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21 May 2012

JPMorgan Drops Buyback Plans; Shares Downgraded

Updated with report on analyst downgrade.

NEW YORK (TheStreet) — Shares of JPMorgan Chase(JPM) were down more than 2% Monday afternoon after CEO Jamie Dimon said the bank will suspend its share repurchase program at an investor conference.

The announcement prompted a downgrade from Evercore Partners analyst Andrew Marquardt from overweight rating to equal weight.

JPMorgan shares are likely to be in he “penalty box for longer than originally expected,” the analyst wrote in a note following the conference, with buybacks off the table and the likelihood that the recently disclosed losses from the bank’s chief investment office might be larger than originally estimated.

JPMorgan had approval from the Federal Reserve to purchase up to $15 billion in stock- $12 billion in 2012- after it passed the regulator’s annual stress test with flying colors.

It also received approval to raise its quarterly dividend by 5 cents to 30 cents per share.

Dimon said at the annual meeting the bank “hopes” to maintain its dividend, but clarified Monday that the bank fully intends to maintain its dividend. He added that the decision to halt buybacks should not be used to make interpretations of the likely size of the bank’s recent trading loss and that JPMorgan simply wanted to remain on a “glide path” to attaining the regulatory capital targets under Basel 3.

The bank will likely restart the buyback program but won’t say when. Dimon said the bank wanted to “box this thing” first.

Marquardt believes regulators might have played a part in the bank’s decision to halt buybacks.

JPMorgan jolted investors recently when it said its chief investment office had lost $2 billion in the first six weeks of the second quarter on account of a botched attempt to hedge against credit risk. The bank also said losses could climb as it tried to unwind its large trading bets.

Some analysts have maintained their buy recommendations on the stock on the hopes that the bank’s buyback program will offer some support to the share price.

Citigroup analyst Keith Horowitz earlier on Monday issued a buy rating on the stock ahead of the conference. “We would hope [for] a very clear statement that [the] dividend is not at risk and that buybacks are still expected in 2012.”

Horowitz wrote that the size of JPMorgan’s trading loss “relative to the earnings power is manageable, which is why we would not expect the dividend to be cut and why we still see buybacks in 2012,” and that the “bigger question is how aggressive they will be in their buybacks. While we do not have large buyback assumptions in 2Q, we still see $4 billion of buybacks in 2012.”

But with the announcement that it will suspend buybacks, Evercore’s Marquardt believes the thesis for an overweight rating on JPMorgan has been challenged.

The analyst sees lower contribution to profits from the CIO unit going forward, with higher expenses due to regulatory inquiry and overall higher scrutiny adding pressure to the bottomline.

The year-end 2012 earnings estimate dropped to $4.24 from $5.11 wile 2013 estimate was lowered to $5.21 from $5.62. The analyst also dropped the 12-month price target to $37.

In a question and answer session with analysts Monday, Dimon acknowledged that the recent losses were an “embarrassment”. He also admitted that the CIO unit did not get as much attention as it should have, which was “a risk 101″ mistake.

He backed away from putting a number on the size of the potential losses.

Still, the CEO continued to tout the bank’s fortress balance sheet, which he said was “barely nicked” by the recent losses. He also said the bank continued to be rigorous in its risk management practices.

“We are risk averse, this is an isolated event,” said Dimon. He said the bank was making progress in risk reduction under the leadership of Matt Zames. “Hopefully, by the end of this year, we don’t talk about this anymore.”

Dimon also stuck to many of his views on the Volcker rule, emphasizing that market making is critical and that regulators need to “do it right” and not “throw out the baby with the bath water.”

On a broader note, Dimon acknowledged the deeper worries in Europe, adding that the prospect of Greece’s exit from the Euro zone was a key risk. But the bank remained committed to the region.

