Internet Marketing Cash Accelerator | wheredainterweb

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ECB bond purchases face German legal challenge

KARLSRUHE, Germany (AP) ? A key European Central Bank program that has been credited with calming the three-year euro crisis faces a legal challenge Tuesday in Germany's highest court.

The Federal Constitutional Court in Karlsruhe is considering arguments against the ECB's offer to buy government bonds and lower borrowing costs for indebted countries.

Opponents of the bond-buying program say the program oversteps the ECB's mandate which forbid it from financing governments.

The arguments against the program, known as Outright Monetary Transactions, have been added to another challenge against Germany's ratification of the euro region's emergency bailout fund. The current challenges cite both EU laws and the German constitution's provision that only the elected national parliament can decide how taxpayer money is spent.

European Union efforts to rescue financial troubled countries have run into popular opposition in Germany, the biggest financial backer of any bailout or financial backstop due to its status as the biggest eurozone economy.

Any ruling against the OMT would likely effectively torpedo the OMT. Analysts say that an outright rejection is highly unlikely but markets are watching to see if the judges attach any conditions that might raise doubts about its effectiveness. It's also possible that some issues could be referred to the EU's own court. Karlsruhe judges will hear oral arguments Tuesday and Wednesday; a decision might not come for several months.

The OMT program was created after ECB head Mario Draghi dramatically vowed last July 26 to "do whatever it takes" to save the euro. The ECB hasn't bought any bonds. But the program's mere existence has helped lower countries' borrowing costs and eased fears the 17-country euro union might break apart. To take part the scheme, a country would have to commit to reduce its debts and deficits, as well as accept a bailout loan or credit line from the European Union's financial rescue fund, the European Stability Mechanism.

By buying up the country's bonds, the ECB program would help drive up a bond's price at the same time as lowing the interest rate charged on them. This process would mean lower interest costs for governments the next time they borrow money by selling new bonds.

A key aspect behind the program's success so far is the ECB's statement that there wouldn't be any limit on how many bonds it could buy. That has kept markets wary of going against the central bank and its financial firepower.

The ECB is sending Joerg Asmussen, a former German finance ministry official who has since been appointed to the ECB's six-member executive board, to defend the program.

Also testifying is OMT critic Jens Weidmann, the head of Germany's Bundesbank national central bank. Weidmann, who sits on the 23-member ECB rate-setting council by virtue of his job as Bundesbank head, was the only member to vote against setting up the OMT program on Sept. 6 last year.

Michael Wohlgemuth, an economist with the Open Europe Berlin think tank, said Asmussen would face a balancing act, needing to both argue that the program remained within legal limits while taking care not to give the impression such limits would undermine its potential effectiveness.

"That is the trade-off that has to be made somehow ? appease the constitutional court without getting financial markets in a panic," said Wohlgemuth.

Source: http://news.yahoo.com/ecb-bond-purchases-face-german-legal-challenge-072248924.html

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Change to Data-Program Laws Unlikely (WSJ)

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Franken said he was unsurprised by NSA revelations (Star Tribune)

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Enterprise to offer seven day a week car rental in UK | News ...

Enterprise Rent-A-Car has announced plans to open over 50 of its 370-location branch network in the UK for seven days a week.

This initiative forms an integral part of the company?s growing appeal to leisure renters.

It follows a successful trial in 2012, at 11 locations in Greater London and another seven around the UK, which saw a hugely positive response from both corporate and private customers.

This demand has prompted Enterprise to expand seven-day opening to a much wider section of its branch network.

The more than 50 locations have been specifically selected by Enterprise due to their proximity to highly populated urban areas and commuter belts.

They will provide greater flexibility and choice to anyone who needs to hire a car, whether travelling within the UK or coming from another country.

This new programme is in addition to Enterprise?s 17 UK airport locations, all of which already operate seven days a week.

Mike Nigro, managing director UK & Ireland at Enterprise Rent-A-Car, commented: ?Seven-day opening is one of the most immediately successful programmes we?ve ever introduced.

?The initial trial period showed extremely high demand for both collection and return of rental cars over the weekend.

?It?s not just airport branches that need to service customers seven days a week.

