U.S. power regulator says JP Morgan manipulated market

WASHINGTON (Reuters) - The U.S. power market regulator took a step toward charging JPMorgan Chase & Co. with gaming electricity prices on Monday, confirming months of media reports about "manipulative" trading schemes that have rattled the bank.

The "notice of alleged violations", which outlines bidding strategies used by traders in California and the Midwest, is an intermediate step by the regulator, but brings details of the investigation into public view.

The U.S. Federal Energy Regulatory Commission (FERC) staff has found "eight manipulative bidding strategies" used by a JPM affiliate in 2010 and 2011, the regulator said.

JPMorgan declined to comment.

The notice comes as little surprise after weeks of reports that JPMorgan and FERC are in talks to settle the alleged trading infractions for as much as $400 million.

It did not contain any mention of specific traders or commodities chief Blythe Masters, who had been mentioned in media reports as having been at risk of being singled out.

In some cases it can be weeks or months between the time FERC issues a violations notice and it proceeds to issue a formal order. In many cases, a settlement will be reached in the intervening period.

It is a reminder of the tougher regulatory environment that commodity traders are facing, particularly banks, which have been under intensifying public and political pressure over their ownership of things like metals warehouses and power plants.

JPMorgan announced abruptly on Friday that it was quitting the physical commodity markets, seeking a buyer or partner to take over an operation that includes ownership of three power plants as well as a handful of large tolling agreements.

The alleged violations in Monday's letter offered little new insight into the bank's trading, as most of the details had already been laid out in previous FERC filings.

If settlement talks are successful, JPMorgan would close the book on a probe that dates back more than two years when California's power grid operator noticed the bank was using an "abusive" trading strategy that effectively forced the grid to pay for plants to sit idle, ultimately adding to costs.

FERC has been particularly active this month. The regulator approved a $470 million penalty against British bank Barclays PLC and four of its traders for manipulating California power markets. Barclays said it would fight the fine in court.

For JPMorgan, a deal would also allow CEO Jamie Dimon to make good on his promise to resolve multiple government investigations and regulatory run-ins over the past year. The bank, which is the biggest in the United States by assets, is under pressure in Washington for its size and for its $6.2 billion "London Whale" loss on derivatives trades last year.

(Reporting By Patrick Rucker in Washington and Jonathan Leff in New York; Editing by Leslie Gevirtz)

Source: http://news.yahoo.com/u-power-regulator-says-jp-morgan-manipulated-market-214825112.html

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Kerry says Egypt is at 'pivotal moment' in history

WASHINGTON (AP) ? As violence in Egypt turned increasingly deadly Saturday, Secretary of State John Kerry said the Mideast nation was at "a pivotal moment" more than two years since the uprising ousted the longtime President Hosni Mubarak.

Clashes between security forces and supporters of democratically elected President Mohammed Morsi in eastern Cairo early Saturday left at least 65 protesters dead. The Islamist-led protests over Morsi's removal earlier this month followed nationwide rallies on Friday that drew millions in support of military-backed authorities.

In 2011 a revolution ended Mubarak's rule and brought Morsi to power last year as Egypt's first democratically elected leader. Military authorities toppled Morsi last month, calling into question the future of democracy in Egypt and the nature of the U.S.-Egyptian partnership in the region.

The U.S. has not taken sides but for weeks has called for peaceful protests and calm responses.

The Obama administration has avoided defining the ouster of Morsi as a coup. Under federal law, U.S. assistance must be suspended if a country's democratic government is overthrown by military force. Egypt received $1.5 billion a year in aid from the U.S., nearly all of it for the military.

"This is a pivotal moment for Egypt," Kerry said in a statement. "Over two years ago, a revolution began. Its final verdict is not yet decided, but it will be forever impacted by what happens right now. In this extremely volatile environment, Egyptian authorities have a moral and legal obligation to respect the right of peaceful assembly and freedom of expression. Both are essential components of the inclusive democratic process they have publicly embraced."

Kerry said the continued violence sets back efforts of "reconciliation and democratization," and affects regional stability. The U.S. is urging "an independent and impartial inquiry" and that political leaders must help their country "take a step back from the brink," he said.

"A meaningful political dialogue, for which interim government officials have themselves called, requires participants who represent all the political parts of Egyptian society," Kerry said. "To enable such a dialogue, the United States reiterates our call for an end to politicized detentions and the release of political leaders consistent with the law."

On Saturday, Defense Secretary Chuck Hagel spoke by phone with Egypt's defense minister to express deep concern over the violence and to encourage restraint, a Pentagon spokesman said.

"The United States believes that the current transition needs to be marked by inclusivity, that Egyptian authorities should avoid politicized arrests and detentions, and take steps to prevent further bloodshed and loss of life," Pentagon press secretary George Little said. "It is in the short- and long-term interests of the Egyptian people to renew their path toward democratic transition, and to emphasize tolerance across the political spectrum."

