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Polo is a winner for Prince William as Catherine looks on

The Duke of Cambridge scores four goals as his team wins the charity match near Santa Barbara. The duchess presents her husband with the trophy.

The Duke and Duchess of Cambridge took in a sweep of Southern California on their state visit Saturday, helicoptering up the coast to Carpinteria for a charity polo match and capping off their evening surrounded by Hollywood celebrities on the red carpet in downtown Los Angeles.

The newlyweds took a break from their packed schedule to bring Californians a bit of British sport, participating in the polo match at the Santa Barbara Polo & Racquet Club.

William — naturally — played on the winning team, and the thrilled onlookers cheered wildly whenever he made a goal. He scored four times, and during an awards ceremony at which Catherine presented her husband with a 15-pound silver trophy, he thrilled the crowd by kissing her on both cheeks.

Being able to dine with the couple at a sit-down lunch with cocktails was expensive. VIP tickets cost $4,000. The afternoon affair was held in a tent on a classic Southern California day — sunny with a dash of ocean breeze.

Long before the royal couple arrived, the club, located down the coast from Santa Barbara in Carpinteria, was already bustling with activity, with workers laying white linens on tables and bringing in vases of white peonies. By 11 a.m., celebrities — including actors Billy ZaneRosario Dawson andMolly Sims — began to arrive on the red carpet.

Spectators who paid $400 a pop for a boxed lunch across the field from the fancier event sipped Champagne and intently watched the couple, who arrived around noon by helicopter.

William wore a navy blazer and white trousers. Catherine strolled the red carpet in a simple spring dress with a floral print. She was bare-headed, which disappointed many of those

in the crowd who had dressed to the nines to come see her.

Following a style often seen at splashy British events, Diane Lytel, 32, had matched her purple dress with a custom-made fascinator — a whimsical gold headpiece complete with a purple feather. Lytel and her husband, Kipley, who live in a condo overlooking the polo field, had purchased the box-lunch tickets.

"This is the biggest event we've ever had here, so we had to come down and feel the vibe," she said.

So too with cousins Redonna Carpenter-Woods, 46, and Theresa Edward-Dymally, 48, who decided this was an event they couldn't pass up and drove up from the north San Fernando Valley.

"It's really a once-in-a-lifetime thing," said Carpenter-Woods, who wore a white summer dress and a matching sun hat.

Carpenter-Woods, a bank vice president, and Edward-Dymally, a school psychologist, said they were at first a little put off by the price of the tickets. Then they decided to splurge.

"I had a garage sale and bought one," Carpenter-Woods said jokingly.

So, why the fascination with the royal couple?

"They have just stepped into the limelight so beautifully," said Denise Berry, 40, of Los Angeles, who has been going to the polo club to see her father, now 73, play since she was a girl.

"They are just so together, so elegant and so handsome," Berry said.

Proceeds from the event benefited the American Friends of the Foundation of Prince William andPrince Harry, which focuses particularly on disadvantaged youths, the environment and the armed forces. This is Catherine's first visit to the United States, and William's first on official business.

On Friday, the couple attended a technology conference at a Beverly Hills hotel and a private reception at the Hancock Park residence of the British consul general.

On Saturday night, they headed to an exclusive black-tie affair at the Belasco Theater in downtown Los Angeles, hosted by the British Academy of Film and Television Arts. William is president of the organization.

Hours before the couple were due to arrive downtown, spectators had lined up behind barricades to wait for them.

Carol Untalan, 47, who collects magazine articles and books about the couple, drove down from San Francisco with her 15-year-old daughter.

"It's the love story I fell in love with, and that's why I fell in love with them," she said.

Catherine and William arrived a couple of minutes past 8 p.m. Exiting a black Range Rover to cheers from the crowd, the two walked leisurely down the red carpet, shaking hands and graciously smiling to a clutch of lucky admirers.

William wore a tuxedo, and Catherine wore a light gray chiffon dress with a glittery white band at the waist.

On Sunday, the couple's last day in Los Angeles, they will attend an arts event on skid row and a job fair in Culver City.