?The ability to collect or return vehicles on a Sunday rather than waiting until Monday will ensure leisure travellers throughout the UK won?t spend more than they have to on rentals.

?It offers an even more flexible approach to car and van hire.?

The branches involved will begin their weekend opening over the next six months.

Source: http://www.breakingtravelnews.com/news/article/enterprise-to-offer-seven-day-a-week-car-rental-in-uk/

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Jim Kelly is 'recovering comfortably' after cancer surgery - SB Nation

Jim Kelly is reportedly recovering well from surgery Friday morning. The Hall of Famer revealed last week that he has cancer in his upper jaw bone.

Jim Kelly is "recovering comfortably" after undergoing successful jaw surgery Friday morning. The Buffalo Bills Hall of Fame quarterback revealed last week that he has cancer in his upper jaw bone. The Eric County Medical Center released a statement describing the procedure and expressed optimism for Kelly's recovery.

"At Mr. Kelly's request, we thank everyone for their concern and well wishes for him and his family. Today, Mr. Kelly underwent a partial maxillectomy to remove a squamous cell carcinoma of the upper gingival caused by chronic irritation at the gum site. He underwent reconstruction with a dental obturator. The surgery went very well.

"We are hopeful for and anticipate a speedy recovery and successful outcome.

"Mr. Kelly is recovering comfortably at this time. He is in the capable care of the great nurses and staff here at ECMC. He will remain here at the hospital until he feels comfortable to go home."

Kelly may still need to undergo chemotherapy or radiation treatment, though whether those procedures will be necessary is still unknown. Tomography scans of Kelly's showed that the cancer had not spread to other parts of the body. The cancer has a five-year recovery rate above 50 percent.

Kelly has had to battle several health issues over the past several years, including back and neck surgeries, and a procedure to remove a nickel-size cyst in his upper gums and nasal cavity. Thanfully, his current prognosis appears positive.

More from SB Nation:

? Ravens SB rings are big, shiny

? Let?s move the Jaguars!

? Raiders have nowhere to go but up

? With Payton back, will Saints rebound?

? How signing Bradshaw could help the Colts

? #Panquake: The pancake-eating marathon for charity

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Source: http://www.sbnation.com/nfl/2013/6/10/4414056/jim-kelly-resting-comfortably-cancer

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Rafael Nadal Wins French Open, Defeats David Ferrer For Historic 8th Title At Roland Garros

PARIS ? If Rafael Nadal truly was going to be challenged, if his bid for an unprecedented eighth French Open championship would be slowed even a bit, this might have been the moment.

Leading by a set and a break 70 minutes into Sunday's final against David Ferrer, another generally indefatigable Spaniard, Nadal faced four break points in one game. The last was a 31-stroke exchange, the match's longest, capped when Nadal absorbed Ferrer's strong backhand approach and transformed it into a cross-court backhand passing shot.

Ferrer glared at the ball as it flew past and landed in a corner, then smiled ruefully. What else was there to do? Dealing with Nadal's defense-to-offense on red clay is a thankless task. His rain-soaked 6-3, 6-2, 6-3 victory over Ferrer was Nadal's record 59th win in 60 matches at the French Open and made him the only man with eight titles at any Grand Slam tournament.

"I never like to compare years, but it's true that this year means something very special for me," Nadal said, alluding to the way he managed to come back from a left knee injury that sidelined him for about seven months.

"When you have a period of time like I had," he added, "you realize that you don't know if you will have the chance to be back here with this trophy another time."

But he does it, year after year.

He won four French Opens in a row from 2005-08, and another four in a row from 2010-13.

"Rafael was better than me," said Ferrer, who had won all 18 sets he'd played the past two weeks to reach his first Grand Slam final at age 31. "He didn't make mistakes."

A week past his 27th birthday, Nadal now owns 12 major trophies in all ? including two from Wimbledon, one each from the U.S. Open and Australian Open ? to eclipse Bjorn Borg and Rod Laver and equal Roy Emerson for the third-most in history. Nadal trails only Roger Federer's 17 and Pete Sampras' 14.

"Winning 17 Grand Slam titles, that's miles away," Nadal said. "I'm not even thinking about it."

