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Thursday, October 18, 2012
India, Australia to begin talks on uranium exports
NEW DELHI (AP) ? India and Australia will hold talks Wednesday to strengthen economic and strategic ties and explore cooperation in civilian nuclear energy.
Australian Prime Minister Julia Gillard, on a three-day visit to India, will meet with her Indian counterpart, Manmohan Singh later Wednesday, Indian officials said.
The two leaders will discuss Australia's decision to overturn a long-standing ban on exporting uranium to countries that have not signed the Nuclear Nonproliferation Treaty. India is among those countries.
Australia has 40 percent of the world's known uranium reserves but it sells uranium only for power generation under strict conditions.
Energy-starved India has been desperately seeking uranium sources to run its nuclear power plants, and Australia's refusal to sell the mineral has been a sore point in relations between the two countries.
India refuses to sign the Nuclear Nonproliferation Treaty, saying it discriminates against countries that carried out tests after the treaty came into force in 1970.
Uranium sales to India will be possible once the two countries reach agreement on a nuclear safeguard arrangement, with India giving assurances that the uranium will not be diverted to its military program.
"The thing that would have to happen next is the negotiation of a comprehensive civil nuclear co-operation agreement."
Gillard has said that she expects discussions on uranium sales to India to last one to two years.
The two leaders will also discuss defense cooperation, maritime security in the Indian Ocean region and combatting terrorism.
India and Australia will also explore ways of boosting bilateral trade.
Gillard said Wednesday that the two countries were "very old friends" and she hoped to "achieve closer ties for the future during the visit."
"We want to work together to strengthen our economic partnership and strengthen our strategic partnership," she told reporters.
Trade between the two countries has grown from $4 billion in 2000 to more than $20 billion last year. India is Australia's fourth-biggest market and trade figures are expected to touch $40 billion by 2016.
Australian universities are trying hard to entice Indian students to return to Australia to pursue college or professional degrees. The numbers of Indian students studying in Australia has fallen after a series of racial attacks that spiked in 2009.
Gillard also announced that Australia will confer its highest civilian honor, the Order of Australia, on Indian cricket wizard Sachin Tendulkar, a decision that would go down well in cricket-mad India.
"This is a very special honor that is very rarely awarded to someone who is not an Australian citizen, or an Australian national," Gillard told reporters.
Source: http://news.yahoo.com/india-australia-begin-talks-uranium-exports-060458247--finance.html
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Wednesday, October 17, 2012
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Source: http://khandan1.com/index.php?do=/blog/2836/health-and-fitness-mens-issues-article-category-page-1726/
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Source: http://boniness-cogency.blogspot.com/2012/10/health-and-fitness-mens-issues-article.html
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Can the auto bailout save Obama in Ohio?
A sign outside United Auto Workers Local 1714 in Lordstown (Liz Goodwin/Yahoo!)
LORDSTOWN, Ohio?In March 2009, Dave Green, president of United Auto Workers' Local 1714, felt a creeping panic. Men holding clipboards and taking notes walked around the Lordstown General Motors plant where his members worked, and from outside came the constant hum of inventory-taking helicopters. Rumors flew that the GM plant, which employed thousands of workers, was going to be sold off or liquidated, another casualty of the recession.
"We knew the money was running out," Green, a Barack Obama supporter, said. "We didn't know what was going to happen."
Within the next two months, the Obama administration bailed out GM as well as Chrysler, aided by billions of dollars in taxpayer-funded loans. In exchange, the companies declared bankruptcy and reorganized. While the federal government is expected to lose about $19 billion of the $80 billion it handed to industry?an industry smaller than it was before the recession hit?it's no longer at death's door.
(The unofficial slogan at the Democratic National Convention in Charlotte last month: "Bin Laden is dead and GM is alive.")
Even better for locals: In August, GM announced it would invest an extra $200 million in the Lordstown plant so that its 4,500 workers could continue to build the popular Chevy Cruze, an unexpected best-seller, in three shifts each day.
It makes sense, then, that union leaders in Lordstown are out in force to get the president re-elected, and that Obama and his campaign continually tout the president as a savior of Ohio's auto industry and, by extension, its economy. But it remains to be seen whether Ohioans are buying what the campaign's selling.
In this hotly contested state, where residents almost always pick the next president, Obama is contending with a shrinking union rank and file not always in lockstep with the union party line. And while independent analysts say the car industry would have failed without the bailout, some voters in Ohio, where one in eight jobs is related to the auto industry, aren't convinced.
Romney is fast gaining ground in the state?last week he drew large, enthusiastic crowds when campaigning?and Obama has seen his lead narrow to 2 percentage points in an?average of seven polls taken after his lackluster first debate performance.
Perhaps even more problematic for the president's bailout pitch is that unions are a declining force in Ohio politics. Union households make up 15 percent of the electorate, down from about 22 percent 20 years ago, according to University of Cincinnati political science professor Al Tuchfarber. They still, however, wield power. Last November, Ohio resoundingly recalled a bill supported by Republican Gov. John Kasich that stripped public unions' collective bargaining rights.
When campaigning in Ohio last week, Romney spoke about the economy and argued that Obama hasn't created enough jobs, especially in the manufacturing sector. But two words that did not cross his lips? "Auto bailout."
The GOP challenger and his surrogates generally steer clear of the topic when in Ohio, and for good reason: In 2008, Romney wrote an op-ed in The New York Times arguing that car companies would collapse if taxpayer money helped fund a bailout, and that GM and Chrysler could restructure themselves after going through a privately financed bankruptcy. The Obama campaign has continually flung the op-ed, "Let Detroit Go Bankrupt," in the campaign's face, arguing that Romney's plan would have left Ohio in the cold.
Romney didn't visit Lordstown on his five-day Ohio swing last week, but New Jersey Gov. Chris Christie, a top Romney supporter, stopped by to attend a small rally on Tuesday. The town of 4,000, which GM has labeled "Cruze Country," is heavily Democratic, and attendees at the Christie rally joked about being outnumbered in the area. But two neighboring counties, which also benefit economically from the plant and are home to some plant workers, are expected to vote for Romney.
Christie didn't mention the auto plant in his brief address.
Both Local 1714's Green and Glenn Johnson, the president of another UAW local in Lordstown also supporting Obama, said it made no sense for Christie to speak there without mentioning the town's economic engine. "It was a crossroads, literally a crossroads," Johnson said of the town before the plant.
But Christie had his loyalists. Jim Kane, a 63-year-old former auto worker forced into early retirement in 2009, stood close to the stage, eager to hear the governor speak. Kane, a Republican, is among a group of about 20,000 retired workers at Delphi, a parts supplier once owned by GM, whose pensions were cut by 30 percent or more by the government during the bailout. (In bankruptcy negotiations, Delphi relinquished its pension obligations to the government, which then cut the amount it would pay by 30 to 70 percent.)
GM agreed to make up the difference in the pensions of Delphi workers who were members of the UAW union, while salaried workers like Kane, who for the most part weren't allowed to join the hourly-wage worker union, were left with slashed pensions and health insurance. The uneven treatment prompted criticisms of union favoritism.
