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Show Thursday, December 2011 1, University Journal - Page 3 GOAL! q7IN BRIEF POILQCE BEAT Cedar City manager resigns from duties Cedar City Police Department Thursday City Manager Ron Chandler resigned Monday alter six yeais of service for Cedar A City group of Korean Police responded to a report at 515 W. Bristlecone Drive SUU students brave the colder a to According press release from the Cedar City Corporation, the city has Chandler's accepted The city is appreciative of all the woik and effort Mr Chandler has dedicated during his tenure and wishes him and his family the best in their future endeavois, accoiding to the city piess lelease During Chandlers years as city manager he helped oversee the construction of the aquatic center and the Lake at the Hills He started working as city manager foi Cedar City in 2006 after previously working as city manager in South Weber Cedai' ' City Mayor Joe Burgess said he believes conflicts with elected officials is one reason behind Chandlers resignation Chandlers last day will be HAILEY SUU NEWS TAVOIAN and arrested Stetson temperatures and wind to play some soccer on the Business Quad Wednesday afternoon. Members of the group said they have contemplated forming a Korean mens soccer club, but havent made it official yet. Dwayne Bravo, on 29, suspicion of intoxication and domestic violence in the presence of a cmld Friday Coordinated central bank moves prompt monster stock rally Wed. By KEVIN HALL 12,045 68 JOURNAL NEWS SERVICES - WASHINGTON A surprise cooidinated move Wednesday by the Federal Reserve and five other cential banks to keep credit flowing amid the worsening debt crisis in Europe sparked a huge rally on Wall Street, but expeits doubted the momentum would hold The central banks announced before the opening of U S markets that theyd lower the pricing tor arrangements in which one central bank swaps its national currency for dollars The move, which shaves half a percentage point off the borrowing costs, affects central banks, which in turn lend money to private banks It should make it easier for private banks, especially European ones, to make loans in dollars or to hold securities denominated in U S dollars The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank all joined the Fed in Wednesday mornings surprise action Still, the move doesnt remedy what ails Europe But it is a combined show of strength designed to reassure markets that the Fed and its allies are on the job Reassure it did, with blue chips on the Dow Jones industrial average soaring all day and closing up 490 05 points, or 4 2 percent, at Dec 30 The press release also states the city will begin the hinng process to fill this position following approval from the city council Deadline extended for literary journal The Kolob Canyon Review has extended its deadline for accepting submissions for the journal until Dec 15 at 5pm The review is accepting submissions of original poetiy, prose, short stories, art and photography Dana LeCheminant, a senior English major from Sandy, is the submissions editor for the Kolob Canyon Review. She said the deadline was extended so people submitting work to the review could have more time to woik on their pieces All submissions can be sent by email to kolobcanyonreview gmail com Similarly, the S&P 500 gained 51 77 points to 1,246 96, and the Nasdaq composite leaped 104 83 points to close at 2,620 34 A Fed statement explained that the action was designed to support financial stability and to promote the extension of credit to U S households and businesses It added that U S financial institutions currently do not face difficulty obtaining liquidity in shortterm funding markets However, were conditions to deteriorate, the Federal Reserve has a range of tools available to provide an effective liquidity backstop for such institutions if the European crisis spreads A liquidity backstop is a fancy way of saying that banks and corporations continue to have access to credit amid tightening lending conditions in Europe The move ensures that companies in developed economies continue to have access to U S dollars even as their own currencies, such as the European Unions euro, come under stress Thats important, since most major U S corporations either manufacture in or sell to European countries Its another step to ensure Europes problems dont land here Independent analysts welcomed the surprise move but warned it isnt a panacea Economists for forecaster RDQ Economics in New York said in a note to investors that the actions Police arrested Tyson Edmund Post, 26, on of suspicion speed regulation, possessing amphetamines obviously do not address the underlying cause of the rise in for funding costs, particulaily European banks RDQ likened the actions to giving aspirin to a patient with a fever, lowering the fever but not addressing its cause It added that economists continue to believe that expanded bond purchases by the ECB (European Central Bank) will be required to temporarily stabilize eurozone debt markets Borrowing costs for European governments are soaring, and even the healthiest economy, Germany, has seen flagging interest' for its government bonds, as investors fear Europes debt crisis may grow worse The European Central Bank is under pressure to purchase more government bonds to drive down the price investors are demanding in exchange for holding what they view as increasingly risky debt Wednesdays moves buy some calm ahead of a nervous next week in Europe The European Central Bank meets Dec 8, and the European heads of state meet the next day Note that the problems in Europe continue to be an issue of solvency and have only recently morphed into a funding problem, Michael Hanson, an economist with Bank of America Merrill Lynch, wrote in a research note Actions taken today help ease the funding problem, but the issue of solvency remains unaddressed. and possession marijuana Friday of Police to a responded report at 300 W 200 North and cited and released Arsemo Lerenzo Azule, on 20, suspicion of consumption of alcohol by a minor Friday Police Saturday Police to a responded report at 240 N 1400 West and arrested Samantha Deuel, on 21, suspicion of telephone harassment to a responded report at 900 W. 200 North and cited and released Sultan Fadhel Alanazi, on 19, suspicion of consumption of alcohol by a minor. m ik - I - ? s i !. J J ' ML" v M V- - H- ti jh i , . 5 ; fit 4 t. i t ,, . , A Harvey Christiansen, 22, on suspicion intoxication. of .! ns - rf i I i j aS f rv . I ,,1 i 1 a k " r A . Jf i V m i i mi rt ( t !f'i! ?'T. rtfeSt'JCtl i- r r in Svf'MT; t i . X t , 4 4 w SJ- , : ' V 3 , 1 1 ? Police to a responded report at 300 W. 1045 North and arrested Byron Sunday Si - b . u, V--- m s ,6 , j!S 3 Vs n a ; 4 J ll 1 i h el . ., I j ?H '4 3 Police Sunday responded to a report at 465 N. 800 West and arrested Joshua Leland Loosi, 25, and Tanara Lynn Myrick, on 19, suspicion of of possession with the marijuana to distribute intent and possessing amphetamines. J j , ? , ( -- i i 'UHi 4 t'i Police j visit '1 Sunday responded to a report at 175 N 100 West and cited and released Saad Alshammari, 25, on suspicion of having an open containing of alcohol in a vehicle. t i i Police ' y I Sunday responded to a report at 189 N, Main St. and cited and released Royce LeRoy Jessop, on 26, suspicion of having an open container of alcohol in a vehicle. 4 t it ?! T is suspicion of theft and trespassing on school property and Adriana Jazmin Ortega, on 24, suspicion of an maintaining outstanding warrant. Chief Browns Safety Tip of the Week: Please notice the newly painted red zone along Center St in front of the P.E. Building and the LDS Institute of Religion building. The state has determined the need for this to be done in order to make the street safer. Please obey all parking laws in order to avoid a citation. i - Nicole Baird, 21, on i ' Hi if. 5 and 61 Milepost ( .'.U a to responded report at Interstate-1- Police Saturday to a responded report at 444 W. 400 North and arrested Heather Ashley S' I n 7'4W.f. V . A-- ? - V |