RIM’s CEO says new BlackBerry phone being tested

























TORONTO (AP) — BlackBerry maker Research In Motion says its much-delayed new smartphones are now being tested by 50 wireless carriers around the world.


The Canadian company said Wednesday that it is a critical milestone as it prepares to launch the new BlackBerry 10 software and phones in the first quarter next year.





















The phones have been deemed critical to RIM’s survival. The release will come as North Americans are abandoning BlackBerrys for flashier iPhones and Android phones.


New Chief Executive Thorsten Heins had vowed to do everything he could to release BlackBerry 10 this year but he said in June that the timetable simply wasn’t realistic.


RIM was once Canada‘s most valuable company with a market value of more than $ 80 billion in 2008, but the stock has plummeted since.


Wireless News Headlines – Yahoo! News



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Hurricane Sandy: outdoor filming in NYC halted until at least Friday

























LOS ANGELES (TheWrap.com) – The cameras still aren’t rolling Wednesday on many television and film productions in New York City, and the devastation left by Hurricane Sandy may push delays further into the week.


For the time being, those films and shows that do resume shooting will have do so on a set and not on the streets of the Big Apple.





















Mayor Michael Bloomberg‘s administration announced that it will not issue permits for outdoor filming in the city’s five boroughs until Friday at the earliest, citing the ongoing cleanup and safety concerns. Some 323,000 New Yorkers are still without power and large swaths of Manhattan are blacked out. Moreover, film crews face obstacles making it to sets, with some of the city’s subway system possibly shut down for the rest of the week while transit workers work furiously to clear up flooding.


Among the New York productions that are still taking a wait-and-see approach before calling everyone back to the set is Warner Bros.‘ “Winter’s Tale” with Will Smith, which is delaying production until at least Thursday. Other programs like ABC’s “666 Park Avenue” and CW’s “The Carrie Diaries” have reopened production offices to rework schedules, but cameras are not rolling.


TV News Headlines – Yahoo! News



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Washington pot activists push for driving curbs to help pass bill

























OLYMPIA, Washington (Reuters) – Marijuana activists in Washington state hope voters will be reassured by strict new “stoned driving” standards, despite opposition from medical cannabis users who say the limits would make it hard for them to ever drive legally.


Washington is among three states voting on Tuesday on whether to allow marijuana for recreational use, even though the federal government considers it illegal, harmful and liable to be abused. Legalization measures in two other states, Colorado and Oregon, contain no new restrictions on impaired driving.





















The group behind the Washington state measure has set a clear, measurable red line for blood limits on pot’s psychoactive element, which is built into the initiative to be decided by voters. In doing so, they have sought to overcome the failings of a 2010 California legalization referendum, which foundered in part over fears of more deadly car crashes.


But they have also ventured into the heavily contested territory of how to scientifically gauge hazardous levels of pot in drivers, and how limits should be enforced.


Critics say the science around pot-impaired driving is not settled and the National Institute on Drug Abuse says more research is needed to understand pot’s impact on driving.


Under the Washington proposal, an average pot smoker would cross the limit after two or three hits from a joint, and remain too high to drive for a couple of hours, said Brian Vicente, co-author of the Colorado cannabis legalization initiative.


Regular medical pot users, because they have more of the drug in their system, could be pushed over the limit after inhaling less of the drug, he said.


No state has ever legalized cannabis for recreational use, but polls have consistently shown the Washington measure leading, if by a narrowing margin.


An Elway Poll of 451 likely voters released last week showed 48 percent support the bill versus 44 percent opposed, with a margin of error of 4.5 percent.


New Approach Washington, the group behind the measure, has far out raised backers of the other two state legalization efforts, taking in over $ 4.5 million since the measure earned a place on the ballot.


The impaired driving limits are meant to make the measure palatable to a broad swath of voters, said Alison Holcomb, an ACLU lawyer who wrote the initiative and directs the campaign.


SWAYING VOTERS


“Trying to move such an historic measure, you can’t take anything for granted,” she said. “There was definitely a political consideration involved.”


