Crowd's emotions on display as Ayers visits Saint Mary's

MORAGA — The much-anticipated speech by militant-turned-college-professor Bill Ayers at Saint Mary's College attracted nearly 600 people, many of them very clearly in diametrically opposite political camps.

Another 200 people loudly protested Ayers' appearance Wednesday evening outside the packed Soda Center auditorium in an unparalleled level of interest in an academic lecture at the rural, private Catholic college.

Inside, Ayers' 90-minute presentation drew jeers, boos and an emotional outburst from a woman who swore at him and left. He also received plenty of laughs and applause and a few standing ovations from the half of the crowd that liked him.

Employment Costs Rose at a Slower Pace in the Fourth Quarter

Employment Costs Rose at a Slower Pace in the Fourth Quarter

The Employment Cost Index (ECI) rose 0.5 percent in the fourth quarter, breaking a string of three consecutive increases of 0.7 percent. Weak economic growth and a sluggish labor market continued to put downward pressure on wage and salary growth. Government wage and salary growth plummeted to 0.4 percent.

Total Compensation Lowest on Record

Total compensation rose 2.6 percent year-over-year, the slowest pace on record, as economic growth continues to contract and the labor market remains sluggish. Wages and salaries were up 2.7 percent year-over-year.The slower pace suggests employment costs will not be a concern for labor inflation pressure.

Crowd's emotions on display as Ayers visits Saint Mary's

MORAGA — The much-anticipated speech by militant-turned-college-professor Bill Ayers at Saint Mary's College attracted nearly 600 people, many of them very clearly in diametrically opposite political camps.

Another 200 people loudly protested Ayers' appearance Wednesday evening outside the packed Soda Center auditorium in an unparalleled level of interest in an academic lecture at the rural, private Catholic college.

Inside, Ayers' 90-minute presentation drew jeers, boos and an emotional outburst from a woman who swore at him and left. He also received plenty of laughs and applause and a few standing ovations from the half of the crowd that liked him.

Crowd's emotions on display as Ayers visits Saint Mary's

MORAGA — The much-anticipated speech by militant-turned-college-professor Bill Ayers at Saint Mary's College attracted nearly 600 people, many of them very clearly in diametrically opposite political camps.

Another 200 people loudly protested Ayers' appearance Wednesday evening outside the packed Soda Center auditorium in an unparalleled level of interest in an academic lecture at the rural, private Catholic college.

Inside, Ayers' 90-minute presentation drew jeers, boos and an emotional outburst from a woman who swore at him and left. He also received plenty of laughs and applause and a few standing ovations from the half of the crowd that liked him.

Crowd's emotions on display as Ayers visits Saint Mary's

MORAGA — The much-anticipated speech by militant-turned-college-professor Bill Ayers at Saint Mary's College attracted nearly 600 people, many of them very clearly in diametrically opposite political camps.

Another 200 people loudly protested Ayers' appearance Wednesday evening outside the packed Soda Center auditorium in an unparalleled level of interest in an academic lecture at the rural, private Catholic college.

Inside, Ayers' 90-minute presentation drew jeers, boos and an emotional outburst from a woman who swore at him and left. He also received plenty of laughs and applause and a few standing ovations from the half of the crowd that liked him.

Crowd's emotions on display as Ayers visits Saint Mary's

MORAGA — The much-anticipated speech by militant-turned-college-professor Bill Ayers at Saint Mary's College attracted nearly 600 people, many of them very clearly in diametrically opposite political camps.

Another 200 people loudly protested Ayers' appearance Wednesday evening outside the packed Soda Center auditorium in an unparalleled level of interest in an academic lecture at the rural, private Catholic college.

Inside, Ayers' 90-minute presentation drew jeers, boos and an emotional outburst from a woman who swore at him and left. He also received plenty of laughs and applause and a few standing ovations from the half of the crowd that liked him.

Employment Costs Rose at a Slower Pace in the Fourth Quarter

Employment Costs Rose at a Slower Pace in the Fourth Quarter

The Employment Cost Index (ECI) rose 0.5 percent in the fourth quarter, breaking a string of three consecutive increases of 0.7 percent. Weak economic growth and a sluggish labor market continued to put downward pressure on wage and salary growth. Government wage and salary growth plummeted to 0.4 percent.

Total Compensation Lowest on Record

Total compensation rose 2.6 percent year-over-year, the slowest pace on record, as economic growth continues to contract and the labor market remains sluggish. Wages and salaries were up 2.7 percent year-over-year.The slower pace suggests employment costs will not be a concern for labor inflation pressure.

Employment Costs Rose at a Slower Pace in the Fourth Quarter

Employment Costs Rose at a Slower Pace in the Fourth Quarter

The Employment Cost Index (ECI) rose 0.5 percent in the fourth quarter, breaking a string of three consecutive increases of 0.7 percent. Weak economic growth and a sluggish labor market continued to put downward pressure on wage and salary growth. Government wage and salary growth plummeted to 0.4 percent.

Total Compensation Lowest on Record

Total compensation rose 2.6 percent year-over-year, the slowest pace on record, as economic growth continues to contract and the labor market remains sluggish. Wages and salaries were up 2.7 percent year-over-year.The slower pace suggests employment costs will not be a concern for labor inflation pressure.

Employment Costs Rose at a Slower Pace in the Fourth Quarter

Employment Costs Rose at a Slower Pace in the Fourth Quarter

The Employment Cost Index (ECI) rose 0.5 percent in the fourth quarter, breaking a string of three consecutive increases of 0.7 percent. Weak economic growth and a sluggish labor market continued to put downward pressure on wage and salary growth. Government wage and salary growth plummeted to 0.4 percent.

Total Compensation Lowest on Record

Total compensation rose 2.6 percent year-over-year, the slowest pace on record, as economic growth continues to contract and the labor market remains sluggish. Wages and salaries were up 2.7 percent year-over-year.The slower pace suggests employment costs will not be a concern for labor inflation pressure.

Crowd's emotions on display as Ayers visits Saint Mary's

MORAGA — The much-anticipated speech by militant-turned-college-professor Bill Ayers at Saint Mary's College attracted nearly 600 people, many of them very clearly in diametrically opposite political camps.

Another 200 people loudly protested Ayers' appearance Wednesday evening outside the packed Soda Center auditorium in an unparalleled level of interest in an academic lecture at the rural, private Catholic college.

Inside, Ayers' 90-minute presentation drew jeers, boos and an emotional outburst from a woman who swore at him and left. He also received plenty of laughs and applause and a few standing ovations from the half of the crowd that liked him.

