Wednesday, April 6, 2011

fisher capital management south korea: Maine governor taken to task after mural removed

By CLARKE CANFIELD
PORTLAND, MAINE
The status of a labor-themed mural that was removed from Maine Labor Department headquarters because it wasn't in line with Gov. Paul LePage's pro-business agenda remains in limbo.
The board of directors of the Museum L-A in Lewiston decided Tuesday it needs more answers from state officials before deciding whether to exhibit the 36-foot, 11-panel mural. A Portland city councilor who had offered City Hall as a possible temporary site now says it doesn't belong there.
LePage says the mural, which depicts mill workers, labor strikes and child laborers among its scenes, is biased in favor of organized labor.
The president of Mount Holyoke (HOH'-lee-ohk) College in Massachusetts sent a scathing letter to LePage for removing the work, which includes an image of 1902 graduate and former U.S. Labor Secretary Frances Perkins.

fisher capital management south korea: Creator of Maine Labor Mural Addresses Controversy

Judy Taylor, the artist who painted the mural that was removed from Maine’s Department of Labor, said on Wednesday that she was sad to learn that the governor’s decision to move the mural might have started with an anonymous letter comparing it to North Korean brainwashing.
Gov. Paul LePage of Maine ordered the removal of her 36-foot-wide mural, which showed scenes from Maine’s labor history, after concluding that it was one-sided toward unions. Mr. LePage, who has been widely criticized for the move, gave the order after his office received an anonymous letter saying the mural was reminiscent of “communist North Korea where they use these murals to brainwash the masses.”

In a statement Wednesday, Ms. Taylor wrote that her father served as a forward observer during the Korean War and was awarded a Bronze Star.
“He was a man who stood by every word he spoke,” she wrote. “It was so heartbreaking to learn that this controversy may have started with an anonymous letter comparing this mural to a North Korean propaganda poster. Perhaps we should hang my father’s Bronze Star for his service in Korea in the now empty reception area of the Maine Department of Labor until the mural is returned, as a symbol of the importance of remembering our history, and not shuttering it away.”
Ms. Taylor won a 2007 competition in which the Maine arts commissioner chose an artist to do a mural detailing the state’s labor history. She said she spent more than a year on the mural, doing extensive research as well as numerous sketches based on historical fact.
Ms. Taslor denied that the mural was one-sided. It has 11 panels showing historical scenes, including shoe-making apprentices during colonial times, Maine lumberjacks, a “Rosie the Riveter” at the Bath Iron Works shipyard during World War II and a 1986 paper mill strike.
“The purpose of the mural is historical, the artistic intent to honor,” Ms. Taylor wrote. “It belongs to the people of Maine and needs to be accessible to them.”
Mr. LePage has suggested that the mural be placed in a museum, but Ms. Taylor’s supporters have begun an effort to persuade the governor to return the mural to the labor department. Mr. LePage’s aides said the mural was not neutral and made employers feel uncomfortable when they entered the Labor Department’s lobby.
Ms. Taylor said that she had long painted people working, writing that her first painting as a child was of her grandfather on his farm in Nebraska, “in the context of his work and life.”
“Painting the mural is what I have trained my entire life to do,” she wrote. “The theme of figure and context is what I set out to chronicle in my career as an artist.”
Ms. Taylor received some strong backing this week from Lynn Pasquarella, the president of Mount Holyoke College, the alma mater of Frances Perkins, the nation’s first female labor secretary. Ms. Pasquarella wrote to Mr. LePage criticizing his decision to remove the mural, and she also wrote a letter to The New York Times that was published on Wednesday.
One panel of the mural shows Ms. Perkins, who is buried in Maine and whose parents were from Maine. Mr. LePage has ordered the renaming of the department’s seven conference rooms, one of which is named the “Francis Perkins” room.
In her letter to Mr. LePage, Ms. Pasquarella wrote, “I was particularly surprised to read that you were influenced by an anonymous fax comparing the 11-panel mural to North Korean political propaganda, because the act of removing images commemorating Maine’s history itself conjures thoughts of rewriting history prevalent in totalitarian regime.”

