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Palin resigns as Alaska governor

PVM Oil Associates manager wrote bullish note on rising prices before rogue trade discovered

Jul 03, 2009 03:27PM

Sarah Palin abruptly resigned as governor of Alaska, saying she did not want to waste her time on 'political blood sport' and would hand power to her deputy later this month.

Jul 04, 2009 03:33AM

On Wall Street: Banks no longer so lucrative

South Korea's Yonhap news agency, citing an unnamed government official, reports that North Korea on Saturday test-fired two Scud-type missiles that have an estimated range of 500km

Jul 03, 2009 11:52AM

Private equity are eagerly buying troubled lenders, but they are not the money spinners that they once were, writes Henny Sender

Jul 03, 2009 11:20AM

Beijing Auto submits GM Europe offer

Beijing has joined a growing clamour of complaint about US plans for a carbon tax on imports from countries without their own emission caps, warning it could set off a global trade war

Jul 03, 2009 11:29AM

Beijing Automotive Industry Corporation has submitted a late offer for General Motors' European operations, formally putting the Chinese carmaker in the race against a frontrunning Russian-backed bid

Jul 03, 2009 03:04PM

Taliban step up attacks in Helmand valley

Taliban insurgents stepped up attacks against US Marines in southern Afghanistan's Helmand River valley, forcing troops in some areas to spend the day fighting instead of carrying out plans to meet with residents and local leaders

Jul 03, 2009 10:58AM

Heat rises as Russia awaits Obama

Russia eyes opportunities created by the economic context and what it calls a crisis in US global leadership to show that Washington needs Moscow

Jul 03, 2009 11:19AM

Britain's Foreign Office said it was 'very concerned' by reports from Iran that local embassy staff may face trial in connection with demonstrations against last month's presidential election

Jul 03, 2009 03:34PM

Sir Alex Ferguson, manager of English football team Manchester United, is to join forces with the television star Sir David Frost in a �1bn property venture backed by Middle Eastern investors

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Financial Times - UK Homepage
Sat, 4 Jul 2009 13:30:13 +0100

http://www.ft.com/home/uk

Jul 03, 2009 03:34PM

PVM Oil Associates manager wrote bullish note on rising prices before rogue trade discovered

Jul 03, 2009 03:34PM

Ministers consider changes on council pensions

Sir Alex Ferguson, manager of English football team Manchester United, is to join forces with the television star Sir David Frost in a �1bn property venture backed by Middle Eastern investors

Jul 03, 2009 03:36PM

Funding requirements for 3.7m council workers' pensions could be loosened by the government to avoid a sharp increase in local taxes or a showdown with the unions

Jul 04, 2009 03:33AM

Palin resigns as Alaska governor

South Korea's Yonhap news agency, citing an unnamed government official, reports that North Korea on Saturday test-fired two Scud-type missiles that have an estimated range of 500km

Jul 03, 2009 03:27PM

Sarah Palin abruptly resigned as governor of Alaska, saying she did not want to waste her time on 'political blood sport' and would hand power to her deputy later this month.

Jul 03, 2009 11:19AM

UK ready to co-fund GM Europe spin-off

Britain's Foreign Office said it was 'very concerned' by reports from Iran that local embassy staff may face trial in connection with demonstrations against last month's presidential election

Jul 03, 2009 12:27PM

Britain is ready to provide loans or loan guarantees to finance the spin-off of General Motors' European Opel/Vauxhall arm, Peter Mandelson, UK business secretary, said

Jul 03, 2009 12:04PM

Halabi family trusts hit by default on �1bn loan

The loan of more than �1bn that backed a portfolio of central London office buildings owned by investor Simon Halabi's family trusts has gone into default, raising questions about the future ownership of the properties

Jul 03, 2009 11:20AM

Burmese elite enjoy times of plenty

Beijing has joined a growing clamour of complaint about US plans for a carbon tax on imports from countries without their own emission caps, warning it could set off a global trade war

Jul 03, 2009 11:45AM

Some Rangoon business people say its spurt of highly conspicuous consumption reflects the economy's deep malaise rather than its fundamental health

Financial Times - Asia homepage
Sat, 4 Jul 2009 13:30:13 +0100

http://www.ft.com/home/asia

Jul 03, 2009 03:34PM

PVM Oil Associates manager wrote bullish note on rising prices before rogue trade discovered

