(CNN) -- It was a simple ceremony on the northern bank of Washington's Tidal Basin, attended by only a few people.
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Saturday, March 24, 2012
Friday, March 23, 2012
Cherry blossoms coming soon
(CNN) -- It was a simple ceremony on the northern bank of Washington's Tidal Basin, attended by only a few people.
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Spectacular hotel rooftop pools
(Departures ) -- The Skypark pool atop the Marina Bay Sands hotel in Singapore might be one of the most magnificent pools on earth: It's an infinity-edged oasis 650 feet above ground with a mind-blowing view of the city's skyline. It's part of a massive rooftop entertainment platform perched atop three skyscrapers.
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Thursday, March 22, 2012
China hits rough patch, but landing looks soft
Chinese manufacturing is slowing but the overall economic outlook remains fairly robust, easing worries of a hard landing.
NEW YORK (CNNMoney) -- The high-flying Chinese economy appears to be losing some altitude, but experts say the danger of a hard landing still seems remote.
Thursday's disappointing reading on Chinese manufacturing was just the latest data to take the wind out of the U.S. stock market and pressure prices for industrial commodities.
Investors have been worried that China's economy may be slowing at a faster clip than previously thought.
Shares of U.S. companies that do a lot of business in China bore the brunt, with Caterpillar (CAT, Fortune 500), Alcoa (AA, Fortune 500) and Boeing (BA, Fortune 500) falling sharply.
The Shanghai Composite (SHCOMP) and the Heng Seng (HSI) have both declined more than 1% so far this week.
Crude oil and copper prices have also tumbled this week. Copper, in particular, is considered a barometer of overall economic health because it's used to manufacture everything from pipes for plumbing to cars to semiconductors.
While the Chinese economy is definitely slowing down, concerns about a so-called hard landing may be overdone, said Brian Gendreau, professor of finance at the University of Florida.
"I don't know that this is the clarion call for people to exit their China positions," said Gendreau, who is also a market strategist at broker-dealer Financial Network. "If they do that, they may find themselves having to buy them back later this year."
Economists expect China's gross domestic product, the broadest measure of economic activity, to grow between 8% and 8.5% this year. That would be down from 9.2% last year and well below the most recent peak of 14% in 2007.
Even a decline to 8% is pretty robust compared with developed economies such as the United States, which is forecast to grow about 1.8% this year.
The Chinese government has taken steps to cool the nation's economy in an effort to combat inflation and deflate a bubble in the property market.
Earlier this month, Chinese Premier Wen Jiabao lowered the nation's GDP target for 2012 to 7.5% from 8%, highlighting the government's focus on more sustainable growth.
Yet the recent spate of less-than-stellar economic news may raise pressure on the Chinese government to move toward more growth-friendly policies.
"The policy bias is clearly towards easing and being more preemptive," said Xian Liang, senior China analyst with U.S. Global Investors. "The government would act before things get worse."
In addition, economist say the slowdown in China is being driven largely by declining exports to the nation's main trading partners, including Europe and the United States.
Thursday's manufacturing report is "reflective of the fact that export growth has declined because of the slowdown around the world," said Jay Bryson, global economist at Wells Fargo Securities.
Official statistics due out next month, which include state-run enterprises, could show a slightly different picture of the Chinese manufacturing sector, he added.
Still, some economists warn that the data out of China could continue to disappoint investors and stoke concerns about a hard landing in the near term.
China's economy is expected to expand 7% in the first quarter, which would be the weakest quarter of the year, according to Barclays Capital's estimates.
While growth is expected to pick up again later in the year, worries about a hard landing could continue to weigh on financial markets.
"Whether our base case of a soft landing or the worse case of a hard landing materializes, the risk that investors take fright from a spate of weaker data is material," Barclays analysts said in a report.
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Wednesday, March 21, 2012
Closing arguments completed
New Brunswick, New Jersey (CNN) -- The defense and prosecution wrapped up their closing arguments Tuesday in the trial of a former Rutgers student accused of spying on and intimidating his gay roommate, who later killed himself by jumping off New York's George Washington Bridge.
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Smith, 49ers working to finalizing three-year deal
SAN FRANCISCO (AP) -- Alex Smith and the San Francisco 49ers were working Tuesday night to finalize a three-year contract, a person with knowledge of the negotiations said.
The person, speaking on condition of anonymity because no announcement had been made, said Tuesday night final details were still being worked out and it could be complete as soon as Wednesday.
"Oh, I'm excited," tight end Vernon Davis said in a text message. "I'm glad. Alex deserves all good things that come his way."
NFL Network first reported the sides had agreed on a new deal, which ESPN reported to be worth $24 million. Earlier in the day, Peyton Manning was formally introduced in Denver after the 49ers pursued the four-time NFL MVP. Coach Jim Harbaugh worked out Manning at Duke last Tuesday.
The 27-year-old Smith had met with Miami on Sunday but ultimately decided to stay put with the storied franchise that drafted him first overall in 2005.
Smith had a breakthrough season last year, helping San Francisco reach the NFC title game.
"Welcome Back (hashtag)AlexSmith. Let's get the train rolling now," tweeted 49ers defensive lineman Ricky Jean Francois.
Both sides made it clear after the Niners' 20-17 overtime loss to the eventual Super Bowl champion New York Giants in the NFC championship game they planned to work out a new deal.
It just took a little while longer than expected after Manning briefly entered the picture.
While Smith told the South Florida Sun-Sentinel on Sunday he was surprised Manning became a free agent, he said he understood the business side of the NFL - so perhaps it won't take long for Harbaugh and Smith to get over San Francisco's weeklong courting of Manning.
"It's a very strong relationship," Harbaugh told reporters while leaving team headquarters Tuesday, noting nothing had changed in Smith being "our guy." He declined to discuss negotiations.
Last spring, Harbaugh handed over his playbook to Smith during a brief lifting of the lockout - a show of confidence in the QB even though he wasn't under contract. Smith wound up re-signing for $4.9 million, then earned a $1 million bonus for making the playoffs as the 49ers ended an eight-year stretch without a postseason berth or winning record.
"I don't think there will be any bad blood because he went to Miami for an interview," former 49ers running back great Roger Craig said Tuesday. "That's part of the process, it's the nature of the beast. He has to do what's best for him and his family. I'm pretty sure the 49ers are going to work something out. Players love him, fans love him. I love him.
"I think Alex wants to get this put to bed so he can focus on having a great year, an All-Pro year this year," Craig said. "He doesn't want this dark cloud over him. It's really his time, and he understands the business. He knows it's a good situation."
49ers CEO Jed York had said the team's three-year offer still stood despite the pursuit of Manning, and it was just up to Smith to sign.
Long booed by his home fans at Candlestick Park, Smith threw for 3,150 yards and 17 touchdowns with only five interceptions last year as San Francisco went 13-3 to win its first division title since 2002. That was a remarkable turnaround under first-year coach and 15-year NFL quarterback Harbaugh - the NFL coach of the year - who declared his confidence in Smith as a winner from Day 1 when hired away from Stanford in January 2011.
San Francisco went 6-2 on the road and won four of those games in comeback fashion - and Smith rallied his team from behind five times in all, not to mention a 36-32 victory against the favored Saints in the NFC divisional playoffs. Smith completed a 14-yard touchdown pass to Davis with 9 seconds left to seal it after Drew Brees had put his team ahead.
"I can see these guys dominating for the next decade," Craig said. "The kind of intangibles Harbaugh brings to the table, he's very competitive and a smart guy and players believe in him, and just look how Alex stepped up his game."
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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