Tuesday, July 16, 2013

KU researchers hope to draw attention to financial-aid ideas in Washington next week

There's a chance you could see some KU researchers in the news on Monday, when a group of KU social welfare researchers is going to present a report about financial aid in Washington, D.C., with the help of the policy group the New America Foundation.

More details will be in their report, but I wrote about the group, the Assets and Education Initiative, earlier this year. The idea these KU researchers advocate, and what I imagine they'll be pitching in their first biannual report next week, is that America would be better off if it focused financial aid for college students less on loans and more on government-funded savings accounts that would be created at birth.

When I talked with the initative's director, William Elliott, about what to expect, he noted that this will be happening while financial aid is a frequent subject in the news, thanks to the recent doubling of subsidized federal student loan rates. For him and his colleagues, he said the aim would be to shift that conversation to the bigger picture, asking if student loans are really the best way to make higher education more accessible in the first place.

"There are different ways of thinking about the college debt situation, and how we can potentially maximize the dollars that we're already spending," Elliott said.

He says people should think not just about providing aid so students can attend college ??they should think about providing aid that will help students be more successful in college and in their lives afterward. And his research has suggested that college savings accounts for children, even ones smaller than $500, would do just that.

Elliott says a contingent of four people from KU will spend Monday in Washington rolling out their report and hoping to draw some media coverage, and on Tuesday they'll meet with some U.S. senators and their staffs.

Your KU news tips are like a college savings account for me: They correlate strongly with my future success. So send 'em to merickson@ljworld.com.

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  • Source: http://www2.ljworld.com/weblogs/heard_hill/2013/jul/12/ku-researchers-hope-to-draw-attention-to/

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    Salvage crews rush for 1 chance to move Concordia

    GIGLIO, Italy (AP) ? Salvage crews are working against time to remove the shipwrecked Costa Concordia cruise ship, which is slowly being crushed under its own weight on its perch of granite seabed off the Tuscan island of Giglio. Officials said Monday that if this attempt fails, there won't be a second chance.

    Nick Sloane, the leader of the salvage operation, said the Concordia has compressed some 3 meters (10 feet) since it came to rest on its side on the rocky perch Jan. 13, 2012, after ramming a jagged reef when it skirted too close to the island during a publicity stunt allegedly ordered by the captain; 32 people were killed.

    Sloane, an engineer for U.S.-owned company Titan Salvage, said experts would have one chance to pull the ship upright and float it away to the mainland for demolition. The attempt will probably take place in mid-September. "We cannot put it back" down and start over, said Sloane.

    Sloane spoke aboard a work boat as he accompanied journalists for a close-hand look of the wreckage on the eve of the trial of Capt. Francesco Schettino, who is charged with manslaughter, causing a shipwreck and abandoning the ship before all passengers had been evacuated.

    The trial, which was supposed to get under way July 9, was postponed until Wednesday due to a lawyers' strike. The Italian captain denies wrongdoing, and claims his skillful guiding of the ship after the collision helped save countless lives.

    The timetable to remove the Concordia has also been back. The original plan envisioned removal before start of this summer, but bad weather undermined those plans.

    "We lost two months to weather," said salvage master Sloane, explaining that the season's harsh sea conditions made it risky for diving teams to work, including installing bags that are filled with cement to provide a more stable base when the flat-keeled ship is pulled upright.

    Sloane said the granite seabed also proved more resistant to drilling than imagined. It was "like trying to drill through glass at a 45-degree angle."

    Pressure to make the unprecedented operation succeed is mounting as experts worry that a small window of opportunity to pull off the ambitious feat could shut in a few months.

    "Another winter and we might not be able to parbuckle," Sloane said, using the nautical term for righting a ship. He expressed concern that the ship might compress even further, making it impossible to pull it up upright and into a position so it can be floated away.

    The project calls for dozens of crane-like pulleys flanking the ship to slowly start tilting the vessel upright at a rate of 3 meters (yards) per hour. In all, the parbuckling should take about 12 hours.

    On Monday several welders moved like Spiderman on the now horizontal hull, securing steel pieces which will function like hooks. Steel chains weighing 17,000 tons are being looped under the wreck to help pull it upright. So far 18 chains have been laid, with the remaining four to be put in place over the next few days.

    To work on the tilted wreck, the welders were given five days of climbing training on nearly sheer granite rocks on the island by instructors from Italy's Dolomite mountains.

    Crews are also attaching caissons, or tanks, to the exposed flank of the Concordia. The caissons will be filled with water to add weight and help pull the ship upright. Identical caissons will be attached to the submerged side of the ship once it's righted. The caissons on both sides will then be filled with air to float the ship up off the rocks so it can be towed away.