– Written by Shanthi Bharatwaj in New York

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21 May 2012

What you should know about becoming a vegan

By Jacqui Boyle,

Staff Writer

7:20 PM Monday, May 21, 2012

Several high-profile public figures have made headlines recently about their decision to go vegan, spurring increased interest and debate about this plant-based diet plan.

Among them are Ellen DeGeneres, the Emmy award-winning comedian and her wife, actress Portia de Rossi, who have purged their diets of all animal products, including milk and eggs.

Former U.S. President Bill Clinton recently spoke with DeGeneres on her talk-variety show about his decision to adopt a vegan diet, too. Other famous vegans include: Carrie Underwood, Ted Danson, Mike Tyson, Alec Baldwin, Alicia Silverstone and Lea Michele.

Vegetarian vs. Vegan

According to a 2011 poll by The Vegetarian Resource Group, approximately 5 percent of adults in the U.S. say they are vegetarian, which means they never eat meat, fish, seafood or poultry.

About half of those vegetarians also are vegan, which means they also do not consume any animal products or by-products, according to the VRG.

In addition to staying away from flesh foods, dairy and eggs, vegans avoid fur, leather, wool, down and cosmetics or chemical products tested on animals for a variety of reasons, including those related to animal rights, the environment and health, according to Vegan Action, a nonprofit organization dedicated to educating the public about the benefits of a vegan lifestyle.

With the vegan lifestyle getting increased attention, we spoke to nine local experts and asked them to explain the pros and cons of this diet and lifestyle choice and how to make the change safely.

Benefits of vegan diet

Local dietitians said when done right, going vegan comes with numerous health perks.

Less fat, more fruits and veggies: Ellen Thompson, a registered, licensed dietitian in Ohio who is based out of Springfield and works throughout the Miami Valley, said vegans are removing saturated fats from their diet and are likely to eat more fruits and vegetables.

Decreased health risks: The vitamins and minerals in fruits and vegetables may lead to a decreased risk for certain types of cancer, said Carla Metzler, a registered, licensed dietitian who works at Fort Hamilton Hospital.

A vegan diet may prevent or reduce the risk of heart disease, diabetes and obesity, according to both Joan Wire, a registered, licensed dietitian in Ohio who runs a counseling business called Real Well and who works out of LaDeSpa in Oakwood, and Kathryn Hines, a registered, licensed dietitian in Ohio who works at Springfield Regional Medical Center.

Going vegan also may reduce the risk of high blood pressure, constipation, breast cancer, colon cancer, diverticular disease, gallstones, irritable bowel syndrome and appendicitis, said Mara Lamb, a registered, licensed dietitian who owns her own practice called Nutrition Therapy Clinic in Dayton.

Lower BMI: Vegans tend to have a lower body mass index and a lower amount of LDL cholesterol in their bodies, which clogs arteries, said Carol Nartker, a diabetes nutrition educator and a registered, licensed dietitian in Ohio who works at the Diabetes Wellness Center of Atrium Medical Center in Middletown.

In fact, “Forks over Knives,” a 2011 documentary, has recently drawn attention for examining the claim that most, and perhaps all, degenerative diseases can be controlled or eliminated by rejecting animal-based and processed foods, said Rich Cohen, a registered dietitian, licensed dietitian in Ohio, who works at Kettering Weight Loss Solutions within the Kettering Health Network.

“Our food supply is not very natural,” Cohen said. “ … The vegan diet seems to be offering perhaps some kind of a nutritional medicine approach, particularly with people with cardiovascular disease.”

Allergy, sinus relief? Wire also said individuals who turn to a vegan diet may realize allergy symptoms and sinus problems are reduced or eliminated once they stop consuming dairy.

Downsides of going vegan

On the other hand, there are potential negative health effects associated with going vegan, dietitians said.

Risk of deficiencies: According to Thompson, if a vegan is not careful, he or she may develop nutritional deficiencies due to a lack of dairy and meat products in their diet.

Some dietitians are concerned that vegans do not receive an adequate amount of amino acids, Vitamin B12, Vitamin D, Calcium, protein and iron, Thompson said.

