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by Nicole Elliott
Stock markets are at last waking up to the effects and potential long term consequences of the chaos in credit markets. Shares in aviation, banks, construction, insurers, and retailers sold off hard. A few are trading at less than one tenth of peak value, some below March’s lows, and drops of 25% daily are not that unusual. Most indices are at or quite close to this year’s lowest levels, losing between 7% and 20% since January, the biggest fallers of course the previous darlings: Mumbai and Turkey. Higher interest rates, or the threat of them, have been blamed but a whole host of other problems are also at work. Many are fretting about inflation targets that have been shot to pieces, the finger correctly pointed at higher food and energy prices. India raised its repo rate to 8.00%, Chile and South Africa upped theirs by 50 basis points to 6.75% and 12.00% respectively. Interbank rates continue to sneak higher, Eurozone three-month Libor to 4.96% and Eurodollar futures 3.70% over year-end, dragging Treasury paper with them so that many are yielding more than they have done in months. The US dollar continues with its bout of corrective strength, taking JPY to 108.43 and the Euro to 1.5303; Eastern European currencies have strengthened again, EUR/CZK a record 24.095 korunas. Commodities were sidelined and mixed although the CRB Index set a new record high at 445.73 because CBT Corn surged to another record at 725.50 cents per bushel. Baltic Freight Rates retreated suddenly except Clean Tanker ones to Japan.
Political and Economic Developments
Months into the credit crunch and now the ECB calls for more access to sensitive information from commercial banks. Co-ordination, communication, transparency, etc…the point is the ‘gamekeeper’ does not know and understand his ‘poachers’. The complex set up between the different regulatory bodies makes things messy and opaque, with bank supervisors not required to pass on information so as to help the ECB in setting rates. Some Fed governors have also called for something similar, the supervision of investment banks under particular scrutiny as they avail themselves of the discount window.

fxstreet.com

NEW YORK

To ensure a complete ban on pomp and show at weddings in Pakistan’s biggest province of Punjab, top hoteliers, caterers and wedding hall owners have been asked to comply with a ”one-dish” rule and to submit details of marriage parties to authorities.
Lavish weddings were banned in Punjab from May 1 by the province’s new government as part of austerity measures. Under the new rule, only one dish can be served to guests during various events organised as part of a wedding, including the Rasm-e-Mayun, Mehndi, Shaadi and Walima.
Pakistanis are famous for throwing lavish wedding parties, with people even taking loans from friends and relatives for such events. But the new PML-N government in Punjab, which has already enforced other austerity measures, has set its mind to make such weddings a thing of the past.
Lahore’s District Coordinator Officer Sajjad Ahmed Bhutta has set up a committee that will take legal action against anyone violating the ”one-dish” restriction at wedding parties.
An official statement said that Bhutta has directed owners of five-star hotels and wedding hall and catering association managers to submit details of wedding parties to town municipal officers.
These officers have been directed to submit details of weddings to Bhutta’s office every day. Apart from the menu, officers will have to furnish details on the use of extra lights. Lahore Police have also been instructed to conduct surprise checks at parties and take action against offenders.
The provincial government had introduced the curbs to stop all ”unnecessary shows of power and expense”. The new rules also state that ”only rice, roti, gravy and sweet dish” can be served during the parties.

ndtv.com

No matter how you like strawberries — served with shortcake, dipped in milk chocolate, buried inside a pie or unencumbered on a napkin or plate — you’ll find them at the 54th annual Mattituck Strawberry Festival and Fair on Father’s Day weekend, June 13-15. “It’s a local thing, but people come from all over Long Island,” says Don Stirnweis, third vice president of the Mattituck Lions Club, which puts on the event with co-sponsor Capital One Bank and others each year to raise money for local causes and people in need.
Since the festival began in 1954, Stirnweis says it has grown to attract an estimated 50,000 people over the three days, particularly if the weather’s good. This year’s festival includes a carnival, rides and a midway, live music, a raffle, games of chance, a coloring contest display, arts and crafts, an international food court, craft, art and jewelry vendors, and fireworks displays Friday and Saturday nights. Special events include crowning of a Strawberry Festival queen on Saturday afternoon and the second annual shortcake- eating contest on Father’s Day.
In preparation for the festival, volunteers will gather Thursday for Hulling Night, starting at 5 p.m. under the big tent, Festival Field, Route 48, east of Cox Neck Road. Stirnweis’ company, Century 21 Agawam Albertson, sponsors Hulling Night, which attracts hundreds of volunteers who help remove the stems and leaves from thousands of strawberries before they’re washed and prepared for the festival.
“It’s a fun event that really kicks off the start of the festival,” Stirnweis says. “Last year, there wasn’t an empty spot to be found. We give out sodas and free strawberry daiquiris — virgin strawberry daiquiris — and then we give them dinner after that.”
Admission to the festival is free on Friday and Sunday, but bring cash for concessions and ride tickets.

newsday.com

PRINCETON, N.J.

