VIO POV1 Review at Helmet Cam Central: "
Helmet cams aren�t really my forte, but I figure there are a lot of you out there looking for a quality helmet cam system, so perhaps you will find Helmet Cam Central�s VIO POV.1 review helpful. The VIO POV.1 records video to SD card in DivX format at 720x480 resolution and 3Mbps. It is completely waterproof and runs on 4 AA batteries.
(Via Digital Camcorder News.)
Hands On With The Sanyo Xacti HD1000 and HD700: "
Akihabara News got to have a little hands-on time with the new Sanyo DMX-HD1000 and HD700 camcorders. Their reaction was, �Well done Sanyo!� Though they make the disclaimer that the camcorders do not have �stunning� image quality, they do call it �decent,� and seem to think that Sanyo has come up with a killer product. Check out the link for dozens of hands-on pics.
(Via Digital Camcorder News.)
VIO POV1 Review at Helmet Cam Central: "
Helmet cams aren�t really my forte, but I figure there are a lot of you out there looking for a quality helmet cam system, so perhaps you will find Helmet Cam Central�s VIO POV.1 review helpful. The VIO POV.1 records video to SD card in DivX format at 720x480 resolution and 3Mbps. It is completely waterproof and runs on 4 AA batteries.
(Via Digital Camcorder News.)
Hands On With The Sanyo Xacti HD1000 and HD700: "
Akihabara News got to have a little hands-on time with the new Sanyo DMX-HD1000 and HD700 camcorders. Their reaction was, �Well done Sanyo!� Though they make the disclaimer that the camcorders do not have �stunning� image quality, they do call it �decent,� and seem to think that Sanyo has come up with a killer product. Check out the link for dozens of hands-on pics.
(Via Digital Camcorder News.)
BenQ intros 8-megapixel C840 point-and-shoot: "
Continue reading BenQ intros 8-megapixel C840 point-and-shoot
(Via Engadget.)
Canon PowerShot S5 IS Camera Reviewed: "
Trusted Reivews gives us a review on the Canon PowerShot S5 IS digital camera. Canon PowerShot S5 IS features a 8 Megapixel CCD sensor, 4x optical zoom, an ISO rating up to 1600, and a 2.5-inch LCD display. It supports SD and SDHC memory cards.
Comments from Trusted Reivews:
The Canon PowerShot S5 IS is unquestionably the most versatile digital camera on the market, with a powerful high quality zoom lens, superb image stabilisation, class-leading performance and what may be the best AF system on the market. It has a huge range of features, including a video mode with full zoom lens and stereo audio. It is slightly let down by the small sensor and its inherent noise problems, but it is still an outstanding camera by any standard.
(Via iTech News Net.)
BenQ intros 8-megapixel C840 point-and-shoot: "
Continue reading BenQ intros 8-megapixel C840 point-and-shoot
(Via Engadget.)
Canon PowerShot S5 IS Camera Reviewed: "
Trusted Reivews gives us a review on the Canon PowerShot S5 IS digital camera. Canon PowerShot S5 IS features a 8 Megapixel CCD sensor, 4x optical zoom, an ISO rating up to 1600, and a 2.5-inch LCD display. It supports SD and SDHC memory cards.
Comments from Trusted Reivews:
The Canon PowerShot S5 IS is unquestionably the most versatile digital camera on the market, with a powerful high quality zoom lens, superb image stabilisation, class-leading performance and what may be the best AF system on the market. It has a huge range of features, including a video mode with full zoom lens and stereo audio. It is slightly let down by the small sensor and its inherent noise problems, but it is still an outstanding camera by any standard.
(Via iTech News Net.)
Once more, Canon delves into the extended zoom field and comes up with a decent update to their already well-liked cameras. The S5 IS picks up where the S3 and S2 IS left off (what, no S4?), with a long 12x image stabilized zoom lens and 8 megapixel sensor. The biggest addition to this model is the Face Detection auto focus, which is smart enough to figure out that you're trying to take a picture of someone's face and not something ten feet behind them. For current S3 or S2 users, this isn't a tremendous step up from what you've already got, but if you're someone who hasn't yet experienced the impressive quality of the 'S' series yet, the S5 is a nice, fresh entry-point.:: Abitare
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First, having been there at the beginning, the genesis of the asset-backed commercial conduits was regulatory capital arbitrage. Through the conduits� convoluted structures, banks were able to "lend" huge amounts off-balance sheet and collect fees on no-capital-required lines of credit. No one - and I mean no one - ever expected these conduits to move from off-balance sheet back on-balance sheet and I don't think the market yet understands the earnings, capital and liquidity impact of this migration. If you figure you need anywhere from 6-8% capital per dollar of loans, then a move of $1.0 trln from off-balance sheet to on requires $60-80 bln in additional equity capital. I don't know about you, but I don't see this kind of free capital sitting around.Bank Earnings 101
...
The last consumer led recession was around 1990. Since then, the SEC has placed enormous pressure on the banks to minimize their loan loss reserves. The SEC hates earnings management and the loan loss provision has historically been a key way for banks to "save for a rainy day." I don't think the market yet appreciates the fact that banks are currently provisioned for the top of the market.
....
Finally, no one is talking about it yet, but I think the market will soon begin to realize that the credit card lenders have in essence become the consumer lenders of last resort. As consumers have been shut out of the mortgage and home equity world, the last available credit is plastic. One statistic that I have found very troubling is the degree to which credit card balance growth is running ahead of retail sales growth - a key sign that the consumer is stretched.
...
