Friday, August 29, 2008

What We Can Learn About Russia -Sam Greene

In the 20 or so days since Russia went to war with Georgia, we have heard much about how the world has changed. We are told the Kremlin is newly strong and assertive and a new strategic confrontation--if not a new Cold War--is emerging between Moscow and Washington.

But the novelty of these and other observations is questionable. Russia's military might, backed up by a mammoth if decrepit army and nuclear arsenal, has never seriously been in doubt. And its economic clout has been unmistakable for several years. Meanwhile, the threat of confrontation has been high since long before Vladimir Putin delivered his tirade against American hegemony in Munich in February 2007. Remember Russia's support for socialist party leader Slobodan Milosevic during the 1999 Kosovo campaign, before anyone in the West had even heard of Putin?

There are, however, at least three lessons we can take from the current crisis in Georgia, in which Russia's troops, tanks and aviation--alleging genocide that appears to have been about as real as Iraqi weapons of mass destruction--pounded its troublesome neighbor to the south, occupied strategic cities and pulled out very, very slowly, leaving the Georgian military in tatters.

For one, we have learned how little has changed in Russia with the arrival of the country's new president, Dmitry Medvedev. Former president Vladimir Putin remains in charge, now as prime minister. But the finer touch that many in the West had expected from Medvedev has not come to light. As much abroad as at home, the Kremlin continues to favor a ham fist in an iron glove, backed up by implausible propaganda and no sign of domestic or international accountability.

Second, we learned the weakness of Russia's non-military foreign policy tools. The power of Russia's big stick is evident, but Moscow has forgotten the art of speaking softly. In this, of course, they resemble their Western--particularly their American--counterparts, who have preferred military force to robust diplomacy in recent years. But while new leadership in Washington may rely on decades of good relations with allies to rebuild burnt bridges, Moscow's legacy is far less favorable.

For those worrying about the danger posed by a belligerent Kremlin, however, Moscow's relative weakness should not be seen as good news. Russia is eyeing a number of perceived threats to its national interests, including further NATO and E.U. expansion, the installation of American anti-missile systems in central Europe and intense competition with China and the U.S. for influence in central Asia. Moscow's inability to achieve its goals through the force of persuasion may increase the temptation to use the force of arms.

Finally, we have learned the breadth and depth of the ideological chasm separating Russia from the West. It is not so much a values gap, as Western governments are more than capable of cynical and hypocritical behavior. But Moscow's lack of concern for how its actions are perceived reveals more than overconfidence. The Kremlin has a fundamentally different understanding of how the world works, one that's grounded in an extreme realpolitik that views international relations as a zero-sum game. In this view, trust is a worthless commodity, compromise can bring no added value and a premium is placed on tactical victories.

The new chill is thus distinct from the old Cold War, for Moscow no longer seeks to impose its system of government on the world. Instead, it believes that what is good for Europe and America is inherently and inevitably bad for Russia; it feels compelled to resist and obstruct at every opportunity.

As tempting as it might be to show Moscow the West's strength and solidarity, jumping headlong into confrontation would be a bad idea. While the West must defend its values and interests, it will be up to American and European leaders to show we can gain more from partnership than from a renewed standoff. As the world struggles to deal with climate change, terrorism, poverty and migration, a new arms race and competition for spheres of influence would be highly counterproductive.

What the West perceives as Moscow's hubris is in fact a deep-seated belief that Western governments see the world the same way and act accordingly. Russia's humiliation in the '90s is taken as proof of this assumption; Bush's misadventures in Iraq provide further evidence. Only principled and level-headed intolerance of such behavior by Western countries, especially from within the governments' own ranks, will convince Russia otherwise.

Sam Greene is a political analyst at the Moscow Center of the Carnegie Endowment for International Peace

Worldwide Financial News

U.S. Stocks Drop as Consumer Spending Slumps, Dell Earnings Miss Estimates U.S. stocks fell, paring the biggest monthly gain since April, as consumer spending slumped and lower- than-estimated earnings from Dell Inc. dragged down technology companies.

Consumer Spending in U.S. Slowed in July as Prices Rose Most in 17 Years U.S. consumer spending grew at a slower pace in July as the impact of the tax rebates faded and a pickup in inflation eroded Americans' buying power.

GM Recalls 944,000 Cars, Trucks for Electrical Flaw in Windshield Wipers General Motors Corp., the largest U.S. automaker, recalled 944,000 sedans, sport-utility vehicles and pickup trucks worldwide because of a potential short circuit in a system that heats windshield-wiper fluid.

Commerzbank Is Near Agreement With Allianz to Buy Dresdner for $13 Billion Commerzbank AG, Germany's second- biggest bank, is close to an agreement to buy Dresdner Bank from Allianz SE for about 9 billion euros ($13.3 billion), two people with knowledge of the matter said.

Merrill's Mallach Quits After Being Demoted as Head of Fixed-Income Sales Merrill Lynch & Co.'s Doug Mallach, one of two executives heading the securities firm's U.S. bond division when the subprime mortgage crisis struck last year, is stepping down three months after being shifted to a lesser role, people familiar with the matter said.

Agency Mortgage-Securities Yield Spreads Narrow to Lowest Level in a Month Yields on agency mortgage securities fell to the lowest in a month relative to U.S. Treasuries after buyers took advantage of some of the widest spreads since 1986.

Alitalia Seeks Bankruptcy Protection, Allowing Start of Government Bailout Alitalia SpA said it was insolvent and asked for protection from creditors, a move that will kick start a government-backed plan to sell the state-controlled carrier.

General News

McCain Selects 44-Year-Old Alaska Governor Sarah Palin as His Running Mate Republican John McCain picked 44- year-old Alaska Governor Sarah Palin as his running mate, a surprise choice designed to attract women voters and blunt concerns about his age.

Obama Pledges to Restore `America's Promise,' Says McCain `Doesn't Get It' Barack Obama accepted the Democratic nomination for president, mixing a soaring pledge to preserve the ``American promise'' with a sharp attack on John McCain's judgment on the war, the economy and support of George W. Bush.

Tropical Storm Gustav Aims at Cuba, Gulf of Mexico After Drenching Jamaica Tropical Storm Gustav moved across western Jamaica with torrential rain today, picking up speed as it headed toward Cuba and the Gulf of Mexico cities that were ravaged by hurricanes Katrina and Rita in 2005.

Where Did The Dollars Go?

The glitter is gone from Fidelity Investments. That's a good thing.

The old Fidelity was one of golden boy stock pickers--Edward Johnson III (whose family controls the company), at the start of his career; later, more famously, Peter Lynch of the Magellan Fund. The new Fidelity is all about slick 401(k) administration and fast back-office computers. No one gets excited about Fidelity's fund performance anymore. Michael Maiello reports in "Ferrari or Buick?".

