U.S. banking woes seen hitting Wall St.

U.S. banking woes seen hitting Wall St.

NEW YORK (Reuters) - Stocks are seen opening sharply lower at the start of the week after last ditch efforts to save investment bank Lehman Brothers appeared to have failed late Sunday.
The ongoing impact of the global credit crunch of the past year also saw reports of a bid for Merrill Lynch (MER.N) by Bank of America (BAC.N) and talk of asset sales by the world's largest insurer (AIG.N).

U.S. stock index futures tumbled late on Sunday, pointing to a sharply lower Wall Street open on Monday on fears the meltdown in asset values in the U.S. banking system could impact the broader U.S. economy as credit is restricted further while U.S. house prices continue to fall.
The focus on Sunday had initially been on whether talks between regulators and Wall Street's top bankers could lead to the sale of Lehman Brothers Holdings (LEH.N), which until recently was the fourth-largest U.S. investment bank.

But the emergency discussions about Lehman's future faltered, and the Wall Street Journal reported that American International Group Inc (AIG.N), left with deep losses on guarantees it wrote to cover mortgage-linked securities, is expected to sell off assets.

Adding to the already unusually heavy flow of corporate news for a Sunday, the New York Times also reported Bank of America Corp (BAC.N) is in advanced talks to acquire Merrill Lynch & Co Inc (MER.N) for at least $38.25 billion in stock, citing people briefed on the negotiations.

As with the collapse of investment bank Bear Stearns back in March that led to its purchase by JPMorgan Chase (JPM.N), investors are braced for developments that could again reshape the U.S. financial landscape as fallout from the credit crisis escalates.

"It looks like it will be nasty tomorrow," said Andrew Brenner, co-head of structured products and emerging markets at MF Global in New York in a note to clients.

Lehman's woes underscore the severity of the credit crisis that began more than a year ago as the U.S. housing slump swelled losses stemming from soured mortgage investments.

"Investor sentiment is braced for the worst news possible," said John Kosar, market technician and president of Asbury Research in Chicago.

"When you have extreme circumstances like we're having now it's very hard to try to figure out what to do next."

Unease about Lehman's future kept investors anxious about the health of the U.S. financial system and weighed on financial shares on Friday, causing U.S. stocks to end little changed. For the week, the Dow rose 1.8 percent, the S&P 500 rose 0.8 percent and Nasdaq gained 0.2 percent. But even if the Lehman issue is resolved, attention is seen shifting to other financial firms.

Leading brokerage Merrill Lynch & Co Inc (MER.N) and American International Group (AIG.N), once the world's largest insurer by market capitalization, are among the other companies threatened by the credit maelstrom.

"What has to happen is some change in the mind-set. By that, I mean there has to be an idea that the housing sector is bottoming. I don't mean prices, I mean demand for houses and inventories," said Stanley Nabi, vice chairman at Silvercrest Asset Management Group in New York.

The U.S. Federal Reserve's next scheduled policy-setting meeting on Tuesday will also draw investor focus. While the Fed is widely expected to keep interest rates steady at 2.0 percent, investors will scrutinize the Fed's accompanying assessment of the economic outlook for clues about corporate profit prospects.

Additionally, the spotlight will fall on any Fed comments on the current financial market turmoil after the government's bailout of home finance giants Fannie Mae (FNM.N) and Freddie Mac (FRE.N) and Lehman's problems.

Aside from the Fed, Goldman Sachs Group (GS.N) will report its quarterly earnings on Tuesday.
This week's calendar also features the release of key economic data, including the August Consumer Price Index on Tuesday.

Also high on the economic agenda is a report on August industrial production set for release on Monday, August housing starts on Wednesday and on Thursday: weekly jobless claims and a report on business activity in the Mid-Atlantic region by the Philadelphia Federal Reserve.
In other areas, Hurricane Ike was shaping up to be the biggest storms to hit Texas in nearly 50 years and could hammer insurers.

