মঙ্গলবার, ২৫ জুন, ২০১৩

World Bank urged to stop ranking countries on ease of doing business

LONDON (Reuters) - An independent panel set up by the World Bank to look at the validity of one of its highest profile country rankings said on Monday the Bank should stop producing it because it may be misleading.

The Bank's annual "Doing Business" report judges 185 countries on 10 criteria and compiles an index on the ease of doing business, assigning each country a rank. The rankings can carry huge weight with governments.

But a panel initiated by the Bank's new president, Jim Yong Kim, found that the rankings could too easily be affected by small factors and were sometimes not objective.

"The panel believes the Bank should make a clean break with this practice," it said in a report. The panel was headed by South Africa's planning minister Trevor Manuel.

"It is important to remember that the (Doing Business) report is intended to be a pure knowledge project. As such, its role is to inform policy, not to prescribe it or outline a normative position, which the rankings to some extent do," the report added

Singapore topped last year's rankings while Central African Republic was bottom. Russian President Vladimir Putin last year declared a policy objective of raising Russia's ranking to 20th by 2018 from the current 120th place.

According to several sources, China has pushed for modifying the report and getting rid of the ratings system, arguing that the World Bank should not rank its members.

China was ranked number 91 in the most recent report, prompting suspicions that its opposition was motivated by the low ranking.

Instead of a ranking, the panel suggested assigning scores for each of the indicators for each country.

(Reporting by Sujata Rao; Editing by Jeremy Gaunt)

Source: http://news.yahoo.com/world-bank-urged-stop-ranking-countries-ease-doing-113919594.html

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রবিবার, ২৩ জুন, ২০১৩

Los Angeles Fireworks Warning Issued By Police

The blast from a quarter-stick of dynamite obliterated a watermelon -- and would have decimated anyone within range.

Los Angeles County police and fire agencies set off the so-called "M-1000" and other firecrackers on Friday to demonstrate the potential harm caused by using illegal fireworks.

Instead of risking life and limb, they urged residents to celebrate the upcoming Fourth of July by flocking to one of 30 professional fireworks shows across the region.

"As you and your family are celebrating our nation's independence, remember that fireworks are illegal in the city of Los Angeles," said Los Angeles fire Chief Brian Cummings during a news conference at the Los Angeles County Fire Department training grounds. "Please celebrate this wonderful holiday with your family and friends by visiting one of the many fireworks shows offered throughout the city and the county."

The illicit fireworks on display would have lit the fuse of any fireworks fiend: Artillery shells, flaming balls and a rainbow of cascading fireworks with such names as Devil's Thrill, Phat Fire and Really One Bad Mother.

Then there was the explosive stuff: the classic Black Cat firecrackers, the ear-splitting M-80s and the mortar rounds bigger than your fist.

Law enforcement and fire officials warned that all fireworks are dangerous, especially to children. They also warned residents not to celebrate the Fourth by firing guns in the air, as bullets head skyward and return to earth at up to 700 feet per second. And not to drive drunk.

Even the so-called "safe and sane" fireworks such as sparklers, available in some parts of the county, can burn twice as hot as the log in your fireplace, said Dr. Matt Young of the Grossman Burn Center in West Hills.

The penalty for using fireworks in Los Angeles is $1,000 or up to six months in jail, police said. If someone setting off fireworks should catch a roof on fire, they're liable for paying for the damage, too. Penalties for larger explosive such as M-80s range from $300 to $10,000, plus jail or prison time.

As Southern California enters its fourth year of drought this Fourth of July, police and fire officials warned they would be beefing up patrols to protect life and property.

"Our objective is to make sure everybody has a safe and fun Fourth of July season," Los Angeles County Fire Chief Daryl L. Osby said.

Law enforcement officials said the use and confiscation of illegal fireworks were on the rise. Last year, Los Angeles police seized 10,000 pounds of illegal fireworks, while sheriff's deputies confiscated nearly 20,000 pounds, arrested 22 suspects and handed out nearly 500 citations.