Dr. Andrew Dyer, an associate clinician at Back to Health Center in Dayton, said protein deficiencies can lead to fatigue, a lack of energy and an inability to complete daily tasks, he said.

Additionally, those participating in exercise and athletics may have a difficult time healing and repairing post workout without getting enough protein in their diet, he said.

A lack of Vitamin B12 in a diet may lead to anemia, Nartker said.

Bone health: In addition, a lack of calcium may put a person at risk for developing a fragile bone structure, according to Metzler.

“Chronic nutritional deficiencies can affect the quality of one’s life, how they feel, how they function from day to day,” Nartker said.

What vegans should, should not eat

Vegans should avoid overly processed foods and choose whole foods, which are closer to “what Mother Nature intended” for people to consume, Wire recommends.

Vegans must minimize their intake of “junk food,” which includes sweets and snacks high in fat, Lamb said.


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21 May 2012

L.A. Bariatrics’ New Weight-Loss Surgery Procedure Growing in Popularity in …

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LA Bariatrics in Los Angeles

LA Bariatrics in Los Angeles

On average, our plicated band patients are losing nearly twice the excess body weight at the three month mark of those patients who have had the lap-band alone

Los Angeles, CA (PRWEB) May 21, 2012

Obese patients have used gastric bypass and lap band surgeries as tools for safe, effective weight loss for over two decades. But the medical community is constantly developing new options to serve the needs of obese patients, and L.A. Bariatrics in Los Angeles is pioneering one of the most promising new bariatric procedures.

In its facility at Marina Del Rey Hospital, the bariatrics group, led by Medical Director Dr. Jeremy Korman, has now performed over 20 plicated band surgeries since January 2012. A hybrid of the lap-band and gastric plication procedures, this new operation has helped several Los Angeles area patients to successfully fight their obesity.

In a gastric plication, the surgeon gathers folds of stomach tissue and sutures them, reducing stomach capacity. Combined with the adjustability of the lap-band, this operation has so far proven to be very safe, and early results indicate that it is very effective as well.

“On average, our plicated band patients are losing nearly twice the excess body weight at the three month mark of those patients who have had the lap-band alone,” said Dr. Korman.

“While we don’t yet have long term data, this early success can be a great boost to the patient’s confidence and enthusiasm, setting them up for continued success down the road,” Dr. Korman continued.

One recent patient, Roger Moore of Mission Viejo, has had outstanding results with the new procedure. “It’s excellent,” said Moore. “I’m really healthy now.”

Mr. Moore, a businessman, played college baseball, but for the past decade or so he has struggled with his weight. At his heaviest, he was a few pounds shy of 300, and his doctors told him that he had high cholesterol, was pre-diabetic, and suffered from severe sleep apnea — he wasn’t breathing at night because fleshy tissue blocked his airway during sleep.

“That was it for me,” he said. “I decided right then and there I needed to do something to get my life back.”

L.A. Bariatrics was his first and only stop when investigating surgical treatment. Mr. Moore’s wife, Tammara, had undergone gastric bypass with Dr. Korman several years before, and the couple knew and trusted him. So on Dec. 12, 2012, at 296 pounds, Mr. Moore had the plicated band procedure.

Now, at the end of April, Mr. Moore is down to 215 pounds, and has already surpassed his goal weight. He exercises daily, has had little trouble adjusting to the post-surgery diet, has less fatigue and better concentration, and regularly receives compliments.

“I feel awesome,” he said. “I have had people tell me I look ten years younger; I told them I feel ten years younger. It’s incredible.”

While there is not yet long-term data on the plicated band, initial experience has convinced Dr. Korman and the L.A. Bariatrics team that it is a strong option for patients looking to lose significant weight.

Mr. Moore has certainly been satisfied with his treatment. “Dr. Korman is a fabulous doctor,” he said. “He gave me my life back. I appreciate it very much.”

