KHÓA CHỐNG TRỘM XE MÁY, KHÓA CHỐNG TRỘM XE TAY GA LÀ MỘT TRONG NHỮNG DỊCH VỤ VÀ SẢN PHẨM CHÍNH TẠI KHẢI HOÀN. LIÊN HỆ VỚI CHÚNG TÔI ĐỂ ĐƯỢC TƯ VẤN TỐT NHẤT
Thứ Hai, 31 tháng 12, 2012
Suzy Favor Hamilton, a Former Olympian, Discusses Her Escort Job and Depression
Syrian Airstrikes Reportedly Kill Dozens at Bakery
Hala Droubi contributed reporting from Jidda, Saudi Arabia.
Cape Cod Times Apologizes for Reporter’s Fabrications
Gen. H. Norman Schwarzkopf, U.S. Commander in Gulf War, Dies at 78
Ravi Somaiya contributed reporting.
World's Longest High-Speed Rail Line Opens in China
Thứ Bảy, 29 tháng 12, 2012
Port Strike Averted After Partial Deal With Dockworkers Union
$1,200 a Pound, Truffles Suffer in Heat
Bolivia Reduces Coca Plantings by Licensing Growers
Jean Friedman-Rudovsky contributed reporting from Ivirgarzama, Bolivia.
DealBook: Exchange Sale Reflects New Realities of Trading
Spencer Platt/Getty ImagesThe floor of the New York Stock Exchange on Thursday.
On a warm day in Boca Raton, Fla., the host of a reception for an annual financial conference was not a big bank or a powerful exchange as in years past, but a young firm based in Atlanta.
Guests who gathered at the oceanfront resort were surprised. They were greeted with bottled ice water that carried the company’s logo, and as they left, were invited to grab iPod Shuffles.
That event, some four years ago, was the Wall Street equivalent of a coming-out party for the firm, IntercontinentalExchange, or ICE, an electronic operator of markets for derivatives and commodities. Now, the markets upstart is announcing itself to a much larger world with an $8.2 billion deal to buy the symbolic cradle of American capitalism, the New York Stock Exchange.
The takeover illustrates starkly how trading in commodities and derivatives has become much more lucrative than trading in the shares of companies. Warren E. Buffett warned in 2003 that the “derivatives genie is now well out of the bottle,” and that the genie, even after a global financial crisis, was not going back. Currently, derivatives — financial bets tied to underlying assets like oil prices or interest rates, among other things — are a $600 trillion market. Even the parent of the N.Y.S.E. attracted its suitor largely because of its ownership of Liffe, a major derivatives exchange in London.
For many, the Beaux-Arts New York Stock Exchange, and images of traders looking despondent or exuberant on its floor, represent what making money is all about. Yet Wall Street itself has found it more profitable to bet on fluctuations in natural gas or corn or on interest rates. The financial industry often does so electronically and through platforms in cities as scattered as London, Chicago and Atlanta. The biggest bonuses each year are typically for traders who reaped rich gains on these often complex financial products.
That change, decades in the making, has left the New York exchange, with roots going back 220 years, in an increasing difficult position as trading volumes slump and profit margins stay razor thin. While its acquirer has pledged to keep a dual headquarters in the exchange building in Lower Manhattan, as well as in Atlanta, the center of power in finance long ago migrated elsewhere.
The success of the newly combined companies hinges on the derivatives business. ICE is hoping that a greater share of derivatives trading will go through its clearinghouse operations, which act as backstops in case one party defaults. It is being aided by the Dodd-Frank financial regulatory overhaul, which is forcing Wall Street banks to push their derivatives trades into clearinghouses and regulated exchanges.
“For the past decade, our solutions made our markets increasingly electronic and increasingly clear,” Jeffrey C. Sprecher, chief executive of ICE, said this month. “Today, financial reform is imposing that vision on many markets through a rule-making process.”
While Dodd-Frank compliance is still in its early days, and the volume of derivatives trading remains depressed amid broader economic uncertainty, the law is ultimately expected to cement ICE’s business model into the regulatory code.
“Despite the complaints, there’s no question that at the end of the day, Dodd-Frank will be a financial boon to exchanges,” said Bart Chilton, a Democratic member of the Commodity Futures Trading Commission, which regulates derivatives.
