Typhoon Rammasun has killed 38 people and left millions without power in central Philippines.
Ten more people were injured by the powerful storm and another eight remain missing, according to authorities.
Typhoon Rammasun swept through the country on Tuesday night before making a shift away from Manila on Wednesday.
Typhoon Rammasun has killed 38 people and left millions without power in central Philippines
More than 530,000 people took refuge in evacuation centers. Many of those who died were killed while outdoors by falling trees and flying debris.
Millions living in provinces southeast of the capital still have no power, according to news agencies.
Officials have managed to restore power to only half of Luzon, which has 17 million people.
Much of the eastern region of Bicol, which was hit first by the storm and is home to five million, is also without electricity.
Manila was hit by widespread blackouts as well, but most of the city’s power has since been restored.
Officials said more than one million people were affected by the storm. Most of them were from Bicol.
Typhoon Rammasun is now heading westwards towards China’s Hainan island. The Tropical Storm Risk website is predicting it will gain in strength to Category 2 – one grade below its strength in the Philippines – within 24 hours.
The US has announced it is increasing sanctions against Russia over Ukraine, targeting major banks, defense and energy companies.
Among those on the list are Gazprombank and Rosneft as well as senior officials in Russia and the self-declared rebel entities in eastern Ukraine.
The US has steadily escalated its sanctions against Russia over what it says is Moscow’s backing of the rebels – a claim denied by the Kremlin.
The EU also agreed to tighten its own sanctions against Russia.
The leaders of the 28-member bloc are currently holding talks in Brussels.
The new round of US sanctions announced by the US treasury department significantly expands previous penalties by Washington, which were limited to individuals in Russia and Ukraine and a number of companies.
President Barack Obama said the US sanctions were imposed because Russia had failed to fulfill it promises to de-escalate the crisis in Ukraine
This time they include the giant oil firm Rosneft and two major banks – Gazprombank and Vnesheconombank.
The weapons manufacturer Kalashnikov Concern is also on the list.
Two self-proclaimed rebel entities in eastern Ukraine – the Donetsk People’s Republic and the Luhansk People’s Republic – are also targeted.
Speaking in Washington, President Barack Obama said the sanctions were imposed because Russia had failed to fulfill it promises to de-escalate the crisis in Ukraine.
Barack Obama also stressed America’s support for Ukraine, saying that “Ukrainians deserve to forge their own destiny”.
The US penalties stop short of a complete disengagement with sectors of the Russian economy – a step that US officials said was being held in reserve in case Moscow launches a military invasion of Ukraine.
Russia denounced the US move. Deputy Foreign Minister Sergei Ryabkov said Russia would take measures “that will be felt quite painfully in Washington”, Interfax news agency reports.
In Ukraine itself, heavy fighting continued in the east.
Ukrainian officials said 11 soldiers died in the space of 24 hours. The number of casualties among pro-Russian separatists was not immediately known.
Israel has announced it will observe a “humanitarian ceasefire” in Gaza on July 17, after days of deadly rocket and missile exchanges with militants.
A statement from the Israeli military said it would hold fire on Thursday, from 10:00 to 15:00, to allow residents to stock up on supplies.
Palestinian officials say Israeli raids have killed 220 Gazans and wounded almost 1,800 since July 8.
Hamas militants have fired more than 1,200 rockets, killing one Israeli.
The ceasefire had been requested by the UN and other international organizations.
Israel has agreed to 5-hour ceasefire to allow humanitarian aid into Gaza
But the statement by the Israeli Defense Forces (IDF) added that Israel would respond “firmly and decisively” should the humanitarian window be used by militants “for the purpose of launching attacks against Israeli civilian or military targets”.
The move was announced hours after Hamas, the dominant force in Gaza, confirmed that it had rejected an earlier ceasefire proposed by Egypt.
Israel initially observed the ceasefire on Tuesday, but resumed its strikes amid continued rocket fire from Gaza.
Four children were among those killed in Israeli strikes on Wednesday. They died while playing on a beach near Gaza City.
The IDF said they were “carefully investigating” the incident, adding that “based on preliminary results, the target of this strike was Hamas terrorist operatives”.
“The reported civilian causalities from this strike are a tragic outcome,” the statement said.
Israel launched its Operation Protective Edge on July 8. Its stated objective is to halt Palestinian rocket attacks on Israel, but the UN says most of those killed in Gaza have been civilians.
Gaza militants fired dozens of rockets into Israel on Wednesday.
Senior Hamas official Sami Abu Zuhri told reporters that the group did not accept Egypt’s ceasefire proposal and that Israel would pay a heavy price for its strikes.