fisher capital management south korea: Revisionist art history as Maine removes labor mural

BOSTON | Wed Mar 30, 2011 10:03am EDT
(Reuters Life!) - Waves of criticism have followed the removal of a mural depicting workers' history in Maine, including the iconic "Rosie the Riveter," from government offices in the state capital Augusta.
Governor Paul LePage, a Republican, has said through spokesmen that he received complaints about the artwork in the Department of Labor offices from business owners because it was too pro-labor.
Also in the works are plans to rename conference rooms at the department building now named after labor leaders.
"The mural has been removed and is in storage awaiting relocation to a more appropriate venue," LePage's press secretary Adrienne Bennett said in a statement.
The deed was done, in secrecy, over the weekend.
The 36-foot-long (11-meter-long) work contains 11 panels with images including shoemakers, child labor, textile workers and strikers, as well asFrances Perkins, U.S. Labor Secretary and the first U.S. woman cabinet member.
The work was painted by Judy Taylor of Tremont, Maine, adjacent to Acadia National Park. Taylor was commissioned in 2007 and finished the nearly 8-foot-tall mural in 2008.
Lynn Pasquerella, president of Mount Holyoke College in South Hadley, Massachusetts, waded into the fray on Tuesday in a sharply worded letter to LePage.
Perkins was a 1902 graduate of the elite women's college, and many alumnae and students are up in arms.
"We're obviously very concerned. This is a rewriting of history," Pasquerella told Reuters. The "outrageous" move poses questions about "trends in civil discourse and political discourse in this country," she said.
Pasqueralla wrote to LePage that she was "surprised to read that you were influenced by an anonymous fax comparing the 11-panel mural to North Korean political propaganda."
"The act of removing images commemorating Maine's history itself conjures thoughts of the rewriting of history prevalent in totalitarian regimes."
Another former U.S. labor secretary, Robert Reich, has also gone on the offense.
"The governor's spokesman explains that the mural and the conference-room names were 'not in keeping with the department's pro-business goals,'" Reich, wrote on his blog. "Are we still in America?"
Rosie the Riveter, a worker at the Bath Iron Works who inspired the mural's ninth panel, is one of the United States' cultural and feminist icons, representing millions of women who worked in munitions plants during World War Two.

fisher capital management south korea: Maine artist laments removal of her mural

PORTLAND, Maine (AP) — An artist whose 36-foot labor-history mural was removed from the Maine Labor Department said the artwork should be returned to the agency's walls and suggested the state should hang her late father's Bronze Star in its place until then.
Artist Judy Taylor, of Tremont, said it was "heartbreaking" to learn the controversy may have been sparked by an anonymous letter that compared her work to North Korean propaganda. Taylor said in a statement Wednesday that her late father served in the Korean War and received a Bronze Star.
Taylor spent a year working on the mural for the Department of Labor using a $60,000 grant. It was installed in 2008 but was removed last weekend after Gov. Paul LePage said it was biased toward organized labor and out of line with his pro-business agenda. The artwork is now in storage at an undisclosed location.
"Perhaps we should hang my father's Bronze Star for his service in Korea in the now-empty reception area of the Maine Department of Labor until the mural is returned, as a symbol of the importance of remembering our history and not shuttering it away," Taylor wrote.
The 11-panel mural depicts Maine's labor history and includes scenes of mill workers, labor strikes and child laborers. Taylor said she added a personal touch to the piece by painting images of her late mother and father in two of the panels. Her father is shown as a young Army officer and her mother as a little girl in the panel featuring Frances Perkins, secretary of labor under Franklin Roosevelt, she said.
The governor remains committed to making the Department of Labor more business-friendly, said spokeswoman Adrienne Bennett. In addition to the mural being removed, departmental conference rooms now named for labor leaders will be renamed for counties, mountains or something else perceived as neutral.
"Employers lose two-thirds of the misconduct cases held at the Department of Labor, and Maine created just 56 net jobs over the last decade," Bennett said. "While we appreciate Ms. Taylor's personal story and talent, the governor knows that the Department of Labor must serve both employees and employers for Maine to prosper. Changing the decor of the agency is just the first step."
Labor advocates, artists and others have criticized LePage's decision, saying the mural depicts an important part of Maine history and belongs at the Department of Labor. A rally to demand the mural's return is scheduled Friday at the State House.
The president of the Maine College of Art in Portland said the mural captures a piece of history and that its removal is an "act of censorship."
"Gov. LePage did not like what he saw," Donald Tuski said in a statement Wednesday. "By removing the mural, he smashed that mirror — an attempt to rewrite history."

