Beijing opens hi-tech command hub for 2008 Games

Beijing opens hi-tech command hub for 2008 Games

BEIJING, Nov. 5 -- Beijing's first government data pool and emergency command center has commenced operations.

The center will operate during and after the Olympics.

The Digital Beijing Building, located a few hundred meters northwest of the National Stadium, the main stadium for the Games, will be the central powerhouse of all statistical, visual and audio information from all 37 venues nationwide during the Olympics.

The center will be able to receive live images from spectator stands at all venues, sources told China Daily.

The center, 11 storeys high and two levels below ground, will continue to be the government's command headquarters in the event of an emergency after the Games.

"Here we have access to the cell phone network, the land phone network, the government's network and the police network, either cable or wireless networks. That's why we are able to respond as the command headquarters in times of an emergency," an official from the municipality's IT office, who requested anonymity, said.

"Because we have been working with five telecom and Internet service providers, we are basically a telecom headquarters."

Experts said that with such a network, the city would be able to track phone and Internet communications in the event of a terrorist attack.

"Unlike the US where reportedly 100 percent of phone communications and 80 percent of Web communications are monitored, our country has not obtained advanced technologies like that," said Liu Jianwei, an electronics information expert from Beijing-based Beihang University.

"At the moment, problems like web communication filtering have not been solved. But I believe both citizens and the technical personnel should conduct themselves under the framework of the law."

What's in a name is more than just the Games

The Beijing Olympics has become so embedded in the national psyche that nearly 3,500 children have been named after the Games by their parents, a newspaper reported Sunday.

Most of the 3,491 people with the name "Aoyun," meaning Olympics, were born around the year 2000, when Beijing was bidding to host the 2008 Summer Games, the Beijing Daily reported, citing information from China's national identity card database.

The vast majority of people named Aoyun are male, the newspaper said. Only six live in Beijing, though the report didn't say where the others live.

Names related to the Olympics don't just stop with "Olympics." More than 4,000 Chinese share their names with the Beijing Games mascots, the Fuwa.

The names are Bei Bei (880 people), Jing Jing (1,240), Huan Huan (1,063), Ying Ying (624) and Ni Ni (642). When put together, the phrase translates to "Beijing welcomes you!"

Chinese have increasingly turned to unique names as a way to express a child's individuality.

In a country with a population of 1.3 billion, 87 percent share the same 129 family names. That's why 5,598 people have the same name as basketball player Yao Ming and 18,462 share a moniker with star hurdler Liu Xiang, according to the Beijing Daily report.

(Source: China Daily)

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Sculpture themed on the Forbidden City

Sculpture themed on the Forbidden City

Photo taken on Nov.1 shows a large group wood sculpture themed on the Forbidden City at the China Top-Grade Industrial Arts Expo in Hangzhou, east China's Zhejiang Province.

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Franchised shop of red-crowned crane souvenirs

Franchised shop of red-crowned crane souvenirs

A salesperson introduces delicate craftworks in patterns of red-crowned cranes at a franchised shop just opened in Qiqihar, northeast China's Heilongjiang Province, on October 31. With many red-crowned cranes, Qiqihar is normally called as "Town of Red-Crowned Crane".

A salesperson introduces delicate craftworks in patterns of red-crowned cranes at a franchised shop just opened in Qiqihar, northeast China's Heilongjiang Province, on October 31. With many red-crowned cranes, Qiqihar is normally called as "Town of Red-Crowned Crane".

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Successful braking of Chang'e-1: breakthrough for China's space industry

Successful braking of Chang'e-1: breakthrough for China's space industry

China launches first lunar orbiter

BEIJING, Nov. 6 -- China's first lunar probe, Chang'e-1, is now orbiting the moon. Scientists at the Beijing Aerospace Control Center instructed the satellite to brake Monday, enabling it to be captured by lunar gravity.

Chang'e-1 was traveling at a speed of 2.4 kilometers per second at around 11:15 a.m., Beijing time Monday when it reached perilune.

Scientists then slowed the satellite down to 2.1 kilometers per second. The probe was captured by the Moon's gravity and entered the 12-hour lunar orbit after a 22-minute maneuver.

Scientists say the success of the braking procedure is significant to China's space industry.

Niu Hongguang, Vice Gen. Commander of Chang'e-1 Project, said, "The successful brake is a new breakthrough in our nation's aerospace measurement and control capacities. It also demonstrates that we have the ability to accurately control our orbiter at a distance of 380,000 kilometers."

After this first entrance into the Moon's orbit, Chang'e-1 will brake two more times in two days. The Commission of Science Technology and Industry for National Defense held a press conference in Beijing Monday afternoon. There, experts said the orbiter still has challenges to face before it reaches its destination.

Long Jiang, Vice Gen. Commander of Satellite System, Chang'e-1 Project, said, "We must keep the orbiter circling the Moon while maintaining its position towards the Earth so as to control it. And at the same time, we have to keep its wings positioned towards the Sun for energy. It's a challenge to maintain the probe at a tri-position at all times."

Chang'e-1 will be slowed down after it enters the moon's orbit. It is scheduled to send back the first picture of the Moon later this month and will conduct scientific exploration of the moon for one year.

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2007 New York Marathon

2007 New York Marathon

Paula Radcliffe, of Great Britain, celebrates as she crosses the finish line to win the women's division in the New York City Marathon in New York, Sunday, Nov. 4, 2007.
Paula Radcliffe of England holds her nine-month-old daughter Isla after winning the Women's division of the 2007 New York City Marathon in New York November 4, 2007.
Runners cross the Verrazano-Narrows Bridge after the start of the 2007 ING New York City Marathon in New York on Nov. 4, 2007.
Martin Lel of Kenya wins the men's division of the 2007 New York City Marathon in New York November 4, 2007.
Kurt Fearnley of Australia celebrates winning the Men's Wheelchair division of the 2007 New York City Marathon in New York Nov. 4, 2007.
Kurt Fearnley of Australia celebrates winning the Men's Wheelchair division of the 2007 New York City Marathon in New York Nov. 4, 2007.

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Olympic tickets to be sold by draw next month

Olympic tickets to be sold by draw next month

BEIJING, Nov. 5 (Xinhua) -- Olympic ticket sales will resume next month and tickets will be allocated by a random draw after huge demand forced the suspension of sales on a first come, first-serve basis last week, organizers said on Monday.

Residents of mainland China can submit applications to buy the 1.8 million tickets between Dec. 10 and Dec. 30, according to a statement posted on BOCOG's official website (www.beijing2008.cn).

The date of the lottery would be announced later, said the statement.

"The ticketing policy modifications aim to reflect a people-oriented policy and to adhere to principles of fairness, impartiality, and convenience to the public," BOCOG said in the statement.

A total of seven million tickets for the Aug. 8-24 Games are available to the general public with nearly three quarters reserved for domestic sales.

Only 43,000 tickets were sold last week. The first batch of 1.6million tickets were allocated by lottery earlier this year.

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The U.S. Olympic Marathon ....

The U.S. Olympic Marathon ....

The U.S. Olympic Marathon Trials will long be remembered for the triumphs of three Beijing-bound runners, who emerged from one of the deepest fields in history, as well as the tragic death of their friend and fellow Olympic hopeful. NBC Olympics recaps the events through stories.

Hall's Trials record marred by death of friend Shay

By Joe Battaglia, NBCOlympics.com

He has been called the next great U.S. marathoner.

Now he can be called an Olympian.