A veteran with diabetes, Kane was able to get insurance through Veterans Affairs when GM cut his health-care coverage, but his wife, who has rheumatoid arthritis, and his autistic son are still uninsured.
"We're living so close to the edge right now," Kane said. "I agree with Romney, I believe that places like GM would have taken care of themselves under bankruptcy. GM would have made it through."
(Lordstown's Republican mayor, Arlo Hill, also told Yahoo News he thinks the plant would have survived without the bailout.)
Christie was introduced by UAW member Mark Bedenik, who traveled to Lordstown from Cleveland, where he works at parts supplier Alcoa Cleveland Works. Bedenik wore a bright-yellow UAW shirt altered to read Romney-Ryan. After the event, he clutched his laminated introduction speech as two other UAW workers thanked Bedenik for speaking.
Bedenik, like many other union members, has been canvassing for his candidate. He says he's seeing past and present union members who are newly minted Republicans, and who don't believe the bailout saved the auto industry or jobs in general. "I've gone door to door," he said. "You will see their vote."
Green said he feels most active and retired union members will vote for Obama and that Bedenik is the exception. Green, along with other supporters, is also knocking on doors and making calls, reminding Ohioans that they or someone they know might be out of a job if not for Obama. Supporters credit Ohio's lower-than-average unemployment rate (7.2 percent in August compared to 8.1 percent nationally) to Obama's policies, especially the bailout.
"They feel like they owe this government something and this president something because he was taking a lot of shots for supporting us," Green said of his local's approximately 5,000 members.
About a mile away from the Lordstown park where Christie spoke, volunteers in a wood-paneled conference room in the Local 1714 union hall take shifts calling the union's 3,500 retired and 1,500 active members to ask them to support Obama. Last week union member Kelvin Harlemon worked the phone. He said he had talked to a few members who supported Obama in 2008 but now leaned toward Romney.
"Good morning! This is Kelvin Harlemon over here at 1714," he boomed into the phone. "We're just calling out to our union brothers and sisters. ... Are you intending to vote this year in our presidential election?" Harlemon stared blankly ahead for nearly a minute before saying, "He hung up." He laughed. "What a job."
Nine of the 16 people who answered the phone over a 20-minute period told Harlemon they planned to vote for Obama. Six people hung up on him. One person yelled into the phone, "Yeah I'm going to vote, but I don't like either one of them," and then hung up.
Earlier in the morning, a retired union member told Harlemon that he was an Obama supporter but thought he'd vote for Romney. "Now [Obama's] talking about Big Bird," the man told Harlemon. "I don't want to hear about Big Bird. I'm voting for Mitt." Harlemon reminded the man that Obama had supported labor in the past, and that Romney was against the bailout. The man said he would take this into consideration.
Green (who does an uncanny Bill Clinton impression) said he tells union members they don't have to love Obama to vote for him.
"I love Bill, wish he could run," Green said of the former president. "But you don't have to love Obama, you know. I mean he's not the magic god. ... He's just a guy. But he at least believes in labor. So if you work in labor you ought to slap yourself in the head if you think the other guy will do you better."
Source: http://news.yahoo.com/blogs/ticket/auto-bailout-save-obama-ohio-175418009--election.html
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Capital Business ? Kibaki urges banks to tap young farmers
President Kibaki at the Nakuru ASK Show earlier in the year. Photo/ FILE
NAIROBI, Kenya, Oct 16 ? President Mwai Kibaki is encouraging the agricultural sector to come up with ways of increasing lending from commercial banks to farmers so that the sector becomes competitive in order to attract and develop a generation of young farmers.
Speaking at the launch of the 3rd Agricultural Development Forum, the President noted that the agricultural sector has over the years been viewed as a risky investment for which commercial banks are unwilling to extend loans, more so to smallholders.
?Although the lending by commercial banks to the sector has increased from about Sh25 billion in 2002 to about Sh53 billion last year, this is still way below the sector?s potential,? he explained.
?Loans to the agricultural sector account for only three percent of the total banks? lending portfolio,? he added.
He explained that the agricultural sector is the backbone of Kenya?s economy, emphasising that access to credit for farmers must be improved by at least 15 percent of the lending portfolio of banks, for the sector to thrive and become globally competitive.
The President added that he?s concerned that the average age of the Kenyan farmer is 60 years and yet a large percentage of the population is under 35 years.
?If this trend continues, the agricultural sector will experience a decline in the years to come and we will continue to struggle with high unemployment among our youth,? he said.
?For agriculture to remain a key driver of our economy, we must attract and develop a generation of young farmers who will bring not only their energy and skills to the sector but also innovative and modernised farming methods,? he added.
He pointed out that the agricultural sector has recorded remarkable growth over the last nine years, registering a growth rate of about six percent last year.
?Increased production has seen poverty levels drop by 10 percent while the incidence of food insecurity is down 15 percent,? he said.
?In addition, we have successfully revived numerous public institutions in the agricultural sector among them the Kenya Cooperative Creameries, Kenya Meat Commission, Agricultural Finance Corporation and the Coffee Research Foundation,? he added.
He noted that the tea, horticulture, sugar, fishing and dairy products sub-sectors have performed very well with tea becoming the country?s leading foreign exchange earner with export earnings now standing at about Sh110 billion, up from Sh33 billion.
In horticulture, the value of exports has more than tripled from about Sh29 billion in 2003 to about Sh90 billion last year, while maize production increased from 30 to 37 million bags.
Rice increased from 40,000 to 91,000 metric tonnes, while wheat production is up 30 percent, while milk production increased from two billion to 5.8 billion litres valued at Sh300 billion, up from Sh100 billion ten years ago.
He added that the government is constructing satellite abattoirs in Wajir, Isiolo, Garissa and West Pokot, while another 17 slaughter houses are being constructed in various parts of the country.
The President acknowledged that despite the growth of the sector during his presidency, the sector is still struggling and will require further development and investments to become globally competitive.
?In spite of this progress, the agricultural sector still faces a number of challenges which include market access; funding for research and development; access to credit; and the age of the Kenyan farmer,? he noted.
?There is also the emerging challenge of how to implement agricultural development under devolved governments,? he added.
Author: CHARLES GICHANECHARLES GICHANE has written 144 posts
Source: http://www.capitalfm.co.ke/business/2012/10/kibaki-urges-banks-to-tap-young-farmers/
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Tuesday, October 16, 2012
Packed court as Costa captain hears evidence
An Italian court will decide if Francesco Schettino, the captain of the capsized Costa Concordia cruise ship, should face a full trial next year for the deaths of 32 people. NBC's Claudio Lavanga reports.
By Claudio Lavanga, NBC News
GROSSETO, Italy -- The captain of the Costa Concordia cruise ship that crashed into an Italian reef appeared in court Monday to hear the evidence against him, while hundreds of passengers who survived the deadly shipwreck and the families of those who died in it showed up just "to look him in the eye."
The case of Francesco Schettino, 51, was of such enormous interest that a theater had to be turned into a courtroom in the Tuscan city of Grosseto to accommodate all those who had a legitimate claim to be at the closed-door hearing over the disaster.