Last year, Los Angeles police responded to more than 300 calls of illegal gunshots, not including the normal flash bangs.

"There's no such thing as 'safe and sane' fireworks," Los Angeles police Commander Andrew Smith said.

This week, sheriff's deputies arrested three men after seizing 3,000 pounds of illegal fireworks from a San Gabriel Valley garage.

But that's just a fraction compared to what one undercover county arson investigator said has been confiscated this year alone: 62,000 pounds of contraband fireworks. A formal announcement by county fire officials is expected on July 1 or 2.

"All this is what I've confiscated," said an undercover investigator, who declined to identify himself lest he blow his cover.

"The trend is overwhelming in illicit fireworks. It's a feeding frenzy. All of them are from China. They come into the docks, (intended) for out of state, but a lot of them never make it."

Some of them included the 5-inch mortar rounds advertised as exploding into red, blue and "white peony" displays. They were certainly not the fireworks of many of the cops' and firefighters' youth.

"You see this?" said Los Angeles fire Capt. Tom Richards, pointing to a pair of the grapefruit-sized ordinance popular in the illicit street trade. "This is a professional firework. It can go up in the air 500 feet. This is not the fireworks we used as kids.

"Do I begrudge anybody having fun? We went from this," he said, holding up a sparkler, "to this," he added, hoisting one of the mortar rounds employed by such theme parks as Disneyland. "It's a bomb."

For a list of professional fireworks shows, follow #SummerSafetyLA on Twitter, visit safejuly4th.org, or call 1-888-654-FIRE. ___

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Source: http://www.huffingtonpost.com/2013/06/22/los-angeles-police-and-fi_n_3483059.html

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Inhabitat's Week in Green: flying bicycle, tattooed fruits and a wireless EV-charging system

Each week our friends at Inhabitat recap the week's most interesting green developments and clean tech news for us -- it's the Week in Green.

DNP Inhabitat's Week in Green TKTKTK

This week, the MS Tûranor PlanetSolar -- the world's largest solar-powered boat -- docked in downtown Manhattan, and Inhabitat was on the scene to tour the 115-foot Swiss catamaran and learn about its latest trans-Atlantic voyage. The PlanetSolar team isn't the only one pioneering new technologies, though. Google announced plans to deploy fleets of solar-powered balloons to bring the internet to remote locations around the world. A pair of British men debuted the world's first flying bicycle, which combines a bike with a fan-powered paraglider. A 16-year-old developed a cleaner, more efficient way to create biofuel from algae, and Coca-Cola produced a classic Coke bottle that's made entirely from ice that melts away when you're finished with it.

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শুক্রবার, ২১ জুন, ২০১৩

Writing on the Ether: While You Were Bashing Amazon | Porter ...

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBook

  1. Seattle Hands $110,000 to Five Authors
  2. Dr. Walniuk Is in the House
  3. The ?Devil? Is in the Details

My feet have started to touch the ground again. I was pretty floaty there for a while.

Sitting down?.

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBook

Rysa Walker

She got a publishing contract and a $50,000 advance for her debut YA self-published novel.

The novel for which author Rysa Walker has just received that advance started life as the self-published Time?s Twisted Arrow.

When Amazon Publishing releases it on October 22, it will be titled Timebound.

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookAnd will have been re-edited and prepared with its new cover as a fully vested catalog offering from the Skyscape imprint, part of Amazon Children?s Publishing.

And it?s her first.

As long as you?re sitting there weeping, I?ll just mention Walker?s four co-finalists in the Amazon Breakthrough Novel Award competition. Why let those Kleenexes go to waste?

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookThese four authors now are first prize winners. They each have been given a contract with a? $15,000 advance. They are:

Ken Moraff in Ithaca, New York, whose winning book is It Happened in Wisconsin, is the general fiction category winner, about a Depression-era baseball team and the dynamics of its players relationships.