Eagle Fun Days, Carnival, rodeo, vendors, food, car show and shine, music, Wet and Wild Parade (noon to 2 p.m. Saturday) and more. Friday, Saturday and Sunday, June 13-15, Eagle. 939-4222, www.eaglechamber.com.
Whether you’re interested in trying something adventurous, being sporty or just having some wet and wild fun, Eagle Fun Days will satisfy your jones for a good time.
By adventurous, I’m talking about chowing down on some Rocky Mountain Oysters at Merrill Park on Saturday, June 14 (5 p.m.).
The sporty angle? Watch the 2008 Eagle Downtown Criterium bike races starting at 6:30 p.m. Friday, June 13. Run in the Eagle Fun Run on Saturday, June 14 (8:30 a.m., starts behind Bardenay, 155 E. Riverside St.). Or cheer on participants in the Eagle Fun Days Rodeo (Thursday-Saturday).
And the wet and wild fun? The Wet and Wild parade parade starts on Plaza Street and proceeds west through Old Town Eagle (noon- 2 p.m. Saturday). Prepare to be soaked if you set up near the end.
In addition to these highlights, you’re going to find live entertainment on Friday, June 13, and Saturday, June 14 at Heritage Park (185 E. State St., Eagle).
Reno-based band Sol’Jibe, which regularly gigs in the Treasure Valley, plays from 5-10:30 p.m. Friday, June 13, and local jazz outfit Kevin Kirk and Onomatopoeia plays from 8-10:30 p.m. Saturday, June 14.
One other live act the kids won’t want to miss is The Masked Marvel Michael Cooper. This visual artist/mime brings characters to life on stage by wearing a series of masks he designed. Somehow, stilts are involved. Cooper performs from 2-3 p.m. on Saturday, June 14.
For a full and comprehensive schedule, visit www.eaglechamber.com.

idahostatesman.com

By EDDIE PELLS – 3 hours ago
SAN DIEGO (AP) — OK, so maybe he’s not invincible. Tiger Woods opened the third round of the U.S. Open with a double bogey Saturday, a near exact replay of the way he played the first hole of the tournament two days earlier.
Just like Thursday, he pulled his drive hard into the left rough, and just like Thursday, he hacked out and landed short of the green. He hit his third shot to the fringe over the green, chipped short and then two-putted for a 6. Just like Thursday.
On No. 4, Woods made a bogey after another errant drive, putting him 1 over, three shots behind leaders Stuart Appleby and Rocco Mediate.
It was quite an unexpected start for the world’s best player, who a day earlier made it look as if he might romp to his 14th major title this weekend at Torrey Pines.
He made five birdies over his closing nine holes Friday to card a 30 and wind up one shot behind Appleby and tied with Mediate and Robert Karlsson at 2-under 140.
Karlsson had dropped three stroke over his first four holes to go back to 1-over. Ahead of him were Lee Westwood, at 1-under, and Miguel Angel Jimenez, Davis Love III and D.J. Trahan, all at par early in their rounds.
Even with the bad start, there would be no overlooking Woods.
“People always ask me, ‘Who’s the favorite?’” Mediate said. “Well, of course, he’s the favorite. Of course he is. A lot of people said, ‘Well, he’s not going to win because he’s had, whatever, a thousand weeks off. But he’s different. It’s not the same.”
Of Tiger’s 13 major championships, the U.S. Open has been the most elusive. He “only” has two of those and hasn’t won it since 2002, at Bethpage Black in New York, the last time the national championship was played on a public course.