About Marina Del Rey Hospital

Marina Del Rey Hospital in Los Angeles is a boutique surgical hospital focusing on bariatric, spine, orthopedic, and minimally invasive surgery. The multidisciplinary medical team at L.A. Bariatrics, the bariatric surgery program at Marina Del Rey Hospital, offers patients excellent care. As a Bariatric Surgery Center of Excellence, this Los Angeles weight loss center meets high standards for experience in bariatric procedures and inpatient care.

About L.A. Bariatrics Dr. Jeremy Korman

Dr. Jeremy Korman is the medical director of L.A. Bariatrics and a leading expert in the field of bariatric medicine, and he has successfully performed over 1,000 weight loss surgical procedures on patients from all over the United States. Dr. Korman and his multidisciplinary team focus on helping patients to realize their weight loss goals and achieve better health. L.A. Bariatrics, located at Marina Del Rey Hospital, is certified by the American Society of Metabolic and Bariatric Surgery as a Bariatric Surgery Center of Excellence, confirming that its staff has extensive, specialized experience and that the facility has passed rigorous inspections. The L.A. Bariatrics team combines exceptional surgical outcomes with nutritional, psychosocial and exercise support for all patients within the program.

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21 May 2012

Decoding the diabetic diet

By Alexia Elejalde-Ruiz

Chicago Tribune (MCT)

A crucial tool in controlling diabetes is being vigilant about what you put in your mouth. But, some experts say, you don’t have to be a slave to the glycemic index or banish cake and ice cream forever.

The primary goal for diabetics is to regulate their blood glucose (sugar) levels because they can’t rely on their bodies to naturally produce enough insulin, the hormone that shuttles glucose from the bloodstream into cells. With Type 1 diabetes, the pancreas stops making insulin, while with Type 2, the pancreas progressively makes less and less insulin or the body has difficulty using it (known as insulin resistance).

Left uncontrolled, diabetes can lead to long-term organ damage, resulting sometimes in heart disease, stroke, vision loss, kidney failure, foot amputation or death, studies show.

Anyone with diabetes should meet with a dietitian to formulate a meal plan tailored to their particular needs, experts say. But there are some general best practices.

Anyone with diabetes should meet with a dietitian to formulate a meal plan tailored to their particular needs, experts say. But there are some general best practices.

Carbohydrate-rich foods, which break down into glucose during digestion, are of principal concern in a diabetic’s diet. Those who use mealtime insulin injections — usually Type 1 diabetics and some Type 2 diabetics — typically have to count the grams of carbohydrates they eat at each meal so that they can give themselves the appropriate insulin dose. But carbs are not the enemy or the only factor.

“What matters most is how much people eat,” said certified diabetes educator Marion Franz, a Minneapolis-based nutrition and health consultant. If people cut back on total daily calories, regardless of the food source, generally their blood glucose levels decrease, and some people lose weight, which also helps significantly, Franz said. Eating anything in excess, even healthy foods, can be harmful, she said.

It’s generally recommended for people to eat less than 2,000 calories daily, though that depends on body size and level of physical activity, Franz said.

Diabetics shouldn’t eliminate carbs completely, though they should limit them and choose nutritionally rich carbs (veggies, whole grains) over empty ones (sugars, refined grains), said Amy Campbell, manager of the clinical education programs at Joslin Diabetes Center, a research organization affiliated with Harvard Medical School.

Typically diabetics should aim to eat 30 to 60 grams of carbohydrates per meal, and 15 to 30 grams per snack, so that they spread their carb intake throughout the day, she said. Sometimes men and avid exercisers can handle more.