Hamas – designated a terrorist organization by Israel and the US, among others – is demanding the easing of border closures in Gaza and the release of Hamas prisoners.
Mexico has decided to restrict TV commercials for high-calorie food and soft drinks, as part of its campaign against obesity, the government says.
Such ads will be banned with immediate effect on terrestrial and cable TV between 14:30 and 19:30 on weekdays and between 07:30 and 19:30 at weekends.
Restrictions will also be imposed on similar ads shown at the cinema.
Mexico is restricting television advertising for high-calorie food and soft drinks, as part of its campaign against obesity
According to official figures, 70% of adults and 30% of children in Mexico are obese or overweight.
Overall, 40% of commercials for soft drinks, confectionery and chocolates will disappear from TV, in favor of products which “meet nutritional standards”, the health ministry is quoted as saying.
As an additional measure, from 2015, manufacturers will be made to label the sugar, fat and saturated fat content on their food and drink products.
Mexicans have the highest incidence of diabetes among the 34 member states of the Organization for Economic Cooperation and Development (OECD).
They are also the world’s heaviest consumers of sugary drinks, at 163 liters per year, and their diet is rich in fried food.
Health experts estimate Mexico’s weight problems will cost the public health care system $11.7 billion by 2017.
Last year, the Mexican government introduced taxes on high-calorie foods and drinks, as part of its obesity prevention strategy.
Real Madrid has topped Forbes’ 2014 annual list of World’s 50 Most Valuable Sports Teams.
The Spanish soccer club, which won the Champions League in May, is worth an estimated $3.44 billion, according to Forbes magazine.
The top three slots are occupied by football clubs, with Barcelona in second place at $3.2 billion, and Manchester United third, with a value of $2.81 billion.
Forbes calculated the value of the teams based on equity, debt and stadium deals.
Real Madrid has topped Forbes’ 2014 annual list of World’s 50 Most Valuable Sports Teams
MLB baseball team the New York Yankees were in fourth spot, valued at $2.5 billion.
In fifth place is NFL team the Dallas Cowboys, worth $2.3 billion.
NFL teams fill 60% of the top 50 slots, occupying 30 places.
The 20 non-NFL teams in the top 50 include six from MLB, eight from football, four from NBA basketball, one from the NHL ice hockey league and one from Formula 1 motor racing.
Forbes calculates that the average value of the top 50 teams is $1.34 billion, an 8% increase on last year.
Baseball team the New York Mets are one of three teams that dropped off this year’s list of the top 50.
The other two to fall out of the list are also familiar names, the Oakland Raiders from the NFL and F1 team McLaren.
Cher’s latest tour, Dressed To Kill, is on course to become the highest-grossing tour, so far, of 2014.
The tour has made a reported $54.9 million during its first leg, which ended last weekend, according to Billboard Boxscore.
Dressed To Kill is Cher’s first tour since her Living Proof Farewell tour, which ended in 2005 after playing 325 shows around the world over three years.
The second leg of the current tour kicks off in New York on September 11.
Cher’s latest tour, Dressed To Kill, is on course to become the highest-grossing tour, so far, of 2014 (photo tour.cher.com)
So far Cher has played 49 sell-out shows across the US, to more than 610,000 fans. Tickets are priced between $61-$560.
A show in Las Vegas on May 25 at MGM’s Grand Garden Arena has proved the most lucrative venue, earning $1.75 million.
Cher, 68, has insisted it is her final tour, nearly a decade on from her previous swansong tour.
“I’m never going to come back, I swear to God,” she said, ahead of a gig at Los Angeles’ Staples Center last week.
“What’s your granny doing tonight?” she added.
The tour marries extravagant reprisals of classic hits such as Believe and If I Could Turn Back Time with more contemporary tracks from her most recent album, Closer to the Truth.
Bon Jovi had the biggest international music tour of the year in 2013, playing to more than two million fans during 90 sell-out shows and grossing $205 million.
Bank of America has reported a 43% drop in its quarterly profits after a fall in mortgage revenue and a rise in legal costs.
The US’s second largest bank said net income of $2.3 billion in Q2 2014 was down from $3.4 billion a year earlier.
Its finances have been hit recently by huge payments to the authorities to fend off accusations of wrong-doing.
Bank of America has reported a 43 percent drop in its quarterly profits after a fall in mortgage revenue and a rise in legal costs
In 2013, Bank of America’s shares have fallen from 32 cents to 19 cents per share.
In April the bank agreed to pay $9.5 billion for misleading US mortgage lenders Fannie Mae and Freddie Mac before the financial crisis in 2008.
It then agreed separately to pay $783 million in fines and refunds, for mis-selling payment and identity theft insurance to nearly three million credit card customers.