A dozen states have standards for the amount of THC, the ingredient in pot that makes users high, that drivers can have in their blood. Nine of those states have zero tolerance, and the rest have limits on THC in the blood that are more restrictive than the proposal before Washington voters.


Washington prohibits driving while impaired by marijuana, but does not yet have a specific blood level standard.


Holcomb said legalization proponents had commissioned a statewide poll in May in which 62 percent of 602 likely voters said a pot-impaired driving standard would make them more likely to vote for legalization. Washington is one of 17 states that already allow medical marijuana.


She said Californians rejected a pot legalization measure in 2010 that lacked an impaired driving element after Mothers Against Drunk Driving complained the law would lead to more accidents.


But the proposed impaired driving standards have not won many fans among foes of legal pot.


“I don’t think it really would be much of a deterrent,” said Steve Freng, prevention treatment manager for the Northwest High Intensity Drug Trafficking Area program, which seeks to curb the use of illicit drugs. Freng fears legalization would lead to more teenagers obtaining marijuana.


In a twist, some medical pot backers oppose the initiative. They say regular medical cannabis users could become outlaws under the proposed driving standard of 5 nanograms of active THC per milliliter of blood because THC can linger in the system. Those under 21 would face a zero-tolerance policy.


“You don’t criminalize us and call it legalization just to get (the measure) passed,” said Steve Sarich, a medical marijuana entrepreneur who leads the anti-initiative campaign.


A 2006 study cited by legalization proponents shows that pot users with between 5 and 10 nanograms of active THC per milliliter of blood were 75 to 90 percent more likely than sober people to show signs of impairment in driving-related tasks.


Research shows a once-a-week pot user’s active THC level drops below the state’s proposed legal limit within three hours of smoking, said toxicology expert Stefan Toennes of Goethe University in Germany. Heavy users sustain a higher level of THC longer, but only in extreme cases for over eight hours, he said.


The Washington state measure would create a system to license and tax pot growers, processors and stores. Only those 21 and older could legally buy the drug for recreation.


(Editing by Alex Dobuzinskis and Todd Eastham)


Medications/Drugs News Headlines – Yahoo! News



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An Anxious Wall Street Readies Its Reopening


























4:15 pm., Oct. 30, 2012 — Thanks to Hurricane Sandy, for the first time since 1888 weather has stopped U.S. stock trading for two straight days. With the exception of at least one brave, renegade Starbucks (SBUX) outlet, Sandy’s 90-mile-per-hour winds and storm surge left swaths of New York feeling time-warped back to the Gilded Age. The markets have gone dark on the anniversary of the Crash of 1929’s Black Tuesday.


Back then, of course, Twitter hadn’t yet finished its beta testing. Last night, one wag used that buzzing forum to quip that lower-Manhattan habitués Citigroup (C) and Goldman (GS) may have to be bailed out a bit more literally than last time.





















What’s to come: the weeks-long hassle of co-location, telecommuting, and rerouting to account for closed subway stations. But since “Wall Street” spans farther than it used to—from the bond desks of Newport Beach, Calif., to Connecticut hedge fund country, flooding a few Manhattan skyscrapers’ lobbies isn’t the fatal blow to the markets it might once have been. Domestic equity trading is now spread across 13 exchanges and dozens of private broker-run venues.


Even so, Sandy could jolt Greater Wall Street into an anxiety and volatility it hasn’t felt for months. Complacency has dominated equity and debt markets for much of 2012. The Standard & Poor’s 500-stock index is up 12 percent, having traversed September and October with nary a quiver. Fixed-income markets are getting their dregs scraped, with junk bonds looking drunk and desperate portfolio managers chasing yield in Puerto Rico. The world’s been lulled into a prolonged sense of “risk-on.” Next week’s presidential election could truly go either way. Details of a possible resolution to the national fiscal cliff are anyone’s guess.