WRAPUP 1-Obama faces new obstacles in high-stakes debt talks


* Taxes, entitlement cuts still a sticking point
* Talks scheduled for Sunday at White House
By Matt Spetalnick
WASHINGTON, July 10 (Reuters) - President Barack Obama will seek to salvage high-stakes debt talks on Sunday after Republicans pulled back from a joint effort to craft a broad $4 trillion deficit-reduction deal as part of a plan to avoid a U.S. government default.
On the eve of bipartisan negotiations hosted by Obama, House of Representatives Speaker John Boehner -- facing stiff opposition from fellow Republicans over the prospects of higher taxes as part of a large-scale deal -- told the Democratic president he would only pursue a smaller, $2 trillion package.
Boehner's decision threatened to thrust Sunday's White House meeting between Obama and congressional leaders into disarray as the clock ticked down on the Aug. 2 deadline for raising the national debt ceiling.
Failure to act could mean the first-ever default on the nation's financial obligations, which the White House and private economists warn could push the United States back into recession and trigger global financial chaos.
Aides to Obama and Boehner had been working on a far-reaching package of spending cuts and new revenue that would have reduced deficits by $4 trillion over 10 years and cleared the way for lifting the $14.3 trillion cap on the government's borrowing capacity.
But Boehner's move dampened hopes of any immediate compromise and raised doubts about the chances that Sunday's talks would start moving the budget debate toward an endgame.
"Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes," Boehner, the top Republican in Congress, said in a statement. "I believe the best approach may be to focus on producing a smaller measure."
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What's on the table in U.S. debt talks [ID:nN1E75T1ZR]
US jobs stall, setting back recovery hopes [ID:nN1E7670C0]
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BIG DIFFERENCES REMAIN
Boehner and Obama, whose 2012 re-election prospects are tightly linked to U.S. economic and fiscal health, spoke by phone on Saturday and failed to resolve key differences over taxes and entitlement spending.
But after Boehner's announcement, the White House said Obama would not "back off" his efforts toward a comprehensive deal and suggested he might try to change the Republican's mind. Sunday's session is set for 6 p.m. EDT (2200 GMT).
"Both parties have made real progress thus far," White House communications director Dan Pfeiffer said. "Tomorrow, he will make the case to congressional leaders that we must ... take on this critical challenge."
Obama had summoned congressional leaders to lay out their "bottom-line" demands for what the White House has billed as vital phase in the quest for a sweeping budget agreement.
There had been growing pressure from rank-and-file lawmakers who must approve anything hammered out in closed-door White House talks. Critics on the left and the right had voiced unease at some options on the table, and they are now expected to dig in their heels even further.
The biggest obstacles to an agreement remain.
Democrats want to shield popular domestic programs from huge cuts and say that any deal must include increases in tax revenue, including an expiration of Bush-era tax cuts on wealthier Americans.
Republicans -- under pressure from Tea Party conservatives -- reject any increased taxes and want curbs on popular benefit programs such as Medicare, Medicaid and Social Security.
The stakes are high for Obama. His 2012 re-election hopes hinge not only on reducing America's 9.2 percent unemployment but on his appeal to independent voters who want tougher action to get the country's fiscal house in order.
But Boehner and other mainstream Republicans do not want to be blamed for the economic turmoil that could be unleashed by any government default on its debt.
For his part, Obama is risking a mutiny on the left flank of his party for even agreeing to discuss entitlement programs traditionally protected by Democrats and which many feared would have been curbed under a $4 trillion plan.
Aides to Obama and Boehner were also discussing revenue increases that would have been achieved in part by a streamlining of the tax code, something that appeals to both Democrats and Republicans.
But Democrats' demands for $1 trillion in additional revenue also include eliminating tax breaks and other measures that many Republicans were reluctant to support.
Leana Fallon, an aide to House Republican Leader Eric Cantor, urged that the talks focus on a framework for between $2 and $2.5 trillion in cuts discussed in meetings led by Vice President Joseph Biden in May and June that ended in impasse.
Democratic Representative Chris Van Hollen blamed the abandonment of a bigger deficit-reduction goal on a "Republican fixation with protecting tax breaks for corporate special interests and the very wealthy."
Republicans want an agreement for at least $2 trillion in cuts as the price for a debt limit increase big enough to accommodate borrowing needs through the 2012 election.
Obama spent Saturday at the Camp David presidential retreat in Maryland and was due to return for the rare Sunday talks, his second session with bipartisan leaders in four days. (Additional reporting by Caren BohanThomas Ferraro, Andrew Sullivan and Steve Holland; Editing by Eric Walsh)