As dozens of experts, lawyers and prosecutors packed the building, all eyes were on Schettino, who returned to Tuscany for the first time since his arrest to, in his own words, ?Face my accusers.?
In the next few days, Schettino, the eight other people accused, and the many survivors and families of victims, will learn if he will face charges over the deaths of 32 people after his ship run aground off Giglio island on Jan. 13.
Schettino?is?accused of manslaughter, causing the shipwreck and abandoning ship while passengers and crew were still aboard. He denies the accusations and has not been charged. Any trial is unlikely to begin before next year.?
?The sooner we can resolve it, the sooner the victims can get on with their lives, they can put this behind them. ... We are anxious to do that, but not so anxious to compromise on our will to change the industry for better standards,? John Arthur Eaves, Jr., an Alabama-based lawyer representing several American survivors of the disaster, told NBC News.
Monday?s hearing was the first and most important in a preliminary trial, aimed at establishing who should be indicted over the disaster.
Over the next few days experts, who were appointed at an earlier hearing in March, will present their analysis of the data retrieved from the black box, audio recordings and other on-board equipment.
The hearing is off limits to the media, and the only way to learn what is happening inside is through lawyers and witnesses who emerge from the theater during breaks.
Dramatic opening
Schettino himself has become a lightning rod for international?disdain?for having left the ship before everyone was evacuated.
As befitting a star attraction, the captain arrived Monday at the makeshift courthouse through the back door in a car with darkened windows.
Costa Concordia captain admits he was 'distracted' by phone call
"Schettino looked like he just walked out of a fashion magazine. He was dressed in a black suit, black tie, and was very tanned. He didn't betray any emotion, and took many notes,? Eaves told NBC.
Even the weather added to the sense of drama.
Codacons via Getty Images
In this handout image, data from the Costa Concordia's black box reveals the moment when Capt. Francesco Schettino said "let's leave the ship" in the moments after the cruise liner collided with rocks in Grosseto, Italy.
on October 15, 2012 in Grosseto, Italy. (Photo by Laura Lezza/Getty Images)
A massive storm, nicknamed Cleopatra by Italian meteorologists, hit Grosseto a couple of hours after the hearing began, dumping rain on members of the media waiting outside.
A group of German survivors said Schettino was seen biting his nails, and another witness claimed to have seen him shaking hands with another survivor.
"We want to look him in the eye to see how he will react to the accusations," said survivor Michael Liessen, 50, who was attending with his wife.?
Schettino is one of nine people facing charges, although eyewitnesses, leaked audio and video recordings, a pre-trial report and even the liner?s owners, Costa Crociere (a subsidiary of Miami-based Carnival), appeared to put the blame squarely on him.
Wider fault?
However, Eaves, the American lawyer, suggested the fault may lie wider.
"It was just said in court that musicians on board had more safety training than other crew members," Eaves told NBC.
Costa Concordia cruise ship captain says sacking unfair
?We are not going to save lives if we don?t change the standards in the whole industry, not only of this particular captain,? he added.
Remo Casilli / Reuters
The Costa Concordia, carrying more than 4,200 passengers, ran aground Jan. 13 off the coast of Italy killing 32 people - including two Americans.
It is alleged Schettino was in command when he steered the gigantic ship too close to Giglio coastline, allegedly to perform a maritime salute to grant a favor to the ship?s head master, who was originally from the island.
The Concordia hit a reef, tearing a 160-ft. gash in her hull, taking in water and eventually running aground yards from the island?s port.
Video taken by passengers at the time showed scenes of chaos and confusion as the Costa Concordia started to list heavily.
In the intervening months, Schettino has sought to restore his reputation and set the record straight by giving his version of events.
His strategy has not met with widespread approval.
An angry member of an Italian consumer association told NBC News it would be raising a formal objection to Schettino?s presence in court.
?We are losing sight of the victims of this tragedy, but they could line the pockets of the shamed captain,? the member said.
Complete Europe coverage on NBCNews.com
Many questions
Expert evidence will have to address many questions, among them:
Did Schettino make a personal and fatal mistake in taking the ship too close to the island, or should, as he claims, the blame be shared with other crew members?
Six months after the Costa Concordia cruise ship disaster, some of the survivors say that they have learned the cruise industry has a "lack of oversight." Hundreds of survivors are challenging the settlements offered to them and calling for an overhaul of the industry.? Rock Center's Harry Smith reports.
Did Schettino voluntarily abandon the ship hours before all passengers were evacuated?
Did he delay the call to abandon the ship, further endangering passengers?
Did he really save hundreds of lives by steering the ship as close as possible to the coast, as he claims, guided by a ?divine hand??
A pre-trial report, leaked to Italian media weeks before the trial, places much of the blame on Schettino.
Costa Concordia disaster spawns shipwreck tourism for Italian island
The 270-page report, compiled by maritime experts appointed by the court, reveals that the captain abandoned the Costa Concordia hours before the last of the passengers had reached safety and was slow in issuing the order to abandon ship and alerting port authorities.
But the experts -- two admirals and two engineers -- also note that evacuation drills had not been undertaken by all passengers on the ship and not all crew members understood Italian, the operating language of the liner.
?You find a consistent pattern of a lack of discipline on crew training, on the design of the vessel, on the communication problems. They go back to standards that were set up by Carnival in the United States. This captain made a horrible mistake, but we are not going to save lives if we don?t change the standards in the whole industry, not only of this particular captain,? Eaves said.
Complete World coverage on NBCNews.com
An Indonesian helmsman, for instance, failed twice to understand orders, veering to the right instead of the left as he was told by Schettino, who joked he should pay closer attention or ?we will go on the rocks,? only minutes before they dram aground.
A local newspaper said Monday the captain?s lawyers told the judge and prosecutors to ?consider the position of the helmsman.?
Schettino, they seem to suggest, was not the only one to blame.
The Associated Press contributed to this report.
More world stories from NBC News:
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Medtronic invests in Chinese med-tech firm LifeTech Scientific
Medtronic Inc. is spending $66.2 million to take a 26 percent share of a Chinese medical-device maker ? the second big China deal Medtronic has made in the last month.
Medtronic Inc. is spending $66.2 million to take a 26 percent share of a Chinese medical-device maker ? the second big China deal Medtronic has made in the last month.
Fridley-based Medtronic (NYSE: MDT) said in a news release it was investing in LifeTech Scientific Corp., which makes cardiovascular devices.
Medtronic is spending $46.6 million to buy a 19 percent equity stake in the Chinese company, and then adding a $19.6 million convertible note for another 7 percent ownership. The deal is expected to close by the end of the year.
At the end of last month, Medtronic said it was spending $816 million to buy China Kanghui Holdings Inc., a maker of orthopedic implants.
"China is key to our global strategy as we continue to expand our geographic footprint and strive to meet the needs of local cardiovascular patients," Mike Coyle, executive vice president and president of the Cardiac and Vascular Group at Medtronic, said in a statement Monday.
>Click here to read the company's news release.