After running with the pack for 17 miles, Ryan Hall pulled away en route to winning the U.S. Olympic Team Trials marathon in an event record 2:09:02. The time by Hall, who had never run a marathon before April, shattered the previous Trials record by one minute and 17 seconds.

Dathan Ritzenhein, a 2004 Olympic in the 10,000m, finished comfortably in second in 2:11:07, a personal best by over three minutes. Brian Sell placed third in 2:11:40 to grab the final qualifying spot for Beijing. It will be the first Olympic marathon for all three.

(Full race results here.)

Place Bib Name Age Hometown Affiliation Finish 1 2 Ryan Hall 25 Mammoth Lakes, CA 2:09:02 2 9 Dathan Ritzenhein 24 Eugene, OR 2:11:07 3 5 Brian Sell 29 Rochester Hills, MI Hansons-Brooks Distance Project 2:11:40 4 1 Khalid Khannouchi 36 Ossining, NY 2:12:34 5 47 Jason Lehmkuhle 30 Minneapolis, MN Team USA Minnesota 2:12:54 6 127 Daniel Browne 32 Beaverton, OR Nike 2:13:23 7 20 Nathaniel Jenkins 27 Lowell, MA 2:14:56 8 4 Meb Keflezighi 32 San Diego, CA 2:15:09 9 126 Josh Rohatinsky 25 Portland, OR Nike 2:15:22 10 24 Jason Hartmann 26 Boulder, CO 2:15:27 11 128 Matthew Gonzales 26 Albuquerque, NM Nike 2:16:14 12 15 Mike Morgan 27 Rochester Hills, MI Hansons-Brooks Distance Project 2:16:28 13 38 Fasil Bizuneh 27 Flagstaff, AZ 2:16:47 14 125 James Carney 29 Boulder, CO New Balance 2:16:54 15 92 Steve Sundell 25 Redwood City, CA 2:16:54 16 87 Christopher Raabe 28 Washington, DC 2:17:01 17 28 Nick Arciniaga 24 Rochester Hills, MI Hansons-Brooks Distance Project 2:17:08 18 11 Clint Verran 32 Rochester Hills, MI Hansons-Brooks Distance Project 2:17:10 19 46 Matt Pelletier 28 Warwick, RI Running Heritage 2:17:17 20 14 Chad Johnson 31 Rochester Hills, MI Hansons-Brooks Distance Project 2:17:58 21 23 Joshua Ordway 27 Dublin, OH Columbus Running Company 2:18:10 22 27 Jacob Frey 26 Oakton, VA 2:18:19 23 42 Joe Driscoll 28 Blowing Rock, NC ZAP Fitness 2:18:22 24 53 John Mentzer 31 Monterey, CA U.S. Navy 2:18:23 25 99 Allen Wagner 27 San Diego, CA 2:18:25 26 65 Patrick Rizzo 24 Rochester Hills, MI Hansons-Brooks Distance Project 2:18:30 27 132 Sergio Reyes 26 Los Osos, CA Asics Aggie Running Club 2:18:31 28 22 Patrick Moulton 25 Rochester Hills, MI Hansons-Brooks Distance Project 2:18:35 29 58 Mikhail Sayenko 23 Bellevue, WA 2:18:35 30 49 Donovan Fellows 28 Woodbury, MN 2:18:45 31 21 Miguel Nuci 28 Turlock, CA Transports Adidas Racing Team 2:18:47 32 32 Michael Reneau 29 Rochester Hills, MI Hansons-Brooks Distance Project 2:18:51 33 109 Macharia Yuot 25 Chester, PA 2:18:56 34 34 Dan Sutton 27 Madison, WI Wisconsin Runner Racing Team 2:18:59 35 102 Nicholas Cordes 28 Ashland, OH Brooks 2:19:01 36 52 Teren Jameson 30 Taylorsville, UT 2:19:05 37 31 Chris Lundstrom 31 Minneapolis, MN Team USA Minnesota 2:19:21 38 88 Eric Post 28 Centreville, VA 2:19:25 39 77 Matthew Folk 31 Canfield, OH Team Good River 2:19:47 40 41 James Lander 28 La Habra, CA 2:20:09 41 108 Michael Cox 32 Princeton, WV 2:20:12 42 95 Greg Costello 26 Chicago, IL Nike Central Elite Racing Team 2:20:28 43 18 Luke Humphrey 26 Rochester, MI Hansons-Brooks Distance Project 2:20:34 44 43 John Lucas 27 Eugene, OR Team XO 2:20:48 45 103 John Service 27 San Jose, CA Asics Aggie Running Club 2:21:12 46 123 Adam Tribble 27 Fayetteville, AR 2:21:21 47 89 Todd Snyder 30 Shelby Township, MI Hansons-Brooks Distance Project 2:21:30 48 26 Nick Schuetze 25 Portland, OR Team XO 2:21:36 49 121 Alan Horton 27 Knoxville, TN 2:22:03 50 90 James Nielsen 28 Palo Alto, CA Transports Adidas Racing Team 2:22:11 51 100 Robert Cannon 24 Toms River, NJ 2:22:23 52 117 Daniel Ellis 24 Birmingham, AL 2:22:26 53 36 Paul Petersen 28 Logan, UT 2:22:34 54 39 Steve Meinelt 24 Winchester, MA 2:22:40 55 83 Christopher Zieman 35 Chapel Hill, NC West Valley Track Club Inc. 2:23:04 56 50 Justin Young 28 Superior, CO 2:23:06 57 116 Nathan Wadsworth 25 Andover, KS Kansas City Smoke 2:23:08 58 124 Konrad Knutsen 31 Carmichael, CA Transports Adidas Racing Team 2:23:31 59 51 Steven Moreno 30 Oakland, CA Transports Adidas Racing Team 2:23:34 60 35 Ryan Meissen 29 Mukwonago, WI Wisconsin Runner Racing Team 2:23:38 61 82 Terrance Shea 33 Cambridge, MA Boston Athletic Association 2:23:44 62 66 Matt Levassiur 26 Alamosa, CO 2:23:58 63 75 Zachary Schendel 29 Minneapolis, MN Team Ortho 2:24:10 64 70 Aaron Sharp 27 Port Hueneme, CA Nike Team Run LA 2:24:15 65 72 Corey Stelljes 26 Madison, WI Wisconsin Runner Racing Team 2:24:19 66 133 David Williams 36 Milwaukee, WI Wisconsin Runner Racing Team 2:24:57 67 37 Cecil Franke 39 Dublin, IN 2:25:01 68 94 Eric Heins 30 Cape Girardeau, MO Kansas City Smoke 2:25:01 69 122 James McGown 33 Sidney, NE Team Nebraska Brooks 2:25:10 70 64 Marzuki Stevens 33 San Francisco, CA Transports Adidas Racing Team 2:25:18 71 56 Lance Parker 26 Austin, TX 2:25:32 72 57 Jason Delaney 27 Golden, CO Boulder Running Company/adidas 2:25:57 73 33 Michael McKeeman 31 Ardmore, PA 2:26:15 74 67 Andy Martin 32 Los Osos, CA Asics Aggie Running Club 2:26:23 75 63 Trent Briney 29 Rochester Hills, MI Hansons-Brooks Distance Project 2:26:29 76 93 Thomas Kutter 27 Loganville, GA Atlanta Track Club 2:26:34 77 104 Edward Baker 28 Palo Alto, CA 2:26:37 78 76 Nick Stanko 26 Haslett, MI 2:27:23 79 84 Chris Wehrman 31 Chicago, IL Nike Central Elite Racing Team 2:27:33 80 12 James Jurcevich 31 Columbus, OH Columbus Running Company 2:27:33 81 96 Thomas Greenless 25 Walnut Creek, CA 2:27:44 82 86 Pete Gilman 32 Rochester, MN Gear Running Store 2:28:09 83 19 Casey Moulton 25 Pelham, NH Greater Lowell Road Runners 2:28:29 84 114 Matthew Byrne 32 Philadelphia, PA Philadelphia Runner Track Club / PUMA 2:28:40 85 106 Danny Mackey 27 Portland, OR 2:28:45 86 115 Brad Poore 29 Davis, CA West Valley Track Club Inc. 2:29:14 87 74 Karl Dusen 25 New York, NY 2:29:31 88 54 David Danley 27 Roosevelt, UT 2:29:32 89 111 Christopher Banks 29 Albuquerque, NM 2:30:22 90 44 Sean Sundwall 34 Snoqualmie, WA Club Northwest 2:30:41 91 79 Jeff Jonaitis 26 Tinley Park, IL Universal Sole-Reebok 2:30:45 92 105 Michael Wardian 33 Arlington, VA Pacers/Brooks 2:30:54 93 73 Marc Jeuland 28 Carrboro, NC Carrboro Athletics Club 2:31:31 94 91 Kyle Baker 31 Grand Rapids, MI 2:31:37 95 80 Donnie Franzen 28 Chicago, IL Fleet Feet -Nike Racing Team 2:31:53 96 55 Jason Ryf 36 Oshksoh, WI 2:32:26 97 113 Jonathan Little 26 Kansas City, KS Kansas City Smoke 2:33:03 98 29 Martin Rosendahl 29 Rochester, MI Hansons-Brooks Distance Project 2:33:58 99 81 Nicholas McCombs 26 Toquerville, UT 2:34:56 100 78 Ben Rosario 27 St. Louis, MO Big River Running Company 2:36:09 101 69 Justin Patananan 27 Palmdale, CA Nike Team Run LA 2:38:36 102 71 Antonio Arce 30 Santa Clarita, CA 2:39:20 103 119 Steven Frisone 36 Placentia, CA 2:39:32 104 101 Thomas McGlynn 35 Burlingame, CA 2:42:41 -- 131 Matthew Downin 30 Madison, WI New Balance DNF -- 112 Logan Fielding 25 Ogden, UT DNF -- 3 Abdi Abdirahman 28 Tucson, AZ DNF -- 8 Mbarak Hussein 42 Albuquerque, NM DNF -- 130 Edwardo Torres 27 Boulder, CO Reebok DNF -- 68 David Gramlich 25 North Canton, OH DNF -- 17 Brandon Leslie 31 Albuquerque, NM DNF -- 107 Zachary Freudenburg 29 St. Louis, MO DNF -- 118 Michael Heidt 24 Shoreline, WA Club Northwest DNF -- 25 Hobie Call 30 Toquerville, UT DNF -- 62 Matthew Hooley 25 Madison, WI Wisconsin Runner Racing Team DNF -- 97 Garick Hill 26 Winston-Salem, NC Twin City Track Club DNF -- 85 Josh Cox 32 Laguna Beach, CA DNF -- 7 Peter Gilmore 30 San Mateo, CA DNF -- 6 Alan Culpepper 35 Lafayette, CO DNF -- 40 Chris Graff 32 Crofton, MD DNF -- 48 Carlos Carballo 25 Cathedral City, CA Transports Adidas Racing Team DNF -- 59 Michael Smith 27 Flagstaff, AZ Team Altius DNF -- 45 David Ernsberger 25 Mt. Pleasant, MI DNF -- 98 Nathanael Usher 24 Lansing, MI Front Line Racing Team DNF -- 120 Edward Callinan 33 Haddonfield, NJ Philadelphia Runner Track Club / PUMA DNF -- 10 Simon Sawe 33 Santa Fe, NM DNF -- 129 Westly Keating 25 Edinburg, TX DNF -- 16 Kyle O'Brien 27 Shelby Twp, MI Hansons-Brooks Distance Project DNF -- 61 Dan Kahn 28 Durham, NC DNF -- 110 Sage Canaday 21 Sheridan, OR Cornell University DNF -- 30 Chris Seaton 28 Raleigh, NC DNF -- 134 Gene Mitchell 40 Franklin Lakes, NJ The Running Company DNF -- 60 Andrew Cook 26 Denton, TX DNF -- 13 Ryan Shay 28 Flagstaff, AZ