Healthy loan growth gives good start to HDFC in 2011-12

A healthy growth in loans to individuals and corporate bodies saw Housing Development Finance Corporation Ltd (HDFC) report a 22 per cent increase in net profit in the April-June 2011 quarter. In the reporting quarter, HDFC posted a net profit of Rs 1,176 crore, against Rs 967 crore in the corresponding period last year.
Year-on-year, the loan book of India's biggest housing finance company increased by 22 per cent to Rs 1,24,168 crore as on June-end 2011 (Rs 1,01,625 crore as on June-end 2010). In the reporting quarter, HDFC's loan book nudged up by 6 per cent (or Rs 7,041 crore).
“We have not seen even a marginal slowdown (in demand for home loans). Our loan book grew at 22 per cent. We don't see a slow down yet,” said Mr Deepak Parekh, Chairman, in an interaction with the media after HDFC's annual general meeting.
Referring to the huge shortage in housing and large builders coming up with affordable home projects, Mr Parekh emphasised that the demand for housing was still there.
To a question on demand for home loans getting impacted due to rising interest rates, he said “If interest rates go up by 100- 200 basis points it is not going to impact the demand. But if it increases by 400 -500 bps then we can't tell.”
Deposits rose by 28 per cent year-on-year to Rs 30,500 crore as on June-end 2011, against Rs 23,906 crore as on June-end 2010. The spread on loans over the cost of borrowings for the quarter stood at 2.30 per cent (2.34 per cent).
As on June 30, 2011, the unrealised gains on HDFC's listed investments amounted to Rs 23,206 crore (Rs 21,392 crore as on March-end 2011). This excludes the appreciation in the value of unlisted investments, the company said in a statement.
Gross non-performing loans as at June 30, 2011 amounted to Rs 1,038 crore (Rs 905 crore as of June-end 2010). This is equivalent to 0.83 per cent of the loan portfolio (previous year: 0.98 per cent).
Based on a six months overdue basis, the non-performing loans as at June 30, 2011 stood at 0.55 per cent of the loan portfolio as against 0.54 per cent in the previous year.
HDFC's capital adequacy ratio was lower at 13.8 per cent of the risk weighted assets as of June-end 2011, against 14.8 per cent as of June-end 2010. Tier 1 capital was 12.2 per cent (13.6 per cent).
HDFC's shares closed at Rs 711.95, down 1.49 per cent, on the BSE, on Friday.

SBI not to finance disputed projects

In a clear indication of banks pulling out their hand in the aftermath of the Supreme Court ruling in the Greater Noida land acquisition case, State Bank of India on Friday said it would not finance real estate projects that were mired in disputes over land acquisition. “If in a particular area where there has been a difficulty, those will not be financed,'' bank Chairman Pratip Chaudhuri told reporters on the sidelines of a conference here.
Mr. Chaudhri's remarks come two days after the Supreme Court asked the U.P. Government to return the land acquired in Greater Nodia for realty projects. “How can we give a loan when there is no land, where there are no land rights,'' Mr. Chaudhuri said when asked about the bank's position on funding projects in disputed areas.
“Due diligence is important while advancing credit to the commercial real estate sector as the high interest regime is pushing up project costs and hence greater chances of default,'' National Housing Bank Chairman and Managing Director R. V. Verma said.
The Reserve Bank of India has already asked banks to be cautious while extending loans to commercial real estate projects in view of increasing bad assets. On Wednesday, the Supreme Court had upheld the Allahabad High Court order quashing the acquisition of over 156 hectares from farmers in Greater Noida by the Greater Noida Industrial Development Authority and its allotment to builders.