Ed Stych reports on Twin Cities breaking business news for mspbj.com, manages online features and writes the Workshop and Fast 50 Diary features for the print edition
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Cameron kicks off two-year fight for Union
The detailed terms of the referendum have been subject to a power struggle between London and Edinburgh.
In a victory for Mr Cameron, the referendum will offer Scots a single option to leave the Union. Mr Salmond had wanted a second option, to remain in the Union but have more powers devolved to the Scottish Parliament. However, the timetable for the vote is a setback for Mr Cameron, who had wanted an earlier referendum. Two years of campaigning will give Mr Salmond time to build support for independence. The most recent opinion poll showed support for separation at only 28 per cent.
?Just as I believe in independence, I believe in the ability of persuasion on this argument,? Mr Salmond said.
The First Minister also won a partial victory as Mr Cameron accepted that some ? but not all ? teenagers aged 16 and 17 will be able to vote in the referendum. That has left some Tories worried that teenagers will eventually be allowed to vote in general elections.
Mr Cameron said he was confident that Scots would ultimately conclude that Scotland was better off in the Union.
?We?re better off together, we?re stronger together, we?re safer together,? he said. ?Let the arguments now be put and I hope that people will vote to keep this United Kingdom together.?
Mr Salmond wants to frame the campaign over independence as a choice between Conservative rule from London and a Scottish Nationalist administration in Edinburgh.
Trying to drag the Prime Minister into a personalised contest over Scotland?s future, he challenged Mr Cameron to face him in a televised debate.
?There will be a range of debates with a range of people in the campaigns but I will be delighted to debate the Prime Minister in terms of the future of Scotland and the referendum argument,? he said.
?I would do it next week, next year, anytime between now and 2014.?
Speaking before the signing ceremony, Mr Cameron said he would be campaigning ?passionately? for the United Kingdom, but he would not be leading the argument against Mr Salmond.
The Prime Minister said: ?Mine will just be one voice of many saying we think we?re better together, let?s stay together. You?ll also have the Labour Party, the Liberal Democrat Party, people of no parties at all, trade unions, businesses, enterprises, all sorts of people who will be coming forward I believe, to say how strong we are together.?
After signing the agreement in Edinburgh, Mr Cameron departed without answering journalists? questions, leaving Michael Moore, the Scottish Secretary, to explain that the Prime Minister would not accept Mr Salmond?s challenge. Mr Moore said it was for Scottish advocates of the Union to take on the First Minister. ?There are going to be lots of debates over the course of the next couple of years,? he said.
?The Prime Minister rightly said this was a debate that should be led by and feature people in Scotland. It?s a slightly curious decision that the First Minister wants to debate the future of Scotland with somebody from outside Scotland.?
Under the deal, the Westminster Parliament will pass to the Scottish Parliament at Holyrood the power to hold a referendum by the end of 2014.
The Scottish Parliament, where the SNP has a majority, will be able to set the question for the referendum.
The proposed question will have to be approved by the Electoral Commission, and there is speculation that if the commission does not endorse Mr Salmond?s chosen wording, Mr Cameron could try to impose a different question.
English, Welsh and Northern Irish voters will not be consulted about Scottish independence, but Mr Cameron said he would be fighting hard to persuade them too that the Union should continue.
As an incentive to remain in the Union, Mr Cameron has said that if the Scots reject independence, he will open talks with Mr Salmond about devolving more powers to the Scottish Parliament.
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Monday, October 15, 2012
Centrist Sen. Specter died fighting for moderation
HARRISBURG, Pa. (AP) ? Arlen Specter, a pugnacious and prominent former moderate in the U.S. Senate who developed the single-bullet theory in President John F. Kennedy's assassination and played starring roles in Supreme Court confirmation hearings, lost a battle with non-Hodgkin lymphoma at a time when Congress is more politically polarized than anyone serving there ? or living in America ? can remember.
Specter, 82, died Sunday, after spending much of his career in the U.S. Senate warning of the dangers of political intolerance.
For most of his 30 years as Pennsylvania's longest-serving U.S. senator, Specter was a Republican, though often at odds with the GOP leadership. His breaks with his party were hardly a surprise: He had begun his political career as a Democrat and ended it as one, too.
In between, he was at the heart of several major American political events. He drew the lasting ire of conservatives by helping end the Supreme Court hopes of former federal appeals Judge Robert H. Bork and the anger of women over his aggressive questioning of Anita Hill, a law professor who had accused Supreme Court nominee Clarence Thomas of sexual harassment. He even mounted a short-lived run for president in 1995 on a platform that warned his fellow Republicans of the "intolerant right."
Specter never had his name on a piece of landmark legislation. But he involved himself deeply in the affairs that mattered most to him, whether trying to advance Middle East peace talks or federal funding for embryonic stem cell research. He provided key votes for President Barack Obama's signature accomplishments, the health care and economic stimulus bills.
Specter died at his home in Philadelphia from complications of non-Hodgkin lymphoma, said his son Shanin. Over the years, Specter had fought two previous bouts with Hodgkin lymphoma, overcome a brain tumor and survived cardiac arrest following bypass surgery.
"For over three decades, I watched his political courage accomplish great feats and was awed by his physical courage to never give up. Arlen never walked away from his principles and was at his best when they were challenged," said Vice President Joe Biden, with whom Specter often rode the train home from Washington, D.C., when Biden also served in the Senate.
Said former Pennsylvania Gov. Ed Rendell, "Arlen wanted to die in the Senate, and in many ways he should have."
Intellectual and stubborn, "snarlin' Arlen" took the lead on a wide spectrum of issues and was no stranger to controversy.
He rose to prominence in the 1960s as an assistant district attorney in Philadelphia prosecuting Teamsters officials for conspiracy to misuse union dues and as counsel to the Warren Commission, where he developed the "single-bullet fact" in Kennedy's assassination, as he called it.
He came to the Senate in the Reagan landslide of 1980 and, as one of the Senate's sharpest legal minds, took part in 14 Supreme Court confirmation hearings.
Specter lost his job amid the very polarization that he had repeatedly attacked: He crossed political party lines to make the toughest vote he had ever cast in his career when, in 2009, he became one of three Republicans to vote for President Obama's economic stimulus bill.
Specter, who grew up in Depression-era Kansas as the child of Jewish immigrants, justified his vote as the only way to keep America from sliding into another depression.
But Republican fury over his vote appeared immovable and in one of his last major political acts, Specter startled fellow senators in April 2009 when he announced he was joining the Democrats at the urging of good friends Biden and Rendell, both Democrats.
Still, many Democratic primary voters had never voted for Specter, and they weren't about to start. Instead, they picked his primary opponent, then-U.S. Rep. Joe Sestak, despite Specter's endorsement from Obama, Rendell and Biden.
Born in Wichita, Kan., on Feb. 12, 1930, Specter spent summers toiling in his father's junkyard in Russell, Kan., where he knew another future senator ? Bob Dole. The junkyard thrived during World War II, allowing Specter's father to send his four children to college.
Specter left Kansas for college, graduating from the University of Pennsylvania in 1951 and Yale law school in 1956. He served in the Air Force from 1951 to 1953. After working on the Warren Commission, he returned to Philadelphia and wanted to run for district attorney in 1965. But he found that he would have to challenge not only his boss, but the city's entrenched Democratic Party. Specter ran as a Republican and won.