Their jubilation was soon replaced by sadness when it was announced that Ryan Shay, 28, had died. Shay, a 2002 Notre Dame graduate running in his second U.S. Olympic Marathon Trials, collapsed just 30-minutes into the race, and was taken by ambulance to Lenox Hill Hospital where he was pronounced dead at 8:46 a.m.

"Today was a dream come true for me," Hall said. "I've been dreaming about this moment for 10 years. But as great as the moment is, my heart and my thoughts are with Ryan Shay and his family."

Shay's father, Joe, told the Associated Press that his son was first diagnosed with a larger than normal heart at age 14, was cleared for running this spring by doctors, but was told he might have need a pacemaker when he is older.

After Shay was in a car accident as a 16-year-old, Joe Shay said doctors re-evaluated Ryan's heart and determined it had gotten even larger. Each time, he said, they believed it was because Ryan was a runner.

"But he never complained about it," Joe Shay said.

Shay collapsed near the boathouse at the East Side of Central Park, a popular Manhattan tourist spot. It was on the second lap near East 75^th St, about 5 1/2 miles into the race. At the 5k mark (3.1 miles), he was in 21st place, part of a large pack between 16:44 and 17:02.

"I got a call that Ryan had fallen down ... then I got another
call that his heart had stopped," said Joe Shay, who received the call while driving to Michigan's state cross country competition.

"We have absolutely tragic news confirmed that Ryan Shay passed away today," Mary Wittenberg, CEO of the New York Road Runners Club said. "We ask you to join us in extending our very deepest condolences to Alicia, to Ryan's family and the Notre Dame running community. It's certainly not the way we expected any part of the race to go."

According to Runner’s Gazette photographer Clay Shaw, who was nearby, emergency medical personnel responded swiftly, using a defibrillator to try to revive him.

"He just hit the ground," Shaw said.

Wittenberg said Shay received immediate medical attention.

"There were several layers of medical response," she said. "It was very quick."

A recreational runner died during last month's Chicago Marathon. This death, however, was especially startling considering Shay was an elite athlete.

USA Track and Field CEO Craig Masback called Shay's death a "tremendous loss for the sport"

"We all are devastated over Ryan's death," he said. "He was a tremendous champion who was here today to pursue his dreams. We are heartbroken."

Shay was born May 4, 1979, in Ann Arbor, Mich., the fifth of eight children in a running family. His parents are the cross country and track coaches at Michigan's Central Lake High School.

Shay won the 2001 NCAA 10,000m title at Notre Dame, the first national individual title won at the school. He was a favorite going into the 2004 trials but was hampered by a hamstring strain and finished 23rd. He was the 2003 U.S. marathon champion and was third at this year's U.S. 25K championships. He also won the U.S. half marathon in 2003 and 2004, and took the 2004 U.S. 20K road racing title, making him a four-time national champion.