So the idea that Wednesday’s planned, weather-permitting reopening of New York’s stock exchanges could succumb to tech glitches is an especially scary one. “Do you really want to open up the market and have these potential issues right before the election, right before month end?” Matt McCormick, who helps oversee $ 7.3 billion at Cincinnati-based Bahl & Gaynor, asked Bloomberg News. “I’d rather be slow and correct than fast and wrong and really wrong. It’s better to be conservative.”


A market that’s 25 years removed from the technical meltdown of the Crash of ’87 is still disturbingly vulnerable to trading disasters. Witness the August software error at Knight Capital Group that nearly bankrupted the market maker, or the embarrassing opening delays Nasdaq (NDAQ) experienced in its May debut of Facebook (FB) shares.


Bats Global Markets had to scotch its initial public offering when it couldn’t get its shares to trade on its own exchange. Then there’s the still-unresolved mystery behind the Flash Crash of 2010.


“I’m a little surprised that the exchanges couldn’t secure the technology needed to keep the market operating,” says Dominic Salvino, a specialist on the CBOE floor for Group One Trading, the primary market maker for VIX options. “It seems unreasonable that the nation’s financial markets have to shut down just because everyone has located themselves within five miles of each other in New Jersey. A snowstorm in Chicago wouldn’t shut down trading on the East Coast.”


Forgive the pun, but the NYSE (NYX) lies in uncharted waters. The last comparable closure of the storied exchange was during the blizzard of March 12 and 13, 1888. Ninety years later, the exchange closed for a day and a half after a February 1978 snowstorm.


So all fingers are crossed for Wednesday. The good, albeit mercenary-sounding, news is that traditionally, hurricanes have not hindered market gains. According to Standard & Poor’s (MHP), the S&P 500 gained an average of 3.9 percent during the three months following each of the 13 costliest U.S. hurricanes and added 5.8 percent over the subsequent six months. As Sam Stovall, S&P’s New York-based chief equity strategist, wrote in a note: “Equities are more likely driven by wider-reaching global events than localized natural disasters.”


For what it’s worth, this gorgeous rainbow was just spotted over lower Manhattan.


—Roben Farzad



Farzad is a Bloomberg Businessweek contributor.


Businessweek.com — Top News



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Syrian air force on offensive after failed truce

























AMMAN (Reuters) – Syrian warplanes bombed rebel targets with renewed intensity on Tuesday after the end of a widely ignored four-day truce between President Bashar al-Assad‘s forces and insurgents.


State television said “terrorists” had assassinated an air force general, Abdullah Mahmoud al-Khalidi, in a Damascus suburb, the latest of several rebel attacks on senior officials.





















In July, a bomb killed four of Assad‘s aides, including his brother-in-law Assef Shawkat and the defense minister.


Air strikes hit eastern suburbs of Damascus, outlying areas in the central city of Homs, and the northern rebel-held town of Maarat al-Numan on the Damascus-Aleppo highway, activists said.


Rebels have been attacking army bases in al-Hamdaniya and Wadi al-Deif, on the outskirts of Maarat al-Numan.


Some activists said 28 civilians had been killed in Maarat al-Numan and released video footage of men retrieving a toddler’s body from a flattened building. The men cursed Assad as they dragged the dead girl, wearing a colorful overall, from the debris. The footage could not be independently verified.


The military has shelled and bombed Maarat al-Numan, 300 km (190 miles) north of Damascus, since rebels took it last month.


“The rebels have evacuated their positions inside Maarat al-Numaan since the air raids began. They are mostly on the frontline south of the town,” activist Mohammed Kanaan said.


Maarat al-Numan and other Sunni towns in northwestern Idlib province are mostly hostile to Assad’s ruling system, dominated by his minority Alawite sect, an offshoot of Shi’ite Islam.


Two rebels were killed and 10 wounded in an air strike on al-Mubarkiyeh, 6 km (4 miles) south of Homs, where rebels have besieged a compound guarding a tank maintenance facility.


Opposition sources said the facility had been used to shell Sunni villages near the Lebanese border.


“WE’LL FIX IT”


The army also fired mortar bombs into the Damascus district of Hammouria, killing at least eight people, activists said.


