miércoles, 21 de diciembre de 2011

Welles's "Citizen Kane" Oscar sells for $861,542

 
(Reuters) - Orson Welles's Oscar for writing "Citizen Kane" -- regarded as one of the best films ever made -- sold for $861,542 on Tuesday as a hot market for Hollywood memorabilia helped erase memories of an unsuccessful auction four years ago.
The best screenplay statuette awarded in 1942 -- the only Oscar given to Citizen Kane -- failed to meet its undisclosed reserve price when it was last up for auction at Sotheby's New York in 2007. At that time it was expected to sell for around $1 million.
Although tarnished by age, the Oscar, sold by Los Angeles auction house Nate D. Saunders on behalf of its anonymous seller, carried a reserve price of between $600,000 and $1 million. Bids came in from around the world in what the auction house termed an "exciting" sale.
"This is a testament to the popularity of Orson Welles and his magnum opus Citizen Kane," said Nate D. Saunders, owner of the auction house, in a statement.
The Oscar has a story worthy of a Hollywood movie in its own right. Welles had lost it, but it resurfaced after his 1985 death when it was put up for auction in 1994 by a cinematographer, who claimed Welles had given it to him as a form of payment.
Welles's daughter Beatrice sued and won back ownership of the statue, but she was sued in turn by the Academy of Motion Picture Arts and Sciences, which gives out the awards, when she tried to auction it in 2003.
After a legal battle, Beatrice Welles was given the right to dispose of the Oscar. She sold it to a California non-profit organization called the Dax Foundation, who tried unsuccessfully to auction it in 2007.
In a bid to stop public sales, the Academy in 1950 introduced an agreement that banned winners from selling their Oscars to anyone but the Academy for the nominal sum of $1.
But several pre-1950s Oscars have gone under the hammer in recent years, including the best picture Oscar for the 1939 film "Gone with the Wind," which was sold for a record $1.54 million in 1999 to Michael Jackson.
"Citizen Kane," a 1942 drama about the ruthless pursuit of power, which Welles also directed and starred in, regularly tops U.S. and British lists of the greatest film of all time.
In a sign of how heated the memorabilia market has become, auctions of Elizabeth Taylor's collection of jewels, gown, art and memorabilia broke records last week on their way to totaling more than $150 million worth of live and online sales, Christie's said on Monday.
(Reporting by Elaine Lies; editing by Paul Casciato)

Exclusive: Amazon weighed buying RIM but interest cooled

 A BlackBerry handset is displayed in Washington, December 15, 2011. REUTERS/Jonathan …

NEW YORK (Reuters) - Research In Motion Ltd has turned down takeover overtures from Amazon.com Inc and other potential buyers because the BlackBerry maker prefers to fix its problems on its own, according to people with knowledge of the situation.

Amazon hired an investment bank this summer to review a potential merger with RIM, but it did not make a formal offer, said one of the sources. It is not clear whether informal discussions between Amazon and RIM ever led to specific price talk, or who else had approached RIM about a takeover.

RIM's board wants co-chief executives Mike Lazaridis and Jim Balsillie to focus on trying to turn around the business through the launch of new phones, better use of assets such as BlackBerry Messaging and restructuring, two sources said. They did not want to be identified as the discussions are private. RIM and Amazon declined to comment.

While RIM could strike technology licensing deals and other kinds of commercial partnerships to boost revenue, an outright sale or joint venture is not on the cards for now, they said.

"They have had approaches from folks who have wanted to have discussions," said one head of technology investment banking at a Wall Street bank. "The issue is it is hard to find a value that makes sense with a falling knife."

RIM's market value has plunged 77 percent in the last 12 months to about $6.8 billion following a series of disappointing quarterly reports, delayed phone launches, weak sales of the PlayBook tablet and other missteps. The shares tumbled last week on weaker-than-expected quarterly results and the announcement of a delay in the launch of the new BlackBerry 10 phones.

Activist shareholder Jaguar Financial Corp has called for a sale of RIM - as a whole or in separate parts, such as the handset business or the patent portfolio.

But RIM's management has told interested parties they do not want to sell or break up the company at this juncture, the sources told Reuters. After last week's news, the board instructed the co-CEOs to set aside any options for a sale, one person briefed on the situation said.

"Selling the company or an economic joint venture is probably not in the cards right now," said the source. "Until you stabilize the platform, people are going to be very nervous about spending $10 billion or more."

Some potential corporate and private equity suitors are holding out for RIM's valuation to fall further, people familiar with the matter said.

AMAZON, RIM STILL IN DISCUSSIONS

Amazon and RIM are still discussing ways to expand their commercial ties, which currently include a service launched last year to make Amazon's music catalog available to some BlackBerry users, according to the sources.

Amazon launched the Kindle Fire tablet in November, which, along with the content the company can package with it, is seen as a potentially formidable contender to Apple Inc's iPad and iTunes store. Amazon does not make smartphones.

As for RIM, it feels it could better "leverage" its assets, such as the BBM instant messaging and the network operation centers that allow for messages to be processed, the sources said.

RIM could also look at licensing out its QNX operating system after the late 2012 launch of BlackBerry 10, which will be the first smartphones using that software, to give handset makers an alternative to Google's Android operating system.

DISTRACTION

RIM's co-CEOs have spent months listening to ideas from a investment bankers, strategic parties and private equity firms. These discussions are now viewed as distracting for management, sources briefed on the situation said.

One of them said the board has backed both Lazaridis and Balsillie, but is of the view RIM needs to develop a "deeper bench" of executives.

Spurred by RIM's share drop and Google Inc's $12.5 billion bid for Motorola Mobility Holdings Inc in August, Wall Street bankers have tried to pitch RIM to other mobile phone makers, including Samsung Electronics Co Ltd and HTC Corp, in recent months.

But HTC and Samsung already have licensing agreements with Google's Android and did not see the value in tying up with BlackBerry, people familiar with the companies said. Samsung and HTC declined to comment.

(Additional reporting by Soyoung Kim in New York and Alastair Sharp in Toronto; Editing by Tiffany Wu, Paritosh Bansal and Andre Grenon)

Republicans under pressure over payroll tax cut

WASHINGTON (Reuters) - Republicans were under growing pressure on Wednesday to agree to a 60-day extension of an expiring payroll tax cut for 160 million workers and end a stand-off with Democrats that threatens to undercut a fragile economic recovery.
If the Congress cannot reach a deal by December 31, the payroll tax American workers pay to fund the Social Security federal retirement program will rise immediately to 6.2 percent, from 4.2 percent.
Many economists and the White House warn that U.S. economic growth will suffer in 2012 as most workers would be hit with an effective $1,000-a-year tax hike.
The Republican-led House of Representatives on Tuesday rejected a two-month extension of the payroll tax cut that had been passed overwhelmingly by their colleagues and Democrats in the Senate, and demanded fresh negotiations on the issue.
Senate Democrats, sensing they have a political advantage on the issue, are refusing to reopen negotiations and most have already left town for the holidays
An editorial in the Wall Street Journal, which has often disagreed vehemently with President Barack Obama's economic policies, gave Republicans a scathing critique of their handling of the payroll tax cut issue, saying they "achieved the small miracle of letting Mr. Obama position himself as an election-year tax cutter."
The editorial urged Republicans "to cut their losses and find a way to extend the payroll holiday quickly."
The Wall Street editorial page often gives insight into the thinking of the nation's leading conservatives in business and politics. Wednesday's editorial, headlined "The GOP's Payroll Tax Fiasco" suggests widespread anxiety among conservatives over the House Republican tactics.
A number of Republican senators have also blasted their House colleagues over their handling of the issue.
Republican Senator Scott Brown said: "House Republicans would rather continue playing politics than find solutions" and added that their actions would damage a fragile economy.
Veteran Republican Senator Charles Grassley, in an interview with Iowa radio station WHO, said, "I'm not going to argue with the House of Representatives, but do they want taxes to go up on January first or don't they?"
'GET SENATE MEMBERS OVER HERE'
But House Speaker John Boehner, the top Republican in Congress, and the No. 2 Republican in the House Eric Cantor, stood firm on Wednesday, demanding that Democrats re-enter negotiations to extend the payroll tax cut for a year.
"All we're asking for is to get the Senate members over here to work with us to resolve our differences so we can do what everybody wants to do: extend the payroll tax credit for the next year," Boehner told reporters.
The House Republican leaders argue that the two-month extension creates uncertainty for workers and employers and is unworkable.
The Republican stance on the one-year extension is an about-face from their original position on the issue. Just days ago, many House Republicans were speaking out against the extension and questioning its stimulative impact on the economy.
They softened their position after Republican leaders warned of a voter backlash in 2012 if the party was seen to be raising taxes on working Americans.
Cantor on Wednesday called on Obama to get directly involved in the talks to resolve the dispute. The president so far has preferred to keep his distance and instead has been using the bully pulpit of his office to press Republicans to agree to the Senate deal.
The showdown has the potential to deliver a political lift to Obama and his Democrats at the expense of Republicans who want to make 2012 a referendum on Obama's handling of the economy.
White House chief economist Alan Krueger warned that the U.S. economy would suffer if the payroll tax-cut is not extended.
"Many economists have boosted their forecasts of economic growth for next year on the assumption that the payroll tax cut and extended unemployment benefits will stay in effect," Krueger will say in a speech to be delivered in Charlotte, North Carolina on Wednesday.
One business group, the International Franchise Association, on Tuesday said that a failure to extend the worker tax cut could jeopardize the creation of 168,000 new jobs in 2012.
With members ranging from restaurants and hotels to automobile service companies and health clubs, the association said its members' businesses are "deeply reliant on consumer spending." A slowdown in spending, it said, would ruin expansion plans.
(Additional reporting by Caren Bohan and Paul Eckert; Editing by Ross Colvin and Vicki Allen)