Friends say his childhood circumstances made him determined, tough and independent-minded. In his 2000 book, "Passion for Truth," he noted how his father had complained bitterly that the U.S. government had broken its promise to pay a bonus to World War I veterans.
"Figuratively, "he wrote, "I have been on my way to Washington ever since to get my father's bonus."
For Specter, the benefit of crossing party lines wasn't always about being true to his convictions. He also used it to benefit the causes he championed.
"He was a master politician," Rendell said. "He was as smart as a whip."
In 2001, he voted for President George W. Bush's package of tax cuts, but voted with Democrats to route $450 billion into education and debt reduction. He negotiated $10 billion for medical research when he agreed to vote for the stimulus.
But Specter also believed in the political middle, and often lamented the disappearance of moderates who had the courage to buck party leadership.
In one study of congressional polarization, University of Georgia professor of political science Keith Poole mapped the political polarization of Congress by charting votes and found that the parties are more divided than at any time since Reconstruction after drifting further apart in the last 40 years.
Poole said in an essay that there are no true moderates left in the House of Representatives, and just a handful remaining in the Senate, in contrast to the Reagan era when about half of the members of Congress could be described as moderates.
The other two Republicans who supported Obama's stimulus are Maine's two U.S. senators. One of them, Olympia Snowe, announced in February that she wasn't seeking re-election. She said she was frustrated by "'my way or the highway' ideologies."
Specter's funeral was scheduled for Tuesday in Penn Valley, Pa., and will be open to the public, followed by burial in Huntingdon Valley, Pa.
Besides his son, Shanin, Specter is survived by his wife, Joan, son, Steve, and four granddaughters.
Source: http://news.yahoo.com/centrist-sen-specter-died-fighting-moderation-100328680.html
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Sunday, October 14, 2012
Russell Peters: Notorious at Just for Laughs
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Russell Peters (pictured at Place des Arts in 2011) is his own worst critic. ?I feel that my (2011) Green Card tour was not exactly my best foot forward,? says the comedian, who performs Monday, Oct. 15, at the Bell Centre. ?I feel I?ve redeemed myself now with my new act. I?m actually pleased with it.?
Photograph by: Vincenzo D'Alto , Montreal Gazette
MONTREAL? -? It?s only fitting that the 30th-anniversary celebrations of Just for Laughs won?t officially end until the funny man slings ? a slew of one-liners. That would be Canadian comedy icon Russell Peters, who lets loose Monday, Oct. 15?at the Bell Centre.
The pride of Brampton, Ont., holds the record for Just for Laughs?s bestselling comedian, thanks to his 2009 Bell Centre performance.
No surprise, Peters is in the midst of another world tour, Notorious, which has once again been setting sales records. It began in March in Muscat and became the most-attended comedy show in such countries as Oman, the United Arab Emirates, Lebanon, South Africa, Thailand, Singapore, Indonesia and Malaysia.
Bullish though he may be about such records, Peters does downplay the fact that his Dubai concert outsold even Madonna?s.
?That really wasn?t hard to do in a Middle East country, since Madonna has been giving her money away to Kabbalah groups in Israel,? Peters says in a phone interview.
It may have helped that Peters believes he was unintentionally giving his money away to Hamas. ?I actually thought I was giving it to the Hummus fund instead.? Relax, folks, he is jesting.
Since last we spoke over a year ago, Peters has undergone a few disruptive lifestyle changes. He finally got rid of that troublesome Rolls-Royce without the air-conditioned seats. And, oh yeah, his brief marriage ? which produced a daughter ? came to an end.
?I think the disruption there was marriage. Now there?s normalcy in my life. And I now have a Bentley with air-conditioned seats.?
Last year Peters was concerned that he had little in the laugh bank before hosting four Just for Laughs galas at Place des Arts. No such worries now: he has all new material. ?Yes, I went from zero to an hour and a half worth of material in 10 months,? he says.
?For starters, being a fodder (sic) has helped to give me comedy fodder. Between that and travelling to the Middle East and Asia and seeing the way people are treating their bodies with tattoos. Tattoos have lost their specialness. They have lost their ability to be an individualistic thing.?
In the old days, it would be mostly thugs and Popeye wannabes with tattoos. Now it?s not uncommon to see preteen girls with colourful etchings embedded in their flesh.
?When I was growing up, you had to earn tattoos,? Peters notes. ?The only people I ever saw with tattoos back then were old white guys with anchors on their forearms. And they wouldn?t even look like anchors ? they would look like check marks. And they would have an old name like ?Ethel? underneath them.?
Peters eschews tattoos. ?I don?t have the real estate for a tattoo, because I?m just too damned hairy for one. Plus, after 40, I don?t think anyone should get one.?
For the record, Peters just turned 42. And he?s feeling invigorated.
?I feel like me again. I feel that my (2011) Green Card tour was not exactly my best foot forward. I feel I?ve redeemed myself now with my new act. I?m actually pleased with it.?
Peters has always been his own harshest critic. He has been acutely aware when he hasn?t been on top of his game, when he felt he was phoning it in.
Regardless, he is, without question, a global superstar. Forbes ranked him as one of the 10 highest-grossing comics in the U.S. in 2009 and 2010, with estimated annual takes in excess of $10 million. He has sold more than 300,000 copies of his Outsourced and Red, White and Brown DVDs. He has sold out Radio City Music Hall in New York, and he shattered the U.K. record for the highest number of tickets sold for an individual comedy show ? 16,000 at the O2 Arena in 2009. He appeared in the acclaimed flick Source Code as well as the hockey epic Breakaway, and his 2010 autobiography Call Me Russell was a bestseller in Canada.
Much like multilingual Montreal comedy sensation Sugar Sammy, Peters, unlike most North American stand-ups, can transport his act around the planet. And the humour of Peters, like that of Sugar Sammy, springs from insights on race and class. Ever self-deprecating, he sees the world through the lens of a visible minority in North America and, as a consequence, invariably strikes nerves ? and funny bones.
Peters has a plum gig coming up at the newly opened Barclays Center in New York. He will be the first comic to do the venue, which has a concert capacity of nearly 20,000 and is the new home of the NBA?s Brooklyn Nets (formerly the New Jersey Nets). ?Jay-Z just did eight nights there and Barbra Streisand is coming. Not too shabby, but New York is one of those cities where you have to make a statement when you go in.?
One source of frustration for Peters over the years has been the world of U.S. TV. He has taken countless lunches in Hollywood to discuss launching his own series and has made deals with various networks, but so far no sitcom.
?No more news on that front,? says Peters, who is mostly based in Las Vegas these days but maintains a residence in Toronto. ?TV would be nice to have, yet I don?t really need it. But what am I going to do? Sit here and cry about what I don?t have? At that point, it becomes greedy or artistic selfishness.?
Peters did recently sign a deal with Netflix, where his next special will go directly, and exclusively. He will also be doing a six-part documentary series on his career leading up to the special.