TD cancels 'inactivity' fee, freezes other charges

The Toronto-Dominion Bank's retail arm said Friday it will hold the line on certain fees in 2009 and has cancelled a $35 charge on unused lines of credit that was to go into effect in late April.

"We recognize that times are challenging for many people right now," Tim Hockey, president of TD Canada Trust, said in a news release. "Holding the line on fees is one tangible way of helping."

Customers and employees had been expressing concerns about the fees, he said. News reports about the line of credit "inactivity" fee suggested the response was closer to outrage than concern.

TD cancels 'inactivity' fee, freezes other charges

The Toronto-Dominion Bank's retail arm said Friday it will hold the line on certain fees in 2009 and has cancelled a $35 charge on unused lines of credit that was to go into effect in late April.

"We recognize that times are challenging for many people right now," Tim Hockey, president of TD Canada Trust, said in a news release. "Holding the line on fees is one tangible way of helping."

Customers and employees had been expressing concerns about the fees, he said. News reports about the line of credit "inactivity" fee suggested the response was closer to outrage than concern.

Crowd's emotions on display as Ayers visits Saint Mary's

MORAGA — The much-anticipated speech by militant-turned-college-professor Bill Ayers at Saint Mary's College attracted nearly 600 people, many of them very clearly in diametrically opposite political camps.

Another 200 people loudly protested Ayers' appearance Wednesday evening outside the packed Soda Center auditorium in an unparalleled level of interest in an academic lecture at the rural, private Catholic college.

Inside, Ayers' 90-minute presentation drew jeers, boos and an emotional outburst from a woman who swore at him and left. He also received plenty of laughs and applause and a few standing ovations from the half of the crowd that liked him.

Employment Costs Rose at a Slower Pace in the Fourth Quarter

Employment Costs Rose at a Slower Pace in the Fourth Quarter

The Employment Cost Index (ECI) rose 0.5 percent in the fourth quarter, breaking a string of three consecutive increases of 0.7 percent. Weak economic growth and a sluggish labor market continued to put downward pressure on wage and salary growth. Government wage and salary growth plummeted to 0.4 percent.

Total Compensation Lowest on Record

Total compensation rose 2.6 percent year-over-year, the slowest pace on record, as economic growth continues to contract and the labor market remains sluggish. Wages and salaries were up 2.7 percent year-over-year.The slower pace suggests employment costs will not be a concern for labor inflation pressure.

Employment Costs Rose at a Slower Pace in the Fourth Quarter

Employment Costs Rose at a Slower Pace in the Fourth Quarter

The Employment Cost Index (ECI) rose 0.5 percent in the fourth quarter, breaking a string of three consecutive increases of 0.7 percent. Weak economic growth and a sluggish labor market continued to put downward pressure on wage and salary growth. Government wage and salary growth plummeted to 0.4 percent.

Total Compensation Lowest on Record

Total compensation rose 2.6 percent year-over-year, the slowest pace on record, as economic growth continues to contract and the labor market remains sluggish. Wages and salaries were up 2.7 percent year-over-year.The slower pace suggests employment costs will not be a concern for labor inflation pressure.

TD cancels 'inactivity' fee, freezes other charges

The Toronto-Dominion Bank's retail arm said Friday it will hold the line on certain fees in 2009 and has cancelled a $35 charge on unused lines of credit that was to go into effect in late April.

"We recognize that times are challenging for many people right now," Tim Hockey, president of TD Canada Trust, said in a news release. "Holding the line on fees is one tangible way of helping."

Customers and employees had been expressing concerns about the fees, he said. News reports about the line of credit "inactivity" fee suggested the response was closer to outrage than concern.

TD cancels 'inactivity' fee, freezes other charges

The Toronto-Dominion Bank's retail arm said Friday it will hold the line on certain fees in 2009 and has cancelled a $35 charge on unused lines of credit that was to go into effect in late April.

"We recognize that times are challenging for many people right now," Tim Hockey, president of TD Canada Trust, said in a news release. "Holding the line on fees is one tangible way of helping."

Customers and employees had been expressing concerns about the fees, he said. News reports about the line of credit "inactivity" fee suggested the response was closer to outrage than concern.

Barbara Lee touts economic stimulus for East Bay

OAKLAND — The East Bay stands to benefit significantly from California's $32 billion share of the economic stimulus package approved by the House this week, Rep. Barbara Lee said Friday.

The Oakland Unified School District alone stands to get almost $45.4 million in 2009 for basic education, special education and construction, Lee, D-Oakland, said at a news conference outside the downtown Oakland federal building, which houses her district office. Projections show OUSD could get another $18.9 million in 2010.

Barbara Lee touts economic stimulus for East Bay

OAKLAND — The East Bay stands to benefit significantly from California's $32 billion share of the economic stimulus package approved by the House this week, Rep. Barbara Lee said Friday.

The Oakland Unified School District alone stands to get almost $45.4 million in 2009 for basic education, special education and construction, Lee, D-Oakland, said at a news conference outside the downtown Oakland federal building, which houses her district office. Projections show OUSD could get another $18.9 million in 2010.

Barbara Lee touts economic stimulus for East Bay

OAKLAND — The East Bay stands to benefit significantly from California's $32 billion share of the economic stimulus package approved by the House this week, Rep. Barbara Lee said Friday.

The Oakland Unified School District alone stands to get almost $45.4 million in 2009 for basic education, special education and construction, Lee, D-Oakland, said at a news conference outside the downtown Oakland federal building, which houses her district office. Projections show OUSD could get another $18.9 million in 2010.

Barbara Lee touts economic stimulus for East Bay

OAKLAND — The East Bay stands to benefit significantly from California's $32 billion share of the economic stimulus package approved by the House this week, Rep. Barbara Lee said Friday.

The Oakland Unified School District alone stands to get almost $45.4 million in 2009 for basic education, special education and construction, Lee, D-Oakland, said at a news conference outside the downtown Oakland federal building, which houses her district office. Projections show OUSD could get another $18.9 million in 2010.

Barbara Lee touts economic stimulus for East Bay

OAKLAND — The East Bay stands to benefit significantly from California's $32 billion share of the economic stimulus package approved by the House this week, Rep. Barbara Lee said Friday.

The Oakland Unified School District alone stands to get almost $45.4 million in 2009 for basic education, special education and construction, Lee, D-Oakland, said at a news conference outside the downtown Oakland federal building, which houses her district office. Projections show OUSD could get another $18.9 million in 2010.