Jul 04, 2009 03:33AM

South Korea's Yonhap news agency, citing an unnamed government official, reports that North Korea on Saturday test-fired two Scud-type missiles that have an estimated range of 500km

Jul 03, 2009 11:20AM

Beijing Auto submits GM Europe offer

Beijing has joined a growing clamour of complaint about US plans for a carbon tax on imports from countries without their own emission caps, warning it could set off a global trade war

Jul 03, 2009 11:29AM

Beijing Automotive Industry Corporation has submitted a late offer for General Motors' European operations, formally putting the Chinese carmaker in the race against a frontrunning Russian-backed bid

Jul 03, 2009 07:31AM

US drone targets militants in missile attack

At least 11 suspected islamic militants were killed in a US missile attack by drone aircraft in Pakistan's Waziristan region, ahead of an expected military offensive by the Pakistan army

Jul 03, 2009 11:19AM

Britain's Foreign Office said it was 'very concerned' by reports from Iran that local embassy staff may face trial in connection with demonstrations against last month's presidential election

Jul 03, 2009 03:34PM

Burmese elite enjoy times of plenty

Sir Alex Ferguson, manager of English football team Manchester United, is to join forces with the television star Sir David Frost in a �1bn property venture backed by Middle Eastern investors

Jul 03, 2009 11:45AM

Some Rangoon business people say its spurt of highly conspicuous consumption reflects the economy's deep malaise rather than its fundamental health

Jul 03, 2009 11:03AM

No hoops allowed in chaos of G8 logistics

Such is the chaotic state of preparations for the July 8-10 summit in a police barracks on the edge of L'Aquila that scores of reporters were kept penned for hours outside in a temporary press centre

Jul 03, 2009 10:58AM

Heat rises as Russia awaits Obama

Russia eyes opportunities created by the economic context and what it calls a crisis in US global leadership to show that Washington needs Moscow

Financial Times - Middle East Homepage
Sat, 4 Jul 2009 13:30:15 +0100

http://www.ft.com/home/middleeast

Jul 03, 2009 03:34PM

PVM Oil Associates manager wrote bullish note on rising prices before rogue trade discovered

Jul 03, 2009 11:19AM

Beijing Auto submits GM Europe offer

Britain's Foreign Office said it was 'very concerned' by reports from Iran that local embassy staff may face trial in connection with demonstrations against last month's presidential election

Jul 03, 2009 11:29AM

Beijing Automotive Industry Corporation has submitted a late offer for General Motors' European operations, formally putting the Chinese carmaker in the race against a frontrunning Russian-backed bid

Jul 04, 2009 03:33AM

South Korea's Yonhap news agency, citing an unnamed government official, reports that North Korea on Saturday test-fired two Scud-type missiles that have an estimated range of 500km

Jul 03, 2009 03:34PM

Sir Alex Ferguson, manager of English football team Manchester United, is to join forces with the television star Sir David Frost in a �1bn property venture backed by Middle Eastern investors

Jul 03, 2009 11:20AM

Burmese elite enjoy times of plenty

Beijing has joined a growing clamour of complaint about US plans for a carbon tax on imports from countries without their own emission caps, warning it could set off a global trade war

Jul 03, 2009 11:45AM

Some Rangoon business people say its spurt of highly conspicuous consumption reflects the economy's deep malaise rather than its fundamental health

Jul 03, 2009 11:52AM

On Wall Street: Banks no longer so lucrative

Private equity are eagerly buying troubled lenders, but they are not the money spinners that they once were, writes Henny Sender

Jul 03, 2009 11:03AM

No hoops allowed in chaos of G8 logistics

Such is the chaotic state of preparations for the July 8-10 summit in a police barracks on the edge of L'Aquila that scores of reporters were kept penned for hours outside in a temporary press centre

Jul 03, 2009 03:40AM

Syria invites Obama for talks

Syrian President Bashar al-Assad has issued an informal invitation to President Barack Obama to visit Damascus for talks, in a further that relations between the two countries may gradually be thawing

Knowledge@Wharton -- Real Estate
Fri, 03 Jul 2009 15:53:29 EST

So You Think Owning a Home Will Make You Happy? Don't Be Too Sure

Jun 10, 2009 03:08PM

Owning a home has long been viewed as the cornerstone of the American Dream, the foundation for a happy family life and long-term financial security. Now, a new research paper challenges that conventional wisdom. Wharton's Grace Wong Bucchianeri, a professor of real estate, says her research shows that while homeowners experience significant joy, they also face more aggravation, spend less time with friends, and are even heavier than renters living in comparable homes.