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookJo Chumas, a journalist in Barcelona. Her book, The Hidden, is the winner in the mystery and thriller category. Set in the Egyptian Sinai in the 1940s, it combines ?brutal murder,? revolution and old diary writings.Chumas book will be published in October on the Thomas & Mercer imprint.

(Book PR copy always says ?brutally murdered.? No one is ever just murdered. They?re ?brutally murdered.? Never ?gently murdered,? ?softly murdered,? ?mildly murdered,? ?thoughtfully murdered.? That?s because murder by any means is brutal. Just ?murdered? is all you need. The ?brutality? is hype.)

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookEvelyn Pryce, whose winning book, A Man Beyond Reproach, is also a debut effort. This one is the romance-category winner, set in 1830s London and a bordello that seems to cater to noblemen who might become Shirtless Men Kissing Beautiful Women. this one will be out in October on the Montlake Romance imprint.

J. Lincoln Fenn ?began her career in horror,? her bio says. This is true of so many of us, isn?t it?

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookNo, seriously, her book, Poe?winner in the sci-fi, fantasy, and horror category of the competition?is set on Halloween and features a Rasputin zombie-novelist who writes obits for a living. I hope it quotes a raven, too. With a title like Poe, this one simply has to come out on the 47North imprint.

I?d be interested in hearing of other publishers in the industry! the industry! that have cultivated new fiction so richly and in such a readership-involving way as Amazon Publishing?s global voting stage that asks readers, themselves, to gauge the material.

And once you?ve pulled yourself together, we?re going to spend some time here with the grand-prize winner, Rysa Walker, whose experience and approach reflect the way Amazon?s program is not only producing work but also nurturing it.

For her part, Walker?that first name is pronounced ?RYE-sa??tells me in a phone interview from her home in Cary, North Carolina, ?I?ve actually made a lot of friends in the indie community. I spent the last year trying to market what was then Time?s Twisted Arrow,? her winning manuscript which she?d published, herself.

?

Self-publication wasn?t a requirement of the competition, nor was it a problem. The rules of the Breakthrough Novel Award program prohibit entering material that has been under a publishing contract currently or previously. But as long as the rights have never left the author, an entry is valid. The entry period is normally in mid- to late-January. Up to 10,000 people can make one entry each. The competition, and the voting on the winners, is international and goes through several stages of selection and elimination. Walker remembers her self-published effort not quite languishing but not taking off, either. ?I got a lot of good reviews. I won?t even tell you it was selling okay. It was tolerable, a few sales a week. For an indie author, that being my first book, and knowing it was part of a series, that was hopeful.?


Now, of course, what will publish as Timebound in October looks much more than merely hopeful. And it?s the first in a three-volume series, Walker says.

I never thought I?d get past the point of the free Publishers Weekly review [at the semi-finalist stage]. That was really my goal. I was hoping not to have to pay for an indie review.

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookWalker makes a point familiar to many self-publishing authors: despite the fact that authors must pay their way into both Kirkus? and Publishers Weekly?s programs for self-published writers, the resulting reviews will label the work as independent.

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookKirkus Indie offers a review at rates of $425 for a standard review and $575 for an express review.

Publishers Weekly offers the possibility of a review (PW makes the choice) with a PW Select registration for a listing at $149 for self-published books.

Walker:

I was reviewed at Kirkus, and it was a very positive review. But I had to pay for it and it was still ?Kirkus Indie.? Some people look at that, and they dismiss it, even though you can pay that money and get a bad review. I know plenty of people who have done that. But people still see this as a ?paid review? and therefore not valid.

The stigma [about self-publishing] is not gone yet. I read an article yesterday that ripped into indies, saying that 95 percent of what?s out there is bad and it?s degrading the publishing industry because people don?t know where to find a good book. And there is some truth to that, but I?ve read some pretty bad traditionally published books, too. Maybe not as many grammatical errors, but there are other issues, too.