Digging even deeper, you come away with more unanswered questions. First, annualized net write-offs for the quarter were up 17% - 5.4% of loans versus 4.6% during the year ago quarter. But behind that, masked by 14% balance growth, there is a 32% increase in the dollars charged off. Further, and to me more troubling, Target dropped its loan loss allowance from 8.3% of loans at the end of July 2006 ($501 mln) to 7.4% at the end of July 2007 ($509 mln). Had Target kept its provision at 8.3% of loans, the incremental cost would have been over $64 mln or almost 40% of the pre-tax quarterly earnings of Target�s credit card business. Alternatively, had Target kept its provision at the same 1.8 times net charge-offs as last year (an 8.3% allowance on 4.6% in net write-offs), the required ending provision would have been over 9.7% of loans - at an incremental cost to the company of almost $144 mln � all but eliminating earnings from the credit card operation for the quarter. Put simply, when measured in dollars (rather than percentages of balances) Target�s nearly flat year-on-year loan loss allowance does not synch with the increase in loan balances, delinquencies, charge-offs, and late fees.
And while I have used Target as an example, I don�t think Target is alone. As we have seen already in other parts of the credit markets, many banks and finance companies are managing their businesses as if today�s increases in credit deterioration are merely a �blip�, rather than the beginning of a broader, potentially more serious, decline. From where I sit, it looks like it is only going to get worse, and �it�s already in the cards.�
-Minyan Peter
From experience, I have found that most people are surprised to learn that banks� net income is generally only between 1 and 2% on assets. And many people are also unaware that banks are generally leveraged 10:1.Bank Earnings 102: The Best of Times, The Worst of Times
So why are these points important?
First, small changes in interest rates and loan losses have a big effect on bank earnings. For example, in 2006, BofA had 70 basis points of loan losses, but in 2002 that figure was 110 basis points � a 40 bps difference. All things being equal, (and ignoring income taxes for simplicity) if we applied BofA�s 2002 level rate to its 2006 results, earnings would have been 28% lower.
...
Now while it takes time for higher losses and funding costs to flow all the way through to the bottom line (not all debt rolls over at once; nor do all bad credits charge off at once), I hope you can see by this example why the financial services community is so fixated on Federal Reserve interest rate cuts. By dropping short term interest rates, the Federal Reserve helps to offset the impact of higher borrowing spreads and loan losses. The difference between and a 25 and 50 basis point cut may not feel like much to you, but when all you're earning at best is 1-2% on assets, it is a huge deal.
-Minyan Peter
As much attention as they will get, in the bigger scheme of things, their [the banks'] net incomes this quarter don�t matter. And they don�t matter because of one simple rule for financial services firms:Bank Earnings 103: Reading Bank Balance Sheets
The income statement is the past. The balance sheet is the future.
Let me repeat it again. The income statement is the past and the balance sheet is the future, especially now.
At the top of a credit cycle, the income statement for a financial institution shows �the best of times�, but buried in the balance sheet is �the worst of times� to come.
...
History repeatedly reveals the ability of highly profitable banks to go down in flames. How many of you remember Texas Commerce Bank � AAA at the top, but gone at the bottom of a severe credit cycle?
Second, one quarter does not complete a credit cycle. We are at the beginning of a material economic change. Remember, we have only just seen the first month of employment decline. Loan loss provisions are predicated on the present economy, not on possibly better or worse future economies. This quarter�s provisions are likely to be relatively light based on the strength of our current economy. Similarly, any funding cost increases are just beginning to impact net interest margin.
Go back and read the 3Q '05 financial results for a few homebuilders and you will get my point. Few reveal any clues to their future demise� particularly the potential for balance sheet writedowns. And I expect the same this quarter for many banks.
But in much the same way as the housing industry has taken one-time write down after one-time write down for land values, I anticipate that we will see increasing loan loss provisioning by banks as the economy continues to weaken. Remember, the loans have been made. The only questions now are how severe the downturn will be and how many borrowers will be affected. If the housing industry�s forecasting prowess is any indicator, I would suggest we have a long way to go before we see the bottom of this cycle.
...
-Minyan Peter
While I anticipate that most of Wall Street�s attention at the end of the third quarter will be on bank earnings, for reasons I outlined in Banking 102, I strongly recommend that you focus on bank balance sheets. From experience, changes in bank balance sheet composition are much better predictors of future earnings than current period income statements.Coming Bank Themes: Whispers From the Confessional
So where do you start?
First, I would look at changes across the four different major investment/loan categories.
In investments �held for trading�, I would look for a significant overall balance reduction and an upgrading in quality. Both would be indications of a reduction in overall market risk appetite and a willingness to allocate capital to �volatile� capital markets and related businesses.
In investments �held for sale�, I would also look for a reduction in balances. As I mentioned in �Whispers from the Confessional�, I expect that you will see many financial institutions reducing their �available for sale� assets given the decline in secondary market liquidity. Watch as to where the assets went. There should be associated disclosure if the assets were moved into portfolio. And remember that once in portfolio, the accountants make it very difficult to move them back out to �held for sale.� So these moved assets will have to be funded through to maturity.
....
Associated with the loan portfolio, I would also review the loan loss allowance. Material changes in the allowance ratios (provision to charge-offs and provision to loan balances) are warning signs. So too are increases in loan portfolio delinquency statistics. Remember, credit cycles play out over a long period of time.
-Minyan Peter
Thanks to the annual Lehman Brothers (LEH) Financial Services analyst meeting this week we have some early clues on banking results for the quarter. Based on the presentations I have read, as well as related press releases, here are some themes that I think you will see at the end of the quarter.Thanks Peter!For example, at the Lehman Conference, Washington Mutual announced that it now expects a $2.2 bln provision for 2007. $2.2 bln is $500 mln more than it forecast in July and well above the $1.3 -$1.5 bln it forecast in April when it said that its provision forecast was �our best thinking regarding trends in loan delinquencies, foreclosures and housing valuations at this time.� WaMu�s latest forecast is also almost 2.5 times what it shared in its 2007 earnings outlook ($850 -950 mln) in October 2006.
- First, expect a massive migration of �held for sale assets�, particularly non-conforming mortgage assets, into �held for investment� or �loan� categories. Some may even, as Washington Mutual (WM) did, try to portray it as �opportunistic portfolio growth�. But the reality is that the only way banks can avoid significant mark-to-market losses on mortgages they intended to sell, but can�t, is to move them into portfolio. And, remember, once these loans are in portfolio, related loan loss provisions are required. So you should expect higher provisioning even without any deterioration in credit quality, just due to forced balance sheet growth.