Source: http://news.yahoo.com/kerry-says-egypt-pivotal-moment-history-201154670.html

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Amazon Web Services adds support for Windows 8/WP8 apps

Microsoft's Windows Azure cloud service has a huge rival in Amazon Web Services. This week, AWS announced it has released a new version of its .NET SDK that for the first time offers Windows 8 and Windows Phone 8 app developers some of the same features as Microsoft does with Windows Azure.

In a post on the company's blog, AWS states:

With the new SDK, you can connect your Windows Phone or Windows Store apps to AWS services and you can build a cross-targeted application that's backed by AWS.? With this release, we add Windows Phone support to our growing SDK support for different mobile operating systems including our SDK for iOS and SDK for Android.

Specifically, AWS is now allowing Windows 8 and Windows Phone 8 apps to connect to S3, EC2 and other services; developers can also pick which specific AWS region the SDK calls to in this new update.

Microsoft has offered similar features for Windows 8 and Windows Phone 8 developers via its Windows Azure Mobile Services for some time. It also has cloud app support for the iOS platform and in March it added Android app support. It will be interesting to see how Microsoft and Amazon's cloud server rivalry will proceed now that both services offer similar features for the majority of mobile app developers.

Source: Amazon Web Services via ZDNet.com | Image via Amazon

Source: http://feeds.neowin.net/~r/neowin-all/~3/zRcqkdyYOYc/amazon-web-services-adds-support-for-windows-8wp8-apps

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INDIE ENTERTAINMENT SUMMIT - Hollywood Today

Diane Warren

BRINGS THE ?NEW HOLLYWOOD? TO LIFE

By Valerie Milano

Los Angeles, CA (Hollywood Today) 7/18/13

In a world of rapidly changing world, increasingly shaped by the internet, the music & entertainment business more than most have been going through a major upheaval and transition. Hence the need for serious members of the creative community (artists, writers, producers, managers, labels, video & film makers) to have more access to learn from those leading the way at the cutting edge of this evolving landscape. Here to deliver greatly on that need is an exciting and fast growing event in L.A., the entertainment capital of the world. IES ? the INDIE ENTERTAINMENT SUMMIT,? the 5 day industry conference & festival returns to the NoHo Arts District (in the North Hollywood area, just north of UNIVERSAL STUDIOS) in August for a highly acclaimed worldwide event. With a seismic shift away from ?old school record labels & movie/TV studios? to a more independent & entrepreneurial world, involving the internet & new technology, IES brings the leaders of the worlds of music, movies / TV, DJs, internet & technology together.

In addition to 5 days of the industry conference, music / movie & entertainment lovers in So Cal & visitors will be treated to the IES FAN FEST which will be a region wide series of free concerts & film screenings at area clubs featuring great talent from across the country and around the world. Like a mixture of Austin?s famed SXSW & Utah?s SUNDANCE, with a cutting edge creativity & technology mix, IES is growing into an important annual event for those involved in entertainment and lovers of music, movies, TV, acting, dance, comedy, the arts & new technology. More of what they love, with a huge component of discovery of new talent, creations & ideas for a voracious entertainment audience clamoring for more & more stimulating content.

With more cutting edge CEOs & leaders in the entertainment, media & tech industries than any other, the IES conference features over 80 in-depth industry seminars, workshops, panels & keynotes from over 100 industry leaders. In addition IES has many industry mixers & networking events, including the famed IES DEAL LINK where attendees are able to meet 1-on-1 with industry decision makers, investors & talent scouts. An annual highlight of the near week long IES extravaganza are the IES HONORS, where industry trailblazers are inducted and honored. This year?s IES HONORS include the legendary Quincy Jones, Smokey Robinson, Diane Warren, Dr. Dre, Ice Cube & N.W.A, Ozzy Osbourne & Randy Rhoads, Black Sabbath, 2Pac, Nirvana, Eazy-E, Foo Fighters, Nate Dogg, Motley Crue, Bone Thugs ?n Harmony, Motorhead, Cypress Hill, Slash, DJ Quik, Korn, Bun B / UGK, Blink-182, ODB & a special IES COMEDY Honor to the legendary Monty Python team, hailed as ?the Beatles of Comedy?.