No fool, Peters. He was also one of the first stand-ups to take near-total control of his career back in 2006 by self-financing, self-producing and self-distributing his comedy specials and DVDs.
?People are always asking me if I?m going to do what Louis C.K. just did by selling his shows directly online,? he laughs. ?I tell them I?ve been doing what Louis did for the last six f---ing years! I guess when you?re one of the first to do something like that, you never really get the credit.?
Another department where Peters gets little credit is his philanthropy. Unbeknownst to most, he has donated more than $1 million to causes ranging from Gilda?s Club and the MS Society to his hometown?s Brampton Civic Hospital.
?You can?t take it with you. Sure, I can afford to buy fancy cars with air-conditioned seats now, but you do have to pay it forward. That is the bottom line in life.?
Russell Peters performs Monday, Oct. 15?at 8 p.m. at the Bell Centre. Tickets cost $66 to $113. Call 514-790-2525 or visit evenko.ca.
bbrownstein@montrealgazette.com
Twitter: @billbrownstein
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Saturday, October 13, 2012
Check Out These Quick Tips For A Successful Web Marketing ...
If executed correctly, Affiliate marketing can prove to be lucrative. There are virtually countless ways to start a business on the net, but they all take an investment of time. If you are like many adults, you do not have a lot of time, so you need to make sure you are spending every minute wisely. Read on for some tips on how to manage your time when you are marketing your business.
Customers love games and prizes, and it can pay to use them on your site. You can try the following to jazz up your next ad copy. You can tuck a select few words in the body of an article, and have your readers identify them. When they can find all the words, award them with a small prize or discount. Making the site interactive and fun will personally involve them with your business, create goodwill and trust. They will be more likely to buy.
Utilize email marketing! When you send emails to your customers, make it newsletter style and interesting. You want your customers to be excited to receive your emails. Your goal is to give subscribers the feeling that your emails are useful to them, not spam messages. With an email newsletter, you can stay in touch with past customers, encouraging them to return to your site.
TIP! A website can have several sections, each with a different type of product. Retain your site structure along with providing a variety of unique content.
People often do not believe everything they read in ads. This is due to the many times that they have been mislead in the past. As a consequence, you must provide proof for what you state on your site. Use commentaries, reviews, testimonials, and research to back you up. You should not make any claim that you cannot prove. Your customers are not stupid, so don?t treat them like they are. Do not be tempted to take advantage of a customer. Establish a good reputation, reward your best customers and let everyone know you appreciate their interest.
Ask for opinions from people who don?t choose to buy from you by adding a simple feedback form after your sales pitch. You might learn that they disliked your shipping charges, your return policy or some other aspect of your ad.
Try getting legitimate people in your industry to do interviews. To avoid legal issues down the road, ensure you get the proper rights before publishing anything. Then, you can convert the interviews to articles that can be submitted to E-zine directories. The end results include increases in sales, traffic and even respect and credibility.
TIP! Be sure to give your campaign your personal touch. You can put a photo of yourself online and refer to yourself by name in advertisements.
To attract new customers, think about holding a low-priced sale that will bring in new customers. These things will help people spread the word about your company, while introducing your product or service to more people. People may also be more likely to add other products to their cart at the same time. Have confidence in your product!
Make sure your record-keeping and site analytics are top-notch. Track and measure everything you can think of, from your sales and refunds to your site visitors, referrals and conversions. Detailed statistics can help you to devise your plan for the future and see where you are lacking.
Viral videos can be a quick way to gain a lot of viewers. It may look easy, but building a video that goes viral takes a lot of creativity and out of the box thinking to drive that many views. But if you can do it correctly, it will have far more impact on sales than any other type of campaign.
TIP! Any banners that you place on your website should not look like banners. Dress them up to resemble click-able links, leading to more valuable content.
While web marketing shares similarities with other marketing arenas, there are some differences. As an example, title tags may stop being a focus of search engines. If this happens, it will benefit you to put a lot of effort into something else, like a video marketing campaign that will reach a large viral audience.
Advertise your company with the Internet?s most popular sites. This practice could lead to major exposure of your site. Look for pages that receive lots of traffic each day, which introduces your business to large numbers of potential customers.
You can trick your readers into clicking on the ads you have by creating an image that is discreet and that will link your readers to a product page. Use text that is the same as your articles are written and place the link at the conclusion of each article. This will not look like an ad at all.
TIP! Your Internet marketing efforts do not only have to be done on the Internet. Reaching out to bloggers and creating partnerships with mutual benefits is a great way to increase your presence.
You do not have to take up all your time by Web marketing. With an effective time management strategy, success is sure to be yours
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Source: http://www.maynaseric.com/check-out-these-quick-tips-for-a-successful-web-marketing-strategy
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7 advisers resign at embattled Texas cancer agency
AUSTIN, Texas (AP) ? At least seven scientists resigned in protest this week from Texas' embattled $3 billion cancer-fighting program, claiming the agency created with the backing of the governor and cancer survivor Lance Armstrong is charting a new "politically-driven" path that puts commercial interests before science.
The Cancer Prevention and Research Institute of Texas has awarded nearly $700 million in grants since 2009, making Texas home to the nation's biggest pot of cancer-research dollars behind only the federal National Institutes of Health. But how the state agency picks projects has fallen under intensifying scrutiny, beginning in May when its chief scientific officer resigned in protest after it approved ? without scientific review ? a $20 million commercialization project.
Nobel laureate Dr. Phillip Sharp was among those stepping down this week, writing in his resignation letter that the CPRI is making funding decisions that carry a "suspicion of favoritism" in how the state is handing out taxpayer dollars. Dr. Bryan Dynlacht, another reviewer who's leaving, warned that the agency was headed down a path of systematic abuses.
"You may find that it was not worth subverting the entire scientific enterprise ? and my understanding was that the intended goal of CPRIT was to fund the best cancer research in Texas ? on account of this ostensibly new, politically driven, commercialization-based mission," Dynlacht wrote in his letter.
Commercialization projects focus on turning research into drugs or other sellable products rather than funding the research itself.
The letters were obtained by The Associated Press through an open records request. Sharp is professor at the Koch Institute for Integrative Cancer Research at the Massachusetts Institute of Technology, while Dynlacht is at the New York University School of Medicine, wrote in his resignation letter.
In a statement, CPRIT executive director Bill Gimson called the accusations false and misinformed.
CPRIT was created though an ambitious bond measure approved by Texas voters in 2007. The agency has scientists across the country who help review proposals and choose projects to fund.
In May, chief scientific officer Dr. Alfred Gilman resigned in protest after the CPRIT approved a $20 million grant for a so-called incubator project at M.D. Anderson Cancer Center in Houston. The Nobel laureate told colleagues in heated emails that he was trying to prevent misuse of taxpayer dollars and funding decisions based on political considerations.
It was the largest amount of money the agency ever awarded for a single project. But since it was a commercialization project, it didn't undergo scientific review. The agency has since said the project would undergo such a review.
The latest resignations come on the eve of potentially significant changes in how the agency allocates funding. CPRIT has been steering 75 percent of all funding toward research, 15 percent toward commercialization, and 10 percent toward prevention efforts such as breast cancer screenings.