The truth is that Magellan, Fidelity's best-known offering and for a while the world's largest mutual fund, didn't make very many people prosperous. Lynch took it over three decades ago. Nimbly working a tiny portfolio, he produced spectacular results, which attracted billions of dollars of new money. But after Magellan got big its results sagged. Lynch left in 1990.

The usual way to measure fund performance is a woulda-coulda game: what would have happened to a sum invested years ago and left untouched. By that score Magellan looks outstanding. Over the 30 years ended July 31 it has averaged a 16.3% return, four points ahead of the market.

This performance, though, is nothing like what was experienced by the average Magellan customer. A lot more of these guys were around to experience the mediocre results of late than the spectacular results of the Lynch years. Magellan's dollar-weighted return, which weights each period's gain or loss by the dollars at stake, has averaged only 10.3% a year since 1978.

Don't blame Fidelity. Blame the customers for crowding in at the top. Or blame business journalists for making stars of stock pickers. Maybe we failed to confess, often enough, that past results are only a weak indicator of future ones.

Where does that leave Fidelity and its 24 million customers? Seeking efficiency, not performance. Fidelity's tax-exempt sweep fund for brokerage accounts pays a quarter of a point better than Schwab's. For busy traders, its $8 commission beats that of other discounters. In running low-cost index funds Fidelity can hold its own against penny-pinching Vanguard.

If you want a prosperous retirement, watch your costs. Care a lot about the dollars that get frittered away in trading fees, taxes and fund expense ratios. Don't chase the fool's gold of hot stock pickers, even ones that make the cover of a magazine

Cybercrime Gets Its Game On


NASA's revelation this week that a computer virus had infected the International Space Station brought to mind images of cybercriminals sending astronauts plummeting toward a major U.S. city. Instead, the rogue software on the station's computer turned out to be doing something stranger: looking for passwords to the multiplayer online game "World of Warcraft."

Bizarre as that phenomenon may seem in outer space, it's increasingly common here on earth. A report released Thursday by researchers at McAfee's (nyse: MFE - news - people ) Avert antivirus labs found that nearly half of all password-stealing Trojan software detected in the last year target multiplayer online games like "World of Warcraft," "Everquest" and "Lineage."

In the first half of 2008, McAfee's researchers counted about 24,600 versions of one type of malicious code aimed at stealing passwords from a variety of so-called "massive multiplayer" online games, compared with 26,000 aimed at stealing banking passwords. That's compared to 2007, when only about 11,000 species of the game-password stealing Trojans were found, compared with 21,000 bank-password stealing varieties.

The goal of such game-targeted malware, says McAfee researcher Igor Muttik, is to gain possession of virtual in-game property and currency and resell it on auction sites like Hong Kong-based IGE.com. Those virtual commodities increasingly have real value: Many individual gamers have built up accounts of in-game funds worth more than $10,000, says Muttik. In September 2007, a hotel in the virtual world "Entropia" sold for $100,000. Analysts at Pearl Research estimate the total in-game supply of cash and property in Asia alone is now worth around $4 billion.

"The gaming industry has been growing much faster than banking," says Muttik. "It's very visible that online games are the bad guys' focus."

In fact, cybercriminals have targeted gamers for years. But the growth of those in-game economies, combined with new protections on bank accounts like fraud detection and authentication systems, means games have become the path of least resistance, says Gary McGraw, a security consultant with Dulles, Va.-based Cigital, and author of Exploiting Online Games.

"It's not easy to get into an online bank. But games often aren't as well protected," says McGraw. "As in the real world, a few people try to rob banks, but knocking over a 7-11 takes a lot less gunpowder and less planning."

That doesn't mean non-gamers are safe, warns Muttik. Banking-targeted password-stealing programs still outnumber gaming-targeted Trojans, and many of the programs record all keystrokes to swipe any password the user types in.

"It's not that they've stopped targeting banking," says Muttik. "It's that they're casting a broader net than ever."

So broad, it seems, that not even outer space is safe

Obama Hails `America's Promise,' Says McCain `Doesn't Get It'

By Kristin Jensen and Julianna Goldman

Aug. 29 (Bloomberg) -- Barack Obama accepted the Democratic nomination for president, mixing a soaring pledge to preserve the ``American promise'' with a sharp attack on John McCain's judgment on the war, the economy and support of George W. Bush.

In a moment full of history, the first black nominee of a major U.S. party told the crowd of more than 75,000 that he can fix the ``broken politics'' of Washington and end the ``failed policies'' of Bush. Against the backdrop of the Rocky Mountains in Denver's Invesco Field, he forcefully answered McCain's charges that he's unprepared to handle national security.

``If John McCain wants to have a debate about who has the temperament and judgment to serve as the next commander-in- chief, that's a debate I am ready to have,'' Obama said, highlighting his own early opposition to the war in Iraq. ``John McCain stands alone in his stubborn refusal to end a misguided war.''

Obama, 47, used much of the speech to talk about what he characterized as his unlikely journey to the nomination. Speaking on the 45th anniversary of Martin Luther King Jr.'s ``I Have a Dream'' speech in Washington, Obama last night referenced that historic legacy by echoing King's words.

``America, we cannot turn back,'' Obama said. ``We cannot walk alone. At this moment, in this election, we must pledge once more to march into the future.''

2004 Speech

Democrats had high expectations for the speech; it was Obama's keynote address to the Democratic National Convention in 2004 that propelled him to prominence. In that speech, Obama brought the crowd to its feet declaring, ``There's not a black America and white America and Latino America and Asian America; There's the United States of America.''

Last night, the Illinois senator combined lofty rhetoric with specific pledges, promising to cut taxes for working families and small businesses and end U.S. dependence on Middle Eastern oil in 10 years. He also took on his opponent with a passion that has sometimes been missing from stump speeches designed to hit largely positive notes.

``John McCain doesn't get it,'' Obama said. McCain subscribes to an ``old, discredited Republican philosophy'' that rewards the rich and leaves others worse off, he said. ``It's time for them to own their failure,'' Obama said. ``It's time for us to change America.''

90 Percent

Obama said McCain, an Arizona senator, voted for the president's positions 90 percent of the time.

``What does it say about your judgment when you think George Bush was right more than 90 percent of the time?'' Obama said. ``I don't know about you, but I'm not ready to take a 10 percent chance on change.''

McCain, who turns 72 today, is set to accept his party's nomination at the Republican National Convention next week in St. Paul, Minnesota. His campaign took some of the attention away from the Democratic convention when officials confirmed that McCain will announce his running mate sometime today.

McCain himself offered a temporary suspension to the campaign hostilities in a new television advertisement released just before Obama spoke.

``Too often the achievements of our opponents go unnoticed,'' McCain said in the ad. ``So I wanted to stop and say, congratulations. How perfect that your nomination would come on this historic day. Tomorrow, we'll be back at it. But tonight, senator, job well done.''