Bank of America’s chief financial officer Bruce Thompson acknowledged the rise in litigation costs and praised the bank for doing “a good job managing expenses”.
Bruce Thompson also said that during the quarter the bank’s credit losses remained “near historical lows”.
Bank of America’s results come as analysts have noted a split in the US lenders’ quarterly results between banks that cater mainly to US customers and those with a more prominent global presence.
The Netherlands is liable over the killings of more than 300 Bosniak (Bosnian Muslims) men and boys at Srebrenica in Bosnia-Hercegovina in July 1995, a Hague court has ruled today.
The men and boys were among 5,000 Bosniaks, mostly women and children, sheltering with Dutch UN peacekeepers.
But the Dutch state was cleared over the deaths of more than 7,000 other men killed in and around Srebrenica.
The Srebrenica massacre is considered Europe’s worst since World War II.
The case was launched by relatives of the victims under the name “Mothers of Srebrenica”.
The Netherlands is liable over the killings of more than 300 Bosniak men and boys at Srebrenica in July 1995 (photo Wikipedia)
The Hague district court said that the Dutch peacekeeping forces, Dutchbat, did not do enough to protect more than 300 of the Bosniaks and should have been aware of the potential for genocide to be committed.
It said the state should have known they would be killed by Bosnian Serbs when they handed them over from the UN compound of Potocari.
“It can be said with sufficient certainty that, had Dutchbat allowed them to stay at the compound, these men would have remained alive. By co-operating in the deportation of these men, Dutchbat acted unlawfully,” the court added.
It said that the Dutch state must accept some degree of responsibility for what happened and pay compensation to the families of more than 300 victims.
However, the court stopped short of holding the Netherlands liable for the fate of the majority of men killed in Srebrenica, saying that many of the male refugees at the time had not fled to the UN compound but “fled to the woods in the vicinity of Srebrenica”.
During the 1992-1995 war, Bosniaks from the surrounding area sought refuge in the town of Srebrenica as the Bosnian Serb army carried out a campaign of ethnic cleansing, expelling non-Serb populations.
The UN declared Srebrenica a “safe area” for civilians in 1993. It fell in July 1995, after more than two years under siege.
Thousands of Bosniaks went to the UN base just outside Srebrenica at Potocari.
However, the Dutch soldiers told them they would be safe and handed the men and boys over to the Bosnian Serb army.
The women and young children were transported to a Bosniak-majority area.
The two key figures of the wartime Bosnian Serb leadership – one-time President Radovan Karadzic and General Ratko Mladic – are on trial for war crimes at the UN tribunal in The Hague.
Former dictator of Panama Manuel Noriega is suing Call of Duty‘s video games publisher after a character based on him featured in Activision’s 2012 title Black Ops II.
The ex-military ruler is seeking lost profits and damages.
Manuel Noriega, 80, is currently serving a jail sentence in Panama for crimes committed during his time in power, including the murder of critics.
One lawyer said this was the latest in a growing trend of such lawsuits.
“In the US, individuals have what’s called the right to publicity, which gives them control over how their person is depicted in commerce including video games,” explained Jas Purewal, an interactive entertainment lawyer.
Manuel Noriega is suing Call of Duty’s publisher after a character based on him featured in Black Ops II
“There’s also been a very well-known action by a whole series of college athletes against Electronic Arts, and the American band No Doubt took action against Activision over this issue among other cases.
“It all focuses upon the American legal ability for an individual to be only depicted with their permission, which in practice means payment of a fee.
“But Noriega isn’t a US citizen or even a resident. This means that his legal claim becomes questionable, because it’s unclear on what legal basis he can actually bring a case against Activision.”
In Activision’s video game, Manuel Noriega initially helps the CIA capture a Nicaraguan terrorist, but later turns on the Americans and is hunted himself.
In reality, Manuel Noriega did work as a CIA informant before the agency broke ties with him. After the US became concerned about his violent rule, President George Bush ordered the invasion of Panama in 1989, which resulted in his capture.
A 13-page document filed in Manuel Noriega’s name claims that he is portrayed as a “kidnapper, murderer and enemy of the state” responsible for “numerous fictional crimes” in Black Ops II, according to Courthouse News Service.
It alleges his inclusion heightened the game’s sense of realism, helping boost its sales.
Black Ops II – which was scripted by David Goyer, screenwriter of the recent Batman movies – was 2012’s biggest-selling title in the US, UK and elsewhere.
According to a report by the United Nations AIDS agency, there is a chance the AIDS epidemic can be brought under control by 2030.
It said the number of new HIV infections and deaths from AIDS were both falling.