It was in New York two years ago while watching the marathon that Shay met his future wife, Alicia Craig, also an elite distance runner. Alicia was a two-time NCAA champion and the collegiate 10,000-meter record-holder during her days at Stanford, and was hoping to make it to Beijing in the women's 10,000m.

Shay and Craig were married on July 7. Sara Hall, Ryan Hall's wife, was a college teammate at Stanford with Craig and was a bridesmaid in their wedding.

"He had an incredible ability to push himself to the limit," Sara Hall said of Shay, with whom she and her husband used to train.

"It's a big loss for the running community," said 2004 women's marathon Olympic bronze medalist Deena Kastor, who once trained with Shay. "It's a day we should be celebrating. It has cast a pall. The distance running community is very close."

"If you probably asked him if there was any way he wanted to go, it was out on the race course," said Terrence Mahon, who coached Shay in Mammoth Lakes, Calif.

Abdi Abdirahman, who dropped out of the marathon because of injury, trained with Shay for the past 3 1/2 months in Flagstaff, Arizona.

"I'm speechless. I still don't believe it," he said. "I probably was the last person to talk to him. We ate breakfast together, we ate lunch together, went to bed at the same time."

Shay had high hopes entering these Trials. In 2004, he ran a personal best of 2:14:08 while finishing ninth at the ING New York City Marathon, and was looking forward to running in blustery conditions.

"The heat and I do not get along," Shay said. "Now if it’s cold that day, then that works to my benefit. I know a lot of runners who don’t like the cold, but I love the cold. Hopefully, the weather will be beneficial. If it’s weather that I can run well in, 2:11 or 2:12 is not out of my range."

Hall, 25, had no problem getting under that time range. Hall broke away from the leading pack of five runners with a 4:32 18th mile, believed to be the fastest ever run in Central Park. Hall continued to run sub-five minute splits the remainder of the race. He looked relaxed and fresh the entire race, pumping his fists, high-fiving spectators, and bellowing as he drew closer to the finish.

"I'm just thrilled with the day the Lord gave me and thrilled to be part of this Olympic team," Hall said. "I was thinking about the Olympics when I was out there on that last lap and the fitness it will take. The last mile, I knew I was going to be OK. I know I can run considerably faster. There's definitely more gears in there. I'll get to test those in Beijing."

When Hall made his move, none of the other five runners was able to go with him. Although he couldn't keep Hall's blistering pace, Ritzenhein was able to separate himself from the remaining runners over the final eight miles, building a 30-second lead over the third-place contenders.

"My hat's off to Ryan," Ritzenhein said. "That time is amazing on this course."

Sell was unable to keep up with the race leaders early in the race and it appeared his hopes of making the Olympic team were slim. But Sell, who said before the race that he would quit competitive distance running if he did not qualify for Beijing, surged passed Daniel Brown with about six miles to go to punch his Olympic ticket.

"The original plan was to let the field determine the pace for the first couple of miles," Sell said. "When we were out in 11 flat for two miles, I knew I Had to keep it honest to have a chance at all. Honestly, I was trying to run around 5 flat [per mile]. I didn't have too many miles above 5 flat. That tells you how fast these guys were up front. I was just fortunate to pick up the carnage from (Hall and Ritzenhein)."

Khalid Khannouchi, the 35-year-old former world-record-holder who has never made an Olympic team, finished fourth in 2:12:34, nearly a minute behind Sell. Khannouchi, who has battled injuries, could still earn a spot on the squad if Ritzenhein later qualifies in the 10,000 meters and chooses to compete in that race instead in Beijing.

Meb Keflezighi, who won silver at the 2004 Olympics in Athens, was in contention for the third and final qualifying spot for more than half of the race, but faded late and finished eighth in 2:15:09.

"It was rough," Keflezighi said. "I would like to have made the team. At about 1:19, both of my calves cramped up. My breathing was great, but I couldn't go on."

Alan Culpepper, the 2004 Olympic Trials marathon winner, was forced to pull out of the race with cramping in both hamstrings.

"Within the first four miles, both of my hamstrings had the same sensation I usually get with 4 miles to go," Culpepper said. "I was baffled. I kept trying to work through it, but I just never felt right."

The Associated Press contributed to this report.

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Portrait of a cycling legend

Portrait of a cycling legend

© Getty

31 October 2007

Take a woman who succeeds in a sport dominated by men,

With an eye on the clock,

An ability to go round in ovals

And to cope with hilly terrain;

Known for her will to win,

Who has won the most titles in her sport;

A World Championship gold medallist,

Multiple world record holder,

Several times winner of the Tour de France,

Still in the loop

…. and an Olympic champion.

She is today celebrating her 49th birthday.

If you have not found the athlete hiding behind this portrait,

Then read on!

A strong character
No one can deny that this Frenchwoman from Annecy, not far from the well-known town of Albertville, is a tiny but fearless woman. Attracted first by Alpine skiing, she opted instead for cycling: road, track and MTB. Aged 21, she won her first national road title, and then began collecting victories in national races, French championships, the Tour de France and world championships, world records, and Olympic Games appearances. By the age of 25, she had won her fifth consecutive national track pursuit title; aged 31, she won her third consecutive Tour de France; at 34, she took part in her first MTB competition – and won it; aged 37, she won the world road and time trial championships; at 42, she beat the hour world record (45.094 km); and at the age of 48, she won various national road races and placed seventh in the World Cup rankings. Parallel to her sports career, her studies are no less impressive: a science baccalaureate, masters of business management and a higher diploma in law and sports economics. These have certainly helped her develop her array of natural products for body care. Small in height but big in terms of the energy and determination she puts them into all she does, she has never done anything by halves.

An iron will
Making her Olympic debut at the same time as women’s cycling in 1984 in Los Angeles, she decided to make a name for herself, finishing sixth in the individual road race. In Seoul in 1988, hindered by an old injury, she placed 21st. At the 1992 Games in Barcelona, she reached the second step of the podium in the individual road competition. With the next Games in 1996 came Olympic glory: in Atlanta, her will to win and experience made her Olympic champion in the individual road race and a silver medallist in the individual time trial. In 2000 in Sydney, she again won a medal in the individual time trial, this time in bronze. For her sixth Olympic participation, in Athens in 2004, aged 46, she finished 14th in the individual time trial and 10th in the individual road race.

A heart of gold
A sports teacher since 1987 and a national technical adviser for cycling since 1991, she likes to share her vast experience with those younger than herself. As the patron of associations such as the humanitarian association Le secours populaire français, La ronde de l’espoir (a French anti-cancer society), and L’enfant a des droits [Children have rights], she supports people in difficulty. A lover of nature and the mountains, these are where she likes to unwind.

A strong character, iron will and heart of gold: yes, Jeannie Longo-Ciprelli has all of these!

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IOC President addresses Economic Club of Chicago

IOC President addresses Economic Club of Chicago

© IOC/Juilliart

5 November 2007

While in the city for the 2007 AIBA World Boxing Championships, IOC President Jacques Rogge visited the Economic Club of Chicago last Friday. At the invitation of the Chicago Council on Global Affairs, President Rogge used the opportunity to introduce the cornerstones of the Olympic Movement - values, partnerships and legacy - to Chicago's business and civil community: "Our values demonstrate who we are and what we stand for. They distinguish the Olympic Games from all other sporting events. They reflect the universal principles that drive the Olympic Movement. Partnership is the core of our success and the soul of the Olympic Games. This partnership unites 205 National Olympic Committees in one place, under one flag, for 16 days, to engage in sport at the service of society. Legacy is our raison d’être. It ensures that the Olympic Games are more than metres and medals. The Games leave behind a host of social, economic and environmental benefits." The President added: "Values, partnership and legacy are all required to turn the Olympic Games into an enduring celebration of the human spirit."