Barbara Lee touts economic stimulus for East Bay

OAKLAND — The East Bay stands to benefit significantly from California's $32 billion share of the economic stimulus package approved by the House this week, Rep. Barbara Lee said Friday.

The Oakland Unified School District alone stands to get almost $45.4 million in 2009 for basic education, special education and construction, Lee, D-Oakland, said at a news conference outside the downtown Oakland federal building, which houses her district office. Projections show OUSD could get another $18.9 million in 2010.

Obama names Oakland attorney to head DOJ Civil Division

President Obama on Thursday nominated Oakland attorney Tony West, a former federal prosecutor and prolific Obama campaign fundraiser, to head the U.S. Department of Justice's civil division.

West, 43, is a litigation partner at Morrison & Foerster in San Francisco, representing people and companies in civil and criminal matters since 2001; perhaps his highest-profile case there has been helping to defend "American Taliban" John Walker Lindh.

Lawsuit against Caldecott fourth bore settled

A barrier threatening to delay or stop construction of the $420 million fourth bore of the Caldecott Tunnel between Orinda and Oakland was cleared Friday when Caltrans settled a lawsuit with Oakland and Berkeley neighborhood groups worried about noise and traffic from the project.

Now the Highway 24 project to ease traffic congestion needs one more thing to begin: a state budget settlement to free up voter-approved state bond money for the extra bore.

Republicans considering the unthinkable: taxes

SACRAMENTO — Republicans are rethinking the unthinkable: saying yes, though begrudgingly so, to taxes.

It would be a hard break from dogma and would require their members to back down from pledges they've steadfastly upheld for years to avoid tax increases at all costs. But as state lawmakers stare into an abyss that is a $42 billion 18-month budget deficit, previous ideological markers appear to be softening.

But it won't simply be a matter of yielding to the realities of an economic crisis. Republicans are the minority party in both legislative chambers, but they hold huge sway over budget negotiations because a two-thirds vote is required on taxes and the budget. They are hoping to seize the opportunity in negotiations with Democrats.

Concord leaders cut $4 million from budget, take from reserves to stay above water

By Tanya Rose

STAFF WRITER

CONCORD — Waning retail sales and property taxes have dug a $7.2 million hole in the revenue Concord leaders expected when they approved the city budget this summer.

On Thursday night, the City Council decided $1.4 million more out of reserves than originally planned, bringing the total reserve spending to $3.2 million for the year. This is the first time the city has had to use its reserves since the 1990s.

Bank of Canada's Monetary Policy Report Update Fleshes out Details of Economic Forecast

Bank of Canada's Monetary Policy Report Update Fleshes out Details of Economic Forecast

The statement issued by the Bank of Canada following Tuesday's policy meeting when the overnight rate was cut by 50 basis points to 1% indicated significant revisions to the Bank of Canada's economic outlook for Canada, with the real GDP forecast to contract by 1.2% in 2009, a marked downgrade from the October forecast for a 0.6% increase. The details of this forecast change were released in this morning's Monetary Policy Report Update.

Bank of Canada's Monetary Policy Report Update Fleshes out Details of Economic Forecast

Bank of Canada's Monetary Policy Report Update Fleshes out Details of Economic Forecast

The statement issued by the Bank of Canada following Tuesday's policy meeting when the overnight rate was cut by 50 basis points to 1% indicated significant revisions to the Bank of Canada's economic outlook for Canada, with the real GDP forecast to contract by 1.2% in 2009, a marked downgrade from the October forecast for a 0.6% increase. The details of this forecast change were released in this morning's Monetary Policy Report Update.

Bank of Canada's Monetary Policy Report Update Fleshes out Details of Economic Forecast

Bank of Canada's Monetary Policy Report Update Fleshes out Details of Economic Forecast

The statement issued by the Bank of Canada following Tuesday's policy meeting when the overnight rate was cut by 50 basis points to 1% indicated significant revisions to the Bank of Canada's economic outlook for Canada, with the real GDP forecast to contract by 1.2% in 2009, a marked downgrade from the October forecast for a 0.6% increase. The details of this forecast change were released in this morning's Monetary Policy Report Update.

Bank of Canada's Monetary Policy Report Update Fleshes out Details of Economic Forecast

Bank of Canada's Monetary Policy Report Update Fleshes out Details of Economic Forecast

The statement issued by the Bank of Canada following Tuesday's policy meeting when the overnight rate was cut by 50 basis points to 1% indicated significant revisions to the Bank of Canada's economic outlook for Canada, with the real GDP forecast to contract by 1.2% in 2009, a marked downgrade from the October forecast for a 0.6% increase. The details of this forecast change were released in this morning's Monetary Policy Report Update.

Yen Spikes Higher in NY Trading on Expiring Options Contracts,

Yen Spikes Higher in NY Trading on Expiring Options Contracts, US Equities Recover From Yesterday's Losses

UK Claimant Count Increases by 78K in December

The UK economy shed 77.9K jobs in December, a number that came in lower than expectation but is still the second-highest amount since 1991. The total people now claiming jobless benefits rose to 1.16 million, the highest level since 2000. The pace of firings has picked up as the labor market continued to deteriorate to end the 4th quarter. The ails that have bogged down the UK financial sector as a result of the credit crunch, has spread to services and manufacturing, impacting the real economy in a very tangible way.

Yen Spikes Higher in NY Trading on Expiring Options Contracts,

Yen Spikes Higher in NY Trading on Expiring Options Contracts, US Equities Recover From Yesterday's Losses

UK Claimant Count Increases by 78K in December

The UK economy shed 77.9K jobs in December, a number that came in lower than expectation but is still the second-highest amount since 1991. The total people now claiming jobless benefits rose to 1.16 million, the highest level since 2000. The pace of firings has picked up as the labor market continued to deteriorate to end the 4th quarter. The ails that have bogged down the UK financial sector as a result of the credit crunch, has spread to services and manufacturing, impacting the real economy in a very tangible way.

Yen Spikes Higher in NY Trading on Expiring Options Contracts,

Yen Spikes Higher in NY Trading on Expiring Options Contracts, US Equities Recover From Yesterday's Losses

UK Claimant Count Increases by 78K in December

The UK economy shed 77.9K jobs in December, a number that came in lower than expectation but is still the second-highest amount since 1991. The total people now claiming jobless benefits rose to 1.16 million, the highest level since 2000. The pace of firings has picked up as the labor market continued to deteriorate to end the 4th quarter. The ails that have bogged down the UK financial sector as a result of the credit crunch, has spread to services and manufacturing, impacting the real economy in a very tangible way.