- Second, expect fair value write-downs on assets held for sale. As I wrote in Banking 102: The Best of Times, The Worst of Times, please remember that these write downs won�t flow through the income statement, but through Comprehensive Income. Look, too, for changes in the composition of banks investment portfolios. I expect that you will see highly liquid securities swapped for conforming mortgage securities. And with the run up in Treasury prices, I expect that banks with long maturity Treasuries in their investment portfolios have sold them wherever they can to book gains this quarter.
- ...
- Finally, expect higher provision forecasts due to both forced balance sheet growth and deteriorating credit quality.
-Minyan Peter
We see three factors that could make XLF a very attractive investment for the second half of the year:I am betting on the comprehensive analysis of Peter vs. opinions that earnings are going to rise. A focus on PEs ignores leverage, increasing write-offs, and balance sheet conditions. A compelling case has been made that we are at the top of the credit cycle which 100% of the time has spelled problems for the financial sector and stocks in general.
- Earnings estimates are rising�not falling.
- Actual results are strong.
- XLF is cheap.
Secular shifts in a sector�s predominance in the S&P 500 can be seen in the figure below that highlights three different sectors that have had their period to shine.Chris goes on to compare mass layoffs in the technology sector in 2000 with mass layoffs in financial services today. Here is an interesting chart from his article.
Energy was the top performing sector in the S&P 500 [in 1980] with the sector�s weighting increasing substantially as investors chased the returns being made in the sector. However, as more energy supply came onto the markets at a time of falling demand due to high oil prices, the bull market in energy came to an end.
The next major bull market in U.S. stocks was seen in the technology sector in the 1990s. Near the start of that decade, technology represented roughly 6% of the S&P 500 and vaulted to a zenith near 33% by the end of the century. However, overcapacity and excesses in the industry ultimately deflated the bubble in which the technology weighting in the S&P 500 fell in half to roughly 15% seen at the bottom of the last bear market.
As mentioned above, there are fundamental factors that often lead to secular shifts in sectors, and the predominant factor that has led to an increase in the weighting of the financial service sector is the price of the commodity it sells -- credit. Since 1980 there has been a secular bull market in paper assets as interest rates and inflation have fallen. As interest rates reflect the cost of credit, falling interest rates have led to an increase in the demand for credit as it has become cheaper to borrow, which has fueled the growth within the financial sector.
Insured commercial banks and savings institutions reported $36.7 billion in net income for the quarter, a decline of $1.3 billion (3.4 percent) from the second quarter of 2006, but $772 million (2.1 percent) more than they earned in the first quarter of 2007. The decline in earnings compared to a year ago was caused by higher provisions for loan losses, particularly at larger institutions, and by increased noninterest expenses.The balance sheets and loan loss provisions of large cap financials like Citigroup (c), JPMorgan (JPM), Washington Mutual (WM) , Bank of America (BAC), and even smaller banks like Corus (CORS) will be interesting to watch as the credit bubble pops.
Insured institutions added $11.4 billion in provisions for loan losses to their reserves during the second quarter, the largest quarterly loss provision for the industry since the fourth quarter of 2002.
Net charge-offs totaled $9.2 billion in the second quarter, the highest quarterly total since the fourth quarter of 2005, and $3.1 billion (51.2 percent) more than in the second quarter of 2006. This was the second consecutive quarter that net
charge-offs have had a year-over-year increase.
The amount of loans and leases that were noncurrent (loans 90 days or more past due or in nonaccrual status) grew by $6.4 billion (10.6 percent) during the quarter. This is the largest quarterly increase in noncurrent loans since the fourth quarter of 1990, and marks the fifth consecutive quarter that the industry�s inventory of noncurrent loans has grown. Almost half of the increase (48.1 percent) consisted of residential mortgage loans.
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Foreign investors bought a net of $19.2 billion in long-term U.S. securities in July, the lowest amount in seven months, the Treasury Department said Tuesday, suggesting that the credit crisis is denting demand for U.S. assets.The second comes from Professor Bennet Sedacca on Minyanville who wrote a four part series on Friday called You have to be kidding me! Following is part 4.
Demand for long-maturity securities such as bonds, notes and equities hit its lowest level since December and fell sharply from the downwardly revised $97.3-billion net inflow reported in June.
"The real culprit here is the credit crunch, which has caused a drastic slide in purchases of corporate and agency bonds, and I think it's only a taste of what's to come because the real problems didn't hit until August," said David Powell, senior currency strategist at IDEAglobal in New York.
Official foreign investors grew particularly wary of U.S. corporate bonds in July, with their net purchases falling to the lowest level since December 1995.
You have to be kidding me! Part 4Here is the chart Bennet posted.
So you think the debt "crisis" everyone is talking about has resolved the issue of mis-pricing of risk? Think again. Below is a real-life real-time situation that happened this week.
I had $120,000,000 to spend on 2.5 year duration GNMA, FNMA, FHLMC pools and CMOS (collateralized mortgage obligations). The securities I bought were rock solid in terms of structure and have virtually no way to extend beyond three years even if prepayment speeds go to zero. My yield? 5.12% for the whole portfolio.
Now, what do you think BBB rated two and three-year industrials trade for, according to Bloomberg? 4.99% and 5.25%, which averages to...? Yep, you guessed it. 5.12%.
So, I can either buy BBB corporates or US agencies at the same level. Granted, it is not the managers buying these bonds that are making the mistake. Institutions hire them, along with individuals, to buy BBB industrials. There is still too much money chasing these. I tell you, if you would have told me this was possible, I swear, I wouldn't believe it. But see this Bloomberg screen if you don't believe me.
I mean, for real, you have to be kidding me..!
The good: Camera is waterproof to 10 feet; shock resistant to short drops and mild impact; freezeproof down to 14 degrees Fahrenheit; nifty Perfect Shot Preview function.