Counting carbs can be tricky, so Campbell recommends following the American Diabetes Association’s plate method for devising a meal: Fill half your plate with nonstarchy vegetables (carrots, broccoli, spinach), a quarter with lean protein (fish, chicken) and a quarter with high-fiber starches (brown rice, quinoa, beans). Add a piece of whole fruit (not fruit juice, which isn’t as filling and sometimes contains added sugar) and an 8-ounce glass of nonfat or low-fat milk. Foods like cheese can be eaten in small amounts. Avoiding saturated fats, such as fried foods and high-fat meats, is as important as watching carbs, as people with diabetes are more than two times more likely to suffer heart disease than people without, Campbell said.

Diabetics can eat sweets on occasion — no need to deny yourself a slice of cake on your birthday — as long as they swap out another carb and stay under their total carb goal, said Catherine Brown, senior diabetes education coordinator at the University of Maryland Center for Diabetes and Endocrinology. So, nix the rice during dinner if you plan to eat pie for dessert.

There is controversy about whether to take into account a food’s glycemic index, which is a measure of how fast a food causes a person’s blood glucose levels to rise within two hours. Research has been mixed on whether it makes a difference, and multiple variables can affect a food’s impact on glucose levels, including how it’s prepared and what it’s eaten with.

Once overall carb intake is under control, Brown said, it could be worth it to pick foods with a lower glycemic index.

While eating healthfully is important, diabetics can still fit favorite foods — including sugar — into their meal plans as long as they eat them in serving sizes that don’t significantly affect blood glucose levels, said Janis Roszler, a Miami-based registered dietitian and certified diabetes educator who has written several books on the topic, including “Diabetes on Your Own Terms.” To determine a safe serving size, she suggests people check their blood glucose level two hours after their first bite of a meal. If it’s less than 180 milligrams per deciliter — or, for tighter control, less than 140 — the amount consumed was OK, Roszler said. If not, they should cut back.

The only food Roszler suggests diabetics avoid at all costs are nondiet soft drinks, which contain “way too much” sugar, she said.

(EDITORS: STORY CAN END HERE)

Exercise is another way to make room for more favorite foods, Roszler said, as it can bring down blood sugar levels for up to 24 hours.

She said she’s also excited about preliminary research showing the potential of a Mediterranean diet to help prevent sexual complications for people with Type 2 diabetes.

(EDITORS: STORY CAN END HERE)

——

DIETARY DECISIONS

A healthy diet for diabetics is really the same as a healthy diet for anyone, though the consequences of not paying attention are greater.

EAT MORE …

Fish

Nuts

Nonstarchy vegetables

Magnesium-rich foods (spinach, almonds, broccoli, lentils, tofu, pumpkin seeds, sunflower seeds)

Foods rich in omega-3s (flaxseed, walnuts, salmon, tuna, sardines)

Whole grains (quinoa, brown rice, wild rice, amaranth)

Whole fruit (in servings the size of a tennis ball)

Nonfat or low-fat Greek yogurt

Olive oil

Cinnamon

Vinegar

EAT LESS …

Stick margarine, butter, shortening or lard

Fried foods

Refined grains (white bread, white rice, white flour)

Sugary drinks (soda, fruit juices, sweetened ice teas, sports drinks)

Fruity yogurts


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21 May 2012

25 Diet Tips Attack Weight Loss Cleverly – PR


Dobri’s Ratings
The real credit ratings…
Uncensored analysis commentary…


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21 May 2012

Plans to cut employment rights ‘complete nonsense’, says Cable

He added: “British workers are an asset, not just a cost for company
bosses. That is why I am opposed to the ideological zealots who want to
encourage British firms to fire at will.”

The study, which was commissioned by David Cameron, is expected to call for
firms to be given more flexibility to make redundancies, and an easing of
equality rules to boost job creation.

Some of the proposals will be warmly welcomed by Tories, and there is
speculation that the Prime Minister could signal his support for changes.

But Mr Cable make his stance clear, adding: “Those who want to shake up
the law need to realise that the days in the 70s and 80s when the unions
ruled the roost have long since gone.

“I talk to businesses every day and none of them tell me that their
biggest obstacle to employment and growth is troublesome workers who they
can’t get rid of.”