Still, such a development will not do much for the traditional business of the New York Stock Exchange. Mr. Sprecher said on Thursday that he was committed to keeping the floor of the exchange open. But according to people briefed on his plans, he intends to use the stock trading operation and its steady cash-generating abilities to finance future deals and expansion efforts.
Nowhere have the changing fortunes of ICE and the parent of the New York exchange, NYSE Euronext, been more apparent than in their value on the stock market. In April 2011, when ICE first tried to acquire NYSE Euronext in league with Nasdaq OMX, it was worth about $1.5 billion less than the New York company. Just over a year later, ICE was worth nearly $4 billion more than NYSE Euronext, even with less than a third of its revenue.
ICE was founded in 2000 by Mr. Sprecher, who began his career developing power plants. In the 1990s, he saw that many power companies and financial firms wanted to hedge their investments in energy with financial contracts, but the market for these contracts was disorganized and opaque.
Mr. Sprecher bought an obscure exchange for buying and selling electricity in Atlanta and turned it into ICE with financing from BP and Wall Street firms, including Goldman Sachs and Morgan Stanley.
Banks were drawn to the idea of a standardized place to buy and sell derivatives tied to the value of oil and other commodities. But they also hoped to create a competitor to the virtual monopoly position being built up by the Chicago Mercantile Exchange in futures trading.
“You talk to people in Chicago, they basically think that ICE is just a front for the banks,” said Craig Pirrong, an expert in futures trading and director of the Global Energy Management Institute at the University of Houston.
As the company grew through a quick series of acquisitions, Mr. Sprecher won a reputation for being the “enfant terrible” of the energy industry, with a “sharp eye for identifying opportunities and seizing on them in a very aggressive way,” Dr. Pirrong said.
Early on, ICE sought to move all trading onto computers, allowing firms to buy and sell contracts 24 hours a day. Soon after buying the International Petroleum Exchange in London, ICE shut down its trading floor.
“They were a technology company from Day 1,” said Brad Hintz, an analyst with Sanford C. Bernstein.
ICE also decided to fashion its own clearinghouse, rather than tap an outsize firm. It expanded through acquisitions, planting the seeds for growth in 2008, when it took over the Clearing Corporation, home to a popular derivative known as a credit-default swap.
The Dodd-Frank overhaul may provide additional benefits for ICE. Under the law, exchanges must turn over public and private information to outside data warehouses, which will, in turn, share the information with regulators. Sensing an opportunity, ICE created its own warehouse, named ICE Trade Vault.
ICE and its Chicago rival, CME Group, have also moved in recent months to convert swaps trades, which are facing more scrutiny under Dodd-Frank, into old-fashioned futures contracts. Futures trading is lucrative territory for the exchanges in part because they can shut out competitors.
“The reality is that there are incentives to convert swaps into futures, where there’s less competition,” said Richard M. McVey, chief executive of MarketAxess, an independent trading platform that is expanding into the swaps business. “There’s no requirement for CME and ICE to open their futures clearinghouses to other exchanges.”
Despite its growing prominence, ICE has a small footprint in Washington. With only two full-time lobbyists, the company relies on Mr. Sprecher to communicate with regulators.
“Jeff is the company,” one official said, though others said he had loosened his grip over the last year or so.
He is well received, officials say, in part because he has embraced some reforms. Unlike executives of other exchanges and financial firms, Mr. Sprecher did not resist an effort in 2009 by the Commodity Futures Trading Commission to close certain loopholes.
Officials recall him saying, “Tell me what the rules are, and I’ll make money with them.”
Michael J. de la Merced contributed reporting.
Spencer Platt/Getty ImagesTraders on the floor of the New York Stock Exchange.
