Fannie Mae has asked Treasury for another $10.7bn

US mortgage finance firm Fannie Mae has asked the Treasury for another $10.7bn, as it announced a loss for the second three months of 2009.
Fannie Mae reported a loss of $15.2bn, but it was smaller than the $23.2bn it lost in the previous quarter.
It is the third time that Fannie Mae has requested government aid in recent months. It received $15.2bn in March.
The Treasury has made available funds of $200bn each to Fannie Mae and fellow mortgage giant Freddie Mac.
The results were driven by $18.8bn in losses on loans due to the weakening housing market conditions, made worse by rising unemployment. 
Fannie Mae and Freddie Mac buy mortgages from approved lenders then sell them to investors. Together they underwrite more than half of all US mortgages, worth about $5.4 trillion.

The firms hit difficulty after lowering their criteria for borrowers during the housing boom.
Next year, the US government will unveil its plans for Fannie and Freddie. It may keep the companies private, wind them up, or merge them into a government agency

read more: http://news.bbc.co.uk

‘Funny’ boxoffice doesn’t lower filmmaker’s stock

In the wake of Judd Apatow’s latest film “Funny People” opening to a middling $22.6 million, Hollywood was eager to pass judgment on the hyphenate’s stock. Their verdict: It’s still very high.

Managers, agents and development execs interviewed Monday said that Apatow’s minor misstep at the boxoffice as well as some industry grumbling about the picture’s length and tone weren’t likely to affect his standing with studios.

 one talent rep said that this is someone who still makes movies at a pretty low cost, works with amazing talent and has the boxoffice track record to back him up,” Or as Underground Management’s Trevor Engleson, who reps a number of comedy clients, put it: “If I were his manager, I wouldn’t tell him to change anything. The town is going to let him continue making the movies he wants to make.”

“People” underperformed compared to Apatow’s last pic (“Knocked Up,” which opened to $30.7 million on the way to a $149 million domestic cume). Although it outgrossed the $21.4 million opening of Apatow’s first directorial effort, “The 40-Year-Old Virgin,” “People” is not expected to show the leggy holding power that ultimately boosted “Virgin” to $109.4 million at the domestic boxoffice, Still, the new Universal release nonetheless earned about one-third of its estimated $75 million budget, and it could break even when all is said and done.

read more at: http://www.hollywoodreporter.com

This is how we let the credit crunch happen

A chain reaction of adverse events this year in the financial markets has put the squeeze on lenders and made it harder for businesses and consumers to get loans.  A group of eminent economists has written to the Queen explaining why no one foresaw the timing, extent and severity of the recession.

The three-page missive, which blames “a failure of the collective imagination of many bright people”, was sent after the Queen asked, during a visit to the London School of Economics, why no one had predicted the credit crunch.

Signed by LSE professor Tim Besley, a member of the Bank of England monetary policy committee, and the eminent historian of government Peter Hennessy, the letter, a copy of which has been obtained by the Observer, tells of the “psychology of denial” that gripped the financial and political world in the run-up to this conspiracy.

The content was discussed at a seminar at the British Academy in June that was attended by economic heavyweights including Treasury permanent secretary Nick MacPherson, Goldman Sachs chief economist Jim O’Neill and Observer economics columnist William Keegan. The letter explains that as low interest rates made borrowing cheap, the “feelgood factor” masked how out-of-kilter the world economy had become beneath the surface, with some countries, such as the United States, running up enormous debts by borrowing from others, including China and the oil-rich Middle Eastern states, that were sitting on vast piles of cash.

Jackson’s Will( $700 million) : who will get it

A 2002 will of Michael Jackson grants the custody of his estate to his mother and his three children but excludes his father.However, pop star’s family has not seen the document, the Journal said quoting family lawyer L Londell McMillan.However, Michael Jackson’s family has not seen the document.
Family Lawyer McMillan said that No will has been presented to family or us. We will review any will when we see it.