The bad: No manual exposure controls; slightly soft images.
The bottom line: If you need a camera that you can take snorkeling or skiing, then the Stylus 790 SW might be just the ticket, but you can find better image quality for the same price.
Do you like to drop your digital camera on the floor? Dunk it in water? Bury it in snow? Who doesn't? But usually, that can cause some problems, since most cameras hate water, won't operate in freezing cold temperatures, and don't take well to falls. However, Olympus' Stylus 790 SW, like the Stylus 770 SW before it, is tough enough to shoot in 10 feet of water or when it's 14 degrees Fahrenheit. Plus, it can withstand drops of up to 5 feet, so if you're klutzy, you won't have to worry quite as much. If you swim deeper than most, the 770 SW might be better for you than this model, since it can operate down to about 33 feet. Other than that, a slightly different body design, and a new feature or two in the 790 SW, the two cameras are basically the same.
If it didn't say so on the front of the camera, you might not think that the Stylus 790 SW is a waterproof camera. While last year's 770 SW's body design screamed rugged, with its all-metal construction and tougher-than-nails look, the 790 SW has a softer look, with plastic accents on the top, side, and front. Also, the 790 SW is about 1 ounce lighter and comes in five bright colors, while the 770 SW only had three, more-muted colors.
All of the camera's buttons are on the right side of the camera back except the shutter and on/off button, which are on the top. The mode dial, also accented with black plastic, is on the back, and in my opinion, a bit small. The plastic has little notches in it, though, so it's thankfully not all that hard to turn. Menus are separated into the shooting menu, accessed by pressing the OK button in the center of the four-way rocker, and the main menu, which you get to by pressing the Menu button. The main menu lets you activate silent mode quickly, but makes you choose a submenu before proceeding to anything else. This slows things down a bit, but Olympus does organize the menus well and the shooting menu and four-way rocker let you quickly change anything you need while shooting.
In our lab's performance tests, the Stylus 790 SW had decent shot-to-shot times, but otherwise didn't impress. The camera took 1.3 seconds to start up and capture its first JPEG. Thereafter, it took 2.3 seconds between images with the flash turned off. With the flash turned on, that wait increased to 3.2 seconds. Shutter lag measured 0.6 second in our high-contrast test and 1.6 seconds in our low-contrast test, which mimic bright and dim shooting conditions, respectively. In burst mode we were able to capture an average of 1.5 full-resolution frames per second.
Image quality isn't the 790 SW's strong point, but it isn't particularly bad either at lower ISOs. Colors aren't quite as saturated as they can be on some other cameras, but they do look fairly accurate. The images also aren't as sharp as I'd like to see, but not terribly so, and given that this is a waterproof camera, that's not totally unexpected. The 790 SW's automatic white balance leaves photos shot under incandescent lights slightly warm, but does a good job with fluorescent lighting and, of course, natural sunlight.
Olympus keeps noise down through ISO 200. While you can see the beginnings of noise at ISO 200, it's only visible as a slight mottling of colors and won't mar prints. At ISO 400, this gets a little more pronounced, but you can still make good prints and there's only a slight loss of fine detail. At ISO 800 noise becomes heavy, there's a significant loss of fine detail (the markings on the measuring tape in our test scene became illegible), but only a mild loss of shadow detail. At ISO 1,600 noise is extremely heavy, fine details are obliterated, and a lot of shadow detail is lost. I suggest staying below ISO 800 when using the Stylus 790 SW and avoiding ISO 1,600 at all costs.
While the Stylus 790 SW is far from perfect, it's one of the few cameras on the market, especially in this price range, that can take a beating and actually operate under water or at the top of a ski resort without worry. If you need a camera that can face up to those challenges, then the 790 SW makes sense. If not, you're probably better off with a regular compact camera that can perform faster and give you better image quality.
Via Cnet
The good: Camera is waterproof to 10 feet; shock resistant to short drops and mild impact; freezeproof down to 14 degrees Fahrenheit; nifty Perfect Shot Preview function.
The bad: No manual exposure controls; slightly soft images.
The bottom line: If you need a camera that you can take snorkeling or skiing, then the Stylus 790 SW might be just the ticket, but you can find better image quality for the same price.
Do you like to drop your digital camera on the floor? Dunk it in water? Bury it in snow? Who doesn't? But usually, that can cause some problems, since most cameras hate water, won't operate in freezing cold temperatures, and don't take well to falls. However, Olympus' Stylus 790 SW, like the Stylus 770 SW before it, is tough enough to shoot in 10 feet of water or when it's 14 degrees Fahrenheit. Plus, it can withstand drops of up to 5 feet, so if you're klutzy, you won't have to worry quite as much. If you swim deeper than most, the 770 SW might be better for you than this model, since it can operate down to about 33 feet. Other than that, a slightly different body design, and a new feature or two in the 790 SW, the two cameras are basically the same.
If it didn't say so on the front of the camera, you might not think that the Stylus 790 SW is a waterproof camera. While last year's 770 SW's body design screamed rugged, with its all-metal construction and tougher-than-nails look, the 790 SW has a softer look, with plastic accents on the top, side, and front. Also, the 790 SW is about 1 ounce lighter and comes in five bright colors, while the 770 SW only had three, more-muted colors.
All of the camera's buttons are on the right side of the camera back except the shutter and on/off button, which are on the top. The mode dial, also accented with black plastic, is on the back, and in my opinion, a bit small. The plastic has little notches in it, though, so it's thankfully not all that hard to turn. Menus are separated into the shooting menu, accessed by pressing the OK button in the center of the four-way rocker, and the main menu, which you get to by pressing the Menu button. The main menu lets you activate silent mode quickly, but makes you choose a submenu before proceeding to anything else. This slows things down a bit, but Olympus does organize the menus well and the shooting menu and four-way rocker let you quickly change anything you need while shooting.