`Not Ready'

As Obama was concluding his speech, however, McCain campaign spokesman Tucker Bounds issued a statement. ``Tonight, Americans witnessed a misleading speech that was so fundamentally at odds with the meager record of Barack Obama,'' Bounds said. ``The fact remains: Barack Obama is still not ready to be president.''

Obama's speech addressed critics by offering specifics, a window into his personal life and tough challenges to McCain, said Rogan Kersh, a public service professor at New York University. Kersh said he counted 28 policy prescriptions.

``It's not yet clear whether he passes the `presidential' sniff test for undecided voters, but he took a long stride in that direction,'' Kersh said.

Obama formally became his party's standard bearer on Aug. 27. His former rival, Hillary Clinton, moved to nominate him by acclamation after her name was placed in nomination along with his for the party roll call.

Obama paid homage to Clinton early in his speech, saying she served as ``an inspiration to my daughters and yours.''

Stadium

Supporters began streaming into the stadium seven hours before Obama began his speech. His campaign turned it into a high-tech organizing seminar, asking supporters to text-message the Democratic National Committee. It was part concert, with Sheryl Crow and Stevie Wonder among others performing, and it was part Fourth of July celebration, with fireworks exploding over the stadium after Obama spoke.

During a brief appearance the previous day at the Pepsi Center arena, where the bulk of the convention took place, Obama said he decided to move the event to Invesco Field to include more people because ``change starts from the bottom up.''

The risk was that McCain's campaign might use images of the huge venue to press its description of Obama as more a ``celebrity'' than a leader.

`Enough!'

Obama addressed that line of attack by recounting the struggles faced by his grandmother, who helped raise him, and the laid-off workers he assisted on Chicago's South Side.

``I don't know what kind of lives John McCain thinks that celebrities lead, but this has been mine,'' he said.

Throughout the speech, Obama linked McCain to Bush and Republican policies that he said were responsible for the declining fortunes of American workers.

``Tonight, I say to the people of America, to Democrats and Republicans and independents all across this great land, enough!'' Obama thundered. ``This moment -- this election -- is our chance to keep, in the 21st century, the American promise alive. We are here because we love this country too much to let the next four years look just like the last eight.''

Obama tied that promise to his own family, saying his parents, a Kenyan man and a white woman from Kansas, ``shared a belief that in America, their son could achieve whatever he put his mind to.'' He said he became the Democratic nominee because Americans are looking for a different kind of politics.

``I stand before you tonight because all across America something is stirring,'' Obama said. ``You have shown what history teaches us -- that at defining moments like this one, the change we need doesn't come from Washington. Change comes to Washington.''

India's Economic Run

HONG KONG - With Western consumers tightening their belts, companies still in budget-cutting mode and inflation raging, the Indian economy was bound to slow from its spectacular pace of recent times.

New Delhi's Central Statistical Office revealed Friday that India's economic growth slowed to 7.9% annually in the April-June quarter, down from 9.2% in the second quarter last year and easing off from the previous quarter's 8.8%. This is the first time India has recorded GDP growth lower than 8% in nine quarters, since December 2004.

A downturn in the manufacturing sector braked the Indian economy. According to the government figures published Friday, manufacturing growth was hit the hardest, dropping to 5.6%, from 10.9% last year.

Besides manufacturers, Indian information technology companies, whose success in recent years has been grounded on India's large population of low-wage but well-educated, English-speaking technicians, are also under threat as international banks, brokerages and other firms all started to cut their IT budgets amid the global credit crunch. (See “Slowdown Affects Indian’s IT Sector.”)

The decline of Indian economic growth is also a natural outcome of the Indian government’s monetary tightening measures to curb inflation. "These are numbers that shouldn't surprise," said Saumitra Chaudhury, a member of the Prime Minister's Economic Advisory Council and chief economist at the credit rating agency ICRA, a Moody's affiliate.

After a few months of tightening, India’s inflation, which hit a 13-year high in June, appears to have stabilized. On Thursday, the government reported that the wholesale price index, the nation's benchmark inflation indicator, fell to 12.4% for the week ending Aug. 16, from 12.6% the previous week.

Chaudhury expected the central bank to maintain interest rates when it next meets in October.

Two days before the GDP announcement, Moody's projected that India's economic growth would decelerate to 7.9% in the current fiscal year, from 9% in 2007-08 amid slowing credit growth and higher interest rates.

-- The Associated Press contributed to this article.

U.S. Stocks Retreat on Income, Spending Data, Dell's Earnings

By Lynn Thomasson

Aug. 29 (Bloomberg) -- U.S. stocks fell, paring the biggest monthly gain since April, as consumer spending slumped and lower- than-estimated earnings from Dell Inc. dragged down technology companies.

Starbucks Corp. and Amazon.com Inc. each lost more than 2 percent in Nasdaq Stock Market trading after the government said growth in spending slowed to 0.2 percent in July as incomes declined 0.7 percent. Dell, the second-biggest personal-computer maker, had the biggest drop since November. Constellation Energy Group Inc., the largest U.S. power marketer, drove all 31 utility companies in the Standard & Poor's 500 Index lower after Jefferies Group Inc. downgraded the stock.

The Standard & Poor's 500 Index slipped 11.85 points, or 0.9 percent, to 1,288.83 at 1:47 p.m. in New York, ending a three-day advance. The Dow Jones Industrial Average lost 122.05, or 1 percent, to 11,593.13. The Nasdaq Composite Index retreated 37.66 to 2,364.29. Two stocks fell for each that rose on the New York Stock Exchange.

``The environment remains challenged for the equity market,'' Mike Ryan, head of wealth management research for the Americas at UBS Financial Services Inc., told Bloomberg Television. ``As we're faced with the impact of higher energy costs and the lack of availability of credit, that's going to put more pressure on the consumer sector.''

Technology and retailer shares led stocks lower as the Commerce Department report also said prices excluding food and energy, the Federal Reserve's preferred gauge, climbed 2.4 percent on a yearly basis. The data overshadowed a better-than- forecast reading of 63 in the Reuters/University of Michigan consumer sentiment index and damped optimism spurred by better- than-estimated growth in gross domestic product yesterday and an unexpected increase in orders for durable goods on Wednesday.

Cyclicals Slump

The Morgan Stanley Cyclical Index, a gauge of companies that rely the most on economic expansion to boost profits, lost 1 percent today as 21 of its 30 stocks fell. The gauge jumped 2.5 percent yesterday for its steepest advance in three weeks.

The S&P 500 has gained 1.6 percent in August, snapping a two-month retreat that sent the measure to an almost three-year low on July 15. The rally was fueled by the 22 percent drop in oil from a record, a jump in the dollar and growing speculation that the worst of banks' mortgage losses are over.