Yen Spikes Higher in NY Trading on Expiring Options Contracts,

Yen Spikes Higher in NY Trading on Expiring Options Contracts, US Equities Recover From Yesterday's Losses

UK Claimant Count Increases by 78K in December

The UK economy shed 77.9K jobs in December, a number that came in lower than expectation but is still the second-highest amount since 1991. The total people now claiming jobless benefits rose to 1.16 million, the highest level since 2000. The pace of firings has picked up as the labor market continued to deteriorate to end the 4th quarter. The ails that have bogged down the UK financial sector as a result of the credit crunch, has spread to services and manufacturing, impacting the real economy in a very tangible way.

Yen Spikes Higher in NY Trading on Expiring Options Contracts,

Yen Spikes Higher in NY Trading on Expiring Options Contracts, US Equities Recover From Yesterday's Losses

UK Claimant Count Increases by 78K in December

The UK economy shed 77.9K jobs in December, a number that came in lower than expectation but is still the second-highest amount since 1991. The total people now claiming jobless benefits rose to 1.16 million, the highest level since 2000. The pace of firings has picked up as the labor market continued to deteriorate to end the 4th quarter. The ails that have bogged down the UK financial sector as a result of the credit crunch, has spread to services and manufacturing, impacting the real economy in a very tangible way.

Yen Spikes Higher in NY Trading on Expiring Options Contracts,

Yen Spikes Higher in NY Trading on Expiring Options Contracts, US Equities Recover From Yesterday's Losses

UK Claimant Count Increases by 78K in December

The UK economy shed 77.9K jobs in December, a number that came in lower than expectation but is still the second-highest amount since 1991. The total people now claiming jobless benefits rose to 1.16 million, the highest level since 2000. The pace of firings has picked up as the labor market continued to deteriorate to end the 4th quarter. The ails that have bogged down the UK financial sector as a result of the credit crunch, has spread to services and manufacturing, impacting the real economy in a very tangible way.

Singer-activist Michael Franti ready to usher in new era

That doesn't mean he won't try.

"A huge cloud has been lifted," says the activist and frontman for Bay-Area-based hip-hop/reggae band Michael Franti & Spearhead, which is playing two inaugural events in Washington D.C. this week. "Now we have an opportunity for change and we have an opportunity to not only hold (Barack Obama) accountable to his promises, but help him achieve them."

Oakland-born Franti, 41, has been one of music's most vocal opponents of the Bush administration. But his history of activism goes back much further, to his days as an upstart hip-hop artist in the Beatnigs, then with the socially conscious band Disposable Heroes of Hiphoprisy before forming Spearhead 15 years ago.

College chancellor up for 18 percent raise

Concerned about losing their well-liked chancellor, board members in the Contra Costa Community College District will vote next week whether to give her an 18 percent raise.

Helen Benjamin, who has been widely complimented for steadying what was a turbulent district, would see her salary go to $247,000 from just less than $209,000. She took the reins of the three-college district in 2005.

Although the decision comes amid uncertain budget times, board members and others said the district must keep Benjamin from fleeing to greener pastures. Benjamin's salary is lower than that of nearly every other Bay Area chancellor, according to figures from the state chancellor's office.

Rep. George Miller: 'Challenges unlike any I have seen

This interview with Rep. George Miller, D-Martinez, was conducted by staff writer Lisa Vorderbrueggen.

Q: There is a lot going on in our country as we prepare to swear in a new president. What's going to be different about your 35th year in Congress?

A. As it turns out, a lot of things will be different. Obviously, we will have a historic event taking place with the election of the first African-American president.

We also have the worst economy in my lifetime, and a set of challenges unlike any I have seen in my public life. And that's just opening day. (Laughs.)

Concord approves plan for former military base

Concord leaders on Monday night unanimously approved a plan for the mothballed Concord Naval Weapons Station that includes intense development near BART, "greenways" that would connect people to a sprawling college campus and three small residential villages framed by manicured parks.

The "clustered villages" concept calls for 28,900 people and 12,300 housing units, with about 64 percent of the land set aside as open space.

A final plan, however, is still years away.

Plenty of places to go for inauguration festivities

Whether straining for a glimpse through the chill winter air in Washington, D.C., staring up at an arena's giant screen, or peering between their toes toward a television at the foot of the bed, a tremendous number of Bay Area people will have their eyes glued to Barack Obama's inauguration as president of the United States on Tuesday morning.

For many, the temptation to get up early and be part of a crowd on this historic day is too strong to resist; the excitement and hope many people feel will move them to be among the like-minded for this thrilling moment.

Fair practices panel cracks down on political 'slush funds'

The California Fair Political Practices Commission enacted a new regulation Thursday banning the kind of political committee fund transfers that former state Senate President Pro Tem Don Perata engaged in recently.

Perata, D-Oakland, just after Election Day moved $1.5 million from his Leadership California committee — which had raised funds ostensibly to recall a state senator and to oppose a legislative redistricting reform ballot measure, among other things — into his legal defense fund, with which he's battling a years-long FBI corruption probe; he moved another $400,000 in early December.

Get a life, local electeds

My colleagues helped me put out a request for local officials' New Year's resolutions and boy, was that a waste of time.

Where are the vows to end secret midnight raids on the bag of Snickers hidden behind the couch? What about the promise to go cold turkey on Guitar Hero? Or that plan to end the chat-room love affair with the gross fat guy who purports to be Angelina Jolie?

Instead, state Sen. Mark DeSaulnier wants to learn Spanish and fix the budget.

Get a life, local electeds

My colleagues helped me put out a request for local officials' New Year's resolutions and boy, was that a waste of time.

Where are the vows to end secret midnight raids on the bag of Snickers hidden behind the couch? What about the promise to go cold turkey on Guitar Hero? Or that plan to end the chat-room love affair with the gross fat guy who purports to be Angelina Jolie?

Instead, state Sen. Mark DeSaulnier wants to learn Spanish and fix the budget.

Get a life, local electeds

My colleagues helped me put out a request for local officials' New Year's resolutions and boy, was that a waste of time.

Where are the vows to end secret midnight raids on the bag of Snickers hidden behind the couch? What about the promise to go cold turkey on Guitar Hero? Or that plan to end the chat-room love affair with the gross fat guy who purports to be Angelina Jolie?

Instead, state Sen. Mark DeSaulnier wants to learn Spanish and fix the budget.

Get a life, local electeds

My colleagues helped me put out a request for local officials' New Year's resolutions and boy, was that a waste of time.