However, it called for far more international effort as the “current pace cannot end the epidemic”.
And charity Medecins Sans Frontieres warned most of those in need of HIV drugs still had no access to them.
The report showed that 35 million people around the world were living with HIV.
There were 2.1 million new cases in 2013 – 38% less than the 3.4 million figure in 2001.
AIDS-related deaths have fallen by a fifth in the past three years, standing at 1.5 million a year. South Africa and Ethiopia have particularly improved.
UNAIDS report said the number of new HIV infections and deaths from AIDS were both falling
Many factors contribute to the improving picture, including increased access to drugs. There has even been a doubling in the number of men opting for circumcision to reduce the risk of spreading or contracting HIV.
While some things are improving, the picture is far from rosy.
Fewer than four in 10 people with HIV are getting life-saving antiretroviral therapy.
And just 15 countries account for three-quarters of all new HIV infections.
The report said: “There have been more achievements in the past five years than in the preceding 23 years.
“There is evidence about what works and where the obstacles remain, more than ever before, there is hope that ending Aids is possible.
“However, a business-as-usual approach or simply sustaining the Aids response at its current pace cannot end the epidemic.”
Michel Sidibe, the executive director of UNAIDS, added: “If we accelerate all HIV scale-up by 2020, we will be on track to end the epidemic by 2030, if not, we risk significantly increasing the time it would take – adding a decade, if not more.”
Dr. Jennifer Cohn, the medical director for Medecins Sans Frontieres’ access campaign, said: “Providing life-saving HIV treatment to nearly 12 million people in the developing world is a significant achievement, but more than half of people in need still do not have access.”
In Nigeria, 80% of people do not have access to treatment.
Dr. Jennifer Cohn added: “We need to make sure no-one is left behind – and yet, in many of the countries where MSF works we’re seeing low rates of treatment coverage, especially in areas of low HIV prevalence and areas of conflict.
“In some countries, people are being started on treatment too late to save their lives, and pregnant women aren’t getting the early support they need.”
Time Warner has rejected an initial takeover approach from rival 21st Century Fox estimated at $80 billion.
The takeover approach by the Rupert Murdoch owned company was made last month, it was revealed.
21st Century Fox confirmed in a statement on Wednesday that its offer for Time Warner had been rejected.
It added it was not currently in talks with Time Warner about pursuing the deal further.
Time Warner has rejected an initial takeover approach from rival 21st Century Fox estimated at $80 billion
“21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies,” the company said.
“The Time Warner board of directors declined to pursue our proposal. We are not currently in any discussions with Time Warner.”
21st Century Fox owns movie studio 20th Century Fox and cable news channel Fox News.
According to the New York Times, Fox offered to sell Time Warner-owned CNN as part of the takeover deal proposal for its rival in order to clear any objections US regulators might have had to the deal.
A statement released by Time Warner said after lengthy discussions it had decided it was not in its best interests or those of its shareholders to accept the proposal or to pursue any further discussions with Fox.
Time Warner’s share price jumped some 16.35% higher in the first 20 minutes of trade on the New Stock Exchange to $82.62 per share.
To Kill a Mockingbird author Harper Lee has denied she approved the writing of a memoir about her life in Alabama by former neighbor Marja Mills.
“Rest assured, as long as I am alive any book purporting to be with my cooperation is a falsehood,” Harper Lee, 88, wrote in a letter.
Its circulation coincided with the publication of the book, by former Chicago Tribune reporter Marja Mills.
Marja Mills responded by saying her book had the “blessing” of Harper Lee and her sister.
The writer moved next door to Harper Lee and Alice Lee’s Monroeville home in 2004, remaining there for 18 months.
“Nelle Harper Lee and Alice F. Lee were aware I was writing this book,” she went on.
“The stories they shared with me that I recount in the book speak for themselves.”
Harper Lee first distanced herself from The Mockingbird Next Door: Life with Harper Lee when Penguin announced its publication in 2011 (photo Penguin)
Harper Lee first distanced herself from The Mockingbird Next Door: Life with Harper Lee when Penguin announced its publication in 2011.
At the time, the Pulitzer Prize-winning author said she had not “willingly participated” or “authorized” [sic] the book and that “any claims otherwise [were] false”.
Harper Lee reiterated her position earlier this week, claiming Marja Mills had befriended her sister and that she had been “hurt, angry and saddened, but not surprised” to discover her “true mission” had been “another book about Harper Lee”.
“I immediately cut off all contact with Miss Mills, leaving town whenever she headed this way.”
In her rebuttal, Marja Mills referred to a letter she received from Alice Lee in 2011 saying her sister’s initial denial had been written by others for her to sign.