An source close to Mr Cable told the Financial Times the proposals were “bonkers”
and and without an evidential base.

The reforms urged by Conservative Party donor Mr Beecroft in his 15-page
report are believed to include:

• An end to a mandatory 90-day consultation period when a company
is considering redundancy programmes. Instead he will suggest a 30-day
period and an emergency five-day period if a company is in severe distress.

• A cap on loss of earnings compensation for employees who make
successful unfair dismissal claims. Payments can often total hundreds of
thousands of pounds.

• Major reform of the rights that workers are allowed to “carry”
to new employers when they are the subject of a takeover. The transfer of
undertakings (TUPE) rights can currently create major disparities between
workers within companies.

• Scrapping provisions in the Equality Act which make employers
liable for claims from employees for “third party harassment” –
for example, customers making “sexist” comments to staff in a
restaurant.

• Shifting responsibility for checking foreign workers’
eligibility to work in the UK from employers to the Border Agency or the
Home Office.

Mr Cameron said the Government is committed to making it easier for businesses
to take on people and grow, although he was not tied to any one plan.

“I am not particularly wedded to one set of proposals or another, but as
part of our growth and enterprise agenda we should be open to all thinking
about what can make that process easier, to which this is clearly a
contribution,” he said yesterday.


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21 May 2012

A health champion and his school without junk food

Okafor, 33, began with a whole-school approach to wellness. Every student was weighed and measured, with follow-up resources offered to parents. “I want to help kids reach their potential, whether through exercise or eating right. It’s both a personal and professional mission,’’ he said.


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21 May 2012

Nationwide plan to counter four diseases


A single nation-wide plan that will jointly counter four common diseases is being readied by the UAE after the United Nations called for immediate action against non-communicable diseases (NCDs).

The single comprehensive national strategy will prioritise joint action against diabetes, cardiovascular diseases, respiratory disorders and cancers since all are caused by common risk factors including obesity, poor diet, physical inactivity and smoking.

A draft strategy for 2011-2021 has been prepared jointly by health authorities in the country and will soon be presented to the ministers’ cabinet for further action.

The UAE draft is loosely based on the GCC’s strategy on NCDs and will aim at reducing people’s exposure to causative risk factors, improving services to prevent and treat these leading health problems as well as increase national capacity.

“The UN General Assembly gathered in New York in September 2011 to encourage member states to put in more policies and strategies to counter these diseases,” said Dr Mahmoud Fikri, Assistant Undersecretary for Health Policies and Chairman of Diabetes National Committee.

“Fighting infectious diseases and maintaining health of human beings are among the top strategic priorities of the ministry due to the rapid increase in the population of the country,’ said Dr Fikri.

Dr Salah Al Badawi, Head of National Programme for Diabetes at the health ministry said that a national task force had been formed.

“We need a comprehensive approach to tackle all these diseases together since they share a common risk factor,” he explained. “Obesity that can lead to high blood pressure and heart diseases, smoking, poor diet and inactive lifestyle have been identified as the main causes for these disease. And the strategy will tackle all these issues in a single plan,” said Dr Badawi.

At present, there is only one active national strategy and that tackles diabetes. Training of professionals, disseminating information and providing timely and readily available treatment are an integral part of the diabetes strategy.

A report issued by World Health Organisation on May 17 pointed out that one in three adults suffers from high blood pressure while one in 10 people worldwide are estimated to have diabetes. The WHO report also said that half a billion people or 12 per cent of the world’s population is considered obese.

Diabetes in the UAE is also considered one of the highest rates in the world. Based on the statistics of the International Diabetes Federation, the UAE occupies the 10th rank (fallen from 2nd position) in 2011 with a percentage of 19.2 per cent which is expected to reach 19.8 per cent in 2030.

Dr Badawi said that though disease management will be different from each other under the national plan, the strategic objective will be the same.

asmaalizain@khaleejtimes.com


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