This was Nadal's first major tournament after a surprising second-round loss at Wimbledon last June. Since rejoining the tour in February, he is 43-2 with seven titles and two runner-up finishes. He's won his past 22 matches.

"For me, it's incredible," said Toni Nadal, Rafael's uncle and coach. "When I think of all that Rafael has done, I don't understand it."

No one, perhaps not even Ferrer himself, expected Nadal to lose Sunday.

That's because of Nadal's skill on clay, in general, and at Roland Garros, in particular, but also because of how Ferrer had fared against his friend and countryman ? and video-game competitor ? in the past.

Ferrer entered Sunday 4-19 against Nadal. On clay, Nadal had 16 consecutive victories over Ferrer, whose only head-to-head win on the surface came the first time they played, in July 2004, when Nadal was 18.

Nadal had yet to make his French Open debut then, missing it that year because of a broken left foot. On May 23, 2005, Nadal played his first match at Roland Garros, beating Lars Burgsmuller 6-1, 7-6 (4), 6-1 on Court 1, known as the "bullring" because of its oval shape.

And so began the reign.

Nadal won a record 31 consecutive matches at the French Open until the fourth round in 2009, when Robin Soderling beat him. In 2010, Nadal started a new streak, which currently stands at 28.

There was occasional shakiness this year. Nadal lost the first set of each of his first two matches and was pushed to a tiebreaker to begin his third.

He barely edged No. 1-ranked Novak Djokovic in a thrilling semifinal that lasted more than 4 1/2 hours and ended 9-7 in the fifth set Friday.

By any measure, that match was far more enjoyable to take in than the final, akin to dining on a filet mignon accompanied by a well-aged bottle of Bordeaux one day, then grabbing a hot dog and can of soda from a street vendor 48 hours later.

Under a leaden sky that eventually would release a steady shower from the second set on, Ferrer felt nerves at the outset, he acknowledged later. But after the players traded early breaks, Ferrer held for a 3-2 lead.

That's when Nadal took over, winning seven games in a row and 12 of 14. His court coverage was impeccable, as usual, showing no signs of any problems from that left knee, which was supported by a band of white tape. His lefty forehand whips were on-target, accounting for 19 of his 35 winners and repeatedly forcing errors from Ferrer.

When Nadal did have lapses, he admonished himself, once slapping his forehead with his right palm after pushing a lob wide. But what's demoralizing for opponents is the way Nadal slams the door when they have openings, then rushes through when he gets the slightest chance.

He was at his relentless best on key points, including those four break chances for Ferrer at 3-1 in the second set. Immediately after, Nadal broke to 5-1 on a forehand winner down the line.

As Nadal prepared to serve in the next game, a man wearing a white mask and carrying a fiery flare jumped out of the stands nearby. The intruder quickly was shoved to the ground by one security guard, while another went to protect Nadal.

"I felt a little bit scared at the first moment," Nadal said, "because I didn't see what's going on."

It happened within a few minutes of other actions by protesters, including chanting from the upper deck that briefly delayed play. Police said seven people were held for questioning.

Nadal got broken in that game, then broke back right away to take the second set.

The third set was similar to the first. It was 3-all, then suddenly over. Nadal took the last three games, ending the match with a forehand winner before dropping his racket and falling on his back, leaving a rust-colored smudge on his white shirt and flecks of clay on his stubbled cheeks. Soon he was standing, holding his index finger aloft.

Yes, Nadal is No. 1 at the French Open. When the ATP rankings are issued Monday, however, he will be No. 5, because of points he dropped while hurt.

Ferrer will be at No. 4.

"Yeah, it's strange, no? I lost the final against Rafael, but tomorrow I am going to be No. 4 and him No. 5," Ferrer said with a grin, then delivered his punch line: "I prefer to win here and to stay No. 5."

Sorry, David. This is Nadal's tournament.

Now the question becomes: Is eight enough?

___

Follow Howard Fendrich on Twitter at http://twitter.com/HowardFendrich

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Source: http://www.huffingtonpost.com/2013/06/09/rafael-nadal-wins-french-open-ferrer_n_3411852.html

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