Why Olympic Values Matter

Rogge continued by explaining how the Olympic values translate into daily life and are incorporated in the Olympic Movement's activities: "The Olympic Movement does its greatest work by instilling the values of sport into the hearts and minds of young people everywhere. Sport is a universal language. It teaches us how to strive for excellence in all that we do. How to live in friendship and peace. How to respect ourselves, each other and the rules. Excellence, friendship and respect are the fundamental Olympic values. They anchor all our activities."

Partnerships for impact

In order to give these activities an impact in the world, the IOC - represented by fewer than 500 people – works with various partners and stakeholders. "Without our partners, it would be impossible to stage the Olympic Games", stated the IOC President. Elaborating on the collaboration between sport, broadcasters and business communities he said: "The IOC receives about 60 per cent of our funding from broadcasters and the remaining 40 per cent from our 12 Worldwide Sponsors. Broadcast and corporate support have widened the reach of the Olympic Games. It has made them universal and allowed developing countries to participate. The IOC keeps a very small percentage for our own administrative expenses. We allocate the rest to 205 National Olympic Committees, 35 International Federations and - importantly - to the Organising Committees in the host cities. We provide between 50 and 60 per cent of their revenue, with the rest coming from local sponsors." Rogge also made it clear that he regards these partnerships as a win for all parties involved: "As much as our partnership with business has benefited the Olympic Movement, it has returned great benefits to our partners. The Olympic Games offer an unrivalled brand platform. The relevance of Olympic values to human achievement gives sponsors a powerful foundation for building, enhancing and promoting their own brands. This is true both internationally and locally."

Key: Leaving a Legacy

Elaborating on the Olympic brand, Rogge emphasised that he regards "legacy" as its essence. "Once an Olympic City, always an Olympic City. Wherever the Games have appeared, cities are changed forever", Rogge stated. Stressing that the IOC looks at the legacy aspect from the moment a city bids for the Games, Rogge gave the example of the Sydney 2000 Games, which were a catalyst for an economic boost, infrastructure improvements and increased tourism in the city. In order to ensure the transfer of knowledge from past Games organisers to future hosts, the IOC has developed different tools: "One example is a rigorous report called the Olympic Games Impact study. It identifies and tracks 150 sustainable development criteria in three areas - social, economic and environmental. This is a powerful tool to remake, remodel and rejuvenate cities through sport. And it is a very useful way to capture knowledge that can be transferred from one host city to the next. Beijing will be the first host city to produce a full Olympic Games Impact report."

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UN adopts Olympic Truce Resolution

UN adopts Olympic Truce Resolution

© UN Photo/ Garten

31 October 2007

Today, the 62nd Session of the United Nations (UN) General Assembly, chaired by Srgjan Kerim, adopted the Olympic Truce Resolution for the Beijing 2008 Olympic Games. Through this resolution, the UN invites its member States to observe and promote peace during Games-time in order to protect the interests of athletes and sport in general, and to contribute, through sport, to the search for peaceful and diplomatic solutions to the world's conflicts.

Broad support from the world's community

Introduced by the Games host country China on behalf of the IOC, and entitled “Building a peaceful and better world through sport and the Olympic ideal”, the resolution was co-sponsored by 187 member States of the General Assembly. Nawal El Moutawakel, Minister for Youth and Sport in Morocco, Olympic champion and an IOC member, emphasised in her address to the General Assembly that: "More than this, sport, as a vehicle for the values of humanism, such as tolerance and understanding between peoples, is today an indispensable element and a permanent school of life which we must continue to cultivate in order to promote peace and solidarity internationally."

Contributing to the UN Millennium Development Goals

The adoption of the Olympic Truce Resolution not only demonstrates the role of sport as a means of promoting peace, but also recognises the increasingly important role of sport in the implementation of internationally agreed development goals such as the Millennium Development goals. This was clearly expressed by IOC President Jacques Rogge during his speech to the General Assembly: "Sport unites the principles that the Olympic Movement holds dear – education, sustainability, non-discrimination, universality, humanism and solidarity. These are also the principles at the core of the United Nations Millennium Development Goals. These are the principles that drive far-reaching social change." The IOC President was accompanied by several IOC members.

Countdown to Beijing

Looking ahead to the upcoming Games in August 2008, the IOC President explained that "the 2008 Beijing Summer Games will reach one-fifth of the world's population in China alone. It is predicted that four billion people – the most ever – will watch the Beijing Games. This is a wonderful opportunity for China and the world to witness the Olympic values in action – to see first-hand the excellence, friendship and respect that sport brings to life, to witness the harmony, understanding and peace that sport can engender." Approximately 10,500 athletes from 205 National Olympic Committees, all with different backgrounds, are expected to participate in the 2008 Games. Liu Qi, President of the Beijing Olympic Games Organising Committee, stated that "the Olympic Games may not change the world in an instant, but we have every reason to believe that the legacy of the Olympic Truce can inspire the world in striving towards the long-lasting peace and common prosperity."

Sport for Peace Projects

Beyond its engagement for the Olympic Truce Resolutions in the Olympic Games context, the IOC, with various partners, implements several "Sport for Peace" grass roots projects across the globe. In this connection, the IOC and the UN have established an impressive record of collaboration which was also referred to in the report "Sport for development and peace" of UN Secretary-General Ban Ki-moon to the General Assembly today. The report was presented by Adolf Ogi, the UN Secretary-General's Special Adviser on Sport for Development and Peace. One of the latest UN-IOC joint initiatives took place in Liberia last spring. During a five-week nationwide Sport for Peace Programme, youth and community leaders from 15 Liberian counties participated in various sporting activities such as football and volleyball. The project used sport as a vehicle to bring people from different communities peacefully together – not a matter of course in today’s Liberia. The sporting activities, complemented by public awareness campaigns about social issues like HIV/AIDS, sexual exploitation and abuse and community reconciliation, were made possible through a donation of sports equipment by the IOC.

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Olympic babies-to-be

Olympic babies-to-be

Five mothers-to-be from Zhengzhou, Central China's Henan Province, show off their pregnant bellies decorated with images of the Olympic mascot, Fuwa, Nov. 1, in support of next year's Games. The women are all expecting "Olympic babies".
Five mothers-to-be from Zhengzhou, Central China's Henan Province, show off their pregnant bellies decorated with images of the Olympic mascot, Fuwa, Nov. 1, in support of next year's Games. The women are all expecting "Olympic babies".

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Beijing to introduce tougher auto emission standards ahead of Olympic Games

Beijing to introduce tougher auto emission standards ahead of Olympic Games

BEIJING, Nov. 3 (Xinhua) -- Beijing will introduce tougher auto emission standards at the beginning of next year, as air pollution has become a major concern for the city in the preparation for the 2008 Olympic Games.

It is expected the new standards will reduce the amount of sulphur dioxide pumped out onto the streets of the nation's capital by automobile exhausts by 1,840 tons every year, said Feng Yuqiao, an official with the Beijing environment protection bureau.

Automobile distributors in Beijing are preparing for the new China IV standards that are equivalent to the Euro IV standards in the European Union, the official added.