    The 70-meter-long gash on the Concordia's hull has been largely covered with metal plates, though an exposed 3-meter (10 foot) wide hole remains, resembling a truck garage entrance. Crews said there was no need to cover that remaining hole. The gash itself wasn't repaired, since engineers said it wasn't necessary. The salvage operation extracted 96 tons of granite reef from the hole, Sloane said.

    Just inside the gashed area were four compartments designed to be water-tight, including engine rooms, Sloane noted.

    At the very top level of the luxury liner, just over the area where the reef speared the ship like a jagged knife, was the passenger dining room. Its big picture windows gave diners a view of the lights of Giglio as the Concordia tried to glide close to the coast, the inky blackness of a winter's night view broken only by the lights in islanders' houses.

    Survivors have recounted how, many of them dressed in cocktail dresses and suits, were just sitting down for a gala first-night meal when the collision occurred, setting off panic and confusion with no quick word from the crew about what exactly had happened.

    After slamming into the reef off Giglio, the ship drifted toward port, where, badly listing as it rapidly took on seawater, it capsized. Passengers described a frantic and delayed evacuation, with the bridge initially insisting to inquiring coast guardsmen that the ship had merely suffered a blackout.

    Bodies of two of the victims ? an Italian passenger and of a Filipino waiter ? were never found.

    Every day, divers "see mattresses and towels hanging from balconies. Every time they see it, they are very aware ... there are still bodies" possibly under the wreck, Sloane said. The removal projects' divers haven't gone into the wreckage; the futile search for the last two victims' bodies was conducted earlier by fire department and coast guard divers.

    Franco Porcellacchia, coordinator of removal plans for Costa, which is owned by Miami-based Carnival Corp., estimated that the removal would cost about 500 million euros, paid for by insurers.

    Where the wreck will be towed for demolition ? assuming it can be floated away ? has yet to be decided, although Italian media have mentioned the Tuscan port of Piombino as a possibility. Porcellacchia said one difficulty is finding a port that can handle the cruise ship's dimensions, which will be made even wider by the caissons that will be attached to each side.

    While Giglio has fretted about losing tourists because of the wreck, the island's port bustled with vacationers Monday. And the removal has brought new business: Two hotels overlooking the wreck are booked year-round by crews.

    At cafes near the port on Monday, welders in work jumpsuits and rubber boots rubbed elbows with sunbathers in shorts and flip-flops.

    A bronze plaque along a harbor wall lists the name of the 32 people who perished on what was supposed to be a pleasure cruise.

    Source: http://news.yahoo.com/salvage-crews-rush-1-chance-move-concordia-131325849.html

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    Facebook, Salesforce: Why AllianzGI Fund Likes Them

    Like many fund families, Allianz Global Investors has an army of analysts. Allianz also has a survey division that helps managers decide how to invest in stocks.

    That's one reason a portfolio like $489 million AllianzGI Focused Growth Fund is still comfortable with Facebook (FB).

    The social networking platform, which went public in May 2012 at 38, now trades around 26. Investors question its ability to shift to mobile advertising from desktop computers. And the media have mocked the company's pratfalls, says Focused Growth lead manager Scott Migliori.

    But Allianz's latest survey of Facebook users, a month ago, found many are enthusiastic about features such as its photo-sharing app Instagram. "Instagram is a hidden asset," Migliori said. "It's getting traction with new video feeds."

    Insights like that give the fund conviction in its Facebook stake. The fund boosted its position 3% in June to over 686,000 shares. The stock is up 16% from its June 6 low vs. about 8% for the S&P 500.

    Migliori's team has run the fund since Sept. 24. The biggest change it made was to make the fund more concentrated.

    The fund has 37 stocks, about the midpoint of its range of 25 to 45. Previously the fund typically held 50 stocks.

    When volatility drops and the market is poised to rise, the fund wants to be more focused. The fund is likely to expand its portfolio soon. "We're close to where volatility is likely to rise," Migliori said.

    Tech Trims

    The fund's biggest sector is technology. Its 26% weighting as of June 30 topped the 24% average for large-cap funds tracked by Morningstar Inc. and 17% in the S&P 500.

    The fund's biggest tech holdings are Microsoft (MSFT), Google (GOOG) and Facebook.

    The fund has pared its Microsoft and Google positions since January. "Both have had good runs," Migliori said. "We took profits and reallocated to other areas."

    The fund sold the last of its Oracle (ORCL) stock in June after two months of trims. The analytics software maker's Q4 earnings fell 2% as the company reported its sales fell short of analysts' expectations.