“Poor Nelle Harper can’t see and can’t hear and will sign anything put before her by anyone in whom she has confidence,” Alice Lee’s letter went on.
Harper Lee’s latest letter says her sister “would have been 100 years old at the time” she made that statement.
In her book, Marja Mills writes that she became part of the Lee sisters’ social circle and that she had won their trust.
On Tuesday, Penguin Press said it was “proud” to publish the memoir, which it said had been “a labor [sic] of love”.
California officials have approved fines of up to $500 a day for residents who waste water, as the state faces its worst drought in nearly four decades.
The measures have been introduced to stop water being wasted on lawns, landscaping and car washing.
Water consumption rose by 1% in the year up to May, despite an appeal for people to make a 20% reduction.
About 75% of water used in California is for agricultural purposes.
The fines will be enforced only in cases of wasteful outdoor watering, officials say, such as landscaping to the extent where run-off flows onto pavements.
Other practices frowned upon by the authorities include washing a vehicle without a nozzle on the hose, or watering down hard surfaces such as pavements and driveways.
California officials have approved fines of up to $500 a day for residents who waste water (photo Reuters)
“Our goal here is to light a fire under those who aren’t yet taking the drought seriously,” Water Resources Control Board Chairwoman Felicia Marcus said.
Felicia Marcus described the vote that introduced the measures as historic and unprecedented, because the board is trying to ensure that it is not just the state’s farmers who suffer because of the drought.
“Many communities and water suppliers have taken bold steps over the years and in this year to reduce water use; however, many have not and much more can and should be done state-wide to extend diminishing water supplies,” a water board statement says.
Exemptions will be provided for public health and safety, officials say, such as allowing cities to power-wash alleyways to get rid of human waste left by homeless people.
The water control board estimates that the restrictions, which take effect in early August, could save enough water state-wide to supply more than 3.5 million people for a year.
California’s historic drought has lasted for much of this year.
In 2013 it rained less than it had in any previous year since the state’s founding in 1850. Rivers have flowed at record low levels, reservoirs have been drier than ever, and the mountain snowpack – snow that melts over the warmer months and provides water throughout the year – has amounted to only about 20% of expected levels.
Two Moscow metro workers have been arrested for safety breaches after a train derailed, killing 21 people, Russian investigators have announced.
The track supervisor and his assistant are suspected of using inadequate wiring during works on the line in May, the Investigative Committee said.
They have been questioned and charges are expected to be brought soon, it said in a statement.
A power surge is said to have caused the crash, which injured 162 people.
Wednesday has been officially declared a day of mourning in Moscow.
Two Moscow metro workers have been arrested for safety breaches after a train derailed, killing 21 people (photo AP)
The two men arrested, named as track supervisor Valery Bashkatov and assistant supervisor Yury Gordov, are suspected of failing to properly monitor work carried out on a track switch mechanism in an underground tunnel.
“The switch mechanism was fixed with ordinary 3-mm wire, which snapped,” the Investigative Committee said.
The Moscow metro, one of the world’s busiest, is a vital transport artery for the city, transporting more than nine million people on weekdays below its traffic-clogged streets.
The train derailed between Slaviansky Boulevard and Park Pobedy (Victory Park) stations in the west of the city.
More than 1,100 people were evacuated.
The packed commuter train was travelling from the north-west of Moscow to the city centre at the time of the crash.
The tunnel where crash happened was built about 10 years ago.
Critics accuse the authorities of spending too much on extending the metro system, and not enough on maintenance.
Park Pobedy is the deepest metro station in Moscow, 84m (275ft) underground, which made the rescue operation particularly hard.
No foreigners were among the injured, the Interfax news agency said.
Militant attacks on Russia’s railways and transport networks have killed dozens of people in the past, but the emergencies ministry said there was no suspicion of such a cause in this case.
Former attorneys general in Utah, John Swallow and Mark Shurtleff, have been arrested on bribery charges, authorities say.
John Swallow, 51, and Mark Shurtleff, 56, are accused of accepting cash or campaign contributions from people facing potential scrutiny by the attorney general’s office.
Both men are also accused of attempting to cover up the alleged schemes.
If convicted, they face more than 15 years in prison. Both men have publicly maintained their innocence.
“This is a sad day for Utah,” Utah Governor Gary Herbert wrote in a statement.
Mark Shurtleff and John Swallow are accused of accepting cash or campaign contributions from people facing potential scrutiny by the attorney general’s office (photo Tribune)
“The entire situation, regardless of how the legal process plays out, is a black eye for our state.”
Mark Shurtleff and John Swallow were arrested at their homes on Tuesday morning, Salt Lake County District Attorney Sim Gill told reporters, adding the investigation was ongoing and more charges may be filed.