Government plans to cut solar subsidies "legally flawed"

LONDON (Reuters) - The government plans to cut to cut subsidies for solar panels on homes were ruled legally flawed by the High Court on Wednesday, the Press Association reported.

The decision was a victory for environmental campaigners Friends of the Earth (FoE) and two solar companies, Solar Century and HomeSun, who challenged the proposals and said they were creating "huge economic uncertainty."

Energy Secretary Chris Huhne wants to cut feed-in tariff subsidies (FITs) -- payments made to households and communities that generate green electricity through solar panels -- on any installations completed after December 12 this year.

But Mr Justice Mitting, sitting in London, said the minister was "proposing to make an unlawful decision."

Cocaine curves model caught at Rome airport

Italian airport police eyeing up a busty Spanish model's curves made a startling discovery on Wednesday -- 2.5 kilograms (5.5 pounds) of pure cocaine stashed as implants in her bust and backside.

The 33-year-old woman arriving in Rome from Sao Paulo in Brazil was wearing tight-fitting clothes to enhance her voluptuousness, hoping that her looks might distract the attention of border police, ANSA news agency reported.

The report said the woman drew suspicion however after giving unclear answers to questions about the reasons for her trip to Italy to an officer. The discovery was made when two female investigators conducted a strip search.

Smuggling methods through Rome's Fiumicino airport have become ever more ingenious, including cocaine found hidden inside baggage trolleys last year.

In June, police arrested traffickers who were smuggling 220 kilograms of cocaine hidden in crates of chalk statues shipped through Fiumicino.

$150 billion award for Texas fire victim's family

LA GRANGE, Texas (AP) — An attorney says a Texas jury has awarded the largest verdict he has ever heard of — $150 billion to the family of a man who died 12 years after being set afire as an 8-year-old.

Craig Sico says the punitive damage award is symbolic and the family expects none of it will be paid.

The defendant, Don Wilburn Collins, is currently imprisoned on an unrelated sexual assault charge. He was never charged and denies involvement in the 2010 death of 20-year-old Robbie Middleton.

Sico says he asked jurors to make a statement by topping the $145 billion Florida verdict against tobacco companies in 2000.

Neither Collins nor any attorney appeared for him at the civil trial. The Texas Department of Criminal Justice didn't respond to requests for comment Tuesday.

Exclusive: North Korea's military to share power with Kim's heir

BEIJING (Reuters) - North Korea will shift to collective rule from a strongman dictatorship after last week's death of Kim Jong-il, although his untested young son will be at the head of the ruling coterie, a source with close ties to Pyongyang and Beijing said.

The source added that the military, which is trying to develop a nuclear arsenal, has pledged allegiance to the untested Kim Jong-un, who takes over the family dynasty that has ruled North Korea since it was founded after World War Two.

The source declined to be identified but has correctly predicted events in the past, telling Reuters about the North's first nuclear test in 2006 before it took place.

The comments are the first signal that North Korea is following a course that many analysts have anticipated -- it will be governed by a group of people for the first time since it was founded in 1948.

Both Kim Jong-il and his father Kim Il-sung were all-powerful, authoritarian rulers of the isolated state.

The situation in North Korea appeared stable after the military gave its backing to Kim Jong-un, the source said.

"It's very unlikely," the source said when asked about the possibility of a military coup. "The military has pledged allegiance to Kim Jong-un."

North Korea's collective leadership will include Kim Jong-un, his uncle and the military, the source said.

Jang Song-thaek, 65, brother-in-law of Kim Jong-il and the younger Kim's uncle, is seen as the power behind the throne along with his wife Kim Kyong-hui, Kim Jong-il's sister. So too is Ri Yong-ho, the rising star of the North's military and currently its most senior general.

The younger Kim, who is in his late 20s, has his own supporters but is not strong enough to consolidate power, analysts said.

"I know that he's been able to build a group of supporters around himself who are of his generation," said Koh Yu-hwan, president of the Korean Association of North Korean Studies in Seoul.

"So it is not entirely elders in their 70s, plus some like Jang in their 60s, who are backing him. These young backers will be emerging fairly soon."

Koh said the coterie was put in place by Kim Jong-il before he died. "The relative calm seen these few days shows it's been effective. If things were not running smoothly, then we'd have seen a longer period of 'rule by mummy', with Kim Jong-il being faked as still being alive."

He said the younger Kim would accept the set-up, for now. "Considering the tradition of strongarm rule by his father and grandfather, things can't be easy for him," he said.

"REGIME SURVIVAL"

Ralph Cossa, an authority on North Korea and president of the U.S. think tank Pacific Forum CSIS, said it made sense that the ruling group would stick together.

"All have a vested interest in regime survival," he said. "Their own personal safety and survival is inextricably tied to regime survival and Kim Jong-un is the manifestation of this. I think the regime will remain stable, at least in the near-term."

He added in a commentary that the new group may be inclined to reform, but stressed this was far from confirmed.

"Over the long term, there appears to be some hope, primarily emanating from Beijing, that Kim Jong-un will take North Korea down the path of Chinese-style reform, apparently based on the belief that Jang is or will be a 'reformer'."

"Who knows, this may be true. While this could relieve the suffering of the North Korean people over time, it will do little to promote the cause of denuclearization, however."

The high-level source also said North Korea test-fired a missile on Monday to warn the United States not to make any moves against it. Pyongyang however had no immediate plans for further tests, barring an escalation of tensions.

"With the missile test, (North) Korea wanted to deliver the message that they have the ability to protect themselves," the source said.

"But (North) Korea is unlikely to conduct a nuclear test in the near future unless provoked" by the United States and South Korea, the source said.

The unpredictable North's nuclear program has been a nagging source of tension for the international community.

Pyongyang carried out nuclear tests in 2006 and 2009, and has quit six-party talks with South Korea, the United States, China, Japan and Russia on abandoning its nuclear program and returning to the Non-Proliferation Treaty.

The high-level source also said Beijing was only notified of Kim's death earlier on Monday, the same day North Korean state television broadcast the news. Kim died on Saturday.

A leading South Korean newspaper reported on Wednesday China learned of Kim's death soon after it occurred.

China has given no official comment or even hints suggesting it was told of Kim's death before the public announcement.

Beijing, the North's closest ally and biggest provider of aid, has pulled out the stops to support the younger Kim.

The government has invited him to visit and, in an unusual gesture, President Hu Jintao and Vice-President Xi Jinping also visited the hermit state's embassy in Beijing to express their condolences. Roads leading to the embassy were blocked.

Mainly, the prospect of instability on its northeastern border worries China and it sees the younger Kim and his coterie as the best prospect for keeping North Korea on an even keel.

North Korea has been pressed by China to denuclearize and is willing to do so on condition that North and South Korea, the United States and China sign an armistice replacing a 1953 ceasefire agreement, the source said.

The two Koreas have been divided for decades and remain technically at war since their 1950-53 conflict ended with an armistice but no peace agreement. The United States backed the South, while China supported the North in that conflict.

Pyongyang is also convinced there are U.S. nuclear weapons in South Korea and demands Washington pull them out, the source said.

(Additional reporting by Jack Kim in Seoul; Editing by Raju Gopalakrishnan and Jonathan Thatcher)

lunes, 12 de diciembre de 2011

Wall St slides on euro zone deal doubts, Intel view

Worries about the deal worked out at Friday's European summit plagued sentiment, and a lowered revenue outlook by Intel, the world's largest chip maker, also took a toll.
Fitch Ratings on Monday said failure by European Union leaders to come up with a "comprehensive" solution to the region's debt crisis has increased short-term pressure on debt ratings of euro zone countries.
The decline was broad, with all l0 S&P industry groups in negative territory.
Intel Corp was the Dow's biggest decliner, falling 4.8 percent to $23.81, after the company cut its fourth-quarter revenue forecast due to supply shortages of hard disk drives.
An index of semiconductor makers <.SOX> fell 3.4 percent.
U.S. banks were among the worst performers on renewed concern that problems in Europe's financial system could spill over to U.S. institutions.
The S&P financial sector <.GSPF> was down 3 percent. Bank of America Corp fell 4.9 percent to $5.44, and JPMorgan Chase & Co lost 3.9 percent to $31.88.
"The pact that was agreed upon by European officials still has a long way to go in order to come to fruition, and that leaves the market open to riot," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
"We're seeing that sentiment surface in Italian bond yields, and that suggest the market is still highly skeptical of any solution to the risk of significant default that could be brought forward in the coming days."
The Dow Jones industrial average <.DJI> was down 233.41 points, or 1.92 percent, at 11,950.85. The Standard & Poor's 500 Index <.SPX> was down 26.34 points, or 2.10 percent, at 1,228.85. The Nasdaq Composite Index <.IXIC> was down 49.72 points, or 1.88 percent, at 2,597.13.
Italian one-year borrowing costs stayed close to a record high at an auction. Yields on 10-year Italian bonds briefly threatened the 7 percent level, which is considerable a danger zone. An index of European equities <.FTEU3> closed down about 1.9 percent.
Moody's and Standard & Poor's reminded markets on Monday that the deal reached last week was not enough to diminish the chance of sovereign ratings downgrades in the euro zone in the near- to mid-term. Last week, S&P put 15 euro zone countries on a watch for potential credit rating downgrades.
Last week, the European Union decided to set stricter budget rules for the single currency area and to provide up to 200 billion euros in bilateral loans to the International Monetary Fund in response to the turmoil.
Resource-related stocks also tumbled as U.S. crude oil futures fell 1.7 percent and copper prices dropped 2.8 percent to a near two-week low on deepening concern over Europe.
Alcoa Inc was off 3.8 percent to $9.27, and Freeport McMoRan Copper & Gold Inc dropped 4.1 percent to $38.10.

jueves, 8 de diciembre de 2011

Girl Posted on Facebook During 7-Hour Welfare-Office Standoff

A 12-year-old girl whose mother shot and critically wounded her before killing herself made several cryptic posts on Facebook during a nearly seven-hour hostage ordeal at the Texas Department of Health and Human Services office in Laredo.

"May die 2day," Ramie Marie Grimmer wrote on Facebook at 7:50 p.m. during the Monday night standoff.

"i'm here for you guys. No reason to be afraid," Nancy Harrop, who the girl listed as her grandmother, replied.

"Im bored," came at 10:34 p.m.

Eighteen minutes later: "ahhhhhhhhhhhhhhhhhhhahhhhhhhh."

And finally, at 11:28 p.m.: "tear gas ..."

Rachelle Grimmer, 38, pulled a gun on the welfare office supervisor, Roberto Reyes, and her two children out of her frustration at being denied food stamps. The office's other employees were able to safely evacuate the building, according to the San Antonio Express.

A SWAT team surrounded the building, and officers communicated with Grimmer throughout the ordeal.

But at midnight -- shortly after Grimmer hung up on police -- three shots were fired, causing the police to storm the building.

Rachelle Grimmer was pronounced dead at the scene, while Ramie and her brother, Timothy, 10, suffered critical head wounds and were transported to University Hospital in San Antonio, according to the San Antonio Express.

Grimmer's outburst was reportedly triggered after years of getting rejected for state assistance in various states, the newspaper reported.The family had recently moved to Texas from Ohio.

Stephanie Goodman, a spokeswoman for the Texas Department of Health and Human Services, told ABCNews.com that Grimmer hadn't been rejected. She had just received a notice that her case was closed, since she did not provide all of the necessary documentation during the department's 30-day time frame.

"She absolutely could have applied again," Goodman said.

Neighbors said the Grimmers lived in a trailer about 6½ feet wide and 16 feet long.

"The children went barefoot to accompany her. They went four times, and four times she was denied. She was desperate, because she had nothing to feed her children," neighbor Oscar Luis Cuellar told the Laredo Sun. Goodman said employees at the Laredo office were struggling to cope in the aftermath of the shooting.

"They're very badly shaken. They go into this business because they want to help people," she said. "Even though it was processed according to our procedures, it does not comfort them at all."

Eurozone crisis: Talks to save euro begin in Brussels

 
German Chancellor Angela Merkel arrives at EU summit (8 December 2011) Chancellor Merkel says the credibility of the euro must be restored EU leaders in Brussels have opened a summit to tackle the eurozone debt crisis and save the single currency.
The key item on the agenda is a Franco-German proposal on budgetary discipline, with automatic penalties for eurozone nations that overspend.
Pre-summit talks between Britain, France and Germany broke up without agreement as each set out its position.
Earlier, German Chancellor Angela Merkel said the euro had "lost credibility".
UK Prime Minister David Cameron has said he will veto anything which harms British interests.
Mr Cameron, Chancellor Merkel and French President Nicolas Sarkozy held a 45-minute meeting on the eve of the summit, but sources told the BBC there was "no movement" with each side setting out their respective ground.
Downing Street sources said the negotiations were "going to be difficult" and they did not expect any wider agreement among EU leaders until the early hours of the morning, if that, the BBC's Iain Watson, in Brussels, reports.
Germany and France seem to be coming into this summit saying: "Here's the deal - take it or leave it." Germany in particular is becoming Europe's most important political power, as well as its most important economic one - and that is causing some unease.
But President Sarkozy defended Franco-German leadership and - using dramatic language - said memories of brutality between them during World War Two mean they have a special duty to act.
The trouble is the European Union is much bigger than it was. Every country - all 27 of them - has a red line somewhere. That is why reaching an agreement is going to be so difficult.
But Angela Merkel has made it clear that she wants a treaty change of some kind. She would prefer all member states to be involved, but at the very least the 17 countries in the eurozone have to act.
Beyond the battle over treaty change there is a bigger picture for the leaders gathered here. Can they find more financial firepower to help member states with huge debts? And can they persuade the markets that struggling countries are serious about years of austerity?
In other words, can they do enough to ensure that the eurozone survives.
In a speech in Marseille earlier on Thursday President Sarkozy warned that "never has the risk of disintegration been greater" for Europe.
The leaders of the 27 EU nations were sitting down for an informal dinner, and their talks - behind closed doors - were expected to last well into the night, ahead of a number of working sessions on Friday.
Penalties Germany and France are pushing for changes to the EU treaty, saying stricter fiscal rules should be made part of basic EU law.
The Franco-German plan is based on the following key provisions:
  • the European Commission to have the power to impose penalties for nations that run excessive budget deficits
  • all 17 eurozone nations should amend their national legislation to require balanced budgets
  • the eurozone countries to have common corporation and financial transaction taxes
  • any future bailouts would not require private investors to absorb part of the costs, as happened in the case of Greece
As Mrs Merkel arrived at the summit venue in Brussels, she told journalists: "The euro has lost credibility and that needs to be restored."
She said the European Commission and the European Court of Justice would have more powers in future to enforce the rules, declaring: "We must make clear that we accept more co-ordination."
"Never has Europe been so necessary. Never has it been in so much danger," said Mr Sarkozy at a meeting of EU centre-right leaders in Marseille.
He said the eurozone economies still had a few weeks to decide, but that time was working against them.
Earlier on Thursday, the European Central Bank (ECB) cut interest rates back to their historic low of 1%, as expected by financial markets. Mario Draghi ECB President
ECB President Mario Draghi called again for governments to cut their borrowing and reform their economies, but did not mention any new financial support from the ECB for struggling governments.
"We have a treaty that says no monetary financing to governments," he told reporters.
European Council President Herman Van Rompuy has put forward an alternative plan, a fast-track "fiscal compact" that does not need lengthy ratification by parliaments or national referendums.
The EU's most recent treaty, adopted in Lisbon in 2007, took eight years to negotiate.
But Swedish Prime Minister Fredrik Reinfeldt warned that changing the treaty would take time and trigger the need for a referendum.
In recent days, smaller EU nations have complained they are being forced to follow the agenda of Germany and France, with very little room for discussion, says the BBC's Chris Morris, in Brussels.
An advisory committee to the Finnish parliament has warned that the Franco-German plan may be unconstitutional because it replaces the majority veto on the fund for future bailouts with majority voting.

Stocks drop as ECB rules out eurozone support

 Mario Draghi Mr Draghi played down the chance of the ECB increasing its support for Italy 
Stocks have fallen after the European Central Bank ruled out any substantial aid for any ailing and indebted eurozone states.
Stocks in France and Italy - two countries vulnerable to downgrades - ended down 2.5% and 4.3% respectively.
ECB President Mario Draghi unveiled new support measures for eurozone banks, but played down the prospect of any new financial support for governments.
The central bank cut interest rates to their historic low of 1%, as expected.
The main US share index, the Dow Jones, was down 1% in morning trading on Wall Street. Germany's Dax finished 2% lower.
There had been speculation that the ECB may be preparing to bail out Italy if eurozone governments agree tough new limits on their borrowing and economic reforms.
But Mr Draghi seemingly ruled this out: "We have a treaty that says no monetary financing to governments."
The euro, which had risen following the announcement of the interest rate cut, fell more than a cent against the dollar while Mr Draghi was speaking.
The moves come ahead of a "do-or-die" Brussels summit of European Union heads to hammer out a deal on how to tackle the eurozone debt crisis, including a potential new treaty.
The two-day EU summit ending is expected to agree tough new rules and automatic fines to ensure that eurozone governments cut their borrowing to below 3% of their GDP.
This week, Standard and Poor's put almost all eurozone countries on "credit watch". It means that six countries with top AAA ratings - including Germany and France - have a 50% chance of seeing their credit ratings downgraded.
New bank aid
Mr Draghi called again for governments to cut their borrowing, and to boost growth by making their labour markets more flexible, and opening up product markets to more competition.

Euro v US Dollar

Last Updated at 08 Dec 2011, 17:56 GMT *Chart shows local time EUR:USD intraday chart
€1 buys change %
1.3334 -
-0.01
-
-0.58
However, Mr Draghi dismissed the prospect of a eurozone break-up as "quite far-fetched at this stage".
He also praised the efforts of the new Italian government.
Mr Draghi also announced further measures to support the eurozone's banks, including:
  • three-year loans to be available from 21 December
  • more generous minimum standards for what the ECB will accept as collateral on the loans it makes
  • a cut in the reserve ratio - the percentage of a bank's assets that must be held in cash at the central bank - from 2% to 1%.
The ECB president explained the measures were intended to head off a credit crunch affecting companies and mortgage borrowers.
Some banks have increasingly been relying on existing emergency loans from the ECB, as they find it harder to borrow money from markets.
Last week, the ECB joined with the US Federal Reserve, the Bank of England and three other major central banks in announcing an agreement that would ensure that their banks had access to foreign currency emergency loans.
The surprise move sparked speculation that one or more major European banks could be on the point of collapse, because of their inability to borrow in US dollars.
Rate cuts
The central bank again cut its forecast for economic growth in the eurozone next year, to a range of 1% growth to a 0.4% contraction - raising the prospect of a recession.
How is the European Central Bank helping the banks?
The lower forecast may herald further interest rate cuts.
It is the second such rate cut since Mr Draghi took over the ECB presidency last month.
The first rate cut, only days after he took over, reversed the central bank's policy direction. Under his predecessor, Jean-Claude Trichet, the ECB had begun raising rates over the summer to ward off higher inflation.
The second cut has returned rates to the record low 1% level that prevailed from the summer of 2009 to the end of 2010, in response to the global financial crisis and recession.
Mr Draghi confirmed that the decision was not made unanimously.
The ECB gas been providing some support to Italy and Spain, by buying up their debts in the financial markets to push down the cost of borrowing.
Italy's 10-year cost of borrowing had risen above the 7% level widely deemed to be unsustainably expensive, but fell back below 6% in recent days, in expectation of ECB aid.
Following Mr Draghi's press conference, it rose back above 6%.

Home market being held back by wary first-timers

WASHINGTON (AP) — This should be a great time to buy a first home. Prices have sunk to 2002 levels. Sellers are waiting anxiously as homes languish on the market. Mortgage rates are their lowest ever.

Yet the most likely first-time homeowners, especially young professionals and couples starting families, won't buy these days. Or they can't. Or they already did, during the housing boom. And their absence helps explain why the housing industry is still depressed.

The obstacles range from higher down payments to heavy debt from credit cards and student loans. But even many of those who could afford to buy no longer see it as a wise investment. Prices have sunk 15 percent in three years.

"I've looked for a home, but the places we can afford with the money we have are not that great," says Seth Herter, 23, a store manager in suburban St. Louis. "It also doesn't seem smart anymore to buy with prices falling. Buying a home just doesn't make sense to us."

The proportion of U.S. households that own homes is at 65.1 percent, its lowest point since 1996, the Census Bureau says. That marks a shift after nearly two decades in which homeownership grew before peaking at 70 percent during the housing boom.

The housing bubble lured so many young buyers that it reduced the pool of potential first-timers to below-normal levels. That's contributed to the decline in new buyers in recent years.

In 2005, at the height of the boom, about 2.8 million first-timers bought homes, according to the National Association of Realtors. By contrast, for each of the four years preceding the boom, the number of first-timers averaged fewer than 2 million.

Still, the bigger factors are the struggling economy, shaky job security, tougher credit rules and lack of cash to put down, said Dan McCue, research manager at Harvard University's Joint Center for Housing Studies. The unemployment rate among typical first-timers, those ages 25 to 34, is 9.8 percent, compared with 9 percent for all adults.

"The obstacles facing first-time buyers are big, and it's changing the way they look at home ownership," McCue says. "It's no longer the American Dream for the younger generation."

First-timers usually account for up to half of all sales. Over the past year, they've accounted for only about a third.

A big reason is tougher lending standards.

Lenders are demanding more money up front. In 2002, the median down payment for a single-family home in nine major U.S. cities was 4 percent, according to real estate website Zillow.com. Today, it's 22 percent.

And one-third of households have credit scores too low to qualify for a mortgage. The median required credit score from FICO Inc., the industry leader in credit ratings, has risen from 720 in 2007, when the market went bust, to 760 today.

Homes in many places are the most affordable in a generation. In the past year, the national median sale price has sunk 3.5 percent. Half the homes listed in the Tampa Bay area are priced below $100,000.

The average mortgage rate for a 30-year fixed loan is 4 percent, barely above an all-time low. Five years ago, it was near 6.5 percent. In 2000, it exceeded 8 percent.

When the economy eventually strengthens, the housing market will, too. More people will be hired. Confidence will rise. Down payments won't be so hard to produce.

The question is whether first-time buyers will then start flowing into the housing market. That will depend mainly on whether they think prices will rise, said Mark Vitner, senior U.S. economist at Wells Fargo.

"It's a guessing game as to when things will turn around," Vitner said. "But until they do, you won't see young people buying homes."

Corzine sorry, puzzled by missing MF Global money

WASHINGTON (Reuters) - Former MF Global chief Jon Corzine apologized to customers, employees and investors who have suffered because of the brokerage firm's collapse, but said he does not know where missing customer money is.
"Their plight weighs on my mind every day -- every hour," Corzine, a former U.S. senator, said in 21 pages of remarks prepared for delivery on Thursday before the House Agriculture Committee.
"I simply do not know where the money is, or why the accounts have not been reconciled to date," he said.
Corzine's contrite but defensive remarks are his first since MF Global's October 31 bankruptcy and his resignation days later. Revelations of massive bets on European sovereign debt caused markets to lose confidence in the firm.
The search for hundreds of millions of dollars in missing customer funds has sent reverberations through the farm belt and trading floors, and has attracted the attention of the FBI and federal prosecutors. Thousands of customers have had their money frozen.
"It appears to me that nobody has learned a thing from what's gone on here. Wall Street is operating as if 2008 never happened," said Collin Peterson, the top Democrat on the Committee, referring to the recent financial crisis.
In separate testimony, a top executive of futures exchange operator CME Group Inc said MF Global misused hundreds of millions of dollars of customer funds by moving the money to its own accounts, the strongest accusation yet against the bankrupt futures brokerage.
"Transfers of customer funds for the benefit of the firm constitute serious violations of our rules and of the Commodity Exchange Act," CME Executive Chairman Terrence Duffy said in prepared remarks.
CME, the biggest U.S. futures exchange operator, was a hands-on regulator of MF Global. Duffy said the brokerage admitted during a call with regulators that customer money was transferred out of segregation to the firm's own accounts.
The court-appointed trustee has estimated the shortfall of customer money at $1.2 billion, but CME has disputed that figure as being too high. In his prepared testimony, Duffy indicated the shortfall was roughly half that amount.
Neither MF Global nor any of its executives has been charged with wrongdoing.
"STUNNED" BY MISSING CUSTOMER MONEY
Nine witnesses are scheduled at the hearing, but Corzine, a senator from 2001-2006 and a former governor of New Jersey, is the star.
Corzine, due to testify later in the day, arrived just before the hearing started with little fanfare. Capitol Hill Police quickly escorted Corzine to the committee's holding room where he was expected to monitor the first panel.
There were no active protesters, although people lined up hours before to get into the cramped hearing room.
Corzine said in his testimony that while it is difficult for him to reconstruct the chaotic events leading up to the bankruptcy because he no longer has access to relevant documents, he feels compelled to answer lawmaker questions.
"As a former United States Senator who recognizes the importance of congressional oversight, and recognizing my position as former chief executive officer in these terrible circumstances, I believe it is appropriate that I attempt to respond to your inquiries," Corzine said.
In his testimony, Corzine distanced himself from some hands-on aspects of the firm's business practices.
"Even when I was at MF Global, my involvement in the firm's clearing, settlement and payment mechanisms and accounting was limited," Corzine said.
"I was stunned when I was told on Sunday, October 30, 2011, that MF Global could not account for many hundreds of millions of dollars of client money."
He said he accepts responsibility for the repo-to-maturity trades that related to the firm's $6.3 billion bet on European sovereign debt.
"At the time that MF Global entered into the transactions, I believed that its investments in short-term European debt securities were prudent," he said.
However, he said MF Global reduced leverage during his tenure, and said he does "not claim to be an accountant" regarding the treatment of that exposure.
Mary Schapiro, the chairman of U.S. Securities and Exchange Commission, has said her agency is probing the accounting treatment that helped mask MF Global's exposure to risky foreign sovereign debt. The SEC is also probing the disclosure of that exposure.
Steve Luparello, vice chairman of the Financial Industry Regulatory Authority, said in his testimony on Thursday that MF Global was not fully candid with FINRA in 2010 when the firm was asked about its exposure to European debt.
Luparello said the firm indicated in late September 2010 that it "did not have any such positions" in European sovereign debt.
"We later learned that the firm began entering into transactions that carried European debt exposure in mid-September 2010," he said. 
(Reporting by Sarah N. Lynch, Christopher Doering, Rachelle Younglai and Philip Shishkin in Washington and Ann Saphir in Chicago, writing by Karey Wutkowski; editing by John Wallace, Dave Zimmerman)

miércoles, 7 de diciembre de 2011

Mysterious planet-sized object spotted near mercury

A mysterious object is seen following in Mercury's path
Is a giant, cloaked spaceship orbiting around Mercury? That's been the speculation from some corners aftera camera onboard NASA's STEREO spacecraft caught a wave of electronically charged material shooting out from the sun and hitting Mercury.
Theorists have seized on the images captured from the "coronal mass ejection" (CME) last week as suggestive of alien life hanging out in our own cosmic backyard. Specifically, the solar flare washing over Mercury appears to hit another object of comparable size. "It's cylindrical on either side and has a shape in the middle. It definitely looks like a ship to me, and very obviously, it's cloaked," YouTube-user siniXster said in his video commentary on the footage, which has generated hundreds of thousands of views this week. Now, how this user was able to determine that the object was "obviously" a cloaked spaceship with no other natural explanation remains as much a mystery as the object itself.
Of course, there's another scientifically sanctioned explanation for the curious images, though we're not certain that skeptics and UFO enthusiasts such as SiniXster will endorse it. Natalie Wolchover of Life's Little Mysteries put the question to scientists in the solar physics branch at the United States Naval Research Laboratory (NRL). They're the people who analyze data from the Heliospheric Imager-1 (HI-1)--better known in this context as the camera that shot the footage in question.

Head NRL group scientist Russ Howard and lead ground systems engineer Nathan Rich say the mysterious object is in fact Mercury itself. And what we're seeing in the footage is the equivalent of Mercury's wake, "where the planet was on the previous day," as it travels through the solar system on its natural gravitational path:
To make the relatively faint glow of a coronal mass ejection stand out against the bright glare of space—caused by interplanetary dust and the stellar/galactic background—the NRL scientists must remove as much background light as possible. They explained that they determine what light is background light, and thus can be subtracted out, by calculating the average amount of light that entered each camera pixel on the day of the CME event and on the previous day. Light appearing in the pixels on both days is considered to be background light and is removed from the footage of the CME. The remaining light is then enhanced.
The analysts say the practice works even better when applied to far-off objects such as stars, which don't move much relative to the sun. But for moving objects, especially planets, the process is a little more complicated. And making matters even trickier is Mercury's staus as the closest planet to the sun.
"When [this averaging process] is done between the previous day and the current day and there is a feature like a planet, this introduces dark (negative) artifacts in the background where the planet was on the previous day, which then show up as bright areas in the enhanced image," Rich explained in an email.

Una revista india desafía con erótica al espionaje paquistaní

 
Nueva Delhi/Islamabad, 3 dic (EFE).- Aunque no se sabe si está manipulada, la foto de una actriz paquistaní sin ropa, con las siglas del espionaje de su país (ISI) escrita en un brazo, en la portada de una revista india, está incendiando la opinión pública del sur Asia, aún poco hecha al desnudo.
La polémica y sensual Veena Malik asegura que la imagen ha sido alterada, y amenaza con demandar a la revista para hombres que la publicará en portada el próximo lunes.
La publicación FHM India, en cambio, dice tener vídeos y otras fotografías que prueban que no ha habido manipulación alguna.
La revista adelantó este viernes en su versión de internet la portada del mes de diciembre, con Malik y las iniciales, y al instante la instantánea corrió como un reguero de pólvora por las redes sociales y desató un mar de turbulentas reacciones.
En la foto, la artista cubre sus pechos con los brazos y está ligeramente de perfil con una pierna flexionada, por lo que no es visible su pubis, pero es el hecho de llevar en el brazo las siglas del servicio secreto lo que ha añadido más morbo a la polémica.
"Esta mujer está completamente loca", tuiteó una rival, la actriz paquistaní Meera, nada más ver la portada, mientras los más lanzados se amparaban en el anonimato para llenar de improperios las secciones de comentarios.
La India y Pakistán comparten una difícil vecindad, como lo demuestran las guerras libradas por ambos países desde su independencia, en 1947, y las autoridades indias suelen acusar al ISI de apoyar a grupos terroristas y dañar sus intereses.
El agente de la actriz, Sohail Rashid, declaró a Efe desde Lahore que creía que la fotografía era "falsa", y poco después la propia actriz afirmó a la alarmada prensa paquistaní que había posado con "ropa moderna" y no "desnuda", según el rotativo Express.
"Conozco mis límites", dijo.
También añadió en aparente contradicción que, de común acuerdo con la publicación, los tatuajes del ISI serían sobrescritos en las fotos, una versión diferente de la que dio a Efe el editor de FHM, Naveer Sharma, sorprendido por la controversia.
"(Las letras) no son exactamente un tatuaje, sino que se las dibujamos. La propia Veena dijo que eran demasiado pequeñas", reveló el editor, que dijo contar con un vídeo que prueba la sesión, aunque este no será publicado por razones "deontológicas".
Para Malik llueve sobre mojado: ya escandalizó a indios y paquistaníes con su desenvuelta participación en una edición de la versión india del programa "Gran Hermano", en la que se dedicó a dar masajes y besuquear a sus colegas masculinos.
Tanto en la India como en Pakistán sigue siendo un tabú dar en público muestras de afecto amoroso o sexual, y los aficionados a la pornografía -prohibida en ambos países- deben bucear en secreto por la red o acudir al estraperlo en algún mercadillo de baja estofa.
Los diarios del subcontinente de hoy dividen su atención: algunos llevan la noticia a la portada y otros ni la mencionan, pero la principal incógnita continúa siendo cuál será la reacción de los radicales en uno y otro país, beligerantes en cuestiones de sexo.
En Pakistán, los islamistas, que ya habían amenazado a la actriz en el pasado, han puesto el grito en el cielo y llenado internet de comentarios despectivos, y en la India hay grupos hindúes con un amplio historial de acciones contra la "ligereza en las costumbres".
"Puede que haya problemas con los sectores conservadores, sinceramente no lo sé. Pero lo que la gente tiene que pensar es que ella es una mujer muy guapa, y que no tiene que pedir disculpas por ser guapa", sugirió el editor de FHM India.
FHM, que cuenta con una tirada de 110.000 ejemplares, saldrá a las calles el lunes, y será entonces cuando se pondrá de manifiesto si el fenómeno Malik pasa a la calle o se queda en las casas de los "hombres inteligentes" para los que Sharma dice concebir su revista.
Quizá el hecho de no mostrar pechos o entrepierna es lo que ha salvado hasta ahora a Malik del censor indio, algo menos rígido que en Pakistán, donde las tijeras llegan a tapar partes íntimas de las obras de arte que publica la prensa internacional.
En noviembre, la Autoridad de Telecomunicaciones de Pakistán amagó con filtrar más de 1.500 palabras consideradas escandalosas para que no pudieran enviarse por mensajes de móvil, entre ellas algunas sorprendentes, como "Jesucristo", "amante" o "mono".
La medida finalmente no se aplicó pero sirvió para que, como esta vez, una mitad de Pakistán y la India se eche las manos a la cabeza y la otra, en privado, tenga un pretexto para sus conversaciones distendidas y pasar el rato.

Debt Collector In Dominican Republic

Por Diego Agúndez y Agus Morales
Fotografía facilitada por la revista FHM India que muestra la imagen desnuda de la actriz paquistaní Veena Malik, con las siglas de los servicios secretos de su país (ISI) tatuadas en un brazo, portada que ha incendiado la opinión pública, tanto por su contenido erótico como por la provocación política que constituye la foto en el contexto de las difíciles relaciones entre India y Pakistán. EFE

Facebook bug sees Zuckerberg pictures posted online


Mark Zuckerberg and girlfriend in kitchen Pictures showed Mr Zuckerberg and his girlfriend cooking 
A series of private pictures of Facebook founder Mark Zuckerberg have been posted online by "hackers" to highlight a bug in the social network.
In total 14 pictures of Mr Zuckerberg were posted to image site Imgur under the headline: "It's time to fix those security flaws Facebook".
The bug related to tools designed to allow users to report inappropriate images.
Facebook said that it had fixed the glitch.
Privacy
Mark Zuckerberg holding a chicken Mr Zuckerberg and... a chicken
"Earlier today, we discovered a bug in one of our reporting flows that allows people to report multiple instances of inappropriate content simultaneously," the firm said in a statement.
"The bug allowed anyone to view a limited number of another user's most recently uploaded photos irrespective of the privacy settings for these photos.
"This was the result of one of our recent code pushes and was live for a limited period of time. Upon discovering the bug, we immediately disabled the system, and will only return functionality once we can confirm the bug has been fixed," the statement read.
The BBC asked Facebook's permission before publishing the photographs of Mr Zuckerberg. The firm said that as the pictures were now in the public domain it would not be pursuing copyright infringement claims.
Loophole The bug was discovered by members of a bodybuilding forum who went on to post step-by-step instructions on how to view private photos.
When users reported a public profile picture of someone as inappropriate, they were invited by Facebook to view more of the person's pictures to look for similar content. The thumbnails shown to them were easy to enlarge and download.
The "hackers" used the loophole to break into Mr Zuckerberg's pages, as the most high profile member of Facebook's 850 million users.
The images of Mr Zuckerberg included shots of him preparing food with his girlfriend, holding a chicken by the leg and meeting US President Barack Obama.
The embarrassing incident comes a week after the Federal Trade Commission slammed changes made to Facebook's privacy settings two years ago. It accused the social network of deceptive practices and demanded it subject itself to regular audits over the next 20 years.

Industrial output in Italy and Germany diverge

 Stocking factory in Calvisano, Italy Italian factories are having a tough time 
Industrial production in Italy and Germany diverged more than expected in October, figures show.
While factory output in Italy fell 0.9% versus a month earlier, in Germany it rose 0.8%. Analysts had expected more moderate change in both cases.
The German figure marked a moderate rebound from a 3.8% cumulative fall over the previous two months.
But the German economy ministry said that the outlook remained muted for the coming months.
The turnaround was driven by demand for durable consumer goods and capital goods for industry, both of which can be volatile and react strongly to changes in the economy.
The production figures follow data on Tuesday that showed industrial orders in Germany rose 5.2% in October.
Separate figures in the UK showed industrial output fell 0.7% in October, the fastest fall for six months.
Eurozone crisis The latest output data adds to a widening gap between Germany and Italy over the past year.
German industrial output in October was up 4.1% versus a year ago, whereas in Italy it was down 4.2%.
The Italian economy is widely expected to shrink in the fourth quarter of the year due to the uncertainties and borrowing problems created by the eurozone debt crisis.
"[The October data] is weaker that we expected," said Chiara Corsa, economist at Unicredit, Italy's biggest bank.
"[It] confirms our idea that output and gross domestic product will both fall in [the fourth quarter], even if there is a rebound in output in November as we expect after two steep monthly declines."

Eurozone: France and Germany urge common taxes

 

French President Nicolas Sarkozy and German Chancellor Angela Merkel The Franco-German alliance is going at full throttle ahead of the summit 
The leaders of France and Germany have called jointly for eurozone countries to have common corporation and financial transaction taxes.
The tax policy would apply initially to the 17-member eurozone. France has long complained about Ireland's low corporation tax rate of 12.5%.
The proposal came in a letter to European Council President Herman Van Rompuy, on the eve of a key EU summit.
Both countries want changes to the EU treaties to enforce budget discipline.
The push for EU tax harmonisation is highly controversial. The UK especially has for years resisted moves towards tax harmonisation in the 27-nation bloc.
Safeguards "We must strengthen growth through competitiveness and convergence of the economic policies of eurozone members at least," said the letter from French President Nicolas Sarkozy and German Chancellor Angela Merkel.
There are elements in there to upset almost everyone. Britain certainly won't sign up to any financial transaction tax. Ireland jealously guards its low corporate tax rate. There are obstacles at every turn.
Even France and Germany have disagreements, but they still want a deal involving all 27 member states. If they can't get one, they plan to proceed with the 17 members of the eurozone, and any other country which wants to join them.
So the intricacies of treaty change will loom large over this summit, but there is also a bigger picture. The EU needs to rebuild market confidence around the eurozone, and offer better protection to countries like Italy which have huge debts.
That means more work on creating a financial firewall to shield countries in trouble, and it means making sure that member states who have announced savage austerity programmes actually implement them. Without all of that, the eurozone will remain in real peril.
It called for "a new common legal framework fully compatible with the internal market", covering:
  • financial regulation;
  • the labour market;
  • convergence and harmonisation of the corporation tax base and introduction of a financial transaction tax;
  • policies that support growth and a better use of European funds within the eurozone.
UK Prime Minister David Cameron said on Wednesday that he would seek safeguards for London's powerful financial sector at Friday's summit in Brussels.
Crisis jargon buster
Use the dropdown for easy-to-understand explanations of key financial terms:
AAA-rating
The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is minuscule. 
"The more eurozone countries ask for, the more we will ask for in return," he said.
Mr Cameron argues that a financial transaction tax would work only if adopted globally.
The BBC's Chris Morris, in Brussels, says positions appear to be hardening.
A senior German official told the BBC he was more pessimistic than he had been a week ago. Some countries still did not understand just how serious the situation was, he said.
He dismissed as a "trick" talk of introducing a new fiscal agreement for the eurozone within existing treaties.
The Merkel-Sarkozy letter called for "a renewed contract between the euro area member states".
"The current crisis has clearly exposed the deficiencies in the construction of EMU [European Monetary Union]," it said.
"Alongside the single currency, a strong economic pillar is indispensable, building on enhanced governance to foster fiscal discipline as well as stronger growth and enhanced competitiveness."
But an EU commissioner publicly derided the idea that sanctions alone could compel euro member states to abide by the rules.
"Automatic sanctions are a joke. Fiscal union needs collective, democratic decision-making that can respond to challenges & manage agg. [aggregate] demand," Laszlo Andor.
He told the BBC that smaller EU states were disgruntled at the dominance of France and Germany in the decision-making process.
"Certainly very often when we speak with other member states, other than these two, yes you hear a certain disappointment and or even bitterness about how certain deals or bargains are handed out without the official meetings... and other countries might be taken for granted," he told the BBC's World Tonight programme.
"Of course it's very important, more important than ever, that leaders of Germany and France agree... But I think it's also important to have a very inclusive debate and look at all the options the European Commission has put forward," Mr Andor said.

China warns of 'severe challenges' to exports to West

 Containers at the port of Tianjin Sales to Europe and the US comprise just under 40% of China's total exports, but have been falling 
China faces "severe challenges" to its exports due to economic difficulties in key Western markets, the country's commerce ministry has warned.
Data due to be released on Saturday will show a sharp slowdown in export growth in November, the ministry said.
Sales to Europe and the US, which comprise about 40% of total exports, were not expected to recover next year.
The ministry said China would instead target exports to developing markets in Asia and Latin America.
Weaker manufacturing China will also try to boost its imports from the West, the ministry said, in order to help support their economies and to balance out China's trade surplus.
Exports to the European Union fell 9% in October versus a year ago, and exports to the US fell 5%.
The country's total exports, however, were still up 15.9%, thanks in part to booming demand from Latin America.
But it was the weakest annual growth rate in two years, and exports were sharply down compared with a month earlier.
Next year there won't be fundamental improvement in Europe or the United States”
Wang Shouwen Chinese Foreign Trade Director
"There is a lot of concern in Beijing about weakening demand from the developed world, especially from Europe," said Michael Pettis, economics professor at Peking University.
"China is still overly reliant on domestic investment and net exports to generate growth," he added, noting that Beijing was also recognising that further debt-fuelled growth in domestic investment was storing up problems for the economy and the country's banks.
The poor performance was mirrored by a recent manufacturing survey, which indicated that the sector contracted in November for the first time since the 2008-09 Western recession.
The commerce ministry also blamed rising wages in China for hurting its trade competitiveness.
'Not realistic' "Next year, I think that we will face severe challenges in our exports and imports," said Foreign Trade Director Wang Shouwen.
"There won't be fundamental improvement in Europe or the United States, and costs at home will stay as high as this year, so the foreign trade situation will be severe next year.
"However, some developing and emerging economies are enjoying sound economic performances, so we will attach more importance to exports to these countries."
But China's plan to focus on developing markets is not realistic, according to Professor Pettis.
"Europe, the US and Japan account for more than two-thirds of the rest of the world's consumption, and it is hard to imagine that the developing world can replace them over the next several years.
"To make matters worse, much of the growth that is occurring in the developing world is driven by Chinese demand for commodities.
"So if China is serious about reducing it's over-reliance on investment it will have the unfortunate consequence of reducing growth in the developing world just when China needs it most."
Attempts to increase its exports to the developing world may also meet with resistance.
Recent data showed that Brazil's economic growth had slowed to a standstill.
The country - Latin America's biggest - has previously complained about the threat to its own export competitiveness posed by the weakness of Western currencies.
Meanwhile in India, the mood may be turning against opening up the country's economy to foreign competitors.
The government suspended plans to let global supermarkets compete in the country, following political uproar and public protests.

Syria's Bashar al-Assad 'feels no guilt' over crackdown

 
Bashar al-Assad told ABC's Barbara Walters that he had given no orders for violence to be used against protesters 
Syria's president has said that he feels no guilt about his crackdown on a 10-month uprising, despite reports of brutality by security forces.
In an interview with the US network ABC, Bashar al-Assad said he had given no orders for violence to be used against protesters but admitted "mistakes" were made.
He said he did not own the security forces or the country.
At least 4,000 people have been killed since the uprising began, the UN says.
However, Mr Assad said the UN was not credible.
Syria blames the violence on "armed criminal gangs".
The US later rejected President Assad's assertions that he did not order the killing of protesters.
"It is just not credible," White House spokesman Jay Carney said.
"The United States and many, many other nations around the world who have come together to condemn the atrocious violence in Syria perpetrated by the Assad regime know exactly what's happening and who is responsible."
Mr Assad's interview comes a day after the US announced that its ambassador in Syria, Robert Ford, would return to Damascus after he was withdrawn in October because of security concerns.
France's ambassador returned on Monday.
'Big difference' Responding to questions from veteran presenter Barbara Walters about the brutality of the crackdown, Mr Assad said he did not feel any guilt.
"I did my best to protect the people, so I cannot feel guilty," he said. "You feel sorry for the lives that has [sic] been lost. But you don't feel guilty - when you don't kill people."
"We don't kill our people… no government in the world kills its people, unless it's led by a crazy person," he added.
The security forces were not his, nor did he command them, the Syrian president said.
"There was no command, to kill or to be brutal," he said.
"I don't own them, I am president, I don't own the country so they are not my forces."
President Assad's responses to ABC's questions about security showed that he was keen to deflect allegations of brutality levelled against his security forces.
By giving the interview in the first place, he was clearly concerned to reach out to American public opinion and policy-makers to correct the wrong impressions he believes they are being given about what is happening in Syria.
While not denying excesses, he challenged the "false allegations" on which much of the media - and the UN's Human Rights Commission - based their conclusions.
He appeared confident that his embattled regime would weather the internal challenge as well as outside pressures from sanctions.
He believed the majority of Syrians - who he said were neither for nor against the regime - would be won over by reforms which he said would give other parties a chance.
Instead he blamed the violence on criminals, religious extremists and terrorists sympathetic to al-Qaeda, who he said were mingling with peaceful protesters.
He said most of those killed were from government supporters, with 1,100 soldiers and police among the dead.
Those members of the security forces who had exceeded their powers had been punished, he said.
"Every 'brute reaction' was by an individual, not by an institution, that's what you have to know," he said.
"There is a difference between having a policy to crack down and between having some mistakes committed by some officials. There is a big difference."
When challenged about reports of house-to-house arrests, including of children, Mr Assad said the sources could not be relied upon.
"We have to be here to see. We don't see this. So we cannot depend on what you hear," he said.
The United Nations, which has said the Syrian government committed crimes against humanity, was not credible, Mr Assad said.
He described Syria's membership of the UN as "a game we play".
Asked if he feared sharing the fate of the late Libyan leader Muammar Gaddafi or ousted Egyptian President Hosni Mubarak, Mr Assad said the only thing he was afraid of was losing the support of his own people.

martes, 6 de diciembre de 2011

Twitter's top 2011 hashtags: #egypt and #tigerblood

A woman looks at former Lebanese prime minister Saad al-Hariri"s Twitter page Tweeters showed interest in the Arab Spring 
The most popular hashtags of 2011 have been revealed, illustrating how Twitter spans diverse topics from politics to celebrity gossip.
Hashtags are used to group together tweets relating to the same subject.
Top of the list was #egypt, followed by #tigerblood.
The first refers to the unrest in Egypt during the spring of 2011 while the second references a comment made by actor Charlie Sheen, following his sacking from a hit US comedy.
Sheen made the headlines in 2011 for a series of often rambling public rants which culminated with the comment to online celebrity gossip site RadarOnline: "My fangs are dripping tiger blood."
At the same time, he joined Twitter and racked up one million followers in the first 24 hours, believed to be a record for the site.
He used the site to comment on the dispute between him and the Two And A Half Men show's producers, at one point tweeting: "I'm looking to hire a #winning INTERN with #TigerBlood."