Tuesday, April 5, 2011

fisher capital management south korea: Miami fund manager Bruce Berkowitz gains a following


Bruce Berkowitz's mind is racing with thoughts of Asia and Northwest Florida.
The Miami-based mutual fund manager has recently returned from trips to the Panhandle and South Korea, Singapore and Hong Kong. His $23 billion Fairholme Funds have invested $1.5 billion in two Chinese insurance companies during the past few months. And this week, he and Fairholme Capital Management President Charlie Fernandez will host the chairman of the huge state-owned Chinese Pacific Insurance Corp. on his first trip to Miami. They will tour the Panhandle and discuss business opportunities on the land owned by the St. Joe Co.
Since Fairholme bought a 29 percent stake in St. Joe, Berkowitz has publicly struggled — and succeeded — in maneuvering the ouster of the storied real estate development company's top executives and the majority of its board. A month ago, he took the board's helm as chairman, and named Fernandez vice chairman and former Gov. Charlie Crist and Carnival Corp. Vice Chairman Howard Frank as directors. He also brought in a new chief operating officer, Park Brady.
"We plan to very quickly do what needs to be done to move St. Joe forward,'' said Berkowitz, 52. "Acquisitions, hiring, restructuring, capital raising — we're open to all the possibilities.''

Watch this now. Email addresses exposed in major data breach.

Berkowitz's fight to turn around money-losing St. Joe has placed a brighter spotlight on the unassuming multimillionaire, dubbed "the megamind of Miami'' in December by Fortune Magazine.
In fact, agreeing to be interviewed for this story required some soul searching. After all, he said, he lives in Miami and likes to walk into a restaurant and not worry about being recognized.
But even before St. Joe, Berkowitz had made a name for himself and his Fairholme Fund, which he founded Dec. 29, 1999, in Short Hills, N.J., and in 2006 moved to Miami. In January 2010, Morningstar named Berkowitz, founder and managing member of Fairholme Capital Management, the domestic stock fund manager of the decade, and 2009 Domestic-Stock Fund Manager of the Year.
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Berkowitz shrugs off his financial success, saying it doesn't make him different from anyone else, and that some people are just lucky that their minds are wired to enjoy poring through financial statements all day.
"Sometimes, I look up and it's 5 p.m. and I'm still in my workout clothes,'' he said, adding: "The problem is, I could look up and I'll be 92.''
In fact, Berkowitz acknowledges that he doesn't really have any hobbies. He owns an electric guitar he hasn't touched in a year. He tried golf, but it didn't catch on. He owns a 28-foot Boston Whaler, but only uses it when he and Fernandez go out to lunch at Fisher Island. The closest thing to a hobby, he said, is scuba diving, which he took up on a vacation to the Spice Islands in Indonesia a few months ago. Rather than watch TV, he falls asleep listening to conference calls on his headphones. "It's my own version of the Tonight Show,'' he joked.

fisher capital management south korea: EM ASIA FX-Won bolts to 7-wk high, may lead other Asian currencies up

Wed Mar 30, 2011 4:46am EDT
* Won up 0.6 pct; foreigners buy stocks for 11 days in row
* No sign of Korean authorities slowing won strength
* Indonesia expected to defend level of 8,705 rupiah vs dlr