Broncos go for 2 points and top San Diego

Broncos go for 2 points and top San Diego

DENVER (AP)—The Denver Broncos were on such a lucky streak, why not roll the dice?
Showing ultimate confidence in his offense and maybe an equal dollop of distrust in his defense, Mike Shanahan went for the 2-point conversion with 29 seconds left and Jay Cutler hit rookie Eddie Royal over the middle to give the Denver Broncos a 39-38 win over San Diego on Sunday.
“Sometimes you have to go with your gut,” Shanahan said. “I just felt like it was a chance for us to put them away. I didn’t want to count on the coin flip. I wanted to do it then, and obviously it worked out.”

It was the third successful 2-point attempt from a team going for the win instead of a tie in the waning seconds of a game since the 2-point conversion was added in 1994, and the first since Tampa Bay beat Washington 36-35 on Mike Allstott’s run on Nov. 13, 2005.

The Chargers (0-2) were both stunned and steamed at their second straight loss in the waning seconds.

The Broncos (2-0) had the ball because an errant whistle had erased Cutler’s lost fumble two plays earlier.

Trailing 38-31, the Broncos reached the 1 but on second-and-goal, Cutler reared back to throw and the ball slipped out of his hands, bounced off the grass and into linebacker Tim Dobbins’ arms.

“Fumble, I think,” acknowledged Cutler, who blamed the slick, new ball.

Referee Ed Hochuli blew his whistle when the ball came out, ruling it an incomplete pass. A review showed that it should have been ruled a fumble. Instant replay rules, however, don’t allow the opponent to gain possession in such situations.

“All we can do to fix it is put the ball at the spot that it hit the ground, which is why we moved it back to the 10-yard line and the down counts and it becomes third down,” Hochuli said afterward.

That explanation wasn’t good enough for Chargers coach Norv Turner.

“On the last play, it was clearly a fumble,” Turner fumed. “Ed came over, the official, and said he blew it. And that’s not acceptable to me. This is a high-level performance game and that’s not acceptable to have a game decided on that play.”

The call the Broncos wanted to talk about wasn’t the referee’s but their coach’s.

“You don’t play this game to tie,” fullback Michael Pittman said. “You play this game to win.”

Two plays after his fumble was overruled, Cutler hit Royal from 4 yards to make it 38-37.

With 75,000-plus fans at Invesco Field holding their breath, Cutler again found Royal in the end zone for the winner on the exact same route, his dart splitting three defenders.

The rookie who caught nine passes for 146 yards in Brandon Marshall’s absence a week earlier, cradled the winner in his gut, avoiding safety Clinton Hart but not the thrilled teammates who piled on in celebration.

The Broncos actually made the call to go for 2 long before they scored. When the drive began at their 20, Cutler went into the huddle and told his teammates they were going to go for 2 if they reached the end zone.

Denver Broncos wide receiver E… AP - Sep 14, 8:53 pm EDT

“That was all he had to say. We had all the confidence that we could do that,” Royal said.

And with luck and calls going their way, why not?

Denver also benefited from a twist of fate in the first quarter, when the replay booth’s machinery malfunctioned, preventing the officials from being able to overturn a San Diego fumble that led to Denver’s first touchdown.

TV replays, which the crew didn’t have access to, showed Chris Chambers’ left elbow on the grass while he cradled a reception in his right arm as Champ Bailey was trying to strip it away. Hochuli waited the required 2 minutes, then ruled that the call on the field stood, giving Denver possession at the Chargers 29.

San Diego wasn’t charged a timeout, and the Broncos capitalized with Pittman’s 1-yard TD dive.
After Denver went ahead on Royal’s 2-pointer, the Chargers had one last chance but Philip Rivers’ desperation heave into the end zone missed Chambers, who had four catches for 83 yards and two touchdowns.