Where are the vows to end secret midnight raids on the bag of Snickers hidden behind the couch? What about the promise to go cold turkey on Guitar Hero? Or that plan to end the chat-room love affair with the gross fat guy who purports to be Angelina Jolie?

Instead, state Sen. Mark DeSaulnier wants to learn Spanish and fix the budget.

Get a life, local electeds

My colleagues helped me put out a request for local officials' New Year's resolutions and boy, was that a waste of time.

Where are the vows to end secret midnight raids on the bag of Snickers hidden behind the couch? What about the promise to go cold turkey on Guitar Hero? Or that plan to end the chat-room love affair with the gross fat guy who purports to be Angelina Jolie?

Instead, state Sen. Mark DeSaulnier wants to learn Spanish and fix the budget.

Get a life, local electeds

My colleagues helped me put out a request for local officials' New Year's resolutions and boy, was that a waste of time.

Where are the vows to end secret midnight raids on the bag of Snickers hidden behind the couch? What about the promise to go cold turkey on Guitar Hero? Or that plan to end the chat-room love affair with the gross fat guy who purports to be Angelina Jolie?

Instead, state Sen. Mark DeSaulnier wants to learn Spanish and fix the budget.

Get a life, local electeds

My colleagues helped me put out a request for local officials' New Year's resolutions and boy, was that a waste of time.

Where are the vows to end secret midnight raids on the bag of Snickers hidden behind the couch? What about the promise to go cold turkey on Guitar Hero? Or that plan to end the chat-room love affair with the gross fat guy who purports to be Angelina Jolie?

Instead, state Sen. Mark DeSaulnier wants to learn Spanish and fix the budget.

Get a life, local electeds

My colleagues helped me put out a request for local officials' New Year's resolutions and boy, was that a waste of time.

Where are the vows to end secret midnight raids on the bag of Snickers hidden behind the couch? What about the promise to go cold turkey on Guitar Hero? Or that plan to end the chat-room love affair with the gross fat guy who purports to be Angelina Jolie?

Instead, state Sen. Mark DeSaulnier wants to learn Spanish and fix the budget.

Get a life, local electeds

My colleagues helped me put out a request for local officials' New Year's resolutions and boy, was that a waste of time.

Where are the vows to end secret midnight raids on the bag of Snickers hidden behind the couch? What about the promise to go cold turkey on Guitar Hero? Or that plan to end the chat-room love affair with the gross fat guy who purports to be Angelina Jolie?

Instead, state Sen. Mark DeSaulnier wants to learn Spanish and fix the budget.

Get a life, local electeds

My colleagues helped me put out a request for local officials' New Year's resolutions and boy, was that a waste of time.

Where are the vows to end secret midnight raids on the bag of Snickers hidden behind the couch? What about the promise to go cold turkey on Guitar Hero? Or that plan to end the chat-room love affair with the gross fat guy who purports to be Angelina Jolie?

Instead, state Sen. Mark DeSaulnier wants to learn Spanish and fix the budget.

Get a life, local electeds

My colleagues helped me put out a request for local officials' New Year's resolutions and boy, was that a waste of time.

Where are the vows to end secret midnight raids on the bag of Snickers hidden behind the couch? What about the promise to go cold turkey on Guitar Hero? Or that plan to end the chat-room love affair with the gross fat guy who purports to be Angelina Jolie?

Instead, state Sen. Mark DeSaulnier wants to learn Spanish and fix the budget.

Big labor urges court to invalidate Prop. 8

A coalition of more than 50 labor organizations representing more than two million Californians filed a friend-of-the-court brief Tuesday urging the state Supreme Court to overturn the voter-approved constitutional ban on same-sex marriage.

The labor groups' brief argues that "any change to the California Constitution that takes away fundamental rights or that divides citizens into suspect classes must be accomplished by a 'revision' of the Constitution, and not the simple 'amendment' employed in Proposition 8."

John Muir hospital expansions on schedule

The economy is foundering and construction projects everywhere have come to a halt until things get better. Yet major expansions at John Muir Medical Center's Walnut Creek and Concord campuses continue — they're even on schedule.

Massive efforts to rebuild emergency departments, add private patient rooms and build a renowned heart center are under way, evident to anyone driving by either the Ygnacio Valley Road campus in Walnut Creek or the East Street complex in Concord. On Friday afternoon, workers moved the last steel beam into place at the Concord facility, while those tracking the massive project looked on.

John Muir hospital expansions on schedule

The economy is foundering and construction projects everywhere have come to a halt until things get better. Yet major expansions at John Muir Medical Center's Walnut Creek and Concord campuses continue — they're even on schedule.

Massive efforts to rebuild emergency departments, add private patient rooms and build a renowned heart center are under way, evident to anyone driving by either the Ygnacio Valley Road campus in Walnut Creek or the East Street complex in Concord. On Friday afternoon, workers moved the last steel beam into place at the Concord facility, while those tracking the massive project looked on.

John Muir hospital expansions on schedule

The economy is foundering and construction projects everywhere have come to a halt until things get better. Yet major expansions at John Muir Medical Center's Walnut Creek and Concord campuses continue — they're even on schedule.

Massive efforts to rebuild emergency departments, add private patient rooms and build a renowned heart center are under way, evident to anyone driving by either the Ygnacio Valley Road campus in Walnut Creek or the East Street complex in Concord. On Friday afternoon, workers moved the last steel beam into place at the Concord facility, while those tracking the massive project looked on.

John Muir hospital expansions on schedule

The economy is foundering and construction projects everywhere have come to a halt until things get better. Yet major expansions at John Muir Medical Center's Walnut Creek and Concord campuses continue — they're even on schedule.

Massive efforts to rebuild emergency departments, add private patient rooms and build a renowned heart center are under way, evident to anyone driving by either the Ygnacio Valley Road campus in Walnut Creek or the East Street complex in Concord. On Friday afternoon, workers moved the last steel beam into place at the Concord facility, while those tracking the massive project looked on.

John Muir hospital expansions on schedule

The economy is foundering and construction projects everywhere have come to a halt until things get better. Yet major expansions at John Muir Medical Center's Walnut Creek and Concord campuses continue — they're even on schedule.

Massive efforts to rebuild emergency departments, add private patient rooms and build a renowned heart center are under way, evident to anyone driving by either the Ygnacio Valley Road campus in Walnut Creek or the East Street complex in Concord. On Friday afternoon, workers moved the last steel beam into place at the Concord facility, while those tracking the massive project looked on.

John Muir hospital expansions on schedule

The economy is foundering and construction projects everywhere have come to a halt until things get better. Yet major expansions at John Muir Medical Center's Walnut Creek and Concord campuses continue — they're even on schedule.