Last year?s IES firmly established the brand as an event with a clearly defined mission, to bring talent & industry together to help the creative community build their businesses and grow jobs and revenues by spurring business growth. Last year?s event honored & inducted members of Guns ?n Roses, Pink Floyd, Megadeth, Poison, Skid Row, The Alkaholiks, hip hop legends Tech N9ne, Spice 1 & Chino XL, & a special induction to the Hendrix family for the iconic musician Jim Hendrix. A special IES session called a ?Case Study Of a Success Story?, studies the formation of iconic albums, bands & labels; which last year explored the 60+ million selling album ?Appetite For Destruction? by L.A. based group Guns ?n Roses, & reunited band members, original managers, engineers, video makers & those that were a part of this historic album and breakthrough group. Providing education, access to hard to reach industry connections, valuable resources, and a vibrant exchange of ideas and synergies, IES stands apart in a marketplace of conferences that are either old and outdated, or veer too far to the tech side, that focuses too much on the ?future crystal ball predicting? and goes over the head of most of the artists & creative community. This year?s IES HONORS features some of the biggest & most influential icons of their type, including Diane Warren receiving the first ever IES SONGWRITER HONOR. Warren is one of the most successful songwriters in history, with over 300 Billboard chart hits. She is so prolific, at one point, 7 of the highly regarded Top 10 were her compositions! She has written hits for the likes of Beyonce, Brittney Spears, Justin Bieber, Christina Aguilera, Aerosmith, Celine Dion, LeAnn Rimes, Snoop Lion, Enrique Iglesias, Kelly Clarkson, Mary J. Blige, Akon, Jesse J, Emile Sande, Paloma Faith, Jennifer Hudson, Keyshia Cole & hundreds more.? In addition Rock & Roll Hall Of Fame member Chuck D, leader of the group Public Enemy, will receive the IES TRAILBLAZER honor for his groundbreaking work in music, distribution, broadcasting & creation of indie oriented platforms for artists to own & control their creations & businesses. IES ROCK HONORS this year go to Ozzy Osbourne & his late great guitarist Randy Rhoads (with tributes to Randy by such legendary musicians as Zakk Wylde, John 5, Rudy Sarzo, Jake E. Lee & many more), The Who (with a special tribute by legendary Who producer (?My Generation?, ?I Can?t Explain?) Shel Talmy, Foo Fighters, Nirvana, Motley Crue, Slash, Motorhead & Blink-182.

On the IES HIP HOP HONORS side, this year?s inductees include the legendary group N.W.A (including Dr. Dre, Ice Cube, MC Ren, DJ Yella), Eazy-E, 2Pac, Nate Dogg, Bone Thugs ?n Harmony, DJ Quik, Cypress Hill, Warren G & legendary execs Violet Brown & Chang Weisberg (Rock The Bells, Paid Dues & Smokeout festivals / tours). A special tribute & honor will be held for the iconic label PRIORITY (N.W.A, Ice Cube, Jay-Z, Master P, Mack 10, WC) & a ?Case Study Of A Success Story? of the landmark N.W.A album ?STRAIGHT OUTTA COMPTON?.

Created & founded by the founder of the INDIEPOWER network, Jay Warsinske & his new partner Scott Page (of Pink Floyd, new media/tech fame) the INDIE ENTERTAINMENT SUMMIT brings the world of entertainment & technology to the famed NoHo Arts District for a cutting edge conference by day, & every night a series of exciting concerts, film screenings & showcases along the ?creative corridor? along the Metro subway route. This famed route starts in NoHo, and continues stops & events at Universal Studios Citywalk, Hollywood & Highland, Hollywood & Vine, Silverlake & the Downtown Arts District. Future plans include the expansion across L.A. to the Westside, following the expanded subway route. Aiming to pump valuable revenues into SoCal, while providing the worldwide creative community with an annual summit & exchange of ideas, knowledge, collaborations and networking, IES is being hailed as ?the right thing, in the right place, at the right time? by industry execs and attendees, who last year came in from over 20 countries & all regions of the country. Legendary music industry executive Violet Brown exclaims ?IES is 5 days of incredible speakers & top leaders of the industry freely giving serious knowledge, trade secrets & tons of opportunities; with an incredible energy of super positive & committed people!? Artist manager & new media expert Steve Eggleston remarked ?I predict in 5 years or less, the INDIE ENTERTAINMENT SUMMIT will be to the entertainment world, what the SUNDANCE is to the film world, a revolutionary event on such an explosive scale.? Kevin Black, ex-President of WARNER BROTHERS RECORDS Urban says ?If you?re not at IES, you aren?t going to live to be a competitive artist these days, it feeds your mind, your soul & teaches you which way to go.? Discmakers exec Sydney Allston exclaims, ?IES is the best entertainment conference I?ve ever attended, it is a must attend event for all those serious about their careers.? Lady Gaga / Madonna / Beyonce producer Peter Rafelson, whose father created iconic TV Shows like ?THE MONKEES & films like ?EASY RIDER?, states, ?the overwhelming sense of good will & great energy at IES has made a lasting impression on me, a new community is on the rise & I am grateful to participate in the future growth of IES.? Legendary Founder of the longest running tour in America, the WARPED TOUR?s Kevin Lyman says ?You should check out IES, this is an annual event that we?ll all be going to for many years to come!? Finally, multi-platinum artist manager Steve Lobell exclaims, ?If you?re not at IES, you?re not in the business. Period!?

For more information on attending the IES Conference & Festival, visit the website at www.IESfest.com or call the office at 818-505-9537.

Source: http://www.hollywoodtoday.net/2013/07/18/indie-entertainment-summit/

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Video: Trade the tech wreck

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Source: http://www.nbcnews.com/video/cnbc/52521759/

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