Orion splashdown

You will see some flaring out the window of the Orion Multi-Purpose Crew Vehicle during re-entry and a tranquil splashdown in the Pacific off the coast of Baja California,Mexico.Some time lapse sequences and animation are included.

Inflation and the Economic Road Ahead

It's obvious to me that the Fed wants out of QE,PIMCO founder,CEO and chief investment officer Bill Gross told CNBC.What we're seeing is an end to QE in October or November,and then a focus on the policy rate,a discussion that focuses on inflation rather than employment.*
Mohammed El-Erian's departure was a surprise to us.We're not exactly certain where he's going.We're disappointed that he's not gonna continue in a successor role to me.Mohammed and I have been good friends for 14 years.We're neighbours;he's just down the street.As to why he's leaving,I basically can't tell you.That's best left to him.
I don't think it had anything to do with performance.Perhaps like an architect he's moving to another house.We understand that he does want to take a break.He's gonna end up somewhere at a higher level.We now have six deputy CIOs under the structure Mohammed created.This is a sharing of ideas that will function more quickly and more responsive to the market.*
Global financial markets are still highly levered.The emerging markets are slowing down,and developed markets are responding.Mexico to me is still the best of the emerging markets.Its wages in the auto sector are just 15% of the US.Mexico is a hold that's just been caught up in the rest of the emerging markets.*
There's always a risk of inflation going forward.We're in an artificially enhanced market that won't necessarily give returns higher than inflation.I think we're fairly valued at 15 times earnings.We're OK as long as growth remains at least 2-3%,and I think it will,"the bond king" Bill Gross said.*
The Fed's key inflation gauge rose slightly in December.The PCE went from 1.1 to 1.2%,well within the Fed's stated goal of 2.0%.Personal income was flat,but personal spending increased at 0.4%,double the estimated increase of 0.2%.

Asia This Day:Chinese Reforms Spur Stocks;Indian Gold Sales Strong;Inbee Park

The Beijing leaders are promising sweeping reforms in China in the wake of the Communist Party plenum.They will allow more private investment in state-owned enterprises;relax the one-chuild policy;expand the land rights of farmers;allow local governments to issue debt;rate officials on borrowing levels and other metrics.In response,most Asian markets rose in early Monday trading.The MSCI Asia Pacific Index gained 0.9% by early afternoon,with all 10 industry groups up.*
Indian families continue to bedeck their daughters with gold jewelry for their weddings,in spite of government efforts to reduce the purchase of imported gold.Gold bangles,necklaces,rings,tiaras and earrings are all in great demand this year.
Gold represents the status of the Indian family,the pride they take in themselves.Indian brides wear as much gold as their families can afford.A few hundred grams of gold would be a moderate purchase in one father's opinion.That's about thirty-two ounces.
The government raised import taxes three times this year in an attempt to reduce the current accounts deficit.According to the World Gold Council,however,Indian families continue to buy gold at a brisk pace.Demand will be up from 864.2 tonnes last year to 900-1,000 tonnes in 2013.*
South Korean Inbee Park won the LPGA Tour Rolex Player of the Year award Sunday-the overall season championship-after placing fourth at the Lorena Ochoa Invitational Presented by Banamex in Guadalajara,Mexico.Park is the first Korean ever to win the award.She's scored 6 victories this season-including 3 majors,giving her the most overall points.
American teenager Lexi Thompson won the tournament.

Final Results for 2008

The Dow Jones Industrial Average fell 33.84% for 2008,its only gainers being Wal-Mart and McDonald's.The S and P 500 Index dropped 38.49 for the year,while the NASDAQ Composite Index plunged a record 40.54%.The Toronto benchmark was off 35.03% for 2008.In North America,Mexico's stock market fared best,with a drop of just 24.23%.Of the 20 most widely held stocks in the U.S. markets,Johnson and Johnson lost the least,with a decline of 10.3%.