Massive efforts to rebuild emergency departments, add private patient rooms and build a renowned heart center are under way, evident to anyone driving by either the Ygnacio Valley Road campus in Walnut Creek or the East Street complex in Concord. On Friday afternoon, workers moved the last steel beam into place at the Concord facility, while those tracking the massive project looked on.

Grand jury report rips Contra Costa's handling of labor negotiations

Contra Costa negotiators are so ill-equipped to negotiate with unions that an economic catastrophe could occur, the county's grand jury warned as it released its first report of the new term Wednesday.

"At a time when its unions have signaled that they intend to pursue economic business as usual, including higher wages and benefits, the county lacks a coherent negotiating strategy and trained, experienced negotiators for limiting fiscally unsustainable proposals," the six-page report said.

Grand jury report rips Contra Costa's handling of labor negotiations

Contra Costa negotiators are so ill-equipped to negotiate with unions that an economic catastrophe could occur, the county's grand jury warned as it released its first report of the new term Wednesday.

"At a time when its unions have signaled that they intend to pursue economic business as usual, including higher wages and benefits, the county lacks a coherent negotiating strategy and trained, experienced negotiators for limiting fiscally unsustainable proposals," the six-page report said.

Grand jury report rips Contra Costa's handling of labor negotiations

Contra Costa negotiators are so ill-equipped to negotiate with unions that an economic catastrophe could occur, the county's grand jury warned as it released its first report of the new term Wednesday.

"At a time when its unions have signaled that they intend to pursue economic business as usual, including higher wages and benefits, the county lacks a coherent negotiating strategy and trained, experienced negotiators for limiting fiscally unsustainable proposals," the six-page report said.

Grand jury report rips Contra Costa's handling of labor negotiations

Contra Costa negotiators are so ill-equipped to negotiate with unions that an economic catastrophe could occur, the county's grand jury warned as it released its first report of the new term Wednesday.

"At a time when its unions have signaled that they intend to pursue economic business as usual, including higher wages and benefits, the county lacks a coherent negotiating strategy and trained, experienced negotiators for limiting fiscally unsustainable proposals," the six-page report said.

Grand jury report rips Contra Costa's handling of labor negotiations

Contra Costa negotiators are so ill-equipped to negotiate with unions that an economic catastrophe could occur, the county's grand jury warned as it released its first report of the new term Wednesday.

"At a time when its unions have signaled that they intend to pursue economic business as usual, including higher wages and benefits, the county lacks a coherent negotiating strategy and trained, experienced negotiators for limiting fiscally unsustainable proposals," the six-page report said.

John Muir hospital expansions on schedule

The economy is foundering and construction projects everywhere have come to a halt until things get better. Yet major expansions at John Muir Medical Center's Walnut Creek and Concord campuses continue — they're even on schedule.

Massive efforts to rebuild emergency departments, add private patient rooms and build a renowned heart center are under way, evident to anyone driving by either the Ygnacio Valley Road campus in Walnut Creek or the East Street complex in Concord. On Friday afternoon, workers moved the last steel beam into place at the Concord facility, while those tracking the massive project looked on.

John Muir hospital expansions on schedule

The economy is foundering and construction projects everywhere have come to a halt until things get better. Yet major expansions at John Muir Medical Center's Walnut Creek and Concord campuses continue — they're even on schedule.

Massive efforts to rebuild emergency departments, add private patient rooms and build a renowned heart center are under way, evident to anyone driving by either the Ygnacio Valley Road campus in Walnut Creek or the East Street complex in Concord. On Friday afternoon, workers moved the last steel beam into place at the Concord facility, while those tracking the massive project looked on.

Grand jury report rips Contra Costa's handling of labor negotiations

Contra Costa negotiators are so ill-equipped to negotiate with unions that an economic catastrophe could occur, the county's grand jury warned as it released its first report of the new term Wednesday.

"At a time when its unions have signaled that they intend to pursue economic business as usual, including higher wages and benefits, the county lacks a coherent negotiating strategy and trained, experienced negotiators for limiting fiscally unsustainable proposals," the six-page report said.

The New Trading Week Starts With Gaps

The New Trading Week Starts With Gaps

Overall, the new trading week starts with gaps, as a consequence of the NFP release, which moved the market from one corner to the other, driven by risk aversion. Ahead, the calendar is very light in the European session, as is the whole week, and only the U.S. session holds a top-tier release, coming out of Canada.

The Euro (Eur/Usd) is struggling to hold above the 1.34 area, after it sold very strong on Friday, in a move driven by risk-aversion. The pair fell nearly 300 pips in a very short span, after the NFP report. The euro saw a small gap only from the weekend trading.

Canada: Downtrend in Housing Starts Confirmed in December

Canada: Downtrend in Housing Starts Confirmed in December Canadian housing starts largely unchanged at 177,300 units in December. R.I.P. residential construction boom, 2002-2008.

After falling from 212,000 units to an upwardly revised 178,000 units (from a preliminary 172,000) in November, we got confirmation this morning that housing starts have indeed embarked on a cyclical downtrend. In other words, that the drop recorded in November was not a kink in the data or dismissible as purely weather-related or sheer volatility, which monthly housing starts figures can be prone to exhibit, especially in the multiple-family unit segment. The year 2008 will have marked the seventh consecutive year where total housing starts where higher than 200,000 units. Residential construction activity had already turned the corner a while ago, however, and today’s data help confirm this. After running at a pace well below the rate of formation of new household for an entire decade (1991-2001), housing starts ramped up significantly starting in 2002 to satisfy pent-up demand from that previous decade. It is our view that this pent-up demand has been absorbed. Consequently, housing starts will, over the long-term, have to come in line closer to the latest estimate of household formation rates, roughly 175,000. R.I.P construction boom, 2002-2008.

Real Estate can Witness Major Collapse in the Next 6 Months

Real estate majors are pulling out of most projects and it is feared that the realty market will collapse in six months. Several giants are about to be wiped out. May be the true impact of the crisis will be felt after the Parliamentary elections. Real estate majors are rumoured to be pulling out of Uttar Pradesh and putting a stop to most of their ongoing housing projects. The reason is simple. The flats and offices they built are not selling and the consumers and housing loans they banked upon are ending up in default. The whole sector is in turmoil because there are instances where one person has invested in up to six to seven flats in the hope of making a killing by selling them and has now defaulted on the loans he took because the flats are not selling. The middle class dream of sudden riches is now over in India.