 (Updates prices, adds analysts' quotes) 
By Jongwoo Cheon 
SINGAPORE, March 30 (Reuters) - Hedge funds piled into the
won on Wednesday, lifting it to a seven-week high against the
dollar and suggesting the South Korean currency may lead other
Asian currencies higher in the second quarter with foreign
equity flows to the region expected to remain solid. 
The won climbed to as high as 1,103.90 per dollar in local
trade as the surprising absence of intervention by Korean
authorities caused macro funds and other investors to bail out
of short won positions, accelerating the upward move. 
The won's rise stood out on the day, with many other
emerging Asian currencies relatively steady. Yet with regional
equity markets reflecting strength from foreign inflows, other
currencies may follow the won higher. 
"The Nikkei rebound has had a very positive effect
and enticed portfolio flows into the region given short-term
buying opportunities," said Sacha Tihanyi, a senior currency
strategist at Scotia Capital in Hong Kong, referring to a bounce
in Japanese stocks after heavy selling in the days following the
country's massive March 11 earthquake and tsunami. 
"Our core view is that the Asian currency group on a whole
should be set to gain against the USD in Q2 (but not as much
against EUR), given the macro-financial fundamentals still
working against the USD... mainly related to the policy front." 
Tihanyi preferred the won and the Thai baht, saying central
banks in those countries have suggested they would not hesitate
in tightening policy further to curb inflation. 
Foreign investors have been net buyers of South Korean
stocks for 11 consecutive sessions -- the longest since October
2010 -- and have scooped up Indian shares for the past five
days, despite Japan's nuclear crisis and unrest in the Middle
East. 
The continuous demand for South Korean shares helped the won
recover all losses since the Japan quake and even swing into
black. The currency has gained 1.8 percent against the dollar
since March 11. 
Credit Agricole Coporate and Investment Bank said it expects
the won to rise further on improved risk appetite and demand for
the country's stocks. 
Asian currencies weathered comments from Dallas Fed
President Richard Fisher that he would vote against any further
monetary easing by the central bank after the current program is
finished in June. [ID:nN2984973] 
Possible tightening by the Fed would not drag on Asian
currencies much as the regional central banks are seen raising
rates further to fight inflation, analysts said. 
"If central banks ate ahead of the curve in lifting interest
rates ahead of inflation expectations, then monetary policy will
be supportive of Asian currencies," Commerzbank said in a
research note. 
WON 
The won ended local trade at 1,104.2, the
strongest close since late April 2010. It is on track to be the
third-best performing emerging Asian currency in the first
quarter, up 2.8 percent. 
After the local closed, it strengthened further to 1,101.6
 , the firmest level in offshore trade since Feb 9. 
A lack of intervention boosted views that South Korea's
foreign exchange authorities may allow more appreciation in the
won to fight inflation. 
Earlier, the finance minister reaffirmed that the government
was not pursuing a policy of keeping the won undervalued to
exporters but admitted the won's rise was slower than some