One video showed a young girl in Hammouria with a large shrapnel wound in her forehead sitting dazed while a doctor said: “Don’t worry dear, we’ll fix it for you.”


Syria’s military, stretched thin by the struggle to keep control, has increasingly used air power against opposition areas, including those in the main cities of Damascus and Aleppo. Insurgents lack effective anti-aircraft weapons.


U.N.-Arab League envoy Lakhdar Brahimi has said he will pursue his peace efforts despite the failure of his appeal for a pause in fighting for the Muslim Eid al-Adha holiday.


But it is unclear how he can find any compromise acceptable to Assad, who seems determined to keep power whatever the cost, and mostly Sunni Muslim rebels equally intent on toppling him.


Big powers and Middle Eastern countries are divided over how to end the 19-month-old conflict which has cost an estimated 32,000 dead, making it one of the bloodiest of Arab revolts that have ousted entrenched leaders in Tunisia, Egypt and Libya.


The United Nations said it had sent a convoy of 18 trucks with food and other aid to Homs during the “ceasefire”, but had been unable to unload supplies in the Old City due to fighting.


“We were trying to take advantage of positive signs we saw at the end of last week. The truce lasted more or less four hours so there was not much opportunity for us after all,” said Jens Laerke, a U.N. spokesman in Geneva.


The prime minister of the Gulf state of Qatar told al-Jazeera television late on Monday that Syria’s conflict was not a civil war but “a war of annihilation licensed firstly by the Syrian government and secondly by the international community”.


Sheikh Hamad bin Jassim al-Thani said some of those responsible were on the U.N. Security Council, alluding to Russia and China which have vetoed three Western-backed U.N. draft resolutions condemning Assad.


He said that the West was also not doing enough to stop the violence and that the United States would be in “paralysis” for two or three weeks during its presidential election.


(Additional reporting by Raissa Kasolowsky in Abu Dhabi and Stephanie Nebehay in Geneva; Writing by Oliver Holmes; Editing by Alistair Lyon)


World News Headlines – Yahoo! News



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Everybody Loves the iPad Mini

























The reviews for the latest hyped-about Apple device are in and, surprise surprise, everybody thinks it’s amazing. The iPad Mini was announced last week after a seemingly never-ending torrent of rumors about its existence, and with just two days left before the device hits store, the embargo on the reviews was just lifted. Like we said, the reaction, so far, is expectedly ecstatic.


RELATED: The iPad Mini Event Invites Are Out





















It’s so pretty!


RELATED: Why Is Apple So Scared?


This is more or less the first thing out of any reviewers mouth (or fingertips) when talking about a new Apple device. We get it. Apple makes beautiful objects. How beautiful? “If the iPhone 5 is reminiscent of jewelry, the iPad mini is like a solidly made watch,” wrote The Verge’s Joshua Topolsky. “The iPad mini’s paint job is similar to the iPhone’s, but smoother, and on the black version I tested has a glint of blue and purple to it in certain light. It looks dangerous, and it feels great.”


RELATED: What Does ‘Sold Out’ Mean for the iPad Mini?


It’s so small!


RELATED: Apple CEO Is Sure You Will Hate Your Cheap Non-Apple Tablet


So the big thing about the iPad Mini is that it’s smaller. This feels incredibly obvious, but tech bloggers are still blown away by just how much smaller it is. It’s really small! “The most striking thing about the mini is in how thin and light it is. It is really thin and light,” wrote Bloomberg Businessweek’s Rich Jaroslovsky. “Crazy thin and crazy light, even.” We saw this one coming, Rich. Impossibly thin has been Apple’s jam ever since the MacBook Air debuted in 2008, and after the iPhone 5 stunned reviewers with its lack of heft, we should have expected the iPad Mini to be truly mini. As Jaroslovsky points out, though, it impressively beat competitors on weight and thickness — it’s 21 percent lighter than the Kindle Fire HD and 30 percent thinner — despite having a larger screen.


RELATED: Google Doesn’t Get the Importance of Gadget Packaging


It’s so comparable!