Feng also said: "All the gas stations in Beijing will provide gasoline and diesel that meet the requirements of the new standards starting from Jan. 1."

The current China III standards, equivalent to the Euro III standards, have reduced sulphur dioxide emissions from automobile exhausts by 2,480 tons annually since it was enforced at the end of 2005, according to the official.

Officials believe it's not enough. "Air pollution caused by automobile exhaust is still serious," Feng said.

To reduce pollutants in emission, some buses in Beijing have already used fuel that meets the China IV standards.

There are 3.1 million motor vehicles in Beijing at present.

Despite a rapid increase in the number of motor vehicles in recent years, Beijing has managed to reduce nitrogen dioxide and carbon monoxide, two main pollutants in exhaust emission, in the air.

Nitrogen dioxide in every cubic meter of air reduced by 10.8 percent between 1998 and 2006, or from 74 gammas to 66 gammas per cubic meter, and carbon monoxide decreased by 33 percent from 3.3 milligram to 2.2 milligrams per cubic meter.

About 40 percent to 50 percent of the major pollutants in Beijing's air -- nitrogen oxides, carbon monoxide and inhalant particulate matter -- come from vehicle exhaust emissions, according to Zhu Tong, one of the expert panel for Olympics air quality protection and also a professor of the environment science and engineering school at Beijing University.

Beijing's air quality will be greatly improved after air pollution control measures take effect and construction works are finished ahead of next year's Olympic Games, Zhu said.

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China Int'l Horologe Exposition

China Int'l Horologe Exposition

The 17th China International Horologe Exposition was hold from Nov. 2 to 4 in Shanghai, attracting a great number of enterprises from Japan, Switzerland, Korea, Hong Kong, and China's Mainland. Various advanced and creative products were displayed during the exhibition.

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Investing in stocks

Investing in stocks

1. Stocks aren't just pieces of paper.

When you buy a share of stock, you are taking a share of ownership in a company. Collectively, the company is owned by all the shareholders, and each share represents a claim on assets and earnings.

2. There are many different kinds of stocks.

The most common ways to divide the market are by company size (measured by market capitalization), sector, and types of growth patterns. Investors may talk about large-cap vs. small-cap stocks, energy vs. technology stocks, or growth vs. value stocks, for example.

3. Stock prices track earnings.

Over the short term, the behavior of the market is based on enthusiasm, fear, rumors, and news. Over the long term, though, it is mainly company earnings that determine whether a stock's price will go up, down, or sideways.

4. Stocks are your best shot for getting a return over and above the pace of inflation.

Since the end of World War II, the average large stock has returned, on average, more than 10 percent a year - well ahead of inflation, and the return of bonds, real estate and other savings vehicles. As a result, stocks are the best way to save money for long-term goals like retirement.

5. Individual stocks are not the market.

A good stock may go up even when the market is going down, while a stinker can go down even when the market is booming.

6. A great track record does not guarantee strong performance in the future.

Stock prices are based on projections of future earnings. A strong track record bodes well, but even the best companies can slip.

7. You can't tell how expensive a stock is by looking only at its price.

Because a stock's value is depends on earnings, a $100 stock can be cheap if the company's earnings prospects are high enough, while a $2 stock can be expensive if earnings potential is dim.

8. Investors compare stock prices to other factors to assess value.

To get a sense of whether a stock is over- or undervalued, investors compare its price to revenue, earnings, cash flow, and other fundamental criteria. Comparing a company's performance expectations to those of its industry is also common -- firms operating in slow-growth industries are judged differently than those whose sectors are more robust.

9. A smart portfolio positioned for long-term growth includes strong stocks from different industries.

As a general rule, it's best to hold stocks from several different industries. That way, if one area of the economy goes into the dumps, you have something to fall back on.

10. It's smarter to buy and hold good stocks than to engage in rapid-fire trading.

The cost of trading has dropped dramatically -- it's easy to find commissions for less than $10 a trade. But there are other costs to trading -- including mark-ups by brokers and higher taxes for short-term trades -- that stack the odds against traders. What's more, active trading requires paying close, up-to-the-minute attention to stock-price fluctuations. That's not so easy to do if you've got a full-time job elsewhere.

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What is a stock?

What is a stock?

At some point, just about every company needs to raise money, whether to open up a West Coast sales office, build a factory, or hire a crop of engineers.

In each case, they have two choices: 1) Borrow the money, or 2) raise it from investors by selling them a stake (issuing shares of stock) in the company.

When you own a share of stock, you are a part owner in the company with a claim (however small it may be) on every asset and every penny in earnings.

Now, typical stock buyers rarely think like owners, and it's not as if they actually have a say in how things are done. Owning 100 shares of Microsoft makes you, technically speaking, Bill Gates' boss, but that doesn't mean you can call him up and give him a tongue-lashing.

Nevertheless, it's that ownership structure that gives a stock its value. If stockowners didn't have a claim on earnings, then stock certificates would be worth no more than the paper they're printed on. As a company's earnings improve, investors are willing to pay more for the stock.

Over time, stocks in general have been solid investments. That is, as the economy has grown, so too have corporate earnings, and so have stock prices.

Since 1926, the average large stock has returned more than 10 percent a year. If you're saving for retirement, that's a pretty good deal - much better than U.S. savings bonds, or stashing cash under your mattress.

Of course, "over time" is a relative term. As any stock investor knows, prolonged bear markets can decimate a portfolio.

Since World War II, Wall Street has endured a dozen bear markets - defined as a sustained decline of more than 20 percent in the value of the Dow Jones Industrial Average - including one of the sharpest and longest in history that began in March 2000.

Bull markets eventually follow these downturns, but again, the term "eventually" offers small sustenance in the midst of the downdraft.

The point to consider, then, is that investing must be considered a long-term endeavor if it is to be successful. In order to endure the pain of a bear market, you need to have a stake in the game when the tables turn positive.

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Different kinds of stocks

Different kinds of stocks

There are thousands of stocks to choose from, so investors usually like to put stocks into different categories: size, style, and sector.

By size

A company's size refers to its market capitalization, which is the current share price times the total number of shares outstanding. It's how much investors think the whole company is worth.

Ford, for example, has 1.82 billion shares outstanding, and in November 2006 each share was trading for $7.23. So the company's total market capitalization is about $13.1 billion. (Technically, if you had an extra $13.1 billion lying around, you could buy each share of stock, and own the whole company.)

Is $13 billion a lot or a little? No official rules govern these distinctions, but below are some useful guidelines for assessing size.

Large-cap companies tend to be established and stable, but because of their size, they have lower growth potential than small caps.

General Electric, one of the most highly valued companies in the world with a market cap of more than $350 billion, has posted steady long-term returns, but don't expect it to double anytime soon.

Over the long run, small-cap stocks have tended to rise at a faster pace. It's much easier to expand revenues and earnings quickly when you start at, say, $10 million than $10 billion. When profitability rises, stock prices follow.

There is a trade-off, though. With less developed management structures, small caps are more likely to run into troubles as they grow - expanding into new areas and beefing up staff are examples of potential pitfalls. (Of course, even corporate titans get into trouble. Witness the stock-price collapse of General Motors in 2005.)

By style

A "growth" company is one that is expanding at an above-average rate. Cisco, for instance, increased its earnings nearly 40 percent a year in the late 1990s - the average tends to run around 10 percent.