Apr 20, 2009 07:39PM

Risky Business: An Entrepreneur's Perspective on the Brazilian Housing Market

Rafael became an entrepreneur when he moved to Brazil about a year ago to work in the country's nascent housing market. Before that, he was a successful portfolio manager at a hedge fund in London where he had been saving his bonuses and waiting for the right moment to strike out on his own. That moment came -- in the real estate industry. But it was followed by what turned out to be a devastating blow -- the global financial crisis.

Mar 18, 2009 02:34PM

Don't Write off the Malls Just Yet, Says Real Estate Magnate David Simon

Despite press reports to the contrary, shopping malls are here to stay, at least according to David Simon, chairman and CEO of Simon Property Group, owner of more than 350 malls, outlet centers and other retail-oriented properties in the U.S., Europe and Asia. Indeed, Simon said during a recent Wharton Leadership Lecture, his firm might consider making acquisitions again given that prices have recently fallen to levels last seen in 2002.

Mar 11, 2009 02:25PM

A 'Downward Spiral': Gulf Region Real Estate in the Era of Cheap Oil

In 2002, oil prices in the nations of the Gulf Cooperation Council (GCC) stood at $25 a barrel. By July 2008, that number had jumped to $147. The increase enabled the GCC's six member countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) to almost triple their gross domestic product -- from $350 billion to more than $1 trillion. Now oil prices have fallen again -- this time to below $40 a barrel -- and the oil boom and bust have come at a steep price, especially for Dubai.

Feb 05, 2009 01:41PM

Hirco Group's Aniruddha Joshi: 'Long-Term Drivers of India's Growth Have Not Changed'

What impact has the global financial crisis had on India's real estate market? According to Aniruddha Joshi, executive director of Hirco Group in Britain, which develops residential properties and mixed-use townships in India, the credit crisis has affected portfolio allocations. Still, Hirco's strategy toward property development in India will not change, Joshi told Knowledge@Wharton in an interview during the recent Knowledge@Wharton Real Estate in Emerging Markets Forum. "We believe that the long-term India story and the fundamentals are still intact."

Jan 21, 2009 02:32PM

Where the Deals Are: Real Estate in Emerging Markets

The unstoppable consumer demand and high returns once guaranteed by "hypergrowth" markets like the fabled BRICs -- Brazil, Russia, India and China -- are no longer a given, according to global real estate developers, investors, finance specialists and executives who spoke at the recent Knowledge@Wharton Real Estate in Emerging Markets Forum. Instead, investors need to evaluate each market individually and, given the current economic climate, focus on the long term.

Jan 16, 2009 08:09AM

Istanbul Mortgage's Bahadir Teker: Turkey 'Is Ready to Deal with This Kind of Credit Crunch'

Having bounced back from its own profound financial crises in 1994 and 2000, Turkey is well prepared to ride out the current global economic storm, according to Bahadir Teker, CEO of Istanbul Mortgage. In an interview with Knowledge@Wharton, Teker noted that the stability of Turkey's banking system and its dramatic rise in housing demand will help to temper any slowdowns in the country's real estate industry over the next couple of years.

Jan 16, 2009 08:09AM

Jones Lang LaSalle's Colin Dyer: Quality Assets at Prices 'Perhaps Available Only Once in a Generation'

From Colin Dyer's perspective, the worldwide real estate market is in pretty bad shape. As president and CEO of global real estate services firm Jones Lang LaSalle, Dyer has seen firsthand the problems that an absence of liquidity is causing for buyers who need financing for real estate transactions. Yet he is also optimistic that comparatively little competition and some good bargains provide excellent market opportunities for those who know where to look. Dyer expanded on these points during an interview with Knowledge@Wharton.