Denver Broncos wide receiver B… AP - Sep 14, 8:51 pm EDT
Cutler completed 36 of 50 passes for a career-best 350 yards and four TDs and enjoyed the return of Marshall, who set a franchise record with 18 catches for 166 yards in a magnificent return from his one-game suspension.

Marshall’s receptions were two shy of Terrell Owens’ NFL record of 20 set for San Francisco against Chicago earlier this decade.

With LaDainian Tomlinson slowed by a jammed right big toe, his backup, Darren Sproles had a career day, piling up 317 all-purpose yards on 14 touches, including a 103-yard kickoff return for a touchdown in the first half and a 66-yard catch-and-run for the go-ahead score with 4:22 remaining.

Sproles took a short pass from Rivers, who threw for 377 yards and three TDs, and raced through the Broncos’ befuddled defense to put the Chargers on top 36-31. Legedu Naanee’s catch for the 2-point conversion made it 38-31.

That came three plays after Cutler’s only big mistake of the game—that counted, at least.
The Broncos were heading in for a score when rookie cornerback Antoine Cason intercepted Cutler’s pass in the end zone, setting up Sproles’ 66-yard jaunt that the Chargers still swear should have iced it.

Entertainment News & Gossip

Burn After Reading' is No.1 at the box office

Joel and Ethan Coen scored their biggest opener to date by raking in $19.4 million in ticket sales for "Burn After Reading" and helping end a seven-week attendance slide at theaters, according to studio estimates Sunday.

The madcap comedy starring Brad Pitt, George Clooney and John Malkovich raked in $7 million more than the writing-directing duo's last box-office hit, the 2004 comedy "The Ladykillers" according to box office tracker Media by Numbers.

"Burn After Reading's" success comes just a year after the brothers gained widespread acclaim for the drama "No Country for Old Men," which won four Academy Awards and grossed $73.3 million.

Their Oscar credentials and the star-studded cast combined to make "Burn After Reading" a hit, said Jack Foley, president of distribution for Focus Features.
"The Coens have broken into more commercial territory with this film," Foley said. "They've become more of a household name."

The weekend's three other new releases also turned in solid performances.

Writer-director Tyler Perry's "The Family That Preys," starring Kathy Bates and Alfre Woodard in a drama about two families from different social classes, debuted at No. 2 with $18 million. Five out of six of Perry's films have opened at No. 1 or No. 2 on their opening weekends, said Steve Rothenberg, president of domestic distribution for Lionsgate.

Rothenberg said he expected "The Family that Preys" to continue to play well over upcoming weekends as Perry's movies typically do.

"It should have good legs," he said.

Overture Film's "Righteous Kill" opened at No. 3 with $16.5 million, proving that A-list stars Robert DeNiro and Al Pacino still draw fans. The movie played to a wide range of ages and both genders, said Kyle Davies, Overture's executive vice president of theatrical distribution.
"The primary appeal is to see these two legends together," he said.

Picturehouse's "The Women" starring Meg Ryan and Annette Bening in a remake of George Cukor's 1939 comedy-drama was No. 4 with $10.1 million.

The weekend's total box-office draw should surpass $100 million, breaking a seven-week slide in ticket revenue, said Paul Dergarabedian, president of Media by Numbers. Last weekend was the slowest moviegoing weekend in five years, with just $67.6 million.

He attributed the uptick to the variety in genres that studios offered this weekend.
"Audiences want a lot of choice," he said. "Each of these movies had a particular demographic. This was the cinematic equivalent of a magazine rack."

The next seven films in the top dozen were holdovers, grossing $4.3 million or less.

The Batman sequel "The Dark Knight" continued to rack up its gross with another $4 million, for total box office revenue of $517.7 million to date.

Last weekend's top-ranked "Bangkok Dangerous" starring Nicolas Cage dropped to eighth place with $2.4 million.

The top 12 movies at U.S. and Canadian theaters Friday through Sunday, as estimated by Media By Numbers LLC. Final figures will be released Monday.