Those funding formulas could change at the agency's annual conference this month. Gimson has signaled that the time has come to put more money into private commercialization projects, saying that would get new drugs into the hands of patients quicker.
Dr. William Kaelin of Harvard Medical School, who served on CPRIT's scientific review council before he stepped down this week, said in his resignation letter that he recently learned two fellow reviewers who rejected the science behind two proposed commercialization projects were asked by state officials to reconsider their low marks. The letter neither cited the reviewers nor the officials.
"In this environment, I am not confident that scientific quality and rigor will triumph over grandiose promised and hucksterism," Kaelin wrote.
Gimson said the final decision on whether to revise scores still rests with each reviewer.
In his statement, Gimson said he wasn't surprised by the latest resignations given Gilman's departure, though he didn't elaborate. A successor has not yet been named.
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Follow Paul J. Weber on Twitter: www.twitter.com/pauljweber
Source: http://news.yahoo.com/7-advisers-resign-embattled-texas-cancer-agency-012015029.html
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Friday, October 12, 2012
Authorities: Body is that of missing Colo. girl
This image provided by the Westminster Colorado Police Department shows Jessica Ridgeway. Authorities looking for the 10-year-old Colorado girl who disappeared days ago after leaving for school are planning to finish scouring open fields and resume searching the fifth-grader's suburban Denver neighborhood on Tuesday, Oct. 9, 2012. (AP Photo/Westminster Colorado Police Department)
This image provided by the Westminster Colorado Police Department shows Jessica Ridgeway. Authorities looking for the 10-year-old Colorado girl who disappeared days ago after leaving for school are planning to finish scouring open fields and resume searching the fifth-grader's suburban Denver neighborhood on Tuesday, Oct. 9, 2012. (AP Photo/Westminster Colorado Police Department)
Police search near an area where a body was found Wednesday in Parttridge Park, in Arvada, Colo., during the ongoing search for missing 10-year-old Jessica Ridgeway on Thursday, Oct. 11, 2012. Police are not saying whether the body found is linked to the missing girl case and noted Thursday that officers are still searching for Ridgeway, who disappeared Oct. 5. (AP Photo/Barry Gutierrez)
Arvada Police spokeswoman Jill McGranahan, left, and Westminster Police spokesman Trevor Materasso, right, address the media regarding a body found lat Wednesday in Parttridge Park in Arvada during a press conference at the Westminister Police Department Thursday, Oct. 11, 2012 in Westminister, Colo. The search missing 10-year-old Jessica Ridgeway will continue, police said Thursday. (AP Photo/Barry Gutierrez)
A missing person sign is posted on a lamp post near the home of ten-year-old Jessica Ridgeway where police continue to search for the missing girl in Westminster, Colo., on Wednesday, Oct. 10, 2012. The youngster has been missing since she left her home Friday morning on her way to school. (AP Photo/Ed Andrieski)
Arvada Police spokeswoman Jill McGranahan, left, and Westminster Police spokesman Trevor Materasso, right, address the media regarding a body found lat Wednesday in Parttridge Park in Arvada during a press conference at the Westminister Police Department Thursday, Oct. 11, 2012 in Westminister, Colo. The search missing 10-year-old Jessica Ridgeway will continue, police said Thursday. (AP Photo/Barry Gutierrez)
WESTMINSTER, Colo. (AP) ? A body found in a suburban Denver park was identified Friday as that of a missing 10-year-old girl, as anxious parents kept close watch over their children because of the potential presence of a predator in their midst, authorities said.
The body of Jessica Ridgeway was found Wednesday about 7 miles southwest of her home. Authorities said it was not intact, and DNA was used to identify her.
"Our focus has changed from the search for Jessica to a mission of justice for Jessica," Westminster Police Chief Lee Birk said.
"All our efforts now are in search of her abductor," he said. "We recognize there is a predator at large in our community."
Jessica began a short walk from her home to Witt Elementary School on the morning of Oct. 5 but never arrived. A massive search by hundreds of law enforcement officers did not start until hours later because Jessica's mother works nights and slept through a call from school officials saying Jessica wasn't there.
The FBI has warned residents that she may have been abducted by someone they know and is asking them to be alert for people they know who might have suddenly changed their appearance or uncharacteristically missed work or appointments.
"It could be your boss, it could be your friend, and ultimately it could be your family member," FBI spokesman Dave Joly said previously. "We suspect someone in the community knows this individual."
Jim Yacone, FBI special agent in charge of the Denver division, said investigators would continue neighborhood searches. The U.S. Marshals Service, immigration officials and state Department of Corrections have been reviewing registered sex offenders in the area, he said, without elaborating.
Investigators have received more than 1,500 tips from the public, roughly 800 of which have been covered, Yacone said. Authorities also have searched more than 500 homes and more than 1,000 vehicles but still need the public's help.
"We want you to look for changes of habits, patterns, peculiar absences of those around you and report it to law enforcement," he said.
Signs of the tragedy have been everywhere in Jessica's neighborhood of modest, two-story homes with single-car garages.
During the past week, officers have searched homes and yards. They kept guard at crosswalks and photographed cars entering the neighborhood. Mailboxes and trees were encircled by ribbons in Jessica's favorite color, purple.
"I don't feel safe for my daughter anymore, anywhere," said Stacey Oppie, who lives in the neighborhood.
Two months ago, Oppie started letting her daughter play unsupervised with a friend at the park that Jessica customarily passed on her way to school. She doesn't intend to do that anymore.
"We're all a little bit on alert, but it's not fear. We're angry because this is a good neighborhood," Oppie said.
Jessica's disappearance hit close to home for Chelsea Bozsak, a senior at nearby Standley Lake High School, where Jessica's cousin attends classes. Students there wore purple Friday in support of Jessica's family.
"It's so scary because you never think something like this could happen in your community," Bozsak said.
Courtney Sullivan, also a senior at Standley Lake, said her father spoke to her and her younger brother about Jessica's disappearance.
"He's definitely talked to us about being more careful about our surroundings. You could see why," said Sullivan, a cross-country runner who often uses neighborhood streets. "I'm running in places where there's lights, busy roads, where I can get to someplace if I need to."
Retired FBI behavioral analyst Clinton Van Zandt told The Associated Press that tip-offs about the suspect could include someone suddenly growing a beard, getting a new haircut or other changes in appearance. Other clues might be out-of-character behavior, Van Zandt said.
Police have said they don't suspect Jessica's parents, Sarah Ridgeway, who lives with Jessica in Westminster, and Jeremiah Bryant, of Missouri.
The only substantive clue police have disclosed was the discovery of her backpack and water bottle in Superior, about six miles northwest of her home, two days after she disappeared. Police won't discuss what was found in the bag or test results involving it.
Law-enforcement leaders said they would not disclose further information publicly, saying it would either jeopardize or distract from the investigation.
"The commitment of the task force of investigators in this case will not waver, and our commitment and resolve to seek justice on behalf of Jessica will only grow stronger," Yacone said.
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Associated Press reporters Thomas Peipert and Catherine Tsai contributed to this story.