At this point in time, it feels wildly cliché to drop the whole “It’s just like the iPad only smaller!” line, but it’s so wildly true. Everyone seems thrilled that the iPad Mini has instant access to the 275,000-plus iPad apps as well as the 700,000 iOS apps currently on the market. That’s mostly because, the smaller package also sports the same screen resolution as the iPad 2. It’s not jaw-droppingly sharp like the Retina display or anything, but it’ll do. 


Come to think of it, though, this lower resolution screen is a real down side. The Kindle HD is a little bit thicker and heavier, but Transformers 2 looks awesome on the high resolution screen. Maybe the difference isn’t that big a deal, though. “Apple insists the device does better than standard definition, if you are obtaining the video from its iTunes service, since iTunes scales the video for the device, so it will render somewhere between standard definition and HD,” explained The Wall Street Journal’s Walt Mossberg. “In my tests, video looked just fine, but not as good as on the regular iPad.”


It’s kind of expensive!


The $ 329 the iPad Mini is not the $ 199 Kindle Fire HD, and it is not the $ 199 Google Nexus 7. It’s significantly more expensive, but it’s also built out of aluminum and glass rather than plastic. Expensive is bad, right? No, silly goose. We’re talking about an Apple product here. The fact that it cost so much is practically generous on Apple’s part. “By pricing the Mini so high, Apple allows the $ 200 class of seven-inch Android tablets and readers to live (Google Nexus, Kindle Fire HD, Nook HD),” wrote David Pogue at The New York Times. “But the iPad Mini is a far classier, more attractive, thinner machine. It has two cameras instead of one. Its fit and finish are far more refined. And above all, it offers that colossal app catalog, which Android tablet owners can only dream about.”


Class, glass and apps. All in the iPad Mini. Get in line now.


Gadgets News Headlines – Yahoo! News



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“Community” returning to old time slot in February

























NEW YORK (TheWrap.com) – “Community” will return Thursday, February 7 to its previous timeslot after a long absence from NBC‘s lineup.


NBC confirmed the show’s return date soon after star Yvette Nicole Brown, who plays Shirley on the ensemble comedy, announced the news on Twitter.





















“Guys, #Community officially has an airdate: Thursday, February 7th at 8pm!,” tweeted the actress. NBC also announced several others return and premiere dates Tuesday.


The move means the network has abandoned its plans to move the show to Friday nights. “Community” will take the place of “30 Rock,” which will have completed its 13-episode final season by February.


“Community” was scheduled to move to Fridays beginning on October 19. But NBC opted to delay the Friday debut of “Community” and “Whitney” so it could devote itself to promoting its new fall comedies.


When one of them, “Animal Practice,” was cancelled, its timeslot went to “Whitney,” and the fate of “Community” was left up in the air.


Despite the long delay – “Community” hasn’t aired since the spring – the Thursday timeslot is good news for the show since Fridays usually draw much lower ratings.


NBC fired “Community” creator and showrunner Dan Harmon at the end of last season. Though it is critically acclaimed and has many diehard fans online, that hasn’t translated into many viewers.


NBC’s entertainment chairman has said that the network wants to focus more this season on broad comedies than on its quick-witted but odd Thursday shows, which tend to struggle for ratings.


TV News Headlines – Yahoo! News



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Biogen’s hemophilia-A drug meets late-stage trial goal

























BOSTON (Reuters) – Biogen Idec Inc said on Wednesday its experimental treatment for patients with hemophilia A, a disorder that inhibits coagulation of the blood, controlled bleeding in a late-stage clinical trial.


Biogen, which makes the multiple sclerosis drugs Avonex and Tysabri, said it plans to submit an application to market the drug with the U.S. Food and Drug Administration in the first half of 2013. It will file with European regulators after it completes a study of the drug in children.





















Last month, Biogen and its partner Swedish Orphan Biovitrum AB (Sobi), reported promising results of a trial of their drug to treat hemophilia B, a less common form of the disease.


Hemophilia is a new disease area for Biogen.