investors had expected. [ID:nL3E7EU08L] 
Still, some traders were wary of won-selling intervention.
Authorities were spotted buying dollars on Feb. 9, when the won
hit 1,102, the strongest since Sept. 2008. 
Since then importers have been actively buying dollars for
settlements on any dips in dollar/won. 
RUPIAH 
Indonesia's central bank was again spotted checking the
rupiah's gains, dealers said, though upward pressure on
the rupiah from offshore players may end up dragging the pair
toward 8,705 in the medium term. 
"It is stuck because the central bank keeps intervening to
support USD/IDR, so it doesn't break the 8,705 level. But flows
are coming, betting on the IDR's further strength due to inflows
from commodities exports and lower inflation figures for March,"
said a Jakarta-based dealer. 
The rupiah, which had suffered from worries about inflation
earlier this year, has lately been a comeback story. It was
poised to be the best performer in the first quarter, having
risen 3.4 percent against the dollar. 
Investors have chased the Indonesian currency on
expectations that the central bank will allow its appreciation
to curb rising prices. 
BAHT 
Standard Chartered recommended using the baht as a
funding currency to buy other emerging Asian currencies such as
the ringgit and rupiah. 
Standard Chartered said the Thai currency is expected to
continue to underperform because of deteriorating external
balances and political uncertainty in coming months. 
"Leveraged funds should look to use the THB as a funding
currency for long positions in other Asia ex-Japan (AXJ)
currencies, such as the Indonesian rupiah (IDR) and Malaysian
ringgit (MYR), which have a positive exposure to high commodity
prices," the bank said in a note. 
The baht is particularly attractive as a funding currency
for leveraged funds as it has very low volatility, it added. 
The baht has lost 0.53 percent so far this year, becoming
the worst performing currency among emerging Asian units. 
  CURRENCIES VS U.S. DOLLAR                                   
  Change on the day at 0705 GMT 
  Currency    Latest bid   Previous day    Pct Move
  Japan yen        82.99          82.48       -0.61
  Sing dlr        1.2626         1.2610       -0.13
  Taiwan dlr      29.465         29.477       +0.04
  Korean won     1103.60        1110.20       +0.60
  Baht             30.30          30.32       +0.07
  Peso             43.44          43.46       +0.06
  Rupiah         8712.00        8720.00       +0.09
  Rupee            44.76          44.78       +0.04
  Ringgit         3.0250         3.0280       +0.10
  Yuan            6.5577         6.5610       +0.05
Change so far in 2011                                                                        
  Currency    Latest bid  End prev year    Pct Move
  Japan yen        82.99          81.15       -2.22
  Sing dlr        1.2626         1.2820       +1.54
  Taiwan dlr      29.465         30.368       +3.06
  Korean won     1103.60        1134.80       +2.83
  Baht             30.30          30.14       -0.53
  Peso             43.44          43.84       +0.93
  Rupiah         8712.00        9005.00       +3.36
  Rupee            44.76          44.70       -0.13
  Ringgit         3.0250         3.0820       +1.88
  Yuan            6.5577         6.5897       +0.49
(Editing by Kevin Plumberg & Kim Coghill) 
  