In our lab's performance tests, the Stylus 790 SW had decent shot-to-shot times, but otherwise didn't impress. The camera took 1.3 seconds to start up and capture its first JPEG. Thereafter, it took 2.3 seconds between images with the flash turned off. With the flash turned on, that wait increased to 3.2 seconds. Shutter lag measured 0.6 second in our high-contrast test and 1.6 seconds in our low-contrast test, which mimic bright and dim shooting conditions, respectively. In burst mode we were able to capture an average of 1.5 full-resolution frames per second.
Image quality isn't the 790 SW's strong point, but it isn't particularly bad either at lower ISOs. Colors aren't quite as saturated as they can be on some other cameras, but they do look fairly accurate. The images also aren't as sharp as I'd like to see, but not terribly so, and given that this is a waterproof camera, that's not totally unexpected. The 790 SW's automatic white balance leaves photos shot under incandescent lights slightly warm, but does a good job with fluorescent lighting and, of course, natural sunlight.
Olympus keeps noise down through ISO 200. While you can see the beginnings of noise at ISO 200, it's only visible as a slight mottling of colors and won't mar prints. At ISO 400, this gets a little more pronounced, but you can still make good prints and there's only a slight loss of fine detail. At ISO 800 noise becomes heavy, there's a significant loss of fine detail (the markings on the measuring tape in our test scene became illegible), but only a mild loss of shadow detail. At ISO 1,600 noise is extremely heavy, fine details are obliterated, and a lot of shadow detail is lost. I suggest staying below ISO 800 when using the Stylus 790 SW and avoiding ISO 1,600 at all costs.
While the Stylus 790 SW is far from perfect, it's one of the few cameras on the market, especially in this price range, that can take a beating and actually operate under water or at the top of a ski resort without worry. If you need a camera that can face up to those challenges, then the 790 SW makes sense. If not, you're probably better off with a regular compact camera that can perform faster and give you better image quality.
Via Cnet
The good: Attractive design; decent photos shot at high ISO sensitivity levels.
The bad: Flat, hard-to-feel buttons; lens too close to camera edge; doesn't zoom or refocus in movie mode.
The bottom line: It's thin, pretty, and reasonably fast, but exposure problems make the Fujifilm Z5fd hard to recommend to its budget snapshooter audience.
With the exception of its admittedly sleek-looking design, there's not a lot to differentiate the ultracompact Fujifilm Z5fd from a crowded field of budget competitors. Granted, it does come in an eye-melting raspberry red and a sophisticated mocha brown in addition to basic silver.
Like most, the 6-megapixel Z5fd offers a 3x zoom lens with a typically narrow f/3.5-4.2 36mm-108mm-equivalent lens. The 5-ounce camera's dimensions are 2.2 inches high by 3.6 inches wide by 0.8 inch deep, which makes it comfortable to stick in your pocket, but not quite as comfortable to shoot with. For instance, because of the combination of the camera's thin profile and the position of the lens so close to the edge, my finger frequently crept into the frame (only once did it actually end up in the photo, though).
The Z5fd's thin profile demands small controls, and the still/video switch can be especially hard to feel. Fujifilm dedicates a button to Face Detection.
The Z5fd's most novel feature is the Trimming for Blog tool, which, in addition to the age-old ability to crop a photo to 640x480, allows you to download the photos to a compatible device via IrSimple. I'm not sure how popular this is in Asia, but as far as I can tell not a lot of phones in the U.S. support it. So as of now, all you can really do is bounce the photos back and forth among select Fujifilm cameras.
Calling out the face detection with a dedicated button (and, of course, the "fd" in the model name) certainly makes it easier to find and use, but I'm still on the fence about how useful it is. It can locate more than one face in a scene but must choose a single face to take priority--usually the one closest to the center of the frame. The algorithm needs to be able to resolve two eyes, which seems to mean a horizontal angle of about 25 or 30 degrees off face front; it seems to have more tolerance vertically. A face must be within roughly 20 feet, and beyond that it starts to struggle. It's not fast enough to keep up with changing positions, and you frequently end up shooting in between face-focus locks (at which point it acts like normal focus).
Another Fujifilm staple is the Natural Light and Flash scene mode, which shoots two consecutive shots, one at a high ISO setting without flash, and one at a lower ISO setting with flash. You can then choose which look you prefer. The rest of the scene modes are pretty standard: Natural Light (high ISO), Portrait, Landscape, Sport, Night, Fireworks, Sunset, Snow, Beach, Museum, Party, Flower (macro), and Text. A Picture Stabilization mode merely uses high ISO settings to enable faster shutter speeds. In macro mode the camera can focus as close as about 3.1 inches.
That's about it. The Z5fd completely lacks any manual controls. No shutter- or aperture-priority exposure, no metering choices--not even manual white balance.
Though the 2.5-inch LCD tends to blow out in bright sunlight, it otherwise works very well. Plus, the Z5fd offers the option of driving the display at 30fps, 60fps, or in a standard power save mode. Though denoted by frame rates, the 60fps does make the screen look slightly higher resolution than the other modes. As you'd guess, it draws more power, as well.
The Z5fd's performance falls on the high side of average for its class; in other words, it doesn't set any records, but it's got little to be ashamed about. It's up and shooting within 1.6 seconds, and imposes a reasonable 0.5-second shutter delay under typical bright shooting conditions. In less-than-optimal light, that increases to about 1.1 seconds, good for its type. Unsurprisingly, it follows that it has a very good typical shot-to-shot time of 1.7 seconds. With flash enabled, that time rises to about 2.6 seconds.
Burst shooting represents the Z5fd's weakest performance aspect; maxing out at 0.7fps, it's not very useful. Fujifilm supplies 2.2fps Top 3 and Final 3 burst modes to help compensate: Top 3 simply bursts for three shots while Final 3 shoots up to 40 frames, saving only the last three.