Jan 16, 2009 08:09AM

MLP's Bruce Gardner: Five Rules to Live by in Russia's Real Estate Market

While Russia initially may have been insulated from the impact of the global financial crisis -- due to the once-high price of oil -- the country is now feeling the impact of the slowdown. What does this mean for the Russian real estate market? How are real estate companies responding to the crisis? And what should international companies look for when doing business there? Bruce Gardner, managing director of MLP Russia and a participant in the recent Knowledge@Wharton Real Estate in Emerging Markets Forum, offers some answers.

Jan 16, 2009 08:09AM

Wuxi Iparks' Gilles Assouline: 'The Difference between China and the Rest of the World Is the Demand'

China's unsurpassed demand, cash reserves and willingness to invest heavily in new infrastructure make it an attractive option for foreign real estate investors, according to Gilles Assouline, president of Wuxi Iparks Creative Design & Development. In an interview with Knowledge@Wharton, Assouline spoke about why conditions in China are ripe for real estate development, and how partnering with the world's fastest-growing economy may be a requisite for survival in the current economic downturn.

Knowledge@Wharton -- Insurance and Pensions
Fri, 03 Jul 2009 15:53:29 EST

Not So Golden: Employees -- and Employers -- Feel the Pinch from Shortfalls in Retirement Funding

Apr 01, 2009 03:13PM

The golden years for most Americans appear increasingly threatened by the global financial crisis. Retirement accounts have lost from $2 trillion to $4 trillion as stocks have tumbled nearly 50% from their peak in 2007. Pension funds -- which typically invest between 60% and 70% in equities -- are also finding their accounts billions of dollars below minimum requirements. For Americans facing retirement, the details of how these plans work may be fuzzy, but the big picture is clear: Whatever comfortable cushion retirees may have had is now gone, and the process of building it back up will be arduous and long.

Sep 17, 2008 06:25PM

AIG Rescued: Was an $85 Billion Loan the Right Answer?

After refusing to bail out Lehman Brothers, the government agreed to an $85 billion loan to insurance giant AIG, effectively taking over the company. Knowledge@Wharton talked to Wharton insurance professors Olivia Mitchell and Kent Smetters to find out how the world's largest insurer got into this situation and how it can be prevented from happening again.

Jun 13, 2007 12:33PM

You've Worked Hard, Saved and Just Retired: How Do You Manage Your Finances Now?

As baby boomers retire and start spending their nest eggs, they will need new financial products to make their money last, according to speakers at a recent Wharton Impact Conference titled, "Managing Retirement Payouts: Positioning, Investing and Spending Assets." The conference explored emerging patterns in spending during retirement and debated new ideas to help retirees manage their finances after leaving the workforce.

Feb 07, 2007 01:59PM

Fantasy Sports: The Players, the Platforms and the Profits

According to some industry estimates, fantasy sports is now a $4 billion industry and growing quickly. What is fantasy sports, who provides fantasy sports platforms, what are the most popular fantasy sports, and -- coming off the Indianapolis Colts' recent Super Bowl win -- can we assume there will be a Super Bowl for fantasy football, or for baseball, basketball or hockey? Knowledge@Wharton asked Kent Smetters, professor of insurance and risk management, to bring us up to speed on the future of this industry.

Oct 18, 2006 02:48PM

How Can Employers Improve Defined Contribution Plans?

If 401(k)s and similar plans are the main way Americans invest for retirement, how can employers improve them? By making enrollment automatic, minimizing the use of the employer's stock, expanding the role of annuities and improving employees' financial knowledge, according to a set of recommendations issued by the Financial Economists Roundtable, a group of about 50 prominent economists, including several Wharton faculty members.

Sep 27, 2006 04:51PM

Strategies for Dealing with the Risks of 9/11, Katrina and Other Disasters: A Conversation with Wharton Experts

In the five years since the attacks on September 11, 2001, Howard Kunreuther, Wharton professor of operations and information management, has collaborated with members of the private and public sectors to determine how individuals and firms can be motivated to enhance security in our interconnected world. In a new book titled, Seeds of Disaster, Roots of Response: How Private Action Can Reduce Public Vulnerability, Kunreuther and other contributors argue that the United States will continue to be at risk for low-probability, high-consequence events like 9/11 and Hurricane Katrina until the private sector and public leadership develop strategies to persuade individuals and firms to invest in cost-effective protective measures. The book is edited by Erwann Michel-Kerjan, managing director of Wharton's Center for Risk Management and Decision Processes, and three others.