Kings 106, Knicks 105: Knicks Fight Back Against Kings, Only to Be Blindsided at the Buzzer
Thứ Năm, 27 tháng 12, 2012
Knicks 99, Suns 97: Hobbled by Injuries, Knicks Win on Last Shot
West Antarctic Warming Faster Than Thought, Study Finds
260 in Illinois Clergy Call for Legal Gay Marriage
About New York: One Boy’s Death Moves State to Action to Prevent Others
E-mail: dwyer@nytimes.com
Twitter: @jimdwyernyt
Doomsday Prophecy Prompts Rumors of Violence in Schools
Russian Official Says Adoption Ban Violates Treaties
At Least 2 Firefighters Near Rochester Shot Dead at Fire Scene
The Best Classical Music Recordings of 2012
But as our honor roll suggests, these days most of the action lies elsewhere: with the latter-day stalwart Harmonia Mundi and upstart labels like Avie and Cedille; with big American orchestras recording for small international labels (the New York Philharmonic for Dacapo, the Minnesota Orchestra for Bis); with performing institutions issuing their own recordings (the Berlin Philharmonic; the Boston Symphony, Mariinsky and Philharmonia Baroque Orchestras; John Eliot Gardiner’s Monteverdi Choir and English Baroque Soloists). To add to the industry’s uncertainties, we keep hearing that the CD is doomed, however much — as the list clearly shows — it continues to dominate our listening habits. Be all of that as it may, our critics had little difficulty compiling a small treasury of excellent recordings. We allowed each critic to choose up to five CDs, DVDs or downloads and made a conscious attempt to spread the wealth, sorting out duplications. (I, for one, could happily have doubled up on two of the Bach recordings listed, Mr. Gardiner’s motets and Andras Schiff’s “Well-Tempered Clavier,” but was just as content to trawl more broadly.) Happy listening.
BACH: MOTETS Monteverdi Choir, English Baroque Soloists, conducted by John Eliot Gardiner (Soli Deo Gloria SDC 716; CD). Few choirs sing Bach with such loving attention to the text and such exquisitely floating textures. None are more persuasive in revealing the sensuality, delight and even playfulness Bach brought to these motets, which are among the most personal expressions of his faith. CORINNA da FONSECA-WOLLHEIM BACH: ‘ST. MATTHEW PASSION’ Vocal soloists; Berlin Radio Chorus, Berlin Philharmonic, conducted by Simon Rattle (Berliner Philharmoniker BPH120011; DVD). A tenor kneeling at the feet of the violist da gamba; a solo violinist locking eyes with a bass-baritone, as they pass melodic material back and forth; two choirs, face to face, in dialogue: the DVD of Peter Sellars’s 2011 “ritualization” of the “St. Matthew Passion” by the Berlin Philharmonic captures great musicians at their most vulnerable, bringing raw emotion and social relevance to this canonic work. CORINNA da FONSECA-WOLLHEIM BACH: ‘THE WELL-TEMPERED CLAVIER,’ BOOKS 1 AND 2 Andras Schiff, pianist (ECM New Series 2270-73; four CDs). If only as a record of Mr. Schiff’s current approach to this inexhaustible work — its lyricism achieved without the use of the sustaining pedal — this recording would be invaluable. But it also stands on its own, both energetic and restrained. The approach is precise and, in its way, traditional, but each phrase feels natural and fresh. ZACHARY WOOLFE BRAHMS: SERENADES Philharmonia Baroque Orchestra, conducted by Nicholas McGegan (Philharmonia Baroque Productions PBP-05; CD). These are the first period-instrument accounts of the two serenades that I’ve encountered, though that is the least of their charms. More to the point, they rank among the finest recorded performances of these underrated works, perhaps second only to Istvan Kertesz’s classic versions with the London Symphony Orchestra, on Decca. JAMES R. OESTREICH BRITTEN: VOCAL WORKS Nicholas Phan, tenor; Myra Huang, pianist; other artists (Avie AV2258; CD). The young tenor Nicholas Phan again proves himself an affecting interpreter of Britten’s music. His new recording, “Still Falls the Rain,” offers seldom-heard Britten works, including “The Heart of the Matter” (revised by Peter Pears), for tenor, horn, piano and narrator (the actor Alan Cumming). ANTHONY TOMMASINI CHOPIN: PIANO WORKS, VOLUME 2 Louis Lortie, pianist (Chandos 10714; CD). There is not exactly a shortage of Chopin discs by exemplary pianists. But Louis Lortie offers a worthy addition with his elegant interpretations of the four ballades, the Opus 57 Berceuse, the Opus 60 Barcarolle and six nocturnes. His passionate readings are notable for both their poetic introspection and their tempestuous virtuosity. VIVIEN SCHWEITZER