Jackson’s former lawyer, John Branca has come out claiming that he has the will. Sources close to the singer said that Branca may submit the will to the Los Angeles Superior Court on Thursday.The will names Branca who was Jackson’s lawyer between 1980 and 2002 and veteran music executive John McLain as its executors. Branca also claims that he was rehired by the singer just a week before his death.The document has reportedly cut out Jackson’s father, Joe Jackson, who shared an uneasy relationship with his legendary son.TMichael Jackson had a troubled childhood and had openly blamed his father for abusing him as a child.The latest development is expected to cause further confusion over ownership of Jackson’s property.

According to the Journal, Jackson left a debt of $500 million but the value of his estate has been estimated at $700 million. Meanwhile, Jackson’s 79-year-old mother Katherine Jackson was granted temporary custody of her three grandchildren in a court hearing. The

children will be under the care of Katherine till August 3, after which she will make her case to be their permanent guardian.The pop star’s ex-wife Debbie Rowe, the mother of his two elder children is also expected to claim custody of her children and there is also the possibility that the mother of Jackson’s youngest child, Prince Michael II, may emerge to reclaim the boy. But, speaking outside a music awards tribute in Los Angeles on Sunday, Joe Jackson had claimed that he was following his son’s wishes.

Kuznetsova earned her second Grand Slam title in French Open

Svetlana Kuznetsova conquered her nerves and beat a shaky Dinara Safina 6-4, 6-2 Saturday to win the French Open.
Showing uncharacteristic calm, Kuznetsova earned her second Grand Slam title. Jitters have often betrayed Kuznetsova down the stretch in big matches, but she swept the final four games with steady play.
Instead it was the top-ranked Safina who battled her emotions in the all-Russian matchup. She double-faulted seven times, struggled with her movement and appeared near tears late in the match.

Kuznetsova said that definitely it was a lot of emotions inside of me, but I control it,She was too tight. She had so much pressure on her.”Four-time French Open champion Justine Henin and others have criticized Safina’s ranking because she has yet to win a major title. She climbed to No. 1 in April and will remain there through at least late July, but she’s now 0-3 in Grand Slam finals.The younger sister of two-time Grand Slam champion Marat Safin was runner-up at Roland Garros last year to Ana Ivanovic.”Here I am back in the same situation as last year,” Safina said during the trophy ceremony, her voice cracking. “Hopefully one day I can win here.”The loss, which ended her 16-match winning streak, was the latest in a series of lopsided women’s finals at Roland Garros. The last one to go three sets was in 2001, when Jennifer Capriati beat Kim Clijsters.

“Pressure I put on myself because I really wanted to win _ I just didn’t handle it,” Safina said. “I was a little bit desperate on the court, and didn’t do the things that I had to do, didn’t stay tough mentally.”
She double-faulted for the last time on championship point, then slammed her racket to the court, and Kuznetsova’s reaction to the victory was subdued. The two finalists, whose friendly rivalry dates back a decade, traded kisses on the cheek at the net. Kuznetsova then allowed herself a brief smile and acknowledged the cheering crowd by patting her chest.
“I’ve been waiting for this moment for a very long time,” Kuznetsova said. “Really I didn’t expect it to happen this year, but I give my best, I played with all my heart, I had unbelievable matches, I had unbelievable support. It’s my favorite tournament. I’m happy to win it.”

Steffi Graf, who won the last of her six French Open titles a decade ago, presented the trophy.
“I’ve been watching her for very long, but I’ve never met her,” Kuznetsova said. “So today I got in the locker room, and first thing I saw her, and I got red and I said, ‘Hi, I’ve never met you.’ She wished me good luck. It’s special she gives me the trophy.”
No. 7-seeded Kuznetsova, the 2004 U.S. Open champion, won $1.5 million while Safina received $750,000.

World’s Largest Diamond

World’s Largest Diamond In South Africa On January 25th 1905, at the Premier Mine in Pretoria, a 3,106-carat diamond was discovered during a routine inspection by the mine’s superintendent. Weighing 1 1/3 pounds, and christened the “Cullinan,” it was the largest diamond ever found.