Though its photos can be pretty good, the Z5fd performs inconsistently. On one hand, I see no lens distortion or focus problems, nary a compression artifact and only the occasional case of purple fringing. Photos look relatively sharp and white balance reasonably neutral. If you want that typical vivid snapshot appearance, you'll have to switch into Chrome (as in slide film) color mode, because the standard mode looks a little flat relative to most point-and-shoot models.
Producing consistently correct exposures is the Z5fd's biggest issue. Though not uncommon among budget cameras, poor exposure of backlit subjects is unnecessary; all the manufacturer has to do is link spot metering to the center-point focus setting, an option which many of them, including the Z5fd, provide. It doesn't need to be user selectable. Using fill flash is a poor substitute, especially given the Z5fd's limited range of up to 11.5 feet (wide angle, auto ISO). The Z5fd also has problems with any unevenly lit scene, something that can't be solved by increasing the ISO sensitivity setting.
Furthermore, the Z5fd doesn't fare very well shooting movies. They look okay played at actual size (640x480); they should, given the M-JPEG AVI file's somewhat piggy megabyte per minute of storage. But the camera can't optically zoom during capture, and doesn't even refocus if you pan across a scene.
All of which adds up to a pretty typical, not particularly notable addition to the budget-camera pantheon. The Fujifilm FinePix Z5fd probably ranks as one of the smaller, cuter budget models, but it's ultimately your call as to whether the marginally slimmer build makes up for the missing features and inconsistent photo quality. I don't think it does.
The good: Attractive design; decent photos shot at high ISO sensitivity levels.
The bad: Flat, hard-to-feel buttons; lens too close to camera edge; doesn't zoom or refocus in movie mode.
The bottom line: It's thin, pretty, and reasonably fast, but exposure problems make the Fujifilm Z5fd hard to recommend to its budget snapshooter audience.
With the exception of its admittedly sleek-looking design, there's not a lot to differentiate the ultracompact Fujifilm Z5fd from a crowded field of budget competitors. Granted, it does come in an eye-melting raspberry red and a sophisticated mocha brown in addition to basic silver.
Like most, the 6-megapixel Z5fd offers a 3x zoom lens with a typically narrow f/3.5-4.2 36mm-108mm-equivalent lens. The 5-ounce camera's dimensions are 2.2 inches high by 3.6 inches wide by 0.8 inch deep, which makes it comfortable to stick in your pocket, but not quite as comfortable to shoot with. For instance, because of the combination of the camera's thin profile and the position of the lens so close to the edge, my finger frequently crept into the frame (only once did it actually end up in the photo, though).
The Z5fd's thin profile demands small controls, and the still/video switch can be especially hard to feel. Fujifilm dedicates a button to Face Detection.
The Z5fd's most novel feature is the Trimming for Blog tool, which, in addition to the age-old ability to crop a photo to 640x480, allows you to download the photos to a compatible device via IrSimple. I'm not sure how popular this is in Asia, but as far as I can tell not a lot of phones in the U.S. support it. So as of now, all you can really do is bounce the photos back and forth among select Fujifilm cameras.
Calling out the face detection with a dedicated button (and, of course, the "fd" in the model name) certainly makes it easier to find and use, but I'm still on the fence about how useful it is. It can locate more than one face in a scene but must choose a single face to take priority--usually the one closest to the center of the frame. The algorithm needs to be able to resolve two eyes, which seems to mean a horizontal angle of about 25 or 30 degrees off face front; it seems to have more tolerance vertically. A face must be within roughly 20 feet, and beyond that it starts to struggle. It's not fast enough to keep up with changing positions, and you frequently end up shooting in between face-focus locks (at which point it acts like normal focus).
Another Fujifilm staple is the Natural Light and Flash scene mode, which shoots two consecutive shots, one at a high ISO setting without flash, and one at a lower ISO setting with flash. You can then choose which look you prefer. The rest of the scene modes are pretty standard: Natural Light (high ISO), Portrait, Landscape, Sport, Night, Fireworks, Sunset, Snow, Beach, Museum, Party, Flower (macro), and Text. A Picture Stabilization mode merely uses high ISO settings to enable faster shutter speeds. In macro mode the camera can focus as close as about 3.1 inches.
That's about it. The Z5fd completely lacks any manual controls. No shutter- or aperture-priority exposure, no metering choices--not even manual white balance.
Though the 2.5-inch LCD tends to blow out in bright sunlight, it otherwise works very well. Plus, the Z5fd offers the option of driving the display at 30fps, 60fps, or in a standard power save mode. Though denoted by frame rates, the 60fps does make the screen look slightly higher resolution than the other modes. As you'd guess, it draws more power, as well.
The Z5fd's performance falls on the high side of average for its class; in other words, it doesn't set any records, but it's got little to be ashamed about. It's up and shooting within 1.6 seconds, and imposes a reasonable 0.5-second shutter delay under typical bright shooting conditions. In less-than-optimal light, that increases to about 1.1 seconds, good for its type. Unsurprisingly, it follows that it has a very good typical shot-to-shot time of 1.7 seconds. With flash enabled, that time rises to about 2.6 seconds.
Burst shooting represents the Z5fd's weakest performance aspect; maxing out at 0.7fps, it's not very useful. Fujifilm supplies 2.2fps Top 3 and Final 3 burst modes to help compensate: Top 3 simply bursts for three shots while Final 3 shoots up to 40 frames, saving only the last three.
Though its photos can be pretty good, the Z5fd performs inconsistently. On one hand, I see no lens distortion or focus problems, nary a compression artifact and only the occasional case of purple fringing. Photos look relatively sharp and white balance reasonably neutral. If you want that typical vivid snapshot appearance, you'll have to switch into Chrome (as in slide film) color mode, because the standard mode looks a little flat relative to most point-and-shoot models.
Producing consistently correct exposures is the Z5fd's biggest issue. Though not uncommon among budget cameras, poor exposure of backlit subjects is unnecessary; all the manufacturer has to do is link spot metering to the center-point focus setting, an option which many of them, including the Z5fd, provide. It doesn't need to be user selectable. Using fill flash is a poor substitute, especially given the Z5fd's limited range of up to 11.5 feet (wide angle, auto ISO). The Z5fd also has problems with any unevenly lit scene, something that can't be solved by increasing the ISO sensitivity setting.