ap.google.com

In case you haven’t noticed, it’s Capital Pride week here in D.C. The 33rd annual celebration of all things LGBT in the nation’s capital culminates in a parade tomorrow and the street festival on Sunday.
Saturday’s parade features head Oscar comedy writer and actor Bruce Vilanch, known for the most recent incarnation of “Hollywood Squares” and originating the role of Edna Turnblad in the touring company of Hairspray, as the celebrity grand marshal. Over 70 groups are slated to march in the parade (sponsored by Tangysweet, check out our first look in case you missed it), and it steps off at 6:30 p.m., rain or shine. Several participating organizations are still seeking people to join their contingents, so if marching is your thing you may want to contact them for more info.
Sunday’s festival will feature booths galore pushing everything from kilts to banking services to political activism. Two stages will again be set up for various performances and will feature performances from Bruce Vilanch, the Gay Men’s Chorus of Washington, D.C. Different Drummers, BETTY, and Jason & deMarco among many others. A full rundown of performances at both stages is available at Metro Weekly’s website.
But what if you’re looking for something to do outside of the published pride guides? Follow the jump.
First, you can check out the D.C. Dyke March at Dupont Circle on Saturday at 2 p.m. The New Gay reported yesterday afternoon that the march is looking for volunteer marshals, baked goods, and of course a few good boobies.
And speaking of our friends at the New Gay, they’re holding another trademark co-ed, alterna-queer party. This time around, it’s Mousetrap: Pride Edition, to be held at the Black Cat main stage tomorrow night at 9:30 p.m. RSVP on Facebook if you plan to attend.
If you’ve got little ones in tow, you might be interested in checking out a performance of Goodnight Moon at the Atlas Theatre this weekend. Tickets are $15 for adults and $12 for kids.

dcist.com

Part of a proposal to control Lake Ontario water levels could create havoc for a shipping industry that requires stable and sufficient water levels for its shipping fleet, a hearing was told Monday.
A public hearing of the International Joint Commission was held at the Best Western in Jordan to get reaction to the preferred Plan 2007, in which water levels are controlled by a dam in Cornwall.
If implemented, it would be the first change to the management plan for water levels in Lake Ontario and the St. Lawrence River in 40 years.
A commission report has said the plan will help wetland plant diversity, increase hydropower production and reduce erosion to properties along Lake Ontario.
The report acknowledges that boaters using facilities where water is shallow will have more draft problems.
Wayne Hennessy, director of vessel traffic and customer service at Seaway Marine Transport in St. Catharines, said of particular concern is the proposal to reduce the lake level in two-year periods every 20 years to help boost biodiversity.
The new plan, he said, also doesn’t allow sufficient flexibility to aid navigation through water-level extremes.
“If, after a decision is made to draw down the lake and conditions then turn dry, there may not be enough water left in the system to support (uninterrupted cargo) navigation for the balance of the year,” Hennessy said.
The problem, he added, could cause millions of dollars in losses for his company in one season.
“If, on the other hand, conditions turn wet, river velocities may be so high that it would be unsafe for navigation,” Hennessy said. “We do not believe that these scenarios have been taken into account in the economic impact calculation.”
There were an estimated 50 people at the hearing, several from the Hamilton area.
The commission was told sensitive shoreline environment in the Hamilton and Burlington wetlands and watershed could be at risk with the plan.

stcatharinesstandard.ca

On Father’s Day, the Stockyards become the Steakyards.
Four solid steakhouses line Exchange Avenue at North Main Street. You can pay more somewhere else, but if Dad wants beef, try the north side:
The Star Cafe might have the city’s best chicken-fried steak. It serves lemon-grilled steaks, similar to Hoffbrau’s. It’s open daily for lunch and nights, except Sundays, for dinner; 111 W. Exchange Ave., 817-624-8701.
H3 Ranch serves steaks at breakfast on weekends, perfect before the Fort Worth Herd cattle drive. It’s inside the Stockyards Hotel at 105 E. Exchange Ave.; 817-624-1246, h3ranch.com.
Riscky’s Steakhouse is a historic restaurant known for calf fries and its famous kapusta soup; 120 E. Exchange Ave., 817-624-4800, risckys.com.
Cattlemen’s is the trail boss. It’s been around 60 years, and still has charcoal-broiled tenderloins and that familiar house sesame salad dressing from the old Mac’s House. It now opens at noon Sundays and stays open daily for lunch and dinner; 2458 N. Main St., 817-624-3945, cattlemenssteakhouse.com.
Besides Dad’s party, there’s a birthday to celebrate this weekend.
The Malt Shop, the classic 1958 burger drive-in in Weatherford, turns 50.
All day Saturday, the Malt Shop will turn back the calendar. Check out the prices:
Homemade ice cream, 15 cents.
The Malt Shop is a great stop for the ice cream and old-school burgers. It’s open for lunch and dinner daily at 2028 Fort Worth Highway (U.S. 180), just east of Hudson Oaks on the corner at Farm Road 730; 817-594-2524.

star-telegram.com