  
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Double click on brackets for following items:  
Asian currencies     Asian currencies in Asia  
Malaysian ringgit   Indonesian rupiah   
Singapore dollar    Thai baht           
Taiwan dollar       Hong Kong dollar    
Philippine peso      Korean won          
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Wednesday, March 30, 2011

Astoria, Oregon, Discovers a Waterfront Chic

IT was a damp, wind-whipped Thursday night in Astoria, Ore., but inside the Fort George Brewery & Public House an eclectic, standing-room-only crowd kept warm and dry. Ol’ Danny Barnes, a Washington State-based singer and banjoist, twanged and crooned before a hooting audience of Astorians who had poured into the space on their way home from work. In the crowd were Coast Guard officers, marine biologists, nursing students — and the waitress who had served me lunch earlier that day.
Multimedia
Leah Nash for The New York Times
Dawn rises over the town's weathered Victorians and aging Deco-era buildings. More Photos »
I finagled a stool at the pub’s sturdy wooden counter and, taking a cue from my bar mates, ordered beer-battered fish and chips and a dark, potent stout. Occupying the next stool over was Josef Gault, a Fort George regular and self-described “wild Hungarian.” Mr. Gault — actually a native of Detroit — is a musician and cultural events coordinator at the local community college. In his estimation, the town’s blustery climate and its cultural vibrancy are intertwined. “Because of its turbulent weather,” he said, “Astoria attracts artists.”
It wasn’t always so. For most of its history, Astoria — a former pelt trading post named after the fur baron John Jacob Astor — was a hub of the West Coast fishing industry and home to more than a dozen seafood canneries. It is also the place where the tuna fish sandwich, that national cultural icon, was popularized. Before becoming the quintessential lunchtime meal of post-war America, albacore was “discovered,” tested and canned at the local Bumble Bee lab. The town, you might say, is to canned tuna what Detroit is to the automobile.
But in the years since Bumble Bee, once Astoria’s largest employer, closed its plant in the early ’80s, the town has transformed itself from an industrial whistle-stop — albeit one with more than its fair share of glamorous Victorian homes — to a cosmopolitan artists’ enclave, rife with funky shops, fine art galleries and enticing cafes. And in May, Astoria will celebrate its bicentennial as the oldest American settlement west of the Rockies with a series of fairs, festivals and lectures.
While other former fishing and shipping ports have withered, Astoria, a town of about 10,000 just two hours northwest of Portland, has actively preserved its on-the-waterfront identity. Each February, during the lull between the end of Dungeness crab season and the spring run of King salmon, Astoria honors its maritime culture with the Fisher Poets Gathering, an art, music and literary festival devoted to work that “comes from experiences living and working” on the water. The event, which will observe its 15-year anniversary next year, draws, according to the event Web site, “skippers and deckhands, cannery workers and deck grunts” from around the region to read and sing and celebrate the life of the commercial fisherman.
As Northwestern salmon stocks dwindled, the seafood canneries that once lined the Columbia River shut down and the waterfront area — once a place of working men and vice — became increasingly stagnant. But instead of being demolished, several of the former canneries were given new life as the Cannery Pier Hotel, the Bridgewater Restaurant and, in 2002, Pier 39, a maritime-themed business park.
Throughout town, in fact, there are other signs of renewal, as businesses with a straight-from-Portland feel have opened one after the next. There’s the hip Commodore Hotel; the Astoria Coffeehouse & Bistro, serving “neo-regional cuisine”; the Voodoo Room, a bar and indie music venue; and — in this postcard-size town — no fewer than three different brewpubs.
As in the rest of Oregon, beer is a big deal in Astoria. There are old-school bars with rowdy reputations, like the Desdemona Club and Annie’s Tavern. But out across a rickety-looking wood plank jetty, there’s a new beer hall that is attracting a different kind of customer. There, perched above the river 500 feet offshore, the oldest building on the waterfront, the 136-year-old former Bumble Bee cannery, has been renovated and rebranded as Pier 39-Astoria. The complex is now home to the Astoria outpost of the Rogue Ales Public House — a day-trip destination for beer-happy Portlanders.
When I arrived at Pier 39, the sky was dark and churning, the water speckled with whitecaps built by the gale winds. The storm assaulted the drafty, wooden structure with violent gusts and pounding hail, making it feel like a ship on a roaring sea. (Indeed, the oldest buildings in the complex have roofs made using the upside-down, tongue-and-groove beam construction of vintage sailing ships.) A rock jetty and metal seawall protected the local fishing fleet; a massive red freighter traveled downriver, returning from Portland.
The complex is the passion project of Floyd Holcom, a local developer and president of the Port of Astoria Commission, which oversees and promotes the port. About a decade ago, he bought the building with a group of partners. When they wanted to tear it down, he bought them out and took it on alone.
“I was born and raised in Astoria, so I grew up with a lot of old people who aren’t around anymore,” he said. “All our parents worked in the canneries, or were fishermen or longshoremen.”
At Pier 39, Mr. Holcom has carefully cultivated the romance of the Astoria waterfront by recruiting businesses with nautical cred — some real, some contrived. There’s a kayak and scuba rental shop, and Four Winds Canvas Works, which sells totes and clam-digging bags quilted from salvaged Kevlar sail fabric. Out of the cannery’s former boiler room, Four Winds also runs a small marine consignment store, which resells boat miscellanea, like old brass portholes, used wetsuits, 100-pound anchors, even a hand-pump marine toilet.
Among the Pier’s eccentricities are a small, ill-kept but amusing museum dedicated to Astoria’s history as the “Salmon Canning Capital of the World,” and a crab tank where Dungeness — one of the great delicacies of the Pacific Northwest, as any local will tell you — are raised and sold to area restaurants. Even the Coffee Girl shop has embraced the maritime aesthetic: its walls are hung with weathered wooden oars and orange-and-white buoys; a tattooed barista wore a bushy fisherman’s beard.