DVORAK: SYMPHONY NO. 8 Tanglewood Music Center Orchestra, conducted by James Levine (BSO Classics download; bso.org/Merchandise/Detail/43876). If there is a recording of anything that ends more excitingly, I don’t know it. And these are not cheap thrills but an eloquent culmination earned throughout by the brilliant response of the young professionals at the Boston Symphony Orchestra’s training camp in 2008 to Mr. Levine’s big-league demands. JAMES R. OESTREICH MOZART: ‘DON GIOVANNI’ Vocal soloists; Mahler Chamber Orchestra, conducted by Yannick Nézet-Séguin (Deutsche Grammophon 477 9878; three CDs). The impressive cast for this “Don Giovanni” includes Ildebrando D’Arcangelo in the title role, with Luca Pisaroni (Leporello), Joyce DiDonato (Donna Elvira), Diana Damrau (Donna Anna) and other fine artists, brought together in a wondrously fresh performance conducted by Yannick Nézet-Séguin. ANTHONY TOMMASINI MOZART: ‘LA FINTA GIARDINIERA’ Vocal soloists; Freiburg Baroque Orchestra, conducted by René Jacobs (Harmonia Mundi HMC 902126.28; three CDs). Mr. Jacobs’s careening, crisp recordings of Mozart’s operas are idiosyncratic joys, and his “Finta Giardiniera” brings out both the farce and the melancholy in a long-overlooked work. The Freiburg Baroque Orchestra plays with wit and snap, and the cast is as vigorous as the conducting. ZACHARY WOOLFE NIELSEN: SYMPHONIES NOS. 2, 3 New York Philharmonic, conducted by Alan Gilbert (Dacapo 6.220623; CD). Alan Gilbert is in the midst of an exciting project with the New York Philharmonic to perform and record Carl Nielsen’s complete symphonies and concertos. The first release in the series is terrific, with pulsing and insightful accounts of the Second Symphony (“The Four Temperaments”) and the Third (“Sinfonia Espansiva”). ANTHONY TOMMASINI NONO: ‘LA LONTANANZA NOSTALGICA UTOPICA FUTURA’ Miranda Cuckson, violinist; Christopher Burns, electronics (Urlicht AudioVisual UAD-5992-SE; two CDs). Played with assured mystery by the accomplished Ms. Cuckson, Luigi Nono’s 1988-89 work swerves from ethereal to violent and back again. The violinist interacts with previously taped material, including both her own playing and studio sounds, and wanders during a live performance, a spatial element captured in the surround-sound version on one of the discs in this set. At times Ms. Cuckson even sings, hauntingly — a part of the score seemingly ignored by previous interpreters. ZACHARY WOOLFE PUCCINI: ‘LA BOHÈME’ Vocal soloists; Norwegian National Opera Orchestra, conducted by Eivind Gullberg Jensen (Electric Picture EPC01; DVD). The intellectually charged but dazzlingly theatrical director Stefan Herheim deconstructed the traditional sets of the Norwegian National Opera’s previous production of “La Bohème,” creating a mixture of old and new with a sober twist: Mimi dies of cancer at the start, and the opera is reconfigured as Rodolfo’s surreal, moving refusal to admit it. ZACHARY WOOLFE
