Hurricane Irene: Wall Street planning to open Monday

The less-than-anticipated damage from Hurricane Irene came as somewhat of a relief to Wall Street.

On Sunday, the New York Stock Exchange and Nasdaq OMX Group issued statements saying they planned to be open Monday, but officials and Wall Street analysts warned that it was not clear how much trading activity there would be.

New York Mayor Michael R. Bloomberg said he was lifting the city’s evacuation order as of Sunday afternoon, but the subway and commuter rail systems remained closed and it was unclear when they would reopen.

New York Gov. Andrew Cuomo had shut the subway as a precaution before the arrival of the storm, which caused some flooding in Manhattan streets, including in the Wall Street district.

“It’s safe to say it’s going to be a tough commute tomorrow,” the mayor told reporters Sunday.

The last time weather shut U.S. equities markets for an entire day was Sept. 27, 1985, as a result of Hurricane Gloria.  A heavy snowstorm on Jan. 8, 1996, caused the New York Stock Exchange to open late and close early.

John Nester, spokesman for the Securities and Exchange Commission, said Sunday that the exchanges had informed the SEC that they would open for regular hours. “The decision to open was made in consultation with the SEC following a series of discussions throughout the weekend,” Nester said in a statement.

Overall, the economic toll from Irene is anticipated to be far less severe than had been feared. Kinetic Analysis Corp., a consulting firm, estimated that insured damage from Irene will run from $2 billion to $3 billion, with total losses of about $7 billion.

Certain sectors may feel that economic bite more acutely than others. Atlantic City, which had been banking on this weekend to be one of the year’s best turnouts by gamblers, shut down its casinos before the hurricane’s arrival. Though the gambling halls are expected to reopen Monday, Bob Griffin, president of the Casino Association of New Jersey, told reporters that it’s still uncertain how much the three-day shutdown will have cost the industry.

Irene also put a significant dent in this week’s box office revenue.

About 1,000 movie theaters from Philadelphia to New York had shut down over the weekend because of  the storm. Studio distribution executives blamed these closures, as well as people staying home because of the storm, for a decline of nearly 25% in movie ticket sales over the weekend compared with the same period a year ago.

New York City’s theater industry also was buffeted by the storm. Citing safety and security concerns, the Broadway League shut down all Broadway shows on Saturday and Sunday. While the shows would normally be closed on Monday, some theater watchers expected performances to resume Tuesday.

As Anna ends fast, the city feasts on the victory dance

COIMBATORE: The cotton city on Sunday celebrated the successful culmination of Anna Hazare`s fast against corruption in a variety of ways. Gandhipuram and railway station premises witnessed a cracker fest while activists distributed sweets in many parts of the city. Despite it being a Sunday, students came together and organized small gatherings and processions to mark the victory.

The indefinite fast undertaken by activists of voluntary organization Fifth Pillar in support of Hazare`s cause also came to a close on Sunday. Over 200 people took part in a public programme organized by Fifth Pillar and Isha Yoga Centre at CODESSIA trade fair complex in the evening. Vande Matharam reverberated in the air when the activists took a pledge against corruption. The programme also reiterated the role of vigilance police and the Right to Information Act in fighting corruption. The speeches were interspersed with music sessions organized by singers of the Isha Yoga Centre

"It is a remarkable victory and we will carry forward the war against corruption," said Vijay Anand, co-founder of Fifth Pillar. He said the celebration should not be an end to the struggle, but a continuation to achieve the goal of eradicating corruption. People should keep the struggle alive and free Coimbatore from corruption, he said.

"I am really excited and happy about the victory of Annaji," said S J Priyanka, a student of GRD Martriculation school. "Ever since he started the movement I have been following the issue, especially the turn of events in the city. It is not the victory of Annaji alone but the victory of people who want to see the country free of corruption. I attended the anti-corruption programmes and this has inspired me to fight corruption. I have pledged never to pay or take bribes from people," Priyanka said.

"People are fed up with a corrupt government. They found a hero in Anna Hazare who was able to mobilize the public to join the fight. We could have been a prosperous and developed country if only we could have curbed corruption. I hope the next generation can live free of such evils," said V Rajesh Kannan, design manager in a private company.

"It is our second struggle for independence and Annaji is the light fighting against the darkness of corruption. However, implementation of the Lokpal bill alone will not weed out corruption," said K Sundareswaran, a businessman.

Anna's next campaign: Right to recall MPs

New Delhi: Minutes after anti-corruption activist Anna Hazare ended his fast on Sunday, he declared that electoral reforms will be on top of his agenda next so that corruption can come down. "I have only deferred my fast, not given it up. Only when these reforms are complete will I really end my fast. I will not rest until all the changes that I look to are achieved," he said to thunderous applause from thousands of his supporters waving tricolour and shouting slogans like 'Anna Hazare Zindabad'.

Hazare broke his 13-days long fast on Sunday morning after Parliament adopted the Sense of the House resolution on the three key demands made by him.

Dismissing the charge that his campaign was against Parliament and Constitution, he said the change has to be through constitutional means.

Hazare said that his fight would now be for Right to recall and Right to reject as part of electoral reforms so that corruption can be reduced.

"While Right to recall would be for those elected, the Right to reject will be a column in the ballot paper which would ensure the voter has a right to say that he does not like the listed candidates.

"We have to reform electoral system. (we need) Right to reject. You should be able to reject your candidate in the ballot paper. We have to do that."

"If the majority in a constituency says that they reject a candidate, even then the election should be cancelled. How much money they (candidates) will distribute? Once the candidate spends Rs 10 crore for one election and if the election is cancelled, then right sense will dawn upon them," he said.

Maintaining that people's parliament is bigger than "Parliament in Delhi", Hazare said that is why Parliament had to listen to people's parliament.

"This movement has created a faith that the country can be rid of corruption and we can go ahead with implementing laws and the Constitution made by Dr BR Ambedkar," he said.

Referring to Parliament's decision to refer three of his demands, citizen's charter, inclusion of lower bureaucracy and creation of Lokayuktas through Lokpal bill for Standing Committee's consideration, he said, the country can be proud of this moment. Thirteen days of agitation has yielded fruits.

Meanwhile, Team Anna said that it hopes that the Government will convene a special session of Parliament to pass the Lokpal Bill in a month's time. "We hope that the government convenes a special session of Parliament within a month's time to pass Lokpal Bill," Team Anna member Prashant Bhushan said.

Flanked by his team members, including Shanti Bhushan, Prashant Bhushan, Arvind Kejriwal, Kiran Bedi and Manish Sisodia, Hazare said what has been achieved in Parliament on Saturday is a victory of the people of India, democracy and those assembled in Ramlila Ground.

Hurricane Irene 2011: Upstate New York, Vermont Face Major Flooding

As Hurricane Irene travels northward, leaving the major cities of New York and Washington in better shape than anticipated, new dangers are arising for the remote and rural portions of upstate New York and Vermont, where massive flooding has already devastated several small communities.

Throughout upstate New York's Catskill Mountains, several small towns have been completely submerged by floodwaters, which have roared down the region's many rivers and streams.

Much of the land in the area was already waterlogged when Irene arrived, dumping another 10-15 inches of rain.

The local news website Watershed Post has kept a running tally of local reports of "devastation" in the small towns in the region.

In Windham, for instance, news sources and images linked on the site have depicted a scene of "total destruction," with most houses in the low-lying parts of town covered to their roofs in water. The town has been "wiped out," in the words of Windham Fire Chief Michael Scarey, according to the Mid Hudson News.

Commenters on the site have described a rapidly deteriorating situation, with the local emergency services reportedly being completely overwhelmed by the number of people in need.