Furthermore, the Z5fd doesn't fare very well shooting movies. They look okay played at actual size (640x480); they should, given the M-JPEG AVI file's somewhat piggy megabyte per minute of storage. But the camera can't optically zoom during capture, and doesn't even refocus if you pan across a scene.
All of which adds up to a pretty typical, not particularly notable addition to the budget-camera pantheon. The Fujifilm FinePix Z5fd probably ranks as one of the smaller, cuter budget models, but it's ultimately your call as to whether the marginally slimmer build makes up for the missing features and inconsistent photo quality. I don't think it does.
The extended zoom range of the camera makes optical image stabilization (OIS) essential. Canon's lens shift OIS provides an effective antidote to camera shake, particularly at longer zoom lengths or during long exposures when even the slightest hand-held shake is magnified to picture blurring proportions. Superior to electronic image stabilization systems that simply use software to mask movement, OIS actually shifts the lens proportionately to compensate for unwanted motion, making it easier to snap great images. The OIS found in Canon PowerShot digital cameras is based on technology developed for Canon's renowned high-end professional EOS SLR cameras.
The steady effectiveness is further enhanced when paired with the new "Auto ISO Shift" feature which, at the touch of a button, can automatically increase the ISO speed setting as required to maintain fast shutter speeds when shooting in low-light conditions without a flash.
With Canon's new Genuine Face Detection technology, the camera can detect up to nine forward-looking human faces in a scene. The Face Detection algorithm automatically prioritizes and selects faces and not simply the closest object (based on Canon's Intelligent Scene Analysis/iSAPS technology). It will then optimize the focus, exposure and flash to ensure the best possible results. Using Canon's Face Detection, photographers can keep up to nine faces in focus at any one time no matter where they are within the image. Working in concert with Face Detection, the "Red-Eye Correction" feature helps to detect and correct red-eye during playback mode. Images can be corrected manually while viewing photos on the LCD screen. Canon's new Face Detection Technology makes for even easier picture-taking moments, helping users ensure in-focus smiles, and assist in the elimination of over-exposed faces.
The "brain" of these new PowerShot cameras is DIGIC III, the gold standard on all new Canon digital cameras. The DIGIC III image processor accounts for the camera's higher performance levels, including faster start-up, faster autofocus and quicker shutter response times that leave long-lag competitors in the dust. The DIGIC III chip design improves image quality and offers more efficient power consumption, resulting in extended battery life under typical shooting conditions. Like all of the Canon's new models, the SD870 offers a widescreen 16:9 ratio resolution setting that facilitates creating panoramic-style prints. Additionally, all new PowerShot models support 23 languages (now including Thai and Arabic). The new cameras have an improved direct printing function that permits greater flexibility in print settings, including a face brightener setting for backlit photos. Canon also enhanced the �My Colors� mode found in the new PowerShot line. Where previously, users could only enable �My Colors� while shooting, the current iteration permits captured images to be retouched as well, without the need for special software applications or tools. Available My Color playback modes include Vivid Blue, Vivid Green, and Vivid Red; lighter and darker skin tones, as well as options for creating black & white, sepia, neutral and positive film effects. For those who consider the ocean depths part of the Digital Elph camera line�s �go anywhere� promise, Canon offers individual optional waterproof housing systems. With a depth rating of 40m/130 feet for many of the PowerShot Digital ELPH cameras, these models are a natural choice for underwater photo enthusiasts, SCUBA divers and even snorkelers. As an added convenience, Canon PowerShot digital cameras also accommodate MultiMedia MMC and MMC+ memory cards, as well as standard SD memory cards and the new, high-capacity SDHC memory cards. This way, consumers do not have to carry around multiple memory cards in order to be able to continue to save those special moments during extended vacations or high-photo-taking adventures. Canon PowerShot owners can travel in sleek style.Powershot SD870 IS Features:
The PowerShot SD870 IS Digital ELPH is available now for an estimated selling price of US$399.99, and ships with PowerShot SD870 IS Digital ELPH Body, Lithium Battery Pack NB-5L, Battery Charger CB-2LX, SD Memory Card (32MB), Wrist Strap WS-DC2, Digital Camera Solution CD-ROM, USB Interface Cable IFC-400PCU, and AV Cable AVC-DC300.
Via Steve Digicams
The extended zoom range of the camera makes optical image stabilization (OIS) essential. Canon's lens shift OIS provides an effective antidote to camera shake, particularly at longer zoom lengths or during long exposures when even the slightest hand-held shake is magnified to picture blurring proportions. Superior to electronic image stabilization systems that simply use software to mask movement, OIS actually shifts the lens proportionately to compensate for unwanted motion, making it easier to snap great images. The OIS found in Canon PowerShot digital cameras is based on technology developed for Canon's renowned high-end professional EOS SLR cameras.
The steady effectiveness is further enhanced when paired with the new "Auto ISO Shift" feature which, at the touch of a button, can automatically increase the ISO speed setting as required to maintain fast shutter speeds when shooting in low-light conditions without a flash.
With Canon's new Genuine Face Detection technology, the camera can detect up to nine forward-looking human faces in a scene. The Face Detection algorithm automatically prioritizes and selects faces and not simply the closest object (based on Canon's Intelligent Scene Analysis/iSAPS technology). It will then optimize the focus, exposure and flash to ensure the best possible results. Using Canon's Face Detection, photographers can keep up to nine faces in focus at any one time no matter where they are within the image. Working in concert with Face Detection, the "Red-Eye Correction" feature helps to detect and correct red-eye during playback mode. Images can be corrected manually while viewing photos on the LCD screen. Canon's new Face Detection Technology makes for even easier picture-taking moments, helping users ensure in-focus smiles, and assist in the elimination of over-exposed faces.