    "Oracle has been negatively impacted by cloud pure plays like Salesforce.com (CRM) and WorkDay (WDAY)," Migliori said. "So Oracle's fundamentals are not progressing."

    The fund also owns Salesforce.com. The fund began its current stake in February. It boosted its position in June to nearly 309,000 shares, up 26% from May.

    Stock in the enterprise software company has regained roughly half of what it lost in a sell-off that began in late May when it gave guidance that just missed views and released Q1 earnings that just met expectations.

    The fund upped its stake in Biogen Idec (BIIB) by 57% in June. Biogen bought an interest in multiple sclerosis drug Tysabri. Migliori expects the deal to be accretive to Biogen earnings.

    He also likes MS drug Tecfidera despite some investors' concerns about Biogen's ability to win patent protection in Europe.

    The fund was up 16.59% this year going into Monday vs. 16.94% for its large-cap growth rivals tracked by Morningstar Inc. and 19.16% for the S&P 500. Over the past three years its average annual return is 17.01% vs. 16.81% for its peer group and 18.44% for the S&P 500.

    Source: http://us.rd.yahoo.com/finance/external/investors/rss/SIG=1311fkhmm/*http%3A//news.investors.com/article/663773/071513/surveys-help-allianzgi-fund-choose-its-buys.htm?ven=yahoocp&ven=yahoo

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    Japanese auto companies eye Indonesia and India

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    Sunday, July 14, 2013

    Parent of firm planning state jobs under scrutiny

    LONDON ? The parent company of Serco Inc. ? the firm with plans to employ as many as 1,000 people in Northwest Arkansas ? is being investigated by British government auditors who say Serco Group PLC and security company G4S overcharged on contracts to monitor offenders ordered to wear electronic monitoring devices.


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    Source: http://www.nwaonline.com/news/2013/jul/13/parent-firm-planning-state-jobs-under-scr-20130713/

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    Italian senator likens black minister to orangutan

    ROME (AP) ? Premier Enrico Letta has harshly criticized a top Italian senator who likened the country's first black Cabinet minister to an orangutan, the latest episode of high-profile racial tension in a nation grappling with immigration.

    In a statement Sunday, Letta denounced Roberto Calderoli's words as "unacceptable" and "beyond every limit."

    Calderoli, the Senate's vice president and a leader of the anti-immigrant Northern League party, made denigrating remarks about Immigration Minister Cecile Kyenge while he was speaking at a party rally Saturday in northern Italy, the populist movement's power base.

    "When I see images of Kyenge I cannot help think, even if I don't say that she is one, of a resemblance to an orangutan," Corriere della Sera newspaper quoted Calderoli as saying. On Sunday, Calderoli said he was making a joke, and meant no offense to the minister.

    Kyenge is a Congolese-born doctor who became Italy's first black minister when Letta's Cabinet was sworn in in April. Reactions to her appointment have added to political tensions in Italy this summer, and Letta's coalition government, which faces economic and other pressures, is extremely fragile.

    Calderoli told the rally that Kyenge has done well to become a minister, but "perhaps she should do it in her own country." He further was quoted as saying she "makes so many clandestine migrants who come here dream" that they will find "America" in Italy.

    The Northern League isn't in the government but has long been the closest political ally of former Premier Silvio Berlusconi's center-right party, which is Letta's main partner in the coalition government. Calderoli's remarks sparked calls for him to resign, including from one of Kyenge's fellow ministers, Gianpiero D'Alia.

    D'Alia, a centrist who serves as Letta's public administration minister, told Sky TG24 that Calderoli's comments recalled the "language of the Ku Klux Klan," the U.S.-based white supremacist movement.

    Kyenge said politicians should take the occasion to "reflect on what kind of debate they want ... about content or about insults."

    Last month, Kyenge, who has lived in Italy since 1983, received death threats before she visited the northern region that is Calderoli's party base. The xenophobic Northern League expelled a local politician after she suggested on Facebook that someone should rape Kyenge so she "can understand what victims of atrocious crimes feel." The League's leaders blame immigrants for violent crime in Italy.

    Northern League secretary Matteo Salvini said Calderoli 's orangutan remark was a "shocking wisecrack, an out-of-line" comment.

    Kyenge has in the past said that such racism is really directed at all Italians, not just her.

    Immigration is a relatively new phenomenon in Italy, where past centuries saw many Italians leave in search of work in North and South America and Australia.

    Kyenge, interviewed by Sky, said Italy needs to develop a culture against racism.

    She said racism "is about hate, the fear of what's different."

    Source: http://news.yahoo.com/italian-senator-likens-black-minister-orangutan-140226347.html

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    Boycott Florida

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    Source: www.olddominionblogs.com --- Sunday, July 14, 2013
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