Jul 26, 2006 10:03AM

Longer Lives and the 'Lump-Sum Illusion' Are Just Two of the Challenges Retiring Baby-Boomers Face

In the United States alone, an unprecedented 77 million baby-boomers will be living the next 20 to 30 years in retirement. With long lives ahead of them -- and without adequate planning -- what are the risks they are facing? According to Olivia Mitchell, Wharton professor of insurance and risk management, and Christopher "Kip" Condron, president and CEO of AXA Financial, the world's largest financial services firm, the rising tide of boomers in the U.S. and around the world needs to meet challenges that previous generations never faced, including changes to key retirement institutions, as well as medical-care cost inflation and the "lump-sum illusion." Knowledge@Wharton spoke with Mitchell and Condron about how the financial services industry is working to meet the needs of this next wave of retirees.

Mar 08, 2006 02:27PM

Hands-off: Holders of 401(k) Retirement Accounts Are Not Your Typical Investors

With $2.5 trillion invested in 401(k) retirement accounts, 60 million Americans control a powerful chunk of cash. So how much attention do investors pay to this vast pool of savings? Not much. According to a new Wharton analysis of retirement accounts managed by The Vanguard Group in 2003 and 2004, participants in 401(k) plans made little effort to tend their defined-contribution plans once they were set up. Even among those who did trade regularly, turnover rates were one-third those of professional money managers. Olivia S. Mitchell, executive director of Wharton's Pension Research Council, Stephen P. Utkus, principal, Vanguard Center for Retirement Research, and researchers Gary Mottola and Takeshi Yamaguchi present their findings in a paper entitled, "The Inattentive Participant: Portfolio Trading Behavior in 401(k) Plans."

Feb 08, 2006 02:31PM

Unlike Death and Taxes, Pensions Are No Longer Guaranteed

IBM. Verizon. Sears. Hewlett-Packard. Motorola. The list of corporations that have put a halt to guaranteed pension plans comes as a jolt to Baby Boom employees entering what they thought would be their peak pension-building years. At the same time, new accounting rules and Congressional legislation are being drafted to close the U.S. pension-funding gap, now estimated at $450 billion. While some proposals under discussion could make it easier for companies to discontinue defined-benefit plans, others would create incentives to support defined-contribution programs, such as 401(k) plans, according to Wharton faculty and pension experts. Amid all this flux, they add, one thing seems certain: Pension plans have become risky business.

Oct 19, 2005 02:43PM

Are Eliot Spitzer's Insurance Lawsuits Hitting the Wrong Targets?

On September 15, New York State Attorney General Eliot Spitzer indicted eight former executives from Marsh & McLennan Companies -- Marsh itself was not charged -- for their part in an alleged bid-rigging scheme. For Spitzer, bid-rigging is just part of the problem with the insurance industry. He says that another practice, contingent commissions, also artificially inflates the price of commercial insurance and therefore should no longer be allowed. Yet according to Wharton professor J. David Cummins, "contingent commissions can help keep property-casualty and other markets efficient," and may "actually level the playing field by giving buyers and sellers equal access to vital market information."

Knowledge@Wharton -- Innovation and Entrepreneurship
Fri, 03 Jul 2009 15:53:29 EST

Innovation: Sometimes It Takes a Village

Jun 24, 2009 02:27PM

Companies have formed alliances and strategic partnerships for hundreds of years, but experts gathered for a recent conference at Wharton's Mack Center for Technological Innovation said such connections are more important than ever in a fast-changing business environment. Still, because more innovation networks fail than succeed, companies may have to alter their culture to make these critical alliances work.

Jun 10, 2009 03:08PM

Ten Commandments from Entrepreneurial 'Evangelist' Guy Kawasaki

Venture capitalist, consultant and former Apple software "evangelist" Guy Kawasaki talked about "the art of innovation" during a recent visit to the University of Pennsylvania. He offered 10 rules for entrepreneurs and innovators. Among them: Make meaning, not money.

Jun 03, 2009 02:43PM

China's Growing Talent for Innovation

China has a wealth of advantages as a business innovator, including an adaptable population with an affinity for improvisation and reverse engineering, and a low-cost operating environment. Companies from developed economies soon will either profit from or compete against this developing culture of innovation as China moves beyond labor-intensive, low-value-added consumer goods. But China is not an easy place for outsiders to be innovators, and companies from developed economies looking for R&D partners there must proceed carefully.