The "brain" of these new PowerShot cameras is DIGIC III, the gold standard on all new Canon digital cameras. The DIGIC III image processor accounts for the camera's higher performance levels, including faster start-up, faster autofocus and quicker shutter response times that leave long-lag competitors in the dust. The DIGIC III chip design improves image quality and offers more efficient power consumption, resulting in extended battery life under typical shooting conditions. Like all of the Canon's new models, the SD870 offers a widescreen 16:9 ratio resolution setting that facilitates creating panoramic-style prints. Additionally, all new PowerShot models support 23 languages (now including Thai and Arabic). The new cameras have an improved direct printing function that permits greater flexibility in print settings, including a face brightener setting for backlit photos. Canon also enhanced the �My Colors� mode found in the new PowerShot line. Where previously, users could only enable �My Colors� while shooting, the current iteration permits captured images to be retouched as well, without the need for special software applications or tools. Available My Color playback modes include Vivid Blue, Vivid Green, and Vivid Red; lighter and darker skin tones, as well as options for creating black & white, sepia, neutral and positive film effects. For those who consider the ocean depths part of the Digital Elph camera line�s �go anywhere� promise, Canon offers individual optional waterproof housing systems. With a depth rating of 40m/130 feet for many of the PowerShot Digital ELPH cameras, these models are a natural choice for underwater photo enthusiasts, SCUBA divers and even snorkelers. As an added convenience, Canon PowerShot digital cameras also accommodate MultiMedia MMC and MMC+ memory cards, as well as standard SD memory cards and the new, high-capacity SDHC memory cards. This way, consumers do not have to carry around multiple memory cards in order to be able to continue to save those special moments during extended vacations or high-photo-taking adventures. Canon PowerShot owners can travel in sleek style.Powershot SD870 IS Features:
The PowerShot SD870 IS Digital ELPH is available now for an estimated selling price of US$399.99, and ships with PowerShot SD870 IS Digital ELPH Body, Lithium Battery Pack NB-5L, Battery Charger CB-2LX, SD Memory Card (32MB), Wrist Strap WS-DC2, Digital Camera Solution CD-ROM, USB Interface Cable IFC-400PCU, and AV Cable AVC-DC300.
Via Steve Digicams
"Virignia McLeod studied architecture in Australia and has worked for a number of private practices in London. She was the editor of The Phaidon Atlas of Contemporary World Architecture and currently works as a freelance writer and editor." [source]
The U.S. commercial paper market shrank for the seventh straight week as the Federal Reserve's interest rate cut fails to improve conditions for short-term credit.You have to love the spin with this statement: "The week's decline is smaller than the previous week's drop of $48.1 billion, a sign that buyers are starting to return to the market".
Debt maturing in 270 days or less continued its biggest slump in seven years, falling $13.6 billion in the week ended yesterday to a seasonally adjusted $1.855 trillion, including a $17.3 billion decline in asset-backed commercial paper, according to the Federal Reserve in Washington. The week's decline is smaller than the previous week's drop of $48.1 billion, a sign that buyers are starting to return to the market after the Fed's half-point reduction Sept. 18 in its benchmark interest rate
It is merely an attempt to delay the inevitable restructuring can take many forms, and from CFC's perspective what it is attempting to do is essentially extend a life line to higher risk borrowers.Global Credit Crisis Canadian Style
This of course has consequences, such as immediate cash flow/earnings impact, and the associated impact on ABX pools and CDOs as outlined below.
Further, it introduces perhaps the unintended consequences that the writer puts forth--that is a deliberate attempt to get one's mortgage restructured at terms favorable to the borrower.
A senior Russian banker warned on Wednesday of debt defaults as the liquidity squeeze in Russia tightened following the global credit crunch and interbank lending rates climbing to a two-year high. �If debt markets remain closed until the end of the year the situation is going to get very difficult for many banks,� said Oleg Vyugin, chairman of privately owned MDM Bank and former head of Russia�s financial markets regulator.I see "the situation [in Russia] will ease by the beginning of October".
�There could be some defaults. The Russian rouble bond market is not working.�
Overnight lending rates in Russia climbed to 10 per cent, the highest since mid-2005, even after the central bank on Wednesday pumped an additional $2.56bn into the banking system via two one-day repo auctions.
�Banks are not lending to each other,� said Alexei Yu, a fixed income trader at Aton brokerage. �But it is largely due to internal reasons. Tax payments are falling due at the end of the month and at the end of the quarter, banks must bring their accounts in line with the regulations of the central bank. By the beginning of October, the situation will ease.�
The UK government�s finances swung into deficit in August, registering the worst readings for that month since records began, official data showed on Monday. The public sector borrowed �9.1bn in August, �2.3bn more than in the same month the previous year and above forecasts for borrowing of �6.6bn.If that was not bad enough The Bank of England fears squeeze on companies
Richard McGuire, strategist at RBC Capital Markets, said the figures suggested there was �little scope for the government providing much in the way of a counterbalance to likely much softer growth in the private sector.�
Evidence that the credit squeeze will hurt the UK economy emerged yesterday when a Bank of England survey showed companies were likely to be hit hard by higher borrowing costs. This was followed by one of Britain's biggest housebuilders reporting plummeting sales in the wake of the Northern Rock crisis.Global Credit Crisis Chinese Style
The news came as recriminations over the handling of Northern Rock continued with Richard Lambert, director-general of the CBI employers' organisation blasting the Bank, the government and the Financial Services Authority at a dinner in Newcastle last night.
He said the tripartite system had "been found wanting under fire", creating scenes on Britain's streets that should occur only in a "banana republic".
China is to enforce a freeze on all government-controlled prices in a sign of Beijing�s alarm about rising popular anger over inflation, now at its highest rate in more than a decade. The order freezes a vast array of prices still under the control of government in China, ranging from oil, electricity and water to the cost of parking and park entrance fees.Current Conditions Summary
�Any unauthorised price rises are strictly forbidden?.?.?.?and in principle there will be no new price-raising measures this year,� the ministries said.