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBook

Polly Courtney

In an interesting parallel, British author Polly Courtney?s new Q&A at the Guardian, ?Now I?m back to self-publishing, I?ve regained control?, has some pointed comments about her experience in working on a contract with HarperCollins.

Her new, self-published book, Feral Youth?involving the 2011 London riots?is scheduled for an August 1 availability in the States.

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookCourtney writes:

When I signed with HarperCollins, I thought ?Great! This is the golden ticket I?ve been waiting for!? I thought it would be a great collaboration between me and the publisher, given my success self-publishing my first two novels. The reality was a big disappointment. The publisher seemed intent on pushing my books into pre-existing moulds (?misery lit?, ?chick lit?) that didn?t reflect the contents.

?Brand Polly Courtney? was increasingly muddled, leading to confusion for readers. It turned out that my editor hadn?t actually read my first two books. There was no marketing budget, which meant that it was up to me to promote each book. This wasn?t a problem per se, but my job was made hard by the frivolous book covers and titles assigned to them. I actually felt ashamed of the product. Now I?m back to self-publishing, I?ve regained control.

?

If anything, Walker seems to be just as happily making the trip the other direction, from self-published writer to an Amazon Publishing (traditional) author. She?s impressed at the agility of the company, she says. By the time the Breakthrough competition?s five finalists were chosen, ?they were in high gear,? she says, creating cover art, putting her book through its first developmental edit (which she liked), so that the quintet of winners will all publish in a smart time-frame, on October 22, ?while the buzz is still there.? And it?s a moment of new buzz for Amazon Publishing, as well.

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBook

Oliver P?tzsch

As covered by Digital Book World?s Jeremy Greenfield at Forbes, the company has found a million-copy seller in the German author Oliver P?tzsch, translating the Hangman?s Daughter series on the AmazonCrossing imprint. In Amazon Publishing Has First Million-Copy Hit; Will Authors, Agents Take Notice? Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookGreenfield writes:

His Hangman?s Daughter series has sold over a million copies of three titles between print, ebook and audio-book sales??One big question is how much of the sale came from Harcourt?s print edition?? said Mike Shatzkin, a publishing industry consultant and conference programmer for?Digital Book World. ?When there?s an Amazon-Harcourt partnership, the resistance should be much less.?

The Harcourt arrangement with Amazon places Amazon Publishing print editions in cooperating bookstores. Greenfield quotes Forrester?s James McQuivey, himself an Amazon Publishing author of Digital Disruption: Unleashing the Next Wave of Innovation:

I don?t think Barnes & Noble will be moved but indie bookstores might look to this and say, ?We want to have the books that people want to read. You might want to take a moral stand but you might also want to sell books. So you could try putting some Amazon books in there and if they don?t sell, maybe you do a little victory dance and if they do sell, well, that?s money.

Meanwhile, there?s no shortage of victory dancing for the grand prize winner of Amazon Publishing?s Breakthrough Novel competition.

Back to Table of Contents

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One of my goals in writing this series of YA books has been to get younger readers interested in real history.

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookA longtime educator in history and government, Walker?s real name is Dr. Cheryl Walniuk. She teaches through the University of Maryland?s University College online program. Her CHRONOS Files site, the online home for her three-part series of books, includes information for educators in which she explains her interest in writing historical fiction. Somewhat like Courtney?s writings, Walker?s YA material is backed by an interest in youth culture. To her fellow teachers, she writes:

My own love of history began with the stacks of historical novels that I always found lying in dusty corners at my grandmother?s house. By the time I was in graduate school, I realized that much of the ?history? I?d gotten from those books was rather suspect, but I?m not sure if I would have ever become a professor of history and government if those books hadn?t gotten me interested enough that I wanted to dig deeper and learn more.

Walniuk?s blog section at CHRONOS Files includes a call for student submissions, with full instructions here. If you know a young person who might enjoy learning how to study history through through the eyes of a supposed time-traveling observer, check it out and see if it?s something you?d like to guide them toward.