Starbucks, the biggest coffee-shop chain, slid 2.6 percent to $15.57, while Amazon, the largest Internet retailer, fell 2.4 percent to $81.46.

Dell sank 13 percent to $22.02. The company said ``continued conservatism'' from some U.S. customers is spreading to western Europe and some Asian countries. Sales growth in those areas slowed last quarter and profit missed analysts' projections after Dell reduced prices.

`A Hard Time'

Hewlett-Packard Co., the biggest PC maker, lost 0.3 percent to $47.17. Microsoft Corp. retreated 1.7 percent to $27.47, while Intel Corp., the largest chipmaker, slumped 2.5 percent to $23.01. Technology companies collectively fell 2 percent, the most in a month, for the steepest decline among 10 S&P 500 industries.

``Anything that's related to the consumer is going to have a hard time and is more than likely going to miss expectations,'' said Tom Wirth, senior investment officer at Chemung Canal Trust Co. in Elmira, New York, which manages $1.8 billion. Weakness in technology stocks ``has to do with the consumer having to rein in their spending.''

Marvell Technology Group fell 4.6 percent to $14.08 after the maker of chips for Apple Inc.'s iPhone predicted sales in the current quarter of $860 million to $880 million, missing the $889.2 million estimated by analysts in a Bloomberg survey.

Utilities Drop

All 31 stocks in the S&P 500 Utilities Index dropped, sending the industry group down 1.5 percent for its steepest loss in almost three weeks.

Constellation Energy Group Inc. fell 2.5 percent to $66.81. The biggest U.S. power marketer was cut to ``underperform'' from ``hold'' by Jefferies analysts.

International Paper Co. sank 3.9 percent to $27.19, the biggest drop in three months, after Deutsche Bank AG cut the world's largest maker of office paper to ``hold'' from ``buy.''

Fannie Mae fell for the first time this week, losing 9.4 percent to $7.20. Freddie Mac dropped 9.1 percent to $4.80. Bank of China Ltd., the nation's third-largest bank, pared holdings of corporate debt from the two largest U.S. mortgage-finance companies in the past two months amid concern on the potential need for a U.S. government bailout. Separately, the Washington Post reported that Freddie Mac's capital cushion may not be enough to cover losses.

Financials Retreat

SLM Corp. retreated 1.2 percent to $16.76. The biggest U.S. college lender cut the amount it can borrow for education loans through two banking agreements by $6.3 billion, or 20 percent, prompting Moody's Investors Service to consider downgrading SLM debt.

PetSmart Inc. increased 12 percent to $27.24. The largest U.S. pet-store chain said second-quarter profit fell less than analysts estimated, helped by increased boarding and grooming sales for dogs and cats.

The S&P 500 and the Dow average have both fallen less than 1 percent this week. The Nasdaq Composite Index has slipped almost 2 percent for the worst week since the beginning of July.

The S&P 500 is poised to complete only its third monthly advance since reaching a record in October. It is still down 11 percent this year.

The S&P 500's August gain has been led by so-called consumer discretionary companies, which include retailers and hotel and restaurant chains. The S&P 500 Consumer Discretionary Index rallied 8.1 percent this month for the best gain among 10 industries through yesterday

An index of technology shares in the S&P 500 had the second- best return in August with a 4.6 percent rally through yesterday, led by a 48 percent jump in Advanced Micro Devices Inc.

U.S. markets will be closed on Sept. 1 for the Labor Day holiday.

To contact the reporters on this story: Lynn Thomasson in New York at lthomasson@bloomberg.net.

Young Billionaires or Billionares and still young

Whoever said youth was wasted on the young probably wasn't talking about the youngest members of our billionaires list.

Sure, a bunch of them were lucky enough to inherit their wealth. China's richest woman, Yang Huiyan, owes her $7.4 billion fortune to her generous father, Yeung Kwok Keung, the media-shy chief of real estate outfit Country Garden, who transferred all his shares to her in 2005, the same year she graduated from Ohio State University.

So too Hind Hariri, 24, the daughter of the late Lebanese Prime Minister Rafik Al-Hariri. A recent graduate of the Lebanese American University in Beirut, Hariri is a fashionista who frequents Paris shows and reportedly favors designer Chanel.

But many actually made their own fortunes. The Ukraine's youngest billionaire, Kostyantin Zhevago, was only 19 when he started out as a finance director at a bank. He later gained a majority stake in its holding company. Today the 34-year-old is worth $3.4 billion and is a deputy in Ukraine's parliament.

Then there is the Chinese billionaire nicknamed Light: Xiaofeng Peng, 33, who got into solar energy in 2005 and took his company, LDK Solar (nyse: LDK - news - people ), which makes silicon wafers used in solar panels, public on NYSE Euronext (nyse: NYX - news - people ) two years later.

American John Arnold whizzed through Vanderbilt University in three years. He became an oil trader for Enron, supposedly earning the company $750 million in 2001. After the business collapsed, he started his own hedge fund, Centaurus Energy. He has done well enough to debut on Forbes' World's Billionaires list with a net worth of $1.5 billion.

The richest and most celebrated of this overachieving lot are Google (nasdaq: GOOG - news - people ) co-founders Sergey Brin and Larry Page. The pair, who are both sons of professors, met at Stanford University while pursuing Ph.D.'s in computer science and dropped out together when they were just 25 to start Google. They debuted as billionaires at ages 30 and 31. Today they are worth $18.7 billion and $18.6 billion apiece.

Still, one hopes all these hardworking billionaires take the time to enjoy their fortunes while they are young. After all, how many people in this world are lucky enough to become so fabulously wealthy before crow's feet and cellulite settle in? Larry Page seemed to take that to heart when he asked British billionaire Richard Branson, an old geezer at 57, to let him borrow Branson's private Necker Island for his wedding festivities last year; the 600-person guest list was said to include Bono and the Clintons. Earlier last year, Brin got hitched on a sandbar in the Bahamas; rumor has it that the bachelor party involved kite surfing on the coast of Greenland.

The young billionaire brat pack could learn a thing or two from dashing 24-year-old German Prince Albert von Thurn und Taxis, who is truly living a near fairy-tale existence. A billionaire since he inherited a fortune at age 18, he lives in a castle, owns 75,000 acres of woodland and spends his spare time driving race cars. Not a bad life at any age, but particularly enviable for someone who hasn't even lived a quarter of a century.

10 Ways To Boost Employee Morale

Greenbacks are nice, of course, but barring those, Nelson discovered that most employees crave communication, involvement and autonomy. While a hearty pat on the back always feels good, extra attention and sense of ownership feel even better.

"Every employee should be given the chance to determine how best to do their jobs, as well as increased authority and leeway in the handling of company resources," says Nelson.