Hemophilia A is caused by a lack, or insufficient amount of, the blood coagulation factor VIII. Patients with hemophilia B lack or have reduced levels of coagulation factor IX.


Biogen’s drugs are designed to cut the number of infusions needed to control bleeding. Existing Factor VIII products must be taken as many as three to four times a week. Factor IX products must be taken intravenously two or three times a week.


In Biogen’s latest study, known as A-LONG, 98 percent of bleeding episodes were controlled with one or two injections of its long-lasting Factor VIII drug.


Individual and weekly preventative regimens resulted in median annualized bleeding rates in the low single digits, the company said.


The market for hemophilia A treatments is worth about $ 5 billion, according to Biogen, while the market for hemophilia B treatments is about $ 1 billion


(Reporting By Toni Clarke; Editing by Alden Bentley and Gerald E. McCormick)


Medications/Drugs News Headlines – Yahoo! News



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Hitachi buys UK nuclear project


























The UK’s nuclear expansion plans have been boosted after Japan’s Hitachi signed a £700m deal giving it rights to build a new generation of power plants.





















Hitachi is to buy Horizon Nuclear Power, which was intending to build reactors on existing sites at Wylfa, Anglesey, and Oldbury, near Bristol.


Hitachi is buying Horizon from Germany’s E.On and RWE, which are withdrawing from the UK nuclear market.


Prime Minister David Cameron said it was a major step for the UK.


“This is a decades-long, multi-billion pound vote of confidence in the UK, that will contribute vital new infrastructure to power our economy.


“It will support up to 12,000 jobs during construction and thousands more permanent highly skilled roles once the new power plants are operational, as well as stimulating exciting new industrial investments in the UK’s nuclear supply chain. I warmly welcome Hitachi as a major new player in the UK energy sector,” he said.


UK engineering companies Babcock International and Rolls-Royce have signed preliminary contracts to join the Hitachi deal, which the Japanese company said should be completed by the end of November.


There will then be regulatory issues to clear, but once Hitachi’s reactor design is approved by the necessary authorities the company intends to build 6 gigawatts of nuclear capacity, with the first plant generating power in the first half of the next decade.


Up to 6,000 jobs are expected to be created during construction at each site, thousands more in the supply chain, and a further 1,000 permanent jobs at both locations once operational.


Dependency


The Horizon venture, based at Brockworth, Gloucester, currently employs about 90 people and was set up in 2009 as part of the drive to meet the UK’s carbon reduction goals and secure energy demand as old power plants are decommissioned.


But RWE and E.On put the business up for sale in March after Germany’s move to abandon nuclear power in the wake of Japan’s Fukushima disaster.


A consortium made up of EDF and British Gas-owner Centrica has maintained its interest but the two companies have still to decide whether to build two reactors at Hinckley Point, Somerset.


Companies involved in the nuclear industry have expressed caution over entering the UK market. Because of the huge capital costs, stretched over many years, companies want some certainty over how much they might be paid for the electricity generated by their plants.


Last week, the chief executive of EDF, Vincent de Rivaz, told MPs that his company needed safeguards from the government that the finances of future nuclear deals would be “fair”.


Delays over decision-making and financing have led to doubts that new power capacity will come on stream before existing plants go offline. A so-called “energy gap” is likely to lead to rising prices and a greater dependency on gas imports.


Earlier this month, the energy regulator Ofgem warned that the UK risks running out of energy generating capacity in the winter of 2015-16. Its report predicted that the amount of spare capacity could fall from 14% now to only 4% in three years.


However, the government said that its forthcoming Energy Bill would ensure that there was secure supply.


With so many uncertainties still to be resolved, investment in the UK nuclear sector was still a “leap of faith”, said George Borovas, head of nuclear projects at global law firm Pillsbury. So, he said, Hitachi’s decision was a “significant… vote of confidence in the UK nuclear programme”.


‘Milestone’


Hitachi’s proposed facilities will use its advanced boiling water technology, which is already used in four reactors in Japan. Mr Borovas said this technology was a “proven success”, adding: “This should be very helpful with respect to its licensing in the UK and also opens up the possibility of significant export credit agency and commercial financing from Japan.”