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Spanish bailout dilemma sharpens
Spain's Prime Minister Mariano Rajoy, left, and French President Francois Hollande, sign cooperation agreements during a Franco-Spanish summit at the Elysee Palace, in Paris, Wednesday, Oct. 10, 2012. (AP Photo/Philippe Wojazer, Pool)
Spain's Prime Minister Mariano Rajoy, left, and French President Francois Hollande, sign cooperation agreements during a Franco-Spanish summit at the Elysee Palace, in Paris, Wednesday, Oct. 10, 2012. (AP Photo/Philippe Wojazer, Pool)
Spain's Prime Minister Mariano Rajoy, left, and French President Francois Hollande leave after a news conference following a Franco-Spanish summit at the Elysee Palace, in Paris, Wednesday, Oct. 10, 2012. (AP Photo/Christophe Ena)
MADRID (AP) ? The Spanish government's dilemma over whether to request a European bailout has become more acute following a downgrade of the cash-strapped country's credit rating.
Standard & Poor's late Wednesday cut its rating on Spain's debt by two notches to BBB-, just a step above junk status, or non-investment grade. That could make it more expensive for the Spanish government to borrow money as it might scare some of its bond investors away.
The agency said it was concerned by the deepening economic recession, which has seen unemployment rise to nearly one in four and fueled social discontent. It also noted that the government's hesitation in requesting a European financial lifeline was "potentially raising the risks to Spain's rating."
Though S&P's warning may nudge the Spanish government to make a bailout request sooner rather than later, rival agency Moody's has indicated it may cut its rating for Spain in the event of a bailout request.
"It would appear that when it comes to the rating Spain is a bit between a rock and a hard place," said Gary Jenkins, managing director of Swordfish Research.
The Spanish government said the downgrade was unjustified but argued that it would have little, if any effect, on its plans to raise money in the money markets.
"The evaluation by Standard and Poor's caught us by surprise," Spain deputy Economy Minister Fernando Jimenez Latorre said Thursday. "We don't agree with its reasons."
Madrid's IBEX was the only major European stock index to drop on Thursday, albeit by a modest 0.2 percent.
The yield on the country's 10-year bond was more or less unchanged, just below 5.8 percent, as investors weighed up whether the country would tap a new facility from the European Central Bank.
Last month, the ECB announced a new plan to keep a lid on the borrowing costs of indebted countries like Spain. It said it would buy unlimited amounts of debt of struggling European countries. However, the governments first need to apply for a eurozone bailout and so far the Spain's has balked at the prospect.
Instead, the government led by Prime Minister Mariano Rajoy has introduced a series of austerity and labor measures in a bid to bring down its deficit and convince investors it can manage its finances without outside help.
Though it has raised around 90 percent of the money it needs to service its debts in 2012, Spain will have to tap investors for around ?200 billion ($258 billion) in 2013.
"Not easy to raise that kind of money with that kind of rating when the economic data is likely to come in worse than government forecasts," said Swordfish's Jenkins.
Like many other countries in Europe, Spain is living way beyond its means. Its budget deficit is running at a little over 6 percent of gross domestic product, double the amount allowed by EU rules.
That is adding to Spain's public debt burden, which the government forecasts will rise to 80 percent of GDP this year from 69 percent last year. It projects it hitting 90 percent next.
Households are also struggling financially amid high unemployment and the implosion of a property bubble.
Earlier this week, the International Monetary Fund forecast that the Spanish economy would contract 1.3 percent next year, more than double the Spanish government's own prediction.
Rajoy on Wednesday said the country was making important reforms and that those, combined with Europe's efforst to increase economic integration, would prove the IMF wrong.
"If we follow that strategy ... we'll see that the reality turns out to be better than the forecasts," Rajoy said.
The prevailing view in the markets remains that Spain will have to request outside help, possibly after regional elections later this year, given the scale of the task in hand.
"With a large proportion of their funding for the year already completed we expect them to have sufficient funds to hold out until regional elections are out of the way later this year," said Elisabeth Afseth, an analyst at Investec.
She noted that Spain's bond redemption payments at the end of January may be uncomfortably costly if it does not tap the European financial aid program.
Christine Lagarde, the head of the IMF, this week voiced her concerns at the impact Europe's austerity drive was having on economic growth, both in the continent and globally. The IMF downgraded its global growth estimates for this year and next.
Spain, alongside many other European countries, has slashed spending and raised taxes to get a handle on its debts and to regain investors' confidence in its public finances.
____
Pylas reported from London.
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Thursday, October 11, 2012
Beauty Counter blog: Insider tips on beauty products, hair, makeup ...
Industry News
October 10, 2012??4:43 pm
Never mind those slightly unsettling pictures of the former governor of Alaska looking rail-thin?and sporting some?interesting highlights and frosted lipstick?that surfaced online yesterday. Sarah Palin is just fine, she says?and in the process of writing a health and fitness book. [People]
The beauty press can?t get enough of Brad Pitt as the debut of his first Chanel No. 5 ad grows near. Pitt?s latest blog fodder? Dreadlocks. The blond heartthrob gets all twisted up for the latest issue of Interview magazine. [Grazia]
Speaking of blonde heartthrobs, Scarlett Johansson and her flaxen locks experiment with a sixties-era set in the trailer for next month?s Hitchcock.[Just Jared]
Photo: Courtesy of Fox Searchlight Pictures / imdb.com
tags: Brad Pitt, Hair, Sarah Palin, Scarlett Johansson
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The 2012 Nobel Prize in Chemistry
The 2012 Nobel Prize in Chemistry was awarded jointly to Robert J. Lefkowitz and Brian Kobilka for studies of G-protein-coupled receptors, which are the portals by which information about the environment reaches the interior of cells and leads to their responses. About half of all drugs work by interacting with G-protein-coupled receptors
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The 2012 Nobel Prize in Chemistry was awarded jointly to Robert J. Lefkowitz and Brian Kobilka for studies of G-protein-coupled receptors, which are the portals by which information about the environment reaches the interior of cells and leads to their responses. About half of all drugs work by interacting with G-protein-coupled receptors.
The official Nobel Prize press release:
10 October 2012
The Royal Swedish Academy of Sciences has decided to award the Nobel Prize in Chemistry for 2012 to
Robert J. Lefkowitz
Howard Hughes Medical Institute and Duke University Medical Center, Durham, NC, USA
and
Brian K. Kobilka
Stanford University School of Medicine, Stanford, CA, USA
"for studies of G-protein?coupled receptors"
Smart receptors on cell surfaces
Your body is a fine-tuned system of interactions between billions of cells. Each cell has tiny receptors that enable it to sense its environment, so it can adapt to new situtations. Robert Lefkowitz and Brian Kobilka are awarded the 2012 Nobel Prize in Chemistry for groundbreaking discoveries that reveal the inner workings of an important family of such receptors: G-protein?coupled receptors.
For a long time, it remained a mystery how cells could sense their environment. Scientists knew that hormones such as adrenalin had powerful effects: increasing blood pressure and making the heart beat faster. They suspected that cell surfaces contained some kind of recipient for hormones. But what these receptors actually consisted of and how they worