Conservative Party leader David Cameron said it was "clear that the Labour government has lost its mandate to govern this country," as exit-poll predictions put his party on course to win more seats than it had for 80 years.He said the Conservatives had fought a "positive and energetic" campaign. It was clear from the results that "the country wants change" and "that change is going to require new leadership."
Exit polls suggest the Conservatives are on pace to win 305 seats -- though this would be 21 short of a majority in the 650-seat House of Commons.
Prime Minister Gordon Brown arrived at his Downing Street residence in London at 7 a.m. (2 a.m. ET) and walked quickly inside, saying nothing in response to reporters' questions about whether he would resign.
Earlier Friday, he told constituents in Kirkcaldy, Scotland, that the "outcome is not yet known but my duty .. is to play my part in Britain having a strong, stable and principled government. I will not let you down.
Full election coverage
"I am very determined and have been through quite a lot in my political career and in my personal life, and I am used to difficulties."Video: Analyzing the voteVideo: Robinson ousted in Northern Ireland
Video: Hung up about hung parliament in BritainVideo: UK election dominating Twitter
If the predictions are borne out by results, the UK is heading for a "hung parliament" in which no single party controls an overall majority.
The leader of the largest party traditionally gets the first chance to form the government and become prime minister. But if no party has a majority, the sitting prime minister has the right to stay in office and try to win a confidence motion in parliament.
"The sitting prime minister and the incumbent government are given the first chance to create a majority that commands the confidence of the House of Commons, and if they fail to do that it passes to the leader of the opposition," top Labour politician Peter Mandelson told CNN.
Several high-profile incumbents lost their seats overnight, including former Home Secretary Jacqui Smith, of Labour; Northern Ireland First Minister Peter Robinson, leader of the Democratic Unionist party; and Liberal Democrat Lembit Opik, who had been in parliament for 13 years.
All had been implicated in last year's parliamentary expenses scandal. Robinson's loss could hurt the Conservatives, robbing them of a potential supporter in the Commons should the party need to form a coalition.
The Green Party, which favors environmental and social justice policies, gained its first-ever member of parliament when Caroline Lucas was elected in Brighton, in southern England.
There were some scenes of voter anger across the country over long lines to cast ballots or polling stations running out of ballot papers, but it was not immediately clear how widespread problems were.
Anger at polling stations
"We will be doing a serious and thorough review of this and making recommendations to parliament and the government," Electoral Commission Chairwoman Jenny Watson said.
"The country has voted for change and the idea that Gordon Brown can hang onto power I think most people would find staggering.--George Osborne
The United Kingdom's system of voting is "Victorian, antiquated, left over from an era when less people had to vote" and not designed to cope with mass participation, she said, adding that the system is now "at breaking point."
Liberal Democrat leader Nick Clegg expressed his anger after hundreds of voters were turned away from a polling station in his Sheffield constituency.
"I share the bitter dismay of many of my constituents who weren't able to exercise their democratic right to vote at this election," he said. "It is not right that hundreds found themselves unable to vote -- and that is something should never ever happen again in our democracy."
Clearly disappointed by his party's showing as results filtered in, he added: "This has obviously been a disappointing night for the lib-dems -- we haven't achieved what we hoped. But I think we conducted a positive campaign full of optimism."
It's very unusual for no party to get an absolute majority of seats in the Commons. The last time it happened, in 1974, voters were back at the polls within months.
After the election there will be 650 seats in the Commons, four more than in the previous parliament. Voters chose representatives for only 649 seats, however, because the death of a candidate in northern England postponed that election to May 27, local officials said.
Under the British electoral system, the candidate who receives the most votes in a constituency wins. The system, known as "first past the post," is praised for its simplicity and the strong ties it forms between voters and representatives, but critics dislike its failure to provide proportional representation.Luise VuTON school of writers
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Thursday, May 6, 2010
SEC Said to Probe Causes, Exploitation of Stock-Market Turmoil
U.S. regulators plan to examine whether securities professionals triggered yesterday’s stock- market plunge or exploited the turmoil to profit illegally, two people with direct knowledge of the matter said.
The Securities and Exchange Commission aims to determine if market participants accidentally or maliciously entered orders that derailed normal trading, the people said, declining to be identified because the inquiry isn’t public. The agency will also examine if controls to prevent the rout from snowballing weren’t in place at exchanges and firms.
SEC officials, who haven’t drawn conclusions, began preparing for inquiries in the hours after a U.S. selloff triggered by Europe’s debt crisis briefly erased more than $1 trillion in market value, beginning around 2:40 p.m. in New York. U.S. stocks tumbled the most in a year as waves of computerized trading exacerbated the rout, sparking a slide in Asian shares.
The SEC and Commodity Futures Trading Commission said in a joint statement after U.S. markets closed that they will examine “unusual trading” that contributed to the plunge.
“We will make public the findings of our review along with recommendations for appropriate action,” they said.
SEC spokesman John Nester declined to comment on the investigations. The regulator will also look at whether traders tried to take advantage of the chaos, such as by entering orders that drove some stocks to pennies, according to the two people.
Electronic Networks
NYSE Euronext spokesman Ray Pellecchia said sudden price moves in multiple stocks reached so-called liquidity replenishment points, prompting the exchange to slow trading in those shares as it tried to ensure an orderly market. Such incidences allow other exchanges to ignore NYSE price quotes.
Larry Leibowitz, chief operating officer of NYSE Euronext, said trades sent to electronic networks fueled the drop. While the first half of the Dow Jones Industrial Average’s 998.5-point plunge probably reflected normal trading, the decline snowballed as orders went to venues lacking liquidity to match them, he said in an interview with Bloomberg Television.
“If you look at the charts you can see fairly clearly where the trades came in,” he said from New York. “It’s that V-shaped drop where it came down and snapped right back up. You had some very high-cap stocks trading down 50 percent or large percentages in a split instant because there really was no liquidity in electronic markets.”
New York Stock Exchange spokesman Rich Adamonis said “there were a number of erroneous trades” during the slide. The Dow Jones index ended the session down 347.8 points, or 3.2 percent, to 10,520.32 at the close of trading.
90% Plunge
Accenture Plc, Exelon Corp. and Philip Morris International Inc. were among 27 U.S. stocks with at least $50 million in market value that dropped more than 90 percent as U.S. equities tumbled, before recovering by the close, according to Bloomberg data excluding exchange-traded funds.
Nasdaq OMX Group Inc. said 286 securities that rose or fell more than 60 percent during the stock-market’s plunge will have trades canceled. The exchange had no problems with its computer systems, spokesman Robert Madden said in a statement.
U.S. Representative Paul Kanjorski, a Pennsylvania Democrat, set a May 11 hearing to examine what caused stocks to plunge. He also sent a letter to SEC Chairman Mary Schapiro seeking the agency’s views on the incident, and asked what authority the SEC has to prevent futures crashes.Cuisine
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The Securities and Exchange Commission aims to determine if market participants accidentally or maliciously entered orders that derailed normal trading, the people said, declining to be identified because the inquiry isn’t public. The agency will also examine if controls to prevent the rout from snowballing weren’t in place at exchanges and firms.
SEC officials, who haven’t drawn conclusions, began preparing for inquiries in the hours after a U.S. selloff triggered by Europe’s debt crisis briefly erased more than $1 trillion in market value, beginning around 2:40 p.m. in New York. U.S. stocks tumbled the most in a year as waves of computerized trading exacerbated the rout, sparking a slide in Asian shares.
The SEC and Commodity Futures Trading Commission said in a joint statement after U.S. markets closed that they will examine “unusual trading” that contributed to the plunge.
“We will make public the findings of our review along with recommendations for appropriate action,” they said.
SEC spokesman John Nester declined to comment on the investigations. The regulator will also look at whether traders tried to take advantage of the chaos, such as by entering orders that drove some stocks to pennies, according to the two people.
Electronic Networks
NYSE Euronext spokesman Ray Pellecchia said sudden price moves in multiple stocks reached so-called liquidity replenishment points, prompting the exchange to slow trading in those shares as it tried to ensure an orderly market. Such incidences allow other exchanges to ignore NYSE price quotes.
Larry Leibowitz, chief operating officer of NYSE Euronext, said trades sent to electronic networks fueled the drop. While the first half of the Dow Jones Industrial Average’s 998.5-point plunge probably reflected normal trading, the decline snowballed as orders went to venues lacking liquidity to match them, he said in an interview with Bloomberg Television.
“If you look at the charts you can see fairly clearly where the trades came in,” he said from New York. “It’s that V-shaped drop where it came down and snapped right back up. You had some very high-cap stocks trading down 50 percent or large percentages in a split instant because there really was no liquidity in electronic markets.”
New York Stock Exchange spokesman Rich Adamonis said “there were a number of erroneous trades” during the slide. The Dow Jones index ended the session down 347.8 points, or 3.2 percent, to 10,520.32 at the close of trading.
90% Plunge
Accenture Plc, Exelon Corp. and Philip Morris International Inc. were among 27 U.S. stocks with at least $50 million in market value that dropped more than 90 percent as U.S. equities tumbled, before recovering by the close, according to Bloomberg data excluding exchange-traded funds.
Nasdaq OMX Group Inc. said 286 securities that rose or fell more than 60 percent during the stock-market’s plunge will have trades canceled. The exchange had no problems with its computer systems, spokesman Robert Madden said in a statement.
U.S. Representative Paul Kanjorski, a Pennsylvania Democrat, set a May 11 hearing to examine what caused stocks to plunge. He also sent a letter to SEC Chairman Mary Schapiro seeking the agency’s views on the incident, and asked what authority the SEC has to prevent futures crashes.Cuisine
Dressing up
Touching your nerve
FLYING ARROW
Fishing http://www.djtechtools.com/forum
http://wildcatsportsreport.com/forums
http://3rabstarz.com/vb
http://www.tamparacing.com/forums
http://www.erodzina.com/forum
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