Energy and Climate Change Secretary Ed Davey said: “Hitachi bring with them decades of expertise, and are responsible for building some of the most advanced nuclear reactors on time and on budget, so I welcome their commitment to helping build a low-carbon, secure-energy future for the UK.”


Shadow energy secretary Caroline Flint called on the government to use this as an opportunity to encourage investment in nuclear research and design.


Unions also welcomed Hitachi’s move, with Mike Clancy, general secretary designate of Prospect, saying: “The Horizon venture is an important milestone in securing future low-carbon energy generation capacity within the UK and its importance to local and national economies cannot be overstated.


“While Hitachi’s advanced boiling water reactor design has yet to undergo the UK’s generic design assessment approval process, it is a proven technology and therefore any construction in the UK will benefit from lessons learned from its construction in Japan.”


BBC News – Business



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SEC taking deeper look at Nasdaq’s Facebook plan

























WASHINGTON (Reuters) – Securities regulators are taking a closer look at Nasdaq OMX’s $ 62 million plan to compensate brokers who suffered losses from the exchange operator’s botched handling of Facebook‘s initial public offering.


The U.S. Securities and Exchange Commission said it was instituting proceedings to more closely review the plan in light of the “legal and policy issues raised” by other market players.





















The Commission believes that questions are raised as to whether Nasdaq‘s accommodation proposal… would promote just and equitable principles of trade, protect investors and the public interest, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers,” the SEC wrote in a notice posted online on Monday.


A Nasdaq spokesman declined to comment on the SEC’s decision to extend the timeframe for reviewing the proposal. However, on the company’s earnings call earlier this month, Nasdaq Chief Executive Bob Greifeld said he anticipated such a move by the SEC.


“To the extent the SEC requires more time, then we would agree to that, so I’m not here to predict what they may do, but end of the year is a reasonable guess,” Greifeld said at the time.


Market-makers like Knight Capital Group Inc, UBS AG, Citigroup Inc, and others, say they collectively lost around $ 500 million on May 18 when Facebook first debuted on public markets. A technology issue delayed the IPO for 30 minutes and in the interim, many orders were not included in the opening cross.


That led to delays in many clients’ orders being put through and hours-long waits for confirmations.


Some orders were lost all together, while others were entered repeatedly when market-makers did not receive the electronic confirmations they expected. Those usually arrive within seconds.


Nasdaq has since disclosed that the SEC’s enforcement division is investigating the series of events leading up to the $ 16 billion IPO.


Nasdaq had originally drafted a $ 40 million compensation plan for brokers who lost money, but later raised it to $ 62 million amid criticism that the amount was too low.


Since then, some market-makers and brokers have said they would back the amended proposal. But other market participants have continued to balk at the sum being offered.


The SEC’s latest announcement that it will “institute proceedings” to determine whether or not to approve or disapprove Nasdaq’s proposal is a new, procedural change created by the 2010 Dodd-Frank financial reform law.


The law aimed to streamline the process for the commission to review rule changes filed by exchanges, which act as self-regulatory organizations.


It requires the SEC to either approve, disapprove or institute such proceedings for proposed rule changes no more than 45 days after an exchange submits it for consideration.


If the SEC does not act within the 45 days, the rule automatically gets approved. In this case, the deadline for the SEC to act was October 30.


Typically the SEC will institute proceedings to more closely review rule changes if they are novel, complicated or somewhat more controversial.


A decision to institute proceedings “does not indicate that the Commission has reached any conclusions,” the SEC said in its notice.


The SEC will seek additional public comments to help it reach a final decision on whether to accept Nasdaq’s compensation plan proposal.


The agency said among the main complaints it has already received from commenters include concerns about the “limited categories” of claims eligible for compensation, Nasdaq’s method for determining losses and a requirement for member firms to waive all claims against the exchange operator for their losses.


(Reporting By Sarah N. Lynch; Editing by Jennifer Merritt)


Social Media News Headlines – Yahoo! News



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