TOP TWITTER HASHTAGS

  • #egypt
  • #tigerblood
  • #threewordstoliveby
  • #idontunderstandwhy
  • #japan
  • #improudtosay
  • #superbowl
  • #jan25
Twitter also released details about the hottest topics in a range of subjects, including the most talked about actors, countries and news topics.
The resignation of Egypt's President Hosni Mubarak, which triggered a series of uprising across the Middle East and Africa, topped the news list, followed by the US special force's fatal raid on Osama bin Laden's home. The Japanese earthquake and tsunami ranked in third place.
In the food category the McLobster took top place after it trended on rumours that fast food chain McDonald's was to roll out the crustacean-based sandwich across the US. Previously it had only been available in Canada.
A teenager who was unknown at the start of the year topped the music list. Would-be popstar Rebecca Black was propelled into stardom when her debut single Friday was released on YouTube to widespread mockery. At the time of its release, the song ranked top in global trending topics on Twitter, surpassing the Japanese earthquake crisis.
Perhaps suprisingly teen hit Justin Bieber did not feature in the top names.

TOP 10 TECH TOPICS

  • Mac App Store
  • Sony NGP
  • Guitar Hero
  • Mozilla Firefox
  • Duke Nukem Forever
  • iPad
  • iPhone
  • Nintendo 3DS
  • Mortal Kombat
  • iPod
As well as featuring in the top hashtags, Charlie Sheen's off-screen antics also moved him to the top of the most talked-about actors
British talent in the top 10 including Ricky Gervais, off the back of his controversial Golden Globes appearance, Colin Firth, who won the best actor Oscar for his performance as King George VI in The King's Speech and Pete Postelthwaite, a British character actor who died in 2011.
"Among other things, we saw history unfold in the Middle East, mourned the passing of Elizabeth Taylor, celebrated National Whipped Cream Day, and cheered for the Dallas Mavericks, Texas Rangers and Wayne Rooney," Dominican Republic Lawyers
"More than anything, these trends demonstrate how Twitter connects people with common interests. Instead of watching the news, the Super Bowl and Pretty Little Liars at home alone, we watched them together on Twitter," it added.

Brazil's economic growth stalls in third quarter

Brazilian building site Brazil's interest rate is still one of the highest in the world 
Brazil saw its economic growth stall for the three months to the end of September, official figures show.
Its GDP growth was zero compared with the previous quarter, said the country's IBGE statistical bureau.
The government now expects 3.5% growth in 2011, as against 7.5% last year.
Brazil's main interest rate, known as the Selic, has been cut from 12.5% to 11% since August in a bid to boost growth, but is still the highest in the G20 group of leading economies.
Brazil's central bank has had high interest rates for many years, encouraged by fears of a return to the runaway inflation that plagued the country in the 1980s and early 1990s.
"The central bank's decision to cut interest rates early has been fully vindicated and the Selic will probably fall further - perhaps to 9.5% in the first half of next year," said analyst David Rees of Capital Economics.
"Another relevant factor was the worsening situation in the eurozone in the third quarter, which had a big impact on investments," said Andre Perfeito, chief economist at Gradual Investments.
Chinese competition Brazil's farming sector grew by 3.2%, while its service and industrial sectors shrank by 0.3% and 0.9% respectively compared with the previous three months, said the Brazilian Institute of Geography and Statistics (IBGE).
The largest buyer of Brazilian foodstuffs is China, which overtook the US as Brazil's largest trading partner in 2009.
Although Brazil currently sells more to China than it imports, Brazilian manufacturers have complained that their industries are being affected by cheap mass-produced goods from the Asian giant.
Earlier this year, Brazil imposed a new tariff of $4 a kilo on Chinese synthetic fibres, which are already subject to a 26% import tax.

Apple in EU e-book market probe

 iPad Apple's iBook store is likely to come under scrutiny
 
Apple and five publishers are to be investigated over anti-competitive practice in the e-book market, says the European Union's anti-trust watchdog.
As well as the tech giant, the inquiry centres on Hachette Livre, Penguin, Harper Collins, Simon & Schuster and Verlagsgruppe Georg von Holzbrinck.
The Commission said it would focus on alleged illegal agreements restricting competition in the EU.
The UK's Office of Fair Trading has already carried out a similar inquiry.
The character and terms of agreements that the companies made with agencies are to be examined for breaches of EU rules on cartels, the Commission said.
The Office of Fair Trading has now finished its own investigation, but continues to work closely with the Commission, which is extending the scope of the inquiry across the whole of Europe.
The Commission carried out "unannounced inspections" on the companies in March 2011 as part of its investigations at premises in several European countries.
Apple's iBook store, which supplies e-books to the company's iPad tablet computer and the iPhone, is likely to come under scrutiny.
The EU announced an investigation into Google for potential anti-competitive behaviour in November.

Olympus investigation panel finds 'rotten' management

 
Former Olympus chief executive Michael Woodford speaks to the BBC 
A panel appointed by the board of scandal-hit Olympus has said the "core part of management was rotten", but has found no link to organised crime.
The independent investigation found the camera-maker had concealed business and investment losses that ultimately rose to 132.22bn yen ($1.7bn; £1.09bn).
The panel is urging legal action against those who were involved in the cover-up.
It has also said that those who knew about the situation should be replaced.
Losses 'hidden' The 178-page report was commissioned by the Olympus board and undertaken by an independent panel.
It was headed by a former Supreme Court judge, Tatsuo Kainaka, and its findings are based on voluntary hearings and company computer analysis.
The panel recommended significant changes to the board and listed 10 reasons why the scandal took place at the 92-year-old company.
They ranged from poor quality personnel management to incompetent external auditing.
Olympus logo Olympus shares have lost three-quarters of their value since 14 October
The panel laid the blame for cooking the books over 13 years mostly on two executives, former executive vice-president Hisashi Mori and ex-internal auditor Hideo Yamada.
The panel found no evidence that either executive had gained personally and both have resigned since the scandal came to light.
According to the report, the aim of the two men was to hide losses made from bad investments during the 1990s as the Japanese stock market crashed.
They pointed to the involvement of "external players" that allowed the fraud to persist. "[They] assisted in the concealment while knowing full well that such accounting practices were illegal," the report said.
The independent committee was also critical of Olympus' auditors during the years under investigation, KPMG AZSA and Ernst & Young ShinNihon.
However, in the final analysis, the panel blamed bad corporate governance by the executive management team. "Past [Olympus] presidents had low esteem for transparency and governance," said the report.
'Yes men' Olympus shares have plunged since its sacked chief executive, Michael Woodford, blew the whistle over his concerns about dubious accounting practices at the firm.
The controversy surrounds the payments made by Olympus to financial advisers as part of its acquisition of companies including British firm Gyrus.
The payments came to light when Mr Woodford claimed that he had been forced out of the company for raising questions about these and other accounting practices in October 2011.
Olympus originally denied any malpractice, but eventually acknowledged that it had used acquisitions, including that of Gyrus, to hide investment losses.
Mr Woodford told the BBC that the report showed "the existing directors are 'yes men' who did not react... and have passed their sell-by date".
Mr Woodford resigned from the board last week to concentrate on a campaign to oust the other board members of Olympus. He told the BBC, "They [the Olympus board] should not choose the next management team."
Mr Woodford also said he was in talks with several of Olympus' shareholders. He has said he would be prepared to return to the chief executive position.
He added that there needed to be a change in the whole of Japanese company culture: "Japan has to change its corporate governance and have powerful non-executives."
Shinsuke Amiya, an MP and member of the Japanese ruling party's panel on corporate governance, said they would use the Olympus report to discuss how to recover market trust. They could make it mandatory to appoint external board members.
Investigation continues Although the report is stronger than expected, it does not contain any real new evidence about what happened at the company.
The independent panel which compiled the report was not authorised to pursue a criminal investigation.
Olympus remains under joint investigation by Japanese police, prosecutors, the markets regulator, UK's Serious Fraud Office and the FBI in the United States.
After the report was released, trading in Olympus shares was halted in Tokyo.
The Tokyo Stock Exchange says it is assessing the report and may consider delisting Olympus.
The exchange has already warned that the company may be delisted if it fails to file its accounts report by 14 December.
Even if Olympus hits the deadline, the Tokyo Stock Exchange can still delist the company if it finds it has mis-stated its accounts or had dealings with organised crime.