Stock Keeps Developers Going

The big builders are anticipating the worst, but for most of them, work is going on. The truckers’ strike has put a stop on the supply of sand, cement and other materials crucial for the construction sector to do its business. Speaking to The Times of India, managing director of Confident Group C J Roy said the transport strike was yet to affect the bigger builders, who had already stocked up on materials. But the fuel crisis was crippling the sector, with most facing difficulty in ferrying labourers and materials around the city or even the site. “We also need to take clients around to sites, this is also being affected,” he added.

Developers Face Crisis- Shelve Projects

With the information technology and business process outsourcing companies facing an uncertain future following a recession in the US, some real estate players developing space for these companies are being forced to shelve their projects, while others are slashing their rentals and renegotiating lease agreements to stay afloat. For these real estate developers, already reeling under the impact of a crash in property prices and a severe credit crunch, the demand from IT-BPO sector is shrinking fast. The rentals for IT ready-office spaces have already crashed by up to 40%.

Employment: Heavy Losses Continue in Changing Economy

Employment: Heavy Losses Continue in Changing Economy

Nonfarm employment fell 524,000 with broad declines in manufacturing, construction, and services. Aggregate hours declined for the ninth month in a row, signaling a drop of six percent in fourth quarter GDP. Jobs, like credit and output, are adjusting to the expected slow-growing economy of 2009-2010. Consumers remain challenged.

Employment Declines Signal Broad Consumer Weakness

Job declines were widespread with losses in manufacturing and construction - the only bright spots remaining are health care & education, which reflects demographic trends.In contrast to the broad trend of declines in private sector, government employment continues to grow. What might this suggest about the changing composition of the economy?

Race not deciding factor in Prop. 8 vote

Neither African-Americans nor any other ethnicity were disproportionately in support of Proposition 8, which changed California's constitution to ban same-sex marriage, according to a study of election results and post-vote surveys released Tuesday.

Rather, whether someone voted yes or no on the ballot measure was influenced mostly by the person's age, religiosity, party affiliation and general political ideology, the study's authors say.

UC, Cal State to freeze top salaries

With the economy in crisis and the state's budget being slashed, California's public universities announced Friday they will freeze salaries and perks for their top administrators.

The University of California and California State University systems said they would not give raises to executives on campuses or at university headquarters this year, and the UC system — pending approval by the Board of Regents next week — will cancel some bonuses for the highest-paid administrators.

Nearly 35,000 get UC holiday present

Nearly 35,000 former University of California students received a holiday gift from their alma mater: a check for as much as $12,000.

The university last month paid more than $33 million to former students who participated in a class-action lawsuit over disputed fees. A state appeals court ruled in November 2007 that UC had unfairly raised fees for thousands of students in 2003.

UC attorneys appealed the ruling, but the state Supreme Court declined to consider the case, leaving the university on the hook for the refunds and interest that boosted the total owed to $42 million. Most of the money was distributed in December.

Barbara Lee sworn in as caucus chairwoman

Rep. Barbara Lee was sworn in as chairwoman of the Congressional Black Caucus at a ceremony Tuesday morning on Capitol Hill.

Lee, D-Oakland, takes the 41-member caucus' reins as its power seems ascendant. Members will lead the House Judiciary, Homeland Security, Oversight and Government Reform, and Ways and Means committees in the Congress; Rep. James Clyburn will be the majority whip; and all of them will work in tandem with the nation's first black president, Barack Obama, of whom Lee was an early and ardent supporter.

Lionsgate to enter lucrative U.S. cable market

Lionsgate, the movie studio known for producing the Saw horror film franchise, has cut a deal to buy TV Guide Network and TVGuide.com for $255 million US from Macrovision Solutions.

With its own cable channel, Lionsgate will be able to broadcast the programming it had originally produced for other cable companies, including Weeds for Showtime and Mad Men for AMC.

Lionsgate says the all-cash acquisition gives it access to 83 million homes that can view the TV Guide Network.

Lionsgate to enter lucrative U.S. cable market

Lionsgate, the movie studio known for producing the Saw horror film franchise, has cut a deal to buy TV Guide Network and TVGuide.com for $255 million US from Macrovision Solutions.

With its own cable channel, Lionsgate will be able to broadcast the programming it had originally produced for other cable companies, including Weeds for Showtime and Mad Men for AMC.

Lionsgate says the all-cash acquisition gives it access to 83 million homes that can view the TV Guide Network.

Lionsgate to enter lucrative U.S. cable market

Lionsgate, the movie studio known for producing the Saw horror film franchise, has cut a deal to buy TV Guide Network and TVGuide.com for $255 million US from Macrovision Solutions.

With its own cable channel, Lionsgate will be able to broadcast the programming it had originally produced for other cable companies, including Weeds for Showtime and Mad Men for AMC.

Lionsgate says the all-cash acquisition gives it access to 83 million homes that can view the TV Guide Network.

Lionsgate to enter lucrative U.S. cable market

Lionsgate, the movie studio known for producing the Saw horror film franchise, has cut a deal to buy TV Guide Network and TVGuide.com for $255 million US from Macrovision Solutions.

With its own cable channel, Lionsgate will be able to broadcast the programming it had originally produced for other cable companies, including Weeds for Showtime and Mad Men for AMC.

Lionsgate says the all-cash acquisition gives it access to 83 million homes that can view the TV Guide Network.

Lionsgate to enter lucrative U.S. cable market

Lionsgate, the movie studio known for producing the Saw horror film franchise, has cut a deal to buy TV Guide Network and TVGuide.com for $255 million US from Macrovision Solutions.

With its own cable channel, Lionsgate will be able to broadcast the programming it had originally produced for other cable companies, including Weeds for Showtime and Mad Men for AMC.

Lionsgate says the all-cash acquisition gives it access to 83 million homes that can view the TV Guide Network.

Lionsgate to enter lucrative U.S. cable market

Lionsgate, the movie studio known for producing the Saw horror film franchise, has cut a deal to buy TV Guide Network and TVGuide.com for $255 million US from Macrovision Solutions.

With its own cable channel, Lionsgate will be able to broadcast the programming it had originally produced for other cable companies, including Weeds for Showtime and Mad Men for AMC.

Lionsgate says the all-cash acquisition gives it access to 83 million homes that can view the TV Guide Network.

Lionsgate to enter lucrative U.S. cable market

Lionsgate, the movie studio known for producing the Saw horror film franchise, has cut a deal to buy TV Guide Network and TVGuide.com for $255 million US from Macrovision Solutions.