Walniuk/Walker is hoping that her fictional formulation of a so-called CHRONOS time-traveling designer gene (Chrono-Historical Research Organization and Natural Observation Society) will inspire young people to start ?using primary sources in a creative writing assignment.? She?s hoping to promote students? own writings in alignment with the Library of Congress? Common Core initiative.

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In teaching at the university level, Walniuk says, ?we get so many students who haven?t a clue what a primary source is, let alone how you might find it, how you might use it.? Her own work as Rysa Walker is a way of modeling the right approach. And if you?ve assumed that Amazon?s big prize has gone to some time-tunneling ditty about happy moments in the Belle ?poque, think again.

Back to Table of Contents

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Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookTimebound?s historical destination is a well-documented Sweeney Todd-like tale. Another book, Erik Larson?s The Devil in the White City: A Saga of Magic and Murder at the Fair that Changed America, is a 2004 narrative nonfiction treatment from Vintage of the same material, optioned by Leonardo DiCaprio for a possible film treatment.

H.H. Holmes, sometimes described as the first modern US serial killer, used the 1893 World?s Fair in Chicago as the rationale for what Walker describes as a ?women?s hotel.?? She tells me:

Nobody really knows how many people he killed. He didn?t even know because he had a lime pit in the basement of his hotel, he?d slide the bodies down there. And so many women were coming in to Chicago for the World?s Fair, either as visitors or, in a lot of cases, for work. He set it up [his "castle," as it's described in some accounts] as a hotel catering to women. And a lot of women disappeared.

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBook

H.H. Holmes in an 1895 mug shot | Wikipedia.com

Paralleling her experience of the stigma attached to self-published work, Walker says that her earlier writings carry their own kind of impediment.

?I have written some academic work, but I found out that was more of a deficit.? To mention academic writing, she says, makes people think ?four-thousand footnotes and probably not a very good plot.?

Nevertheless, Walker?s original preparation in Time?s Twisted Arrow, the self-published predecessor to Timebound, she concedes, wasn?t what she?d like it to have been.

It had a number of beta readers. I did not use a professional editor because, to be honest, I couldn?t find one I could afford. I?ve done some editing on my own. And although you should never, ever edit your own work, I did. And there are a few typos in the Time?s Twisted Arrow version to prove it, because your eye just ends to gloss over the error.

But I also had beta readers including two young-adult authors. And a couple of friends whose opinions I really respected. One of them told me, ?This is good. If you?re not getting any feedback from agents, just get it out there.?

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBookWalker says she likes the idea of the ?professional betas? discussed in Tuesday?s Ether for Authors at Publishing Perspectives, ?if they?ll actually catch continuity errors? and other such editorial details, as well as being pre-publication audience-reaction predictors.

One of Walker?s children, a son, was a primary reader for her.

He zips through YA novels like potato chips. And he was able to spot a lot of things for me. It helped when they were sending me covers. One had curlicue fonts. All the boys in the family were like, ?No, I would not pick up that book because somebody might see me looking at it.??.Having that input from the group you?re targeting is invaluable.

Once her book had gone into competition for the Breakthrough Award and was ready for customer votes in the final stage of the contest, the facts that she?d been in touch with groups of young readers and that she had her book self-published, she says, were advantages.

That last stage is a matter of whether you can get out the vote. There were several hundred readers out there, maybe more than that, who had read the book, liked the book [as Time's Twisted Arrow]. I was able to contact them and say, ?Spread the word.?

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About three weeks ago, she took down the original Time?s Twisted Arrow to be sure that readers don?t mistake Timebound in October for the second book in the series.

On the wider scale, and in answer to the question in Greenfield?s headline, of course authors and agents will certainly notice not only the million-selling coup of Oliver P?tzsch?s series but also the arrival of the Walker Timebound and four other handsomely awarded contracts moving to the market in October.


While its challenges are contemporary, Amazon Publishing may have had no more difficulty finding traction in the market in its first couple of years than many of the well-established houses initially experienced decades ago. The ?breakthroughs? celebrated over the weekend may not lie only in those contracts for writers.