Arbill, a Philadelphia-based workplace-safety consultancy, takes that observation to heart. The company boosts morale by giving the troops more responsibility. "We created employee committees to do things like set up a health fair, a food co-op and other [projects]," says chief executive Julie Copeland.

But the extra work doesn't just make people feel good. "Watching how employees manage these committees helps us create a great bench of leaders for the company," says Copeland.

Taking an interest in your employees also means investing in their future. That's why training and development opportunities are energizing perks. Check out the local community colleges and university-extension departments for affordable classes, and foot part or all of the tuition for eager employees.

Company picnics? Chuck them. Employees don't care--in fact, they find them a burden. Better to grant the flexibility for personal time to handle family obligations. Four-day work weeks are becoming popular (though they come with their own complications). If possible, consider letting people work from home one day a week--with gas at $4 a gallon, that savings will feel a like a holiday bonus.

In a very small company, rewarding just one employee can make a huge difference. Take it from Sari Gabay-Rafiy and Anne Marie Bowler, two lawyers who left a large firm to start their own Manhattan practice two years ago.

When Myrna Greenfield, their 60-something, part-time legal assistant, was feeling a bit blue, the partners decided a makeover was in order. So, they booked an appointment at the Sparkle Beauty Studio, a trendy salon on Charles Street in Manhattan’s West Village.

Myrna left with a chic razor haircut and a smile on her face. After the salon visit, they continued their “girls’ day out” with cocktails and dinner. "We can’t give our staff thousands of dollars in bonus checks, but we can do little things for them," said Gabay-Rafiy.

Kathy Taggares, chief executive of K.T.’s Kitchens, a Carson, Calif.-based maker of frozen pizza and salad dressing, needed a cost-effective way to thank her overworked staff for winning a multi million-dollar grocery account. The previous year's glitzy, five-figure Los Angeles harbor cruise with open bar was too expensive to repeat, so she booked a nearby go-kart track for a Friday afternoon.

"We mixed up people from production, quality control and maintenance," she says. The drivers ranged from 20-something women to a 74 year-old manager; non-drivers got into the act as cheering "pit-crews." The afternoon ended with a feast of Mexican food and gooey cake served in the party room at the track. Price tag for the 35-person celebration: about $2,000.

"It was a great team-builder, because people from different departments are often at odds with each other," says Taggares, who handed out trophies to winning drivers. "You would have thought people were winning Oscars. Everybody was just thrilled."

Jane Applegate is a Forbes.com columnist and author of 201 Great Ideas for Your Small Business

How To Boost Employee Morale On A Budget Jane Applegate

"Money can’t buy happiness" is not a cliche when it comes to boosting morale around the office. In these uneasy times, when many entrepreneurs are pinching every penny, knowing how to reward employees without spending a lot is crucial.

"You can do things for employees that don’t cost anything, but are worth a million dollars,” says Bob Nelson, author of 1001 Ways to Reward Employees, now in its fifty-second printing. Better yet, "small businesses can do [these things] because they aren't constrained by a 500-page policy manual."

Stop fretting about not being able to shower your employees with cash, says Nelson, who runs a consulting company based in San Diego. For his doctoral dissertation, Nelson conducted a landmark survey of 2,400 employees in 34 companies.


Click on any picture to launch a slides show of entertainement

'The Burning Plain' Photocall 2
Charlize Theron at the Venice Film Festival photocall of 'The Burning Plain', Palazzo del Casino, Venice, Italy. (Photo by Flynet Pictures)
65th Venice Film Festival:
Actress Hao Lei attend the Cry Me A River photocall held at the Piazzale del Casino during the 65th Venice Film Festival on August 29, 2008 in Venice, Italy. (Photo by Vittorio Zunino Celotto/Getty Images Europe)

Brutality of parents leaves disabled kids in lock for 40 years in palestine

London, Aug 28 (ANI): A Palestinian couple locked their disabled kids in two urine-stained rooms for forty years because they were afraid the children would ruin the marriage prospects of a healthy child, police has revealed.

The case has highlighted the shame felt by families who have children with disabilities in Palestinian society “made worse because of poor services and the practice of first-cousin marriages in Arab communities.”

“This is sad, shameful and awful,” The Scotsman quoted Imad Abumohr, a disabled rights activist, as saying.

Few people in the rural town of Beit Awwa knew of Basam Musalmeh, 38, and his sister Nawal, 42 were kept in two crumbling concrete rooms that stank of sweat and urine behind their family’’s house.

Police found them during a raid on Tuesday night, while searching for Hamas loyalists and criminals in the village.

Palestinian police commander Samih Saify said that during the search police heard unusual noises and went to investigate. He said they found Basam Musalemeh naked, while Nawal wore a flimsy nightdress.

Their father was arrested, although it was not clear if he was detained for keeping his children locked up or because of his suspected loyalty to militant group Hamas. (ANI)

Can natural sugars help create stem cell therapies?

London, July 23 (IANS) Scientists are examining whether the body’s natural sugars can be utilised for creating stem cell treatments for heart disease and to repair nerve damage.

All cells that make up tissues, like skin, liver, brain and blood, are surrounded of a layer of sugars. These sugars help them know their types and to respond to other cells which surround them and the chemical messages that pass in between.

Catherine Merry, of the School of Materials, who is leading the study, said: “At present, the way in which cells make these sugars is not well understood. From the little we do know, we believe isolated fragments of these sugars could be used to instruct cells to behave in particular ways.

“We also think we might be able to force cells to make one particular type of sugar and not another, thereby influencing the way in which that cell grows and interacts with other cells.

“We also believe our research might suggest how sugars can be used to help embryonic stem cells grow in the lab - or how they can be instructed to become cell types which could be of use in human therapies to treat problems with nerve, heart muscle or blood cells.

“Although the prospect of creating cells from embryonic stem cells for use in humans is still a considerable time away, research such as ours helps move towards this goal.”

Mind it this does not mean that people start consuming excess sugar , afterall excess of anything is bad.

Scientists move a step closer to creating blood

Washington, August 29 (ANI): Johns Hopkins researchers say that they have identified the earliest form of human blood stem cells, and discerned how they replicate and grow.

The researchers say that these stem cells are pinpointed by a biochemical marker called angiotensin-converting enzyme (ACE), which is well known for its role in the regulation of blood pressure, blood vessel growth, and inflammation.

They believe that their findings can revolutionise treatments for heart diseases, anemias, leukemia and other blood cancers, and autoimmune diseases because ACE plays a fundamental role in the very early growth and development of human blood cells.

“We figured out how to get the ”mother” of all blood stem cells with the right culture conditions,” says Dr. Elias Zambidis of the Institute of Cell Engineering at the Johns Hopkins University School of Medicine and the Division of Pediatric Oncology at the Sidney Kimmel Comprehensive Cancer Center at Johns Hopkins.