SHOSTAKOVICH: SYMPHONY NO. 7 Mariinsky Orchestra, conducted by Valery Gergiev (Mariinsky MAR0533; CD). I named Mr. Gergiev’s Philips recording of the epic “Leningrad” Symphony with the two orchestras he led then, the Rotterdam Philharmonic and the Kirov (now Mariinsky) Orchestra, a best of 2003. His conception of the work seems only to have deepened since, and the St. Petersburg orchestra’s sound, neither diluted nor amplified, lies closer to the heart of the music. JAMES R. OESTREICH SIBELIUS: SYMPHONIES NOS. 2, 5 Minnesota Orchestra, conducted by Osmo Vanska (Bis SACD-1986; CD). This is a poignant document: a longtime also-ran ensemble makes a persuasive bid to be ranked among the world’s greatest, absolutely luxuriating in its music director’s great specialty, only to have its current season seriously foreshortened, if not entirely wiped out, by labor-management strife. JAMES R. OESTREICH VIVALDI: ‘L’ORACOLO IN MESSENIA’ Europa Galante, conducted by Fabio Biondi (Virgin Classics 50999 6025472 6; two CDs). Fabio Biondi conducts the excellent period-instrument orchestra Europa Galante in a fiery, vivacious performance of a pasticcio opera that was popular in its day, then forgotten. It is presented here in a reconstruction by Mr. Biondi with an excellent cast, including Magnus Staveland, Vivica Genaux, Ann Hallenberg, Romina Basso and Xavier Sabata. VIVIEN SCHWEITZER VIVALDI: ‘TEUZZONE’ Vocal soloists; Le Concert des Nations, conducted by Jordi Savall (Naïve OP 30513; three CDs). Joined by his gleaming, vibrant instrumental ensemble and a cast endowed with the brilliant agility that Vivaldian style requires, Mr. Savall serves both the glitter and the emotion of a work unheard for centuries. The drama, set at the ancient Chinese court, is surprisingly nuanced, and the energy is endless. ZACHARY WOOLFE ‘BACH AND BEYOND,’ PART 1 Jennifer Koh, violinist (Cedille Records CDR 90000 134). The violinist Jennifer Koh is known as both a masterly Bach interpreter and a champion of contemporary repertory. As part of her “Bach and Beyond” series, she pairs alluring performances of Bach’s Partitas Nos. 2 and 3 with Ysaÿe’s Sonata No. 2 and works by Kaija Saariaho and Missy Mazzoli. VIVIEN SCHWEITZER
‘BAROQUE CONVERSATIONS’ David Greilsammer; pianist (Sony Classical 88697929692; CD). The elegant Israeli pianist David Greilsammer excels at juxtaposing old and new music to find common ground between pieces written centuries apart. On this exciting recording, contemporary scores by Morton Feldman, Helmut Lachenmann, Matan Porat and Nimrod Sahar are surrounded by Couperin, Rameau, Handel and other Baroque composers. ANTHONY TOMMASINI ‘DARKNESSE VISIBLE’ Inon Barnatan, pianist (Avie AV2256; CD). Each piece on this recording by the brilliant and thoughtful pianist Inon Barnatan was inspired by a literary work: Ravel’s “Gaspard de la Nuit” and “La Valse”; Debussy’s “Suite Bergamasque”; Ronald Stevenson’s fantasy on music from Britten’s “Peter Grimes”; and, the title work, Thomas Adès’s “Darknesse Visible.” Each receives a superb performance. ANTHONY TOMMASINI ‘FERNE GELIEBTE’ Christian Gerhaher, baritone; Gerold Huber, pianist (Sony Classical 8869935432; CD). The German baritone Christian Gerhaher, who took master classes with the great Dietrich Fischer-Dieskau, would make his mentor proud with this recording of lieder by Beethoven, Schoenberg, Haydn and Berg. Mr. Gerhaher’s mellifluous voice is aptly complemented by the supple touch and deeply expressive playing of Gerold Huber, his superb pianist. VIVIEN SCHWEITZER ‘MEANWHILE’ Eighth Blackbird (Cedille 90000 133; CD). The adventurous ensemble Eighth Blackbird has entranced listeners in recent years with its theatrical interpretations of new music. Its performances on disc are equally electric, with dynamic interpretations of works including Philippe Hurel’s kaleidoscopic “... à mesure,” Stephen Hartke’s quirky “Meanwhile: Incidental Music to Imaginary Puppet Plays” and Philip Glass’s “Music in Similar Motion.” VIVIEN SCHWEITZER ‘TERPSICHORE: MUSE OF THE DANCE’ Capriccio Stravagante Renaissance Orchestra, directed by Skip Sempé (Paradizo PA0011; CD). Michael Praetorius, that liveliest and most entertaining of Renaissance masters, supplies most of the music, and Doron Sherwin, the incomparable cornetto virtuoso best known for his work with the ensemble L’Arpeggiata, provides much of the improvisational charge. JAMES R. OESTREICH