With its own cable channel, Lionsgate will be able to broadcast the programming it had originally produced for other cable companies, including Weeds for Showtime and Mad Men for AMC.

Lionsgate says the all-cash acquisition gives it access to 83 million homes that can view the TV Guide Network.

Lionsgate to enter lucrative U.S. cable market

Lionsgate, the movie studio known for producing the Saw horror film franchise, has cut a deal to buy TV Guide Network and TVGuide.com for $255 million US from Macrovision Solutions.

With its own cable channel, Lionsgate will be able to broadcast the programming it had originally produced for other cable companies, including Weeds for Showtime and Mad Men for AMC.

Lionsgate says the all-cash acquisition gives it access to 83 million homes that can view the TV Guide Network.

Spend billions to boost economy: Canadian Centre for Policy Alternatives

The Canadian Centre for Policy Alternatives has jumped the gun on Ottawa and released its annual Alternative Federal Budget.

The centre suggests the federal government should spend $32.9 billion, or 2.1 per cent of GDP, in 2009 to stimulate the Canadian economy. It says the economy would get a three per cent boost and 407,000 jobs would be created.

The CCPA is an Ottawa-based research institute that calls itself one of Canada's leading progressive voices in public policy debates.

Spend billions to boost economy: Canadian Centre for Policy Alternatives

The Canadian Centre for Policy Alternatives has jumped the gun on Ottawa and released its annual Alternative Federal Budget.

The centre suggests the federal government should spend $32.9 billion, or 2.1 per cent of GDP, in 2009 to stimulate the Canadian economy. It says the economy would get a three per cent boost and 407,000 jobs would be created.

The CCPA is an Ottawa-based research institute that calls itself one of Canada's leading progressive voices in public policy debates.

Spend billions to boost economy: Canadian Centre for Policy Alternatives

The Canadian Centre for Policy Alternatives has jumped the gun on Ottawa and released its annual Alternative Federal Budget.

The centre suggests the federal government should spend $32.9 billion, or 2.1 per cent of GDP, in 2009 to stimulate the Canadian economy. It says the economy would get a three per cent boost and 407,000 jobs would be created.

The CCPA is an Ottawa-based research institute that calls itself one of Canada's leading progressive voices in public policy debates.

Spend billions to boost economy: Canadian Centre for Policy Alternatives

The Canadian Centre for Policy Alternatives has jumped the gun on Ottawa and released its annual Alternative Federal Budget.

The centre suggests the federal government should spend $32.9 billion, or 2.1 per cent of GDP, in 2009 to stimulate the Canadian economy. It says the economy would get a three per cent boost and 407,000 jobs would be created.

The CCPA is an Ottawa-based research institute that calls itself one of Canada's leading progressive voices in public policy debates.

Spend billions to boost economy: Canadian Centre for Policy Alternatives

The Canadian Centre for Policy Alternatives has jumped the gun on Ottawa and released its annual Alternative Federal Budget.

The centre suggests the federal government should spend $32.9 billion, or 2.1 per cent of GDP, in 2009 to stimulate the Canadian economy. It says the economy would get a three per cent boost and 407,000 jobs would be created.

The CCPA is an Ottawa-based research institute that calls itself one of Canada's leading progressive voices in public policy debates.

Institutional buildings buoy U.S. construction spending in November

Construction on offices, prisons and other non-residential structures kept U.S. construction spending from falling farther than expected in November, according to figures released Monday.

The U.S. Commerce Department said overall construction spending slid by 0.6 per cent in November, half the drop experienced in October and far less than what analysts had expected for the 11th month of the year.

Within the overall figure, however, the amount spent by governments and companies on non-residential buildings provided almost all of the lift in the monthly statistics as residential expenditures fell within November compared to October.

Freshman 15? Try freshman greens

MORAGA — At St. Mary's College, the campus vegetable garden comes with a motto: "By the students, for the students and, ultimately, in the students."

The four-month-old plot, tucked against the hills near the school's southeastern corner, is one of several new attempts by East Bay students to make their produce as local as possible. At colleges across the region, campus-grown vegetables and herbs are making their way into dining halls.

Market Heading Towards Dollar Safety

Market Heading Towards Dollar Safety

Overall, the currency market opens having most of the majors heading lower, as investors bought dollars. The recent international conflicts might have sparked a rally towards even more safety, empowering the dollar bulls. Ahead, the market is expected to move on a relative robust volume, despite the weak release calendar.

The Euro (Eur/Usd) is testing the 1.3850 level, the area where the pair bottomed on Thursday and Friday. The same support area also represents the 38.2% retrace of the euro bullish trend that lasted from November to mid December. Later this month, the ECB is expected to reduce the interest rate by 50 basis points.

New Year Begins with a Whimper Courtesy of ISM Manufacturing

New Year Begins with a Whimper Courtesy of ISM ManufacturingThe U.S. ISM Manufacturing index for December hit just 32.4, the weakest level since 1980 Production, new orders, backlog of orders, and employment all declined significantly The manufacturing sector appears set to remain a significant drag on the U.S. economy

The U.S. ISM Manufacturing index for December started the data calendar for the New Year with more of a whimper than a bang. The measure declined to just 32.4, far less than the prior month’s 36.2, and less than the market expectation for a 35.4 reading. Indeed, the new level is the lowest since 1980, speaking to the depth of the economic correction in the U.S. manufacturing sector.

US Dollar Ends Friday on Strong Note, Could Pull Back Next Week

US Dollar Ends Friday on Strong Note, Could Pull Back Next WeekEuro/US Dollar Consolidates Above Key Support - Breakout Potential?British Pound Outlook Hinges Upon the Bank of England's Rate Decision

US Dollar Ends Friday on Strong Note, Could Pull Back Next Week

The US dollar ended Friday mixed across the majors, as the currency gained against the euro, British pound, Swiss franc, and Japanese yen but fell versus the commodity dollars as oil rose toward $50/bbl. The greenback's gains came despite the release of disappointing US data, which also had little impact on stocks given the nearly 3 percent surge in the Dow Jones Industrial Average. This price action coincided with sell-offs in bonds and subsequent increases in Treasury yields, suggesting that interest rate expectations are in control, especially as Credit Suisse overnight index swaps are pricing in 50 basis points worth of rate increases by the Federal Reserve over the next 12 months. Focusing on the data on hand, ISM manufacturing fell to a 28-year low of 32.4 in December, signaling a sharp contraction in business activity. Even worse, the new orders and production components fell to the lowest levels since recordkeeping began in 1948, highlighting the severe impact of the US recession and global economic slowdown on manufacturers.