1. "Burn After Reading," $19.4 million.
2. "Tyler Perry's The Family that Preys," $18.0 million.
3. "Righteous Kill," $16.5 million.
4. "The Women," $10.1 million.
5. "The House Bunny," $4.3 million.
6. "Tropic Thunder," $4.2 million.
7. "The Dark Knight," $4.0 million.
8. "Bangkok Dangerous," $2.4 million.
9. "Traitor," $2.1 million.
10. "Death Race," $2.0 million.
11. "Babylon A.D.," $1.7 million.
12. "Mamma Mia!," $1.7 million.

LAARNI LOZADA: GRAND STAR DREAMER OF PINOY DREAM ACADEMY

LAARNI LOZADA: GRAND STAR DREAMER OF PINOY DREAM ACADEMY

Laarni with his song manalig ka grand nigth in pinoy dream Academy

Laarni wins the Grand Star Dreamer title!

Laarni wins the Grand Star Dreamer title!

“The Independent Woman”

Laarni is a hardworking woman with an ambition to become a professional singer. She is 15th Scholar to enter the academy.

Brief Biography:
Nickname: Laarni
Name: Laarni Losala
Age: 23
Birthdate: June 23
Place of Origin: Sultan Kudarat
Favorite Singer/Band/Performer: Lea Salonga

The second season of ABS-CBN’s Pinoy Dream Academy will formally began last June 14, 2008 with Nikki Gil as the main host of this season, while Toni Gonzaga is the Saturday Gala Night host. Billy Crawford joins this season as the host of the late afternoon edition Pinoy Dream Academy Über-ture.

A grand 'Dream' night in Pinoy Dream Academy

A grand 'Dream' night in Pinoy Dream Academy

As you read this, you probably know who among the Top 6 scholars won the title as ABS-CBN's Pinoy Dream Academy Season 2 Star Grand Dreamer. But what took place last Saturday at the Grand Dream Night at the Cuneta Astrodome was equally as exciting as the announcement of the grand winner.

The Top 6 scholars of the local version of Endemol's Star Academy made their final performance in the Grand Dream Night as memorable as memorable can be. They displayed their vocal prowess in a series of production numbers that elicited deafening shrieks and wild applause from the jam-packed crowd. Hosts Toni Gonzaga, Billy Crawford and Nikki Gil kicked off the show with an opening number together with the expelled scholars. The three then introduced the Dream mentors, jurors and representative from Endemol.

Headmaster Ryan Cayabyab initially called the Top 6 scholars Van Pojas, Miguel Mendoza, Jay "Bugoy" Bogayan, Cris Pastor, Laarni Losala and Liezel Garcia on stage to congratulate them in the commencement rites held prior to their performance.

The scholars sang Yeng Constantino's Awit ng Pangarap then proceeded with group and solo numbers. Van, Miguel and Bugoy rendered a medley of Neyo's hits while Cris, Laarni and Liezel heated up the night with Pussycat Dolls' When I Grow Up, Buttons and Don't Cha.

Kapamilya loveteams Anne Curtis and Sam Milby of Dyosa, Jericho Rosales and Carmen Soo (Kahit Isang Saglit), and Judy Ann Santos and Derek Ramsay (Humingi Ako Sa Langit) rendered the theme songs of their respective soaps.

The show continued with solo performances of the Top 6: Miguel with Love is on the Way and Man on the Mirror; Laarni with Manalig Ka and Boogie Wonderland. Cris with Out Here on My Own and Candyman; Van with Probinsyana and Hard Habit to Break; Liezel with I Am Changing and Respect; and Bugoy with Ligaya and then followed by Climb Every Mountain.
In the last part of the show, Season 1 Grand Star Dreamer Yeng Constantino sang with the scholars her compositions Hawak Kamay, Salamat and Habang Buhay.

With the all-out display of vocal talent, it was indeed a grand dream night

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