“There is real hope that in the future we can grow billions of blood cells at will to treat blood-related disorders, and just as critically if not more so, we”ve got ACE as a ”new” old marker to guide our work,” he adds.

He has revealed that the research team discovered the role of ACE unexpectedly.

“But were very pleasantly surprised to discover it as a beacon for finding the earliest blood stem cells known, as well as new ways to find and manipulate this marker to make them grow,” he says.

Reported in the online edition of the journal Blood, the new findings explain that the earliest stem cells marked by ACE, called hemangioblasts, first arise normally in the developing human foetus, when a woman is three or four weeks pregnant.

The researchers found not only that ACE was a marker for hemangioblasts, but also that turning off the enzyme also helped guide the cells” replication and maturation into either blood or endothelial cells.

When they treated the hemangioblasts with losartan, an ACE pathway blocking agent routinely used to treat high blood pressure, the rate of blood cell production dramatically increased.

Zambidis says that the next step will be to test this research in animal models and show that “we can make lots and lots of blood cells from human stem cells for transfusions, regenerate new vascular trees for heart diseases, as well as create test tube factories for making transplantable blood cells that treat diseases.

“We are very far from treatment, but this is a big step,” he adds.

If the new technique of mass producing progenitor blood cells is eventually proven to work in humans, it would allow patients getting bone marrow transplants to have their own stem cells creating the blood they need, significantly reducing rejection risk. (ANI)


Monday, August 25, 2008

Internet trends: marketing research & predictions

India’s Independence day: Short Review of Online India
August 15th, 2008 by Taly Weiss
Filed under internet behavior, consumer behavior, mobile web, trends spotting behavior

Celebrating Independence Day in India, TrendsSpotting releases a short review on Online India statistics:

Internet use

According to ComScore: 28 million people in India age 15 and older accessed the Internet from home and work locations in May 2008.
Internet users in India represent approximately only 3% of the population (potential for continued strong growth).

The average Indian Internet user visited the Internet 25 times during the month and was online for 28 minutes per visit.
• Those between the ages of 15-24 were the heaviest Internet users among all age segments, spending nearly 12 hours online per month on average.
• Some of the fastest growing Web site categories during the past year included Maps (up 64 percent), Sports (up 60 percent), Entertainment - Movies (up 55 percent), and Finance – News/Research (up 52 percent).

Top Websites in India:
Top players are showing a relative growth from year 2007.
Google Sites ranked as the top property in India: nearly 20 million visitors in May, a 35% increase versus year ago and the largest growth among all other properties. That’s too include: Google Search (up 38% to 17.1 million visitors), social networking site Orkut (up 39% to 9.3 million visitors), blog platform Blogger.com (up 102% to 7.3 million visitors), and video site YouTube (up 131% to 6.3 million visitors).
Yahoo! Sites ran second with 18.7 million visitors (up 28%), followed by Microsoft Sites with 12 million (up 11%). Indian portal Rediff.com ranked as the top local property with 9.2 million visitor (up 19%), followed by government site NIC.in with nearly 6 million visitors (up 5%).B2b portal also find its viewers( up 3.5% ) likewise made-from-india.com, rusbiz.com since indian B2b trade has also increased over the years.

some memorable olympics 2008 pics

Olympic Athletes as News Gossip - CNN Roasts Amanda Beard on Michael Phelps (VIDEO)
Reviving Olympic Sports - NBC Stalks Michael Phelps With New Championships Coverage (GALLERY)
Historic Olympic Records - Michael Phelps Wins 8 Gold Medals in Beijing (GALLERY)
Ridiculously High-Calorie Diets - Caloric Consumption of Beijing Olympic Athletes (VIDEO)
Naughty Olympic Scandals - German Athletes Nude for Playboy (GALLERY)
Beijing Olympic Scandals - 9 Year Old Singer Was A Phony (VIDEO)
Buddhist Activists Protest China Online - Digital Dharma (VIDEO)
$30 Million Beijing Olympic Torch Lighters - Li Ning Cashes In (VIDEO)
Ethical Beijing Olympic Apparel - Eco Team Canada Uniforms (GALLERY)
Faking Olympic Fireworks  - Beijing Olympic Footprints were CG Fakes
Gadgets to Bypass The Great Firewall of China - Freedom Stick for Beijing Olympics
Beijing Olympics Covered by Citizen Journalists - GroundReport in China (VIDEO)
2008 Beijing Olympics Online - How to Watch the Olympics on the Web (Illegally?)
Leaked Olympic Rehearsals - China Furious over Footage (VIDEO)
Olympic Etiquette - China
China
Olympic Sex Testing - China Sets Up Lab (Blame Pregnant Man?)
Beijing Olympic Controversies - Iran To Broadcast Female Competitors from China? (GALLERY)
Obama in China Olympic Broadcasts - Sen. Spends $5 Million on NBC Ads (VIDEO)
100,000 Men on Segways - Security Guards at China Olympics
Beijing Olympics Alternative Reality Games - The Lost Ring (VIDEO)
Bribing Beijing Olympic Bloggers - Gehua New Century Hotel Offers Cash For Stories (GALLERY)
Winning With Females - China
2008 Olympic Architecture - China
"Chinglish" For Beijing Olympics - Chinese English Hybrid Lingo (VIDEO)

Top 11 usable web-can you really resist in 2008

The era of internet has started with the late 90's when dot com culture started with landing of social bookmarking and social networking.The Internet has played a greater role this presidential election season than ever before. We have had our first-ever YouTube debates, Facebook participatory forums, and endless array of vlogged politico gaffes. And, as a result, the politicians have learned there's a whole World Wide Web of people they can no longer ignore.

So, in an attempt to target the connected crowd, the '08 political campaigns themselves have been pulling out all the stops, trying to make their candidates appear hip to this Internet thing.

But, after months of suffering through it all, it seems that couldn't be further from the truth.

Most of the online efforts set forth by the political campaigns this season have been laughable at best, and have demonstrated how completely out of touch politicians generally are with what's happening on the Tubes. Whether it's the hip-happenin' band of youngsters steering Obama's every move, or the straight-laced, quill-using conservative crew on the McCain team – the Web efforts put in place this election season have been getting weirder and weirder.

Rather than fooling us into believing the candidates care about the Internet, these efforts have made all the more clear their lack of understanding and concern. ("I don't know what this 'digital divide' stuff is – but did you know our campaign managers can Friend you on Facebook?")

So we at Internet Evolution are taking a stand against these silly politricks and letting the politicos know we're onto them. What follows next, in reverse order, is our ever-enlightening multi-page analysis of the Top 11 Web usages.

As always, and unlike the candidates, we want your feedback – so be sure to cast your ballot (get it?!) for your favorite Internet usages on the boards below!