Catch a successful growth stock early on, and the ride can be spectacular. But again, the greater the potential, the bigger the risk. Growth stocks race higher when times are good, but as soon as growth slows those stocks tank.

If you'd picked up 100 shares of Cisco in 1995, your stake would have cost you a little more than $3,000. By early 2001, that investment grew to $68,400.

Cisco fell from grace, however. If you were unlucky enough to have purchased Cisco shares at their absolute peak price, you would have lost nearly 90 percent of your money by September 2002, when the stock was trading below $9.

The opposite of growth is "value." There is no one definition of a value stock, but in general, it trades at a lower than average earnings multiple than the overall market. Maybe the company has messed up, causing the stock to plummet - a value investor might think the underlying business is still sound and its true worth not reflected in the depressed stock price.

A "cyclical" company makes something that isn't in constant demand throughout the business cycle. For example, steel makers see sales rise when the economy heats up, spurring builders to put up new skyscrapers and consumers to buy new cars.

But when the economy slows, their sales lag too. U.S. Steel, the largest steel maker, lost money during the recession of 2001. Cyclical stocks bounce around a lot as investors try to guess when the next upturn and downturn will come.

By sector

Standard & Poor's breaks stocks into 10 sectors and dozens of industries. Generally speaking, different sectors are affected by different things. So at any given time, some are doing well while others are not.

In most cases, finance, health care, and technology tend to be the fastest growing sectors, while consumer staples and utilities offer stability with moderate growth. The other sectors tend to be cyclical, expanding quickly in good times and contracting during recessions.

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How much should you pay?

How much should you pay?

When times are good, investors think the happy days will last forever, and they are willing to pay exorbitant amounts for earnings.

When times are bad, they assume the world is ending and refuse to pay much of anything. In assessing how much a stock is worth, investors talk about "valuation," the stock price relative to any number of criteria.

Price/earnings (P/E) ratio

Everybody uses it, but not everybody understands it. The actual P/E calculation is easy: Just divide the current price per share by earnings per share.

But what number should you use for earnings per share? The sum of the past four quarters? Estimates for next year?

There is no right answer. The P/E based on the past four quarters provides the most accurate reflection of the current valuation, because those earnings have already been booked.

But investors are always looking ahead, so most also pay attention to estimates, which also are widely available at financial Websites (including CNNMoney.com).

Wall Street analysts generally compute earnings per share estimates for the current fiscal year and the next fiscal year and use those estimates to assign a P/E, though there is no guarantee that the company will meet those estimates.

The P/E can't tell you whether to buy or sell. It is merely a gauge to tell you whether a stock is overvalued or undervalued. Assuming they have the same total shares outstanding, is a $100 stock more expensive than a $50 stock?

Not exactly. Where valuation is concerned, price is dictated by expectations of future performance. If the earnings of the higher-priced company are growing considerably faster than the other, the higher price may be justified.

What's an appropriate P/E? Different types of stocks win different valuations. Generally, the market pays up for growth or enormous profitability. Consider GE and Microsoft, two well-run companies that vie for the title of biggest market capitalization. GE takes in more revenue in a quarter than Microsoft does in a year. Yet Microsoft boasts enormously fat profit margins and generally stronger growth prospects than GE does in many of its businesses.

That's why the market rewards Microsoft with a higher P/E than GE, despite the relative size of their respective businesses.

To quickly compare P/Es and growth rates, use the PEG ratio - the P/E (based on estimates for the current year) divided by the long-term growth rate. A company with a P/E of 36 and a growth rate of 20 percent has a PEG of 1.8.

In general, you want a stock with a PEG that's close to 1.0 (or lower), which means it is trading in line with its growth rate. But for a quality company, you can pay more.

Also, don't get excited by rock-bottom P/Es - some companies are doomed to low valuations. One group the market tends to penalize is cyclicals, companies whose performance rises and falls with the economy.

When times are good, General Motors, for example, can be highly profitable. But because automakers tend to be hit hard during general economic downturns, investors account for the next recession in GM shares by awarding them a lower P/E.

Price/Sales ratio

Just as investors like to know how much they're paying for earnings, it's also useful to know how much they're paying for revenue (the terms "sales" and "revenue" are used interchangeably).

To calculate the Price/Sales ratio, divide the stock price by the total sales per share for the past 12 months. You could also use revenue estimates for the next fiscal year, which are being published more frequently on financial websites.

Like P/Es, Price/Sales ratios are all over the map, with fast-growers tending to get the highest valuations.

Price/Book Value ratio

Defined simply, book value equals a company's total assets minus its total liabilities and intangible assets. In other words, if you liquidated a firm, this is what the leftover assets would be worth after paying off all your creditors.

On the balance sheet, book value is represented as "shareholders' equity." (Dividing this aggregate total by the number of shares outstanding will give you a per-share book value.)

This is a more conservative measure, which embraces a "bird-in-hand" philosophy of valuation. Investors use it to spot cases in which the market is over- or undervaluing a company's true strength.

For example, a retailer that owns the buildings its stores are housed in might be sitting on unrealized real estate gains.

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Picking stocks for your portfolio

Picking stocks for your portfolio

Adapted from Michael Sivy's "Sivy on Stocks" column, "Low-risk growth investing."

Although there are more than 6,000 publicly traded companies, the core of your stock portfolio should consist of financially strong companies with above-average earnings growth.

Surprisingly, there are only about 200 stocks that fit that description. A well-balanced stock portfolio should consist of 15 to 20 stocks, across seven or more different industries - but you don't have to buy them all at once.

Since you want to be able to hold your stocks for a long time, they should offer a total return higher than the 10 percent historical market average. You can estimate the likely return by adding the dividend yield to the projected earnings growth rate - a stock with 11 percent earnings growth and a 2 percent yield could provide a 13 percent annual total return.

As a general rule, stocks with moderately above-average growth rates and reasonable valuations are the best buys. Statistically, high-growth stocks are usually overpriced and have a harder time meeting inflated investor expectations.

The first thing to look at is the stock's price/earnings ratio compared with its projected total return. Ideally, the P/E should be less than double the projected return (a P/E of no more than 30 for a stock with 15 percent total return potential).

A well-balanced portfolio might include a couple of industrials with 9 percent growth rates and 3 percent yields, selling at 17 P/Es, as well as consumer growth stocks with 13 percent growth rates and 1 percent yields, at 23 P/Es. Add a couple of tech stocks with 25 percent growth rates and high P/Es (don't overdo it on those).

If you can average a 14 percent return over the next 10 to 20 years, you'll reach your financial goals - and probably outperform most pros as well.

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How to buy stocks

How to buy stocks

From Talking Money, (Warner Books 2001) by MONEY editor-at-large Jean Chatzky

When you're looking for a broker, you have three distinct choices. From the most to the least expensive, they are: full-service brokers, discount brokers, and online brokers. What differentiates them is the advice they provide and cost.

Full-service brokers will call with stock ideas and back this advice with reports from their firm's research department. They'll keep an eye on your picks and let you know when they think changes are necessary.

Discounters do less of this. While there's typically plenty of research available on the best online brokerage sites, it's up to you to dig for it.

You may want to choose different kinds of brokers for different purposes. I believe that full-service brokers should get paid for their stock ideas. That seems only fair. But if you've done your research yourself, I don't see any reason to pay a hefty commission - discounters probably are fine.

The nice thing about the way the brokerage world is shaping up is that you may be able to have both of those things in one account at one firm.