And however many in Old Publishing may still decry Amazon Publishing as an incursion, many entrepreneurial authors recognize it as a new-work-nourishing player indigenous to an unprecedented global marketplace.

On the personal level, Walker says that her big win ends up validating friends and family who have believed in her work as much as it does her own effort.

My sister who went to the award ceremony with me [last Saturday at Seattle's Olympic Sculpture Park] has had very high hopes for the book. She kept saying, ?It?s really, really good.? And I kept saying, ?But, Donna, wouldn?t you tell me that even if you didn?t think it was really good?? She said, ?Yes, I would. But it?s really good.? And I said, ?Okay, sorry, but you don?t have much credibility on that point.?

And now? She?s saying, ?Yes I do have credibility on that point now. I?ve been validated by this award, too.?

Porter Anderson, PorterAnderson.com, Writingon the Ether, Ether for Authors, London on the Ether, Jane Friedman, Ed Nawotka, Philip Jones, Publishing Perspectives, The Bookseller, books, ebooks, author, agent, Amazon, publishing, The FutureBook

Rysa Walker at the Amazon Breakthrough Novel Award ceremony in Seattle, June 15, 2013.

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Main image: iStockphoto ? NickP37

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Home Furniture | Canada Day Sale

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Gold prices hit 2-1/2 year low and silver is getting slammed, too ...

LONDON ? Gold prices tumbled to their lowest in more than 2-1/2 years on Thursday and silver fell more than 6% after the U.S. Federal Reserve gave its most explicit signal yet that it plans to bring the era of easy money to an end.

Gold plunged after Fed Chairman Ben Bernanke said on Wednesday the U.S. economy was expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year.

Its fall picked up momentum after it broke through its April low at $1,321 an ounce, a key support level, knocking it to a low of $1,285.90, down 4.5% and its weakest since September 2010.

Spot gold was down 3.5% at $1,302.90 an ounce at 7:41 a.m. ET, while U.S. gold futures for August delivery were down $71.40 an ounce at $1,302.60.

?For western investors, there?s certainly less incentive to hold gold at the moment,? Mitsui Precious Metals analyst David Jollie said.

?The markets have clearly decided that the withdrawal of QE is bad for gold prices,? he said. ?The risk of the euro zone falling apart is less, the risk from the banking system is less, and prices certainly haven?t been going up for a while.?

Bonds, shares and commodities fell sharply around the world on Thursday and the dollar rose after Bernanke?s comments.

The ultra-loose monetary policy brought in by the Fed to boost U.S. growth, which kept interest rates at rock bottom levels while stoking concerns about inflation, was a major factor fuelling a more than decade-long bull run in gold that took prices to record highs in September 2011.

Indications that the policy was nearing an end have helped push prices down more than 20% this year after 12 straight years of gains.

Waning investment interest in gold has been signalled by heavy redemptions from gold-backed exchange-traded funds, whose holdings are down more than 350 tonnes so far this year.

SILVER TUMBLES

Swiss bank UBS early on Thursday slashed its one-month target price for gold to $1,250 from $1,425 previously and its three-month forecast to $1,350 from $1,500, citing the Fed?s move.

?This creates an increasingly difficult environment for gold,? it said. ?Slowing Fed asset purchases, with the end now potentially in sight, higher yields, a stronger dollar and continued improvements in the economy are significant obstacles that perpetuate an already very weak investor sentiment.?

Silver was the biggest faller among the precious metals, sliding more than 6% to a session low at $19.68 an ounce, its weakest since September 2010. The metal was later down 5.4% at $20.17 an ounce.

Silver prices are now down by nearly a third this year. The gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, rose to its highest since August 2010 on Thursday at 64.41 as silver underperformed.

Spot platinum was down 0.8% at $1,398.74 an ounce, while spot palladium was down 2.8% at $674.47 an ounce.

Source: http://business.financialpost.com/2013/06/20/gold-prices-2/

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