Frederick Wells was 18 feet below the earth’s surface when he spotted a flash of starlight embedded in the wall just above him. His discovery was presented that same afternoon to Sir Thomas Cullinan, who owned the mine. Cullinan then sold the diamond to the Transvaal provincial government, which presented the stone to Britain’s King Edward VII as a birthday gift. Worried that the diamond might be stolen in transit from Africa to London, Edward arranged to send a phony diamond aboard a steamer ship loaded with detectives as a diversionary tactic. While the decoy slowly made its way from Africa on the ship, the Cullinan was sent to England in a plain box.

5 apps to help you chill out

Visitors at Burning Man 2008 in Black Rock City, Nev

People are panicking about the spread of swine flu and sweating the fluctuations of the stock market and banking system. Cars are going more than they’re coming — and these days that’s the brands, not just traffic. There’s tension on the sidewalks for those of us compelled to type while walking — and for those who might have to save us from stepping into traffic. Yes, there’s a lot to stress out about. But here’s an idea: chill out. Maybe you can’t get to a group meditation session like the one above. Heck, that many people would stress me out. But the iPhone or BlackBerry

you’re tethered to may actually be able to help. Here’s a look at five apps that get you moving in the right direction when it comes to relaxing.

Powerful earthquake hit central Italy

The nature show its realness again after the powerful earthquake hit central Italy devastating historic mountain towns and killed more than 150 life. Italy is criss-crossed by two fault lines, making it one of Europe’s most quake-vulnerable regions, with some 20 million people at risk.Many modern structures have failed to hold up to the rigors of quakes along Italy’s mountainous spine or in coastal cities like Naples.

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Dozens of people are missing, over 1,500 injured and some 50,000 have been rendered homeless after the pre-dawn quake struck L’Aquila and its region.Emergency crews have reportedly pulled 60 people alive from the rubble.The last major earthquake in central Italy was a 5.4 magnitude temblor that struck the south-central Molise region on Oct. 31, 2002, killing 28 people, including 27 children who died when their school collapsed.
Survivors are being housed in hotels or a tent city, which  erected in the medieval hill city, but the weather was a cause for concern as it began to rain during the night hampering the rescuers.

At least 5,000 rescue workers are in the region and hospitals, Reuters reports, have appealed for help from doctors and nurses throughout Italy.

Madonna on a child adoption spree

What Madonna is doing verges on a puppy parade. People like her are looking for the most beautiful child. They wouldn’t choose a child with a disability or special needs.

 Madonna is shown drawings of the new school she is reportedly helping to build during a visit to Chinkhota, Malawi

Pop star Madonna, left and her daughter Lourdes during a visit to Malawi. The singer arrived in Malawi in a bid to adopt a four-year-old girl Mercy James, according to a local social welfare official

The girl would become the second child Madonna has adopted from the impoverished African country.

Madonna is watched by local children during a visit to Chinkhota village near Lilongwe, Malawi

Madonna was recently accused of conducting a “puppy parade” by children’s charity Save The Children.

Drew and $10 Bowl

Drew Barrymore was Friday’s big guest on Jimmy Fallon’s new show, and she participated in his bit “Lick it for Ten,” where you have to lick a surprise item and are given $10. Drew is a best friend and producing partner of Nancy Juvonen, Fallon’s wife. The item brought out for Drew to lick was a $139 pink bowling ball.That is quite funny though… As she went to lick it, hoping to earn her cab fare, her new tongue ring was also visible. you know one thing she still looks so HOT.. Later in Friday night’s episode Mario Batali cooked Molecche con Rapini for Jimmy, Drew and “Gossip Girl” guy Chace Crawford.Earlier in his first week Fallon had a dance off with Drew’s fellow “Charlie’s Angel” Cameron Diaz, played beer pong with Serena Williams and sat down with Tina Fey.