Here are our 11:

11) always blank for accuracy of selection since any important web if not included means , improper selection of webs,perhaps you may agree or take it as typical write up.

10) Fight the Smears: Obama's Myth-Busting Site
Tackling the issues that matter, likeee, secret Muslimism.

9) Robo-Calling
Think: telemarketing PLUS spam. Now with VOIP!

8) Disseminating Inaccuracies 2.0
Or... If it's not true, it should be.

7) McCainSpace & MyBarackObama
Create a social network to satisfy the obsessive politician-groupie in you.

6) The RNC's "Barackbook"
Join Barackbook; befriend a would-be terrorist.

5) Spam the Liberals!
Mac attack on the liberal blogosphere.

4) Political Celebrity in Absentia
It's like real social networking, but minus the networking socially part.

3) Hillary's Sopranos Ripoff
Or, how to get de-nominated, virally.

2) Swiftboating on YouTube
"Swiftboating" style videos end up on YouTube as the Willie Horton attack ad auteur gears up again.

1) Twitter Me This: Veep-stakes
Twitter your VP selection... after choosing him/her using a Facebook Poke.

Nigerian Internet-What is the chemistry

Mention the word “Nigeria” around an IT crowd, and what often comes to mind is spam.

Indeed, Nigerian spam became so famous, it was part of a "Saturday Night Live" sketch about an awards show called “The Spammies.” It is the topic of many anti-spam Websites, including one called Nigerian Spam.

But this association, while it reflects an indigenous criminal element that has caught the world's attention, can be a disservice to an emerging African powerhouse. In an article earlier this year, I described Nigeria’s booming capital markets. It is an exciting time, as returning expatriates trained in London and New York are filling the country’s professional positions.

Oil-rich Nigeria, situated on mid-Africa's Atlantic coast, is the most populous country in Africa and the eighth most populous in the world. Its 140 million people, including 70 million Muslims and 60 million Christians, represent three main ethnic groups and speak about 250 different languages.

With Internet penetration at only 7.2 percent, reported by Internet World Stats, the potential for growth is massive.

There are challenges: “Internet doesn’t come cheap in Nigeria. One of the reasons for this is the costs involved in using satellites due to a lack of cable infrastructure… Most Internet traffic in Nigeria… needs to be routed by satellite via North America and Europe,” according to African business Website TradeInvestNigeria.com.

Out of 10 million Internet users, only 500 people have broadband. “High-speed broadband requires fiber optic cables. The situation should, however, improve as there are a number of projects underway to connect African countries with the rest of the world through undersea cables,” according to TradeInvestNigeria.

Meanwhile, access to telecom services isn't necessarily reliant on new cabling. While only 4 percent of people in Nigeria have fixed telephone lines, 30 percent have cell phones, reports the International Telecommunications Union.

Use of cell phones helps folk bypass cable infrastructure gaps as well as the country's pervasive power outages. Clearly, the key to Internet adoption is currently through cell phones.
“Traditional internet service providers are facing increasing competition from internet services offered by mobile operators. The introduction of 3G services has enabled many Nigerians to access the internet through mobile devices,” reported TradeInvestNigeria.

Momentum is building.
“[While] Q108 should see the launch of the country's fifth national mobile operator… the growth of fixed-wireless services and investor interest in Nigeria's regional telecoms operators will put added pressure on the national providers to improve their services or risk losing market share to smaller rivals,” states the Nigeria Telecommunications Report 2008.

Nigerian firms are seizing the moment. “For the first time in the history of [the information and communications technology industry] in Nigeria, two indigenous firms, Zinox Computers, a computer manufacturer, and CDMA telecom operator Reltel Wireless, are joining forces to provide Nigerians with Internet-ready PCs,” reported the IDG News Service.

Despite daunting challenges, Nigeria is pursuing a path of reforms and modernization. It has the raw materials -- natural resources and educated talent -- to become a world player. And its fledgling Internet industry presents a tremendous opportunity to build bridges with other countries.

Source :Deborah Nason is a freelance writer based in Connecticut.

What US Searched topmost in 2007, do you know

1. How to tie a tie

2. How to have sex

3. How to kiss

4. How to lose weight

5. How to write a resume

6. How to levitate

7. How to draw

8. How to get pregnant

9. How to make out

10. How to make a video

hot facts,news and stories

Topmost viewed stories of the world, do you really care for any of them , then here it is for you:
  1. How Fast Can Humans Go?
  2. Michelle Obama's Savvy Sacrifice
  3. Can Science Tell a Gymnast's Age?
  4. The Lessons of the Beijing Olympics
  5. It's Time to Kick Out Some Olympic Sports
  6. How Biden Will Come Out Punching
  7. Sore Loser, Olympian Banned For Life
  8. Halperin on Biden: Pros and Cons
  9. Are Oil Prices Rigged?
  10. Obama's Convention To-Do List
  11. Goliath Loses: Accountant Beats IRS
  12. Behind Obama's Bet on Biden
  13. Will the US Develop a Death Ray?
  14. Should You Become a Co-Ho?
  15. Delivering on LeBron's Guarantee
  16. No "Men Working" Please
  17. Greenland Glacier Has Huge Crack
  18. Saber-Toothed Cat Fossils Found
  19. Risky Business in Russia
  20. What Israel Lost in the Georgia War
  21. Seinfeld: The Right Man for Microsoft
  22. The Democrats' Master of Ceremonies
  23. Heart Disease
  24. Is the Iraq War Winding Down?
  25. 71 Dead in Kyrgyzstan Jet Crash
source:www.time.com

The Lessons of the Beijing Olympics

The closing ceremonies on Sunday night in Beijing.
The closing ceremonies on Sunday night in Beijing.
Shaun Botterill / Getty

Could it really be over so quickly? Ever since the International Olympic Committee awarded Beijing the Summer Games in 2001, China had lavished $44 billion on transforming the capital into a city whose time was now. Stadiums were built, entire transportation networks laid out. The areas that couldn't be prettified in time were hidden behind Olympic billboards that would have made Grigori Potemkin proud. Lest visitors think that China was somehow not sophisticated enough to merit hosting the world's premier sporting spectacle, local residents were admonished not to wear more than three contrasting hues at the same time. At a time of national glory, it just wouldn't do to have clashing colors.


Meanwhile, Chinese athletes — who in Beijing garnered a record 51 gold medals, 15 more then the U.S. — had selflessly trained in sports that much of the local populace hardly knew anything about before the Games. No discipline was too esoteric in the pursuit of national pride. A gold medal in women's quadruple sculls rowing? Check. Men's 50m air rifle three positions? Check. Women's 75kg weightlifting? Check.

