Ms. Martins:
Dear Raymond Brown:
Dear Raymond: (Only if you know the person well)
The word 'Dear' strikes the right cord, as it often comes across as professional, yet informal. Many people question its use in business letters; business relationships, they say, are not always on good terms. A business communication should ideally begin on a positive note, even when the relationship in itself is going downhill, and what better way to do that, but to choose a proper salutation to begin with.
The name used in salutations is most often the one that is used in inside address, i.e., the recipient's address. When writing to some organization, it is always better to address the letter to a particular individual in that organization. If you have any queries, like whom you should address or the said person's designation, you should contact the concerned office and get them cleared in the very beginning. Researching in advance is a must; it doesn't just save you the embarrassment, but also ensures that you don't end up offending the other person.
As for punctuation, in American English, a colon (:) is used after the name. In British English, a comma (,) is used instead. The practice of using only the first name without any comma or colon is quite popular when it comes to informal letters, but in formal letters even these punctuation marks are of great importance.
Different Scenarios
If the person you are addressing has some special title, like professor, senator, reverend, etc., you can use the same in the salutation.
Dear Professor Davis:
Dear Senator Miller:
Dear Reverend Walker:
If you are not sure about the gender of the person you are addressing, you can use their full name, without using Mr., Mrs., or Ms. (This is most likely to happen in case of gender-neutral or unisex names, and cases wherein only the initials are available.)
Dear Ashley Wilson:
Dear J. K. Anderson:
If you are not aware of the name or gender of the receiver, you should ideally use a non-existing salutation.
To Whom it May Concern:
Dear Sir/Madam:
If you don't know the person's name, but are aware of the gender, you can simply use --
Dear Sir:
Dear Madam:
If you know the designation of the person you are addressing, but don't know his crystal reports name, you can use the designation to address him.
Dear Hiring Manager:
Dear HR Manager:
If you have Emailing invoices any doubt about the marital status of the woman you are addressing, you can always opt for the safe way out and use Ms. (instead of Mrs. or Miss), or use her full name.
Dear Ms. Smith:
Dear Ruth Smith:
If you are referring to two individuals, you can separate their names using 'and'. In case you want to refer to more than two individuals, you can either write their names separated by commas, or simply use 'Gentlemen' or 'Ladies' to address them.
Dear Mr. Jones and Mr. Taylor:
Dear Mr. Thompson and Dr. Garcia:
Dear Mr. Thompson, Dr. Garcia, Mr. Moore, Mrs. Jackson, and Mr. Martin:
Gentlemen:
Ladies:
Ladies and Gentlemen:
Valediction
Salutation is no doubt a crucial element of any formal letter, and so is valediction or complimentary close (incorrectly referred to as closing salutation at times.) You should avoid using valedictions that sound a bit too stuffy, or too casual, as they can take away the professional feel of your letter. Some examples of proper letter valedictions are given below.
Kind Regards:
Best Regards:
With Appreciation:
Sincerely:
Regards:
Note: As in case of the salutation, even the valediction should to be followed by a colon.
Irrespective of whether it's a business e-mail or business letter, a salutation will more or less remain the same. At the best, you can be a bit liberal in case of e-mails, but overdoing it might send a wrong message, and thus, is best avoided. Keep in mind that a business letter reflects your professionalism, and being one of the most important part of this letter, salutation has to be given due importance.
Hillary Clinton Explains Discrepancy in When She Began Using Private Email Server
Hillary Clinton said today that newly released emails dated before she had said her private server was operational were from a "transition period."
There "was about a month" when all of her emails weren't on the server that was later turned over to the State Department because her account needed to be added, she said in an interview on NBC "Meet the Press."
There was about a month where I didn't have everything already on the server, and we went back, tried to recover whatever we could recover," she said. "I think it's also fair to say that there are some things about this that I just can't control. I can't control the technical aspects of PDF invoicing it.
"There was a transition period," she continued. "I wasn't that focused on my email account to be clear here."
The Democratic presidential candidate also said that she been as transparent as possible in releasing her emails.
Newly disclosed emails from Clinton to then-CENTCOM chief David Petraeus show the former secretary of state was using a private server earlier than she had previously said.
The new set of emails, from January to February 2009, was turned over to the State Department by the Department of Defense, said State Department spokesman John Kirby. The story was first reported by The Associated Press.
The State Department said its record of Clinton emails begins on March 18, 2009. Over the nearly two months she was in office before that, Clinton has said she used a Blackberry email account that she can no longer access.
The discovery appears to contradict Clinton's sworn statement that she had turned over all the email from her private server to the State Department.
Im not by any means a technical expert, Clinton said today. I relied on the people who were and we have done everything we could in response to the State Department asking us to do this review because they asked all the former secretaries.
It is unclear where Clintons email was hosted during the transition period she referenced.
The revelation about the earlier emails came the same day the State Department said it had found previously undisclosed emails related to the Benghazi terror attack on Clinton's private email account.
In February, the Department turned over 296 emails relating to Benghazi to the House Select Committee investigation the attack, claiming at the time they were the only emails relevant to the committee's request.
The discovery Friday of a handful of new emails, first reported by the Daily Beast, contradicted that claim.
A senior State Department official told ABC News on Friday that it missed these emails the first time around because of the cumbersome nature of discovery process. Clinton turned Delivery Invoices over 55,000 printed pages of documents that had to be search by hand, which prevented researchers from conducting electronic keyword searches, according to this official. The new emails were discovered only after the documents had been scanned and searched on a computer.
Clinton today also brushed off the theory that she used a private email server to make her records inaccessible to FOIA requests and referred to it as another conspiracy theory."
"It's totally ridiculous, she said. "That never crossed my mind."
ABC News' Justin Fishel and Dean Schabner contributed to this story.
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