May 27, 2009 03:28PM

Entrepreneur Elon Musk: Why It's Important to Pinch Pennies on the Road to Riches

Superpreneur seems like a better label for Elon Musk. At 38, he has already been a co-founder of PayPal, which sold for $1.5 billion, and SpaceX, which aims to commercialize the launching of payloads into orbit. He is also an initial investor in electric-car pioneer Tesla Motors and solar energy company SolarCity, which sells and services solar energy equipment. In the second half of a two-part interview, arranged by Wharton Entrepreneurial Programs, he tells Knowledge@Wharton the story of his entrepreneurial beginnings and what he learned about the value of pinching pennies.

May 27, 2009 03:04PM

Muhammad Yunus: Lifting People Worldwide out of Poverty

What began with a loan of $27 to 42 women in a small village 33 years ago has grown into a global microcredit movement that has changed the lives of millions of poor people around the world. Muhammad Yunus, founder and managing director of Bangladesh's Grameen Bank, was the guest speaker at Wharton's MBA commencement on May 17 and the recipient of an honorary doctor of laws degree during the University of Pennsylvania's commencement on May 18. Yunus spoke with Knowledge@Wharton about his successes, challenges and upcoming initiatives.

May 13, 2009 02:53PM

Tesla Motors CEO Elon Musk: 'Great Companies Are Built on Great Products'

Entrepreneur Elon Musk has three passions: the Internet, space exploration and clean energy. The first paid off handsomely for him in 2002 when he sold PayPal to eBay for $1.5 billion in stock. The second is fueled by SpaceX, a company that makes space launch vehicles. Musk's third passion is Tesla Motors, which makes the Tesla Roadster, an electric sports car that claims to go 244 miles per charge and sells for $101,500 or more. In the first of a two-part interview with Wharton Entrepreneurial Programs and Knowledge@Wharton, Musk speaks with management professor John Paul MacDuffie, co-director of the International Motor Vehicle Program, about electric cars, hybrids, the Tesla and the mysterious ways of Detroit.

May 13, 2009 02:53PM

Rowing, Robots and Roommates: And the Best Business Plan Is...

A decade ago -- with the dot.com boom in full swing and no shortage of venture funding -- entries in the Wharton Business Plan Competition were dominated by technology-oriented ideas. This year, with the economy in disarray, business plans from the "Great Eight" finalists played the field, with products ranging from a new training machine for crew teams to artificial eyes that dilate to a noninvasive way of measuring blood sugar levels. The winners were announced on April 29.

May 13, 2009 02:38PM

Harnessing the Sun and Outer Space: Elon Musk's Sky-high Vision

Luck alone could not fuel this portfolio: By age 38, Elon Musk has been a co-founder of PayPal, which he and his partners sold to eBay for $1.5 billion, and rocket builder SpaceX, which aims to commercialize the launching of payloads into orbit. He is also CEO of electric-car pioneer Tesla Motors, where he designs cars in addition to guiding the business, and solar energy company Solar City, which sells and service solar energy equipment. The three current ventures continue to grow despite today's economic environment. Musk recently spoke at the University of Pennsylvania about luck, innovation and the fundamentals of success in any business.

Apr 20, 2009 07:40PM

Franchising in Germany: A Stepping Stone Toward Entrepreneurship

Germans are widely considered to be risk-averse, and Germany is hardly the first country one associates with entrepreneurship. Indeed, for typical middle-class Germans accustomed to long-term employment in their field of training, entrepreneurship is often seen as complex and full of uncertainties. Franchising, however, represents a means of avoiding many of the risks associated with starting one's own company. Just ask Dietmar Wahnelt, who translated his passion for cooking into a successful soup franchise.

Apr 07, 2009 10:01AM

Innovation Thrives Among German Firms, Though Hurdles Persist

Germany registers more patents per capita than any other nation. In fields such as alternative energy, the country is on track to gain recognition as a center of innovation and excellence. Still, according to experts from Wharton, Mannheim and elsewhere, the deep technical expertise that German firms inculcate among their workers and executives sometimes becomes a barrier to pursuing emerging opportunities.

Knowledge@Wharton -- Finance and Investment
Fri, 03 Jul 2009 15:53:29 EST