But on August 24, the extravaganza for which China had been grooming itself for so long ended with a 30 ton steel centerpiece called the Memory Tower, reaching five stories that came alive with acrobats dancing along its girders representing a huge human flame. The Olympic flame may be extinguished, but the Tower, the organizers explain, represents the "holy flame which will burn and never be extinguished in people's hearts."

The atmosphere was far different from the giddy expectation of August 8, when the Olympics kicked off. Then, there was a sense of anxiety among the Chinese of how they would be judged by the world. During the Opening Ceremony's one-hour cultural program, the hosts eagerly gave viewers around the world a Cliffs Notes history lesson. Dear exalted foreign guests, they seemed to say, did you know we Chinese have 5,000 years of history and that we invented paper and movable type and gunpowder? Pretty cool, don't you think?

But as the days wore on and the number of gold medals won by China's army of athletes piled up, the approval of outsiders seemed to become less important. The Olympics became a show for the locals. It helped, too, that stringent visa regulations had limited the influx of foreign tourists. The foreign press could be annoying and Beijing residents, who were always up to date with the medal count, were slightly miffed when question arose whether several medal-winning Chinese gymnasts might be underage. Polite applause for foreign competitors occasionally degenerated into boos or, just as bad, half-empty stadiums — this despite vows that all Olympic tickets had been sold. By the end of the Closing Ceremony, it was clear: Yes, the world had been invited to watch Beijing 2008. But this was China's Games. The rest of the world was just a bystander.

Granted, China put on a fabulous show. But sporting events are about more than just center stage — and questions about China's continuing political repression festered on the sidelines. Throughout the Games, stories trickled out of jailed dissidents, banned websites and curiously empty protest zones. Then, as though summoned by some kind of karmic force, the Olympics produced a parable for the Chinese. Like a one-man play on the perils of over-training and stifling national pressure, China's star hurdler Liu Xiang arrived in the Bird's Nest to run his first qualifying race — and then decided that it was all too much. The athlete who was supposed to be the face of China's Olympics turned his back to the crowds and limped off the track. After a shocked silence, the weeping announcers on Chinese TV intoned that it was acceptable to continue idolizing Liu because he had done his best. Very quickly, however, gold-medal fever returned, with by-the-minute updates on just how many victories the host nation had tallied.

The Chinese were obsessed with medals. At the Closing Ceremony, as the athletes flowed into the stadium, the medalists were ushered in first. It was a situation at odds with the egalitarian, celebratory mood but very much in line with a results-obsessed nation whose mission was to impress and, by impressing, to dominate. The athletes, unused to being distinguished from their teammates, appeared to be flummoxed, unsure of how to occupy the vast amount of space in the center of the Bird's Nest. Even during the pop interludes, the athletic participants were subdued, choosing to stand or sit rather than dance.

The Games are moving on. And Britain, which scored its best medal haul in a century, is a counterpoint to China. London has far less to prove than Beijing. It may have plenty of troubles: a congested city center, topsy-turvy real-estate prices. But lack of confidence is not one of London's problems. The Closing Ceremony's eight-minute preview spot for the upcoming host featured a charming double-decker bus loaded with a small cast of characters that included rocker Jimmy Page. The organizers of London 2012 said they didn't want to compete with the Closing Ceremony's cast of thousands — 7,000 performers, in fact, on top of the 15,000 used in the Opening Ceremony — employed by Chinese director Zhang Yimou, who was in charge of both ceremonies. But small can delight, too.

Perhaps, looking back on Beijing 2008, we will judge the Games as the moment that China assumed the role of future superpower. Tokyo '68 was like that, heralding the emergence of what was to become the world's second-largest economy. Or, maybe, like Berlin '36, the Olympics will shine a light on a repressive, closed political system. The enduring legacy of Beijing 2008 won't be known for some time. For now, we can celebrate the accomplishments of swift Jamaicans and amphibious Americans and, most of all, a battalion of Chinese athletes who resoundingly displaced the U.S. atop the gold-medal count. These really were China's Olympics. With reporting by Alice Park/Beijing

Sunday, August 24, 2008

US Men Win Olympic Volleyball Gold

China emerged as the winner but US men and women have shown the world that they are not behind enough , but stand amongst top three medal winners of Beijing Olympics 2008.may be 2012 will show highest medal in the bag of US only.


The US men have won the Olympic volleyball gold medal for the first time in 20 years, beating Brazil three sets to one. VOA Sports Editor Parke Brewer was at Sunday's match at Beijing's Capital Gymnasium and has a report.

This match between top-ranked and defending champion Brazil and the United States really was in doubt until Clay Stanley smashed the spike that gave the Americans a slim 25-23 win in the fourth set and the gold medal

Brazil had won the opening set 25-20, then team USA battled back to win the next two sets by close scores of 25-22 and 25-21. The Brazilians never trailed in the fourth set until they hit the ball into the netting, breaking a 20-20 tie and giving the Americans the lead they never relinquished. Stanley provided the most power for Team USA, with 15 successful spikes.

Captain Tom Hoff said the victory is the result of a lot of hard work by the players and their coach Hugh McCutcheon over the last four years after a fourth place finish at the Athens Olympics.

"There were at times behind closed doors and even at practice when we were trying to develop a game that Hugh and the staff believed that would some day turn us into Olympic champions," Hoff said. "And obviously this is the culmination of it. But it's all the days behind closed doors and all the work you really put in that no one else besides the team and staff."

Brazil's Bruno Rezende (1) Dante Amaral (18) and Gustavo Endres (13) react after their loss to USA in their men's volleyball gold medal match at the Beijing 2008 Olympics in Beijing, Sunday, 24 Aug. 2008
Brazil's Bruno Rezende (1) Dante Amaral (18) and Gustavo Endres (13) react after their loss to USA in their men's volleyball gold medal match at the Beijing 2008 Olympics in Beijing, Sunday, 24 Aug. 2008
Brazilian coach Bernardo Rezende had nothing but praise for the U.S. winners.

"I think they did a great job," Rezende said. "They deserved the victory. I'm glad a great group of people won the gold medal, so, great persons and great professionals, so I think the gold is in good hands. We fought, we tried hard. They were better. They deserved it, and we must learn from those who beat us and try to be stronger the next time."

The man who undoubtedly had to be the strongest in this volleyball tournament was U.S. coach Hugh McCutcheon. His wife's father (Todd Bachman) was murdered in a random stabbing at a Beijing tourist site the day before competition began. McCutheon left to be with family members and missed the team's first three matches.

He acknowledged that Sunday's gold medal victory is bittersweet.

"On one hand I mourn the loss of my father-in-law greatly, and my heart aches for my wife and for our family for the loss," McCutcheon said. "And on the other hand, of course, I am extremely proud and happy for my team and for USA Volleyball as an organization and for the thing that we've been able to achieve."

The U.S. men came through with their gold medal, one day after the American women lost their gold volleyball match to Brazil (3-1).