John Swallow currently faces 13 charges including felony bribery, and Mark Shurtleff faces 10 charges.
Both are accused of accepting more than $50,000, as well as using personal property including a luxury jet and houseboat owned by a businessman in trouble with regulators.
They also allegedly stayed at an expensive beach resort, and accepted meals, clothing and massages paid for by another man charged with fraud by the Utah attorney general’s office months ago.
Mark Shurtleff was dogged by allegations of corruption while in office, departing in 2013 when John Swallow, his chief deputy, took the helm.
John Swallow resigned later that same year, claiming the scrutiny was too much for his family.
Probes by the US Department of Justice, the state bar and Utah elections officials were launched, and an investigation conducted by Utah lawmakers found John Swallow destroyed or fabricated records while in office.
“I absolutely maintain my innocence. We refute the charges,” John Swallow told reporters on Tuesday as he left jail.
“This finally gives us the opportunity to start to respond back.”
Typhoon Rammasun hit the central Philippines forcing thousands of people to evacuate.
The typhoon, also known as Glenda, struck the main island of Luzon with gusts of up to 115 mph.
Authorities said at least four people had been killed by the storm.
Officials said the eye of the storm passed south of the capital, Manila, but the severe weather brought it to a standstill.
Government offices and schools were shut on Wednesday while flights were cancelled.
Typhoon Rammasun hit the central Philippines forcing thousands of people to evacuate
More than 370,000 people, mostly in the eastern province of Albay which was the first to be hit by the typhoon, had been evacuated, the Philippine National Red Cross said.
Town halls had been converted into shelters and evacuees had also been taken to schools and gymnasiums.
Strong winds also bore down on homes in outlying slum areas along Manila Bay, where thousands of people live.
Richard Gordon, chairman of the Philippine National Red Cross, said staff were trying to rescue people trapped by fallen debris in Batangas City.
“We have not received reports of major flooding in Manila because the typhoon did not bring rain but the winds were strong,” he said, adding that an increased awareness of storm surges and a willingness to follow government advice had also helped reduce casualties this time around.
The Philippines is hit by around 20 major storms a year. Typhoon Rammasun is the first to make landfall this year after the rainy season began in June.
JPMorgan Chase and Goldman Sachs have seen mixed results from their investment businesses.
JPMorgan reported an 8% fall in Q2 2014 profits after declines in its securities trading business.
Net income in the three months to the end of June was $6 billion – a fall of $500 million compared with a year earlier.
However, Goldman Sachs saw a 5% profit rise after higher revenues from its investing and lending business.
JPMorgan Chase and Goldman Sachs have seen mixed results from their investment businesses
The bank earned $1.95 billion in the three months to June 30, up from $1.86 billion in the same period a year earlier.
JPMorgan, the biggest US bank in terms of assets, saw net income from its corporate and investment business drop by $800 million to $2 billion, a fall of 31%.
A decline in bonds and currencies trading by big institutions hit revenue in the bank’s securities trading business.
Nevertheless, the bank said it had seen a “strong performance” in overall investment bank fees.
Its results beat market expectations and JPMorgan shares rose 3% to $57.96 in premarket trading on Tuesday.
JPMorgan’s mortgage business also declined in the quarter, with mortgage lending down 38% to $709m. Mortgage application volumes dropped 54% to $30.1 billion.
US mortgage lending volumes have slowed as mortgage rates have risen. Last week, the largest US mortgage lender, Wells Fargo, reported a 39% drop in mortgage revenue in the second quarter.
Goldman Sachs revenues from currency and commodity trading were down 10% to $2.22 billion, but the firm’s investment business was buoyed by mergers and acquisitions, and equity underwriting.
Goldman Sachs saw net revenue in its investing and lending division jump 46% to $2.07 billion, including net gains of $1.25 billion from investments in equities.
The BRICS countries have signed a deal to create a new $100 billion development bank and emergency reserve fund.
Brazil, Russia, India, China and South Africa make the BRICS group.
The capital for the bank will be split equally among the five participating countries.
The bank will have a headquarters in Shanghai, China and the first president for the bank will come from India.
Brazil’s president Dilma Rouseff has announced the creation of the bank at this year’s BRICS summit meeting in Fortaleza, Brazil on Tuesday.
The BRICS countries have signed a deal to create a new $100 billion development bank and emergency reserve fund
At first, the bank will start off with $50 billion in initial capital.
The emergency reserve fund – which was announced as a “Contingency Reserve Arrangement” – will also have $100 billion, and will help developing nations avoid “short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements”.
The creation of the BRICS bank will almost surely create competition for both the World Bank and other similar regional funds.