Merrill Lynch and most other full-service brokers have come around to the fact that they need an online component - and need to charge you lower commissions when you use it. Discounters like Schwab and Fidelity have both started offering a fuller range of services in recent years, while retaining their low-cost structure.

If you decide to sign on with a full-service broker, you should make sure that person has nothing to hide. To get a report on any broker, call the National Association of Securities Dealers at 800-289-9999, or visit the broker's Website.

Full-service brokers

Cost: Commissions are typically based on a percentage of your purchase (or sale) price.

Notable names to choose from include money-center titans like Merrill Lynch, Morgan Stanley, and Citigroup's Smith Barney, as well as smaller firms like Edward Jones and Raymond James.

Discount brokers

Cost: Schwab charges $29.95 for a trade of 1,000 shares or less, and on average, discounters charge one-third the price of full-service brokers.

Notable names to choose from include Charles Schwab, Waterhouse Securities, and Fidelity.

Online brokers

Cost: At $9 to $15 a trade, it doesn't get any cheaper than this.

Names to choose from include Ameritrade and E-Trade.

When trying to place a buy or sell order, you'll be faced with all sorts of questions: Market or limit order? "Day only" or "Good 'till cancelled." Here's the vocabulary you need to know to place a trade.

If you place a market order with your broker, then you are saying that you're willing to buy at whatever happens to be the prevailing price for the stock. If you have a specific price in mind, you can set a limit order specifying the price you're willing to pay. If the stock dips down to that level, your order will be automatically filled. Limit orders can be left open for a single day (a day order) or indefinitely (good until canceled).

After you've bought a stock, you can instruct your broker to sell it if the price drops to a level you specify (a stop loss order). That's a kind of insurance; it means that no matter what happens to a stock's price you'll never lose more than a specified amount.

In a volatile market, however, setting a stop-loss order at 10 or 20 percent below the purchase price will sometimes cause you to cash out of the stock on a momentary dip - thus locking in a loss even though the shares may immediately head back upward.

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How to buy stocks

How to buy stocks

From Talking Money, (Warner Books 2001) by MONEY editor-at-large Jean Chatzky

When you're looking for a broker, you have three distinct choices. From the most to the least expensive, they are: full-service brokers, discount brokers, and online brokers. What differentiates them is the advice they provide and cost.

Full-service brokers will call with stock ideas and back this advice with reports from their firm's research department. They'll keep an eye on your picks and let you know when they think changes are necessary.

Discounters do less of this. While there's typically plenty of research available on the best online brokerage sites, it's up to you to dig for it.

You may want to choose different kinds of brokers for different purposes. I believe that full-service brokers should get paid for their stock ideas. That seems only fair. But if you've done your research yourself, I don't see any reason to pay a hefty commission - discounters probably are fine.

The nice thing about the way the brokerage world is shaping up is that you may be able to have both of those things in one account at one firm.

Merrill Lynch and most other full-service brokers have come around to the fact that they need an online component - and need to charge you lower commissions when you use it. Discounters like Schwab and Fidelity have both started offering a fuller range of services in recent years, while retaining their low-cost structure.

If you decide to sign on with a full-service broker, you should make sure that person has nothing to hide. To get a report on any broker, call the National Association of Securities Dealers at 800-289-9999, or visit the broker's Website.

Full-service brokers

Cost: Commissions are typically based on a percentage of your purchase (or sale) price.

Notable names to choose from include money-center titans like Merrill Lynch, Morgan Stanley, and Citigroup's Smith Barney, as well as smaller firms like Edward Jones and Raymond James.

Discount brokers

Cost: Schwab charges $29.95 for a trade of 1,000 shares or less, and on average, discounters charge one-third the price of full-service brokers.

Notable names to choose from include Charles Schwab, Waterhouse Securities, and Fidelity.

Online brokers

Cost: At $9 to $15 a trade, it doesn't get any cheaper than this.

Names to choose from include Ameritrade and E-Trade.

When trying to place a buy or sell order, you'll be faced with all sorts of questions: Market or limit order? "Day only" or "Good 'till cancelled." Here's the vocabulary you need to know to place a trade.

If you place a market order with your broker, then you are saying that you're willing to buy at whatever happens to be the prevailing price for the stock. If you have a specific price in mind, you can set a limit order specifying the price you're willing to pay. If the stock dips down to that level, your order will be automatically filled. Limit orders can be left open for a single day (a day order) or indefinitely (good until canceled).

After you've bought a stock, you can instruct your broker to sell it if the price drops to a level you specify (a stop loss order). That's a kind of insurance; it means that no matter what happens to a stock's price you'll never lose more than a specified amount.

In a volatile market, however, setting a stop-loss order at 10 or 20 percent below the purchase price will sometimes cause you to cash out of the stock on a momentary dip - thus locking in a loss even though the shares may immediately head back upward.

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Basics of banking and saving

Basics of banking and saving

1. Money in a bank account is safe.

A bank is one of the safest places to stash your cash since your account is insured against loss by the federal government for up to $100,000 per depositor.

2. You pay for the convenience of a bank account.

Banks pay lower rates on interest-bearing accounts than brokerages and mutual fund companies that offer check-writing privileges. What's more, bank fees can be high - account costs can easily add up to $200 a year or more unless you keep a minimum required balance on deposit.

3. Inflation can eat what you earn from a bank.

Even at a low rate of inflation, the annual creep in the cost of goods and services usually outpaces what banks pay in interest-bearing accounts.

4. Not all interest rates are created equal.

Banks frequently use different methods to calculate interest. To compare how much money you'll earn from various accounts in a year, ask for each account's "annual percentage yield." Banks typically quote both interest rates and APYs, but only APYs are calculated the same way everywhere.

5. You can get better rates

Certificates of deposit (CDs) offer some of the best guaranteed rates on your money and are insured up to $100,000 each. The catch: you have to lock up your money for three months to five years or more. If interest rates fall before the CD expires, the bank is out of luck and must give you the rate it quoted. If rates climb, you're stuck with the lower rate. Also with rising interest rates, money market accounts can become an attractive option, too. They pay more than banking accounts and you don't have to lock up your money for a specific amount of time.

6. ATM fees can take a significant bite out of your budget.

The convenience of using automated teller machines is an increasingly pricey one. On average, the fee your bank charges you to use another institution's ATM is $1.37, according to a Bankrate.com survey in fall 2004. That's on top of the average $1.75 that the other institution will charge you to use its ATM.

7. Getting the best deal takes work.

You won't get a great deal on a car if you just walk into a dealer and plunk your money down. Likewise, you won't get a great banking deal unless you comparison-shop and ask about price breaks. For example, a bank might offer free checking if you are a shareholder or if you direct deposit your paycheck.

8. Use the Internet to shop for bank services.

You can use the Internet to compare fees, yields, and minimum deposit requirements nationwide. Sites like Bankrate.com allow you to search and compare the highest yields and the lowest costs on banking, savings, loans and deposit rates nationwide. You can also search by geographic location or use CNNMoney.com loan center.

9. Banking online can make bill-paying easier.

Electronic bill-paying can save you the monthly hassle of paying your bills. And if you couple online banking with a personal-finance management program, such as Quicken or Microsoft Money, you'll be able to link your banking with your budgeting and financial planning as well. But be careful. Some vendors only warn the consumer of price hikes in the fine print of a bill.

10. You can bank without a bank.

A number of financial institutions offer accounts that resemble bank services. The most common: Credit union accounts; mutual fund company money market funds; and brokerage cash-management accounts.

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