BRICS nations have criticized the World Bank and the International Monetary Fund (IMF) for not giving developing nations enough voting rights.
One of the goals for the BRICS bank – whose creation has been discussed for some time – would be to increase the amount of money loaned to developing countries to help with infrastructure projects.
The Mia Moo Fund is presenting the Jim Dillard Boat Giveaway, an amazing opportunity to generate awareness about cleft lip and palate.
According to the foundation website, the prize is Jim Dillard’s 2014 Basscat Puma FTD with a Yamaha 250 SHO Outboard, Minn Kota Fortrex 112 Trolling Motor, 12’ Minn Kota Talon, and Hummingbird Electronics. It is a top of the line boat that is sure to please any fisherman, hobbyist or anything in-between, the website wrote.
The Mia Moo Fund is presenting the Jim Dillard Boat Giveaway, an amazing opportunity to generate awareness about cleft lip and palate (photo Mia Moo Fund)
Duck Dynasty‘s Missy Robertson wrote on her Facebook page: „Jim Dillard, a professional fisherman and friend, has decided to raffle off his boat and donate the proceeds to the Mia Moo Fund! Thanks, Jim! So many cleft kids and families need our help.
The Mia Moo Fund organization began in 2014 after Mia Robertson, daughter of Duck Dynasty’s Jase and Missy Robertson, completed surgery for her cleft palate.
Keep in mind that you do not have to be a Duck Dynasty member to be a generous person who gives to an important cause. If you have an old boat that you no longer use, you can donate it to a worthy cause and help raise money for various associations around the country.
All you have to do is contact an organization that accepts boat donations and they will get you started. You should also contact the charity if you have any questions about boat donation. As an added bonus, you will receive a tax deduction in exchange for your generosity.
A Night with A&E’s Duck Dynasty: Willie, Korie, Si, and Alan
Duck Dynasty’s Willie and Korie Robertson will talk about their family, their business and how their Faith has laid the foundation in these areas at Columbus North Gym, Indiana, on August 23.
Willie and Korie Robertson will talk about their family and their business at Columbus North Gym on August 23
Willie, Korie, Alan and Uncle Si will answer audience questions and comments.
Location: Columbus North Gym, 1400 25th Street, Columbus, IN 47201
Price: Great seats are available starting at $25. Prices are from $25 – $55
How to purchase tickets: By phone to Blank Slate Ticket Office 812-343-9762, on line at www.blankslatepro.org, or locally at Midwest Computer Solutions in Columbus IN
Date: August 23, 2014, 7:00 PM. Doors open at 6:00 PM.
New York’s school heavy metal band Unlocking The Truth featuring one 12-year-old and two 13-year-olds have signed a record deal with Sony Music.
From Brooklyn, Unlocking The Truth have already appeared at major festivals and opened for Guns N’ Roses.
Reports suggest the trio could make $1.7 million for up to six albums.
Unlocking The Truth is made up of guitarist Malcolm Brickhouse, 13, bassist Alec Atkins, 13, and 12-year-old drummer Jarad Dawkins.
Unlocking The Truth have already appeared at major festivals and opened for Guns N’ Roses
The teenagers create their own lyrics and music while still going to school in Brooklyn.
Discovered in New York’s Washington Square Park by Eric Clapton’s drummer, Steve Jordan, in 2012, the boys say they’ve since had gigs all over the US.
One of their biggest breaks came in August last year where they won the first round of the AfroPunk Battle of the Bands, going on to perform at the AfroPunk Festival.
This year they performed at Coachella Music and Arts Festival, opened for rock veterans Guns N’ Roses in Las Vegas and are due to play ahead of Queens of the Stone Age.
On their website, Unlocking the Truth say they were inspired by Metallica, Slipknot, Disturbed, Living Colour, Chelsea Grin, Motionless in White, Escape the Fate, ”and many other great bands”.
On the news of their deal Jarad Dawkins’ mother, Tabatha Dawkins said: ”It’s so exciting. We’re jumping over the moon.
“What started out as play dates went to Times Square and now this. It’s been one great thing after another.”
Unlocking The Truth say they just want to be the best metal band in the world.
Broadway musical Holler If Ya Hear Me, featuring songs by late rapper Tupac Shakur, is to close after less than two months.
The curtains will fall for the final time on Sunday at the Palace Theatre after just 38 performances.
Producer Eric L. Gold cited “the financial burdens of Broadway” as the reason.
The jukebox show features Tupac Shakur’s hits but does not tell the story of the rapper, who died after being shot in 1996 aged 25.
Broadway musical Holler If Ya Hear Me features songs by late rapper Tupac Shakur
Last week, it managed to pull in only $155,000 from a possible $917,000, which is less than 17%.
Directed by Kenny Leon, who won a Tony Award for his recent revival of A Raisin In the Sun, Holler If Ya Hear Me is billed as a non-biographical story about friendship, family, revenge, change and hope.
The musical received mixed reviews from critics.
Variety called it a “generic gangland saga” that was “predictable” with “clumsy characterizations”, although praised its “soaring performances”.
Featuring Tupac Shakur tracks such as California Love, Me Against the World and Keep Ya Head Up, the musical is the first time hip hop classics have been performed on the Broadway stage.
Tupac Shakur’s mother, Afeni Shakur, is a producer of the show.
Rapper Tupac Shakur died following a drive-by shooting in Las Vegas, thought to be the result of gangland conflict.
Israel has restarted air strikes on Hamas-controlled Gaza, after its brief truce was met with continuing rocket fire.
Israel had earlier accepted an Egyptian ceasefire proposal and halted operations on Tuesday morning.
But the armed wing of Hamas rejected the initiative as a “surrender”.
Palestinian officials say at least 192 people have been killed by Israeli air strikes launched eight days ago to stop militants firing rockets into Israel.
At least four Israelis have been seriously injured since the violence flared, but none have been killed.
The Israel Defense Forces said militants had fired 76 rockets into Israel on Tuesday.
Israel has restarted air strikes on Hamas-controlled Gaza, after its brief truce was met with continuing rocket fire (photo AP)
It said that after resuming its air strikes, 30 targets had been attacked in Gaza, including 20 concealed rocket launchers, tunnels, a weapon storage facility and operational infrastructure used by a senior militant.
Under the terms of the Egyptian initiative, the ceasefire should have been followed by a series of meetings in Cairo with high-level delegations from the two sides.
There has been no definitive response to the initiative from Hamas.
US Secretary of State John Kerry said he could not “condemn strongly enough” Hamas’ actions in continuing to fire rockets.
Israel’s security cabinet, convened by PM Benjamin Netanyahu, had approved the truce on Tuesday morning, minutes before the proposed time for it to come into effect – at 09:00.
“We agreed to the Egyptian proposal in order to give an opportunity for the demilitarization of the [Gaza] Strip – from missiles, from rockets and from tunnels – through diplomatic means,” Benjamin Netanyahu had said.
But he had then added: “If Hamas does not accept the ceasefire proposal, as would now seem to be the case, Israel would have all international legitimacy to broaden the military operation to achieve the required quiet.”
A car bomb attack at a busy market in eastern Afghanistan’s Paktika province has killed at least 89 people and injured dozens others, local officials say.
Officials say the attacker drove a 4×4 vehicle into the market in Orgun district and detonated the explosives.
The market was full of people doing their shopping for the Muslim festival Ramadan at the time of the attack.
No group has claimed the attack, but Taliban insurgents said they had not carried it out.
“We clearly announce that it was not done by the Mujahedeen of the Islamic Emirate of Afghanistan,” Taliban spokesman Zabihullah Mujahid was quoted as saying by Reuters news agency.
Eyewitnesses and medical staff said local hospitals were overrun with casualties after one of the deadliest attacks in months in Afghanistan.
The eastern province of Paktika shares a border with Pakistan’s restive and volatile tribal areas.
At least 89 people have been killed and dozens injured in a suicide attack at a busy market in eastern Afghanistan’s Paktika province (photo Reuters)
Orgun is one of Paktika’s safest areas, though members of the Haqqani militant network are thought to have a presence there.
A spokesman for Afghanistan’s defense ministry said that most of the 89 bodies recovered from the rubble were women and children.
Some 42 injured people have been taken to hospital.
Most of those killed were shopkeepers and people doing their Ramadan shopping.
One man who witnessed the attack said the blast was huge and destroyed dozens of cars and shops.
Eyewitnesses say police and security forces pursued the attacker before he entered the market.
One doctor at Orgun hospital, said it had become overcrowded with casualties.
“We have got children, men and women injured and dead,” he said.
The attack occurred hours after two men working for the media team of outgoing President Hamid Karzai were killed by a roadside bomb in Kabul.
The Taliban said it had carried out the attack, which targeted a vehicle carrying employees of the presidential palace to work.
It comes days after Afghanistan’s two presidential candidates reached a deal to resolve a dispute over the results of last month’s presidential election.
The contenders, Abdullah Abdullah and Ashraf Ghani, agreed to accept the outcome of a vote audit after earlier allegations of voter fraud.
The dispute had revived fears for Afghanistan’s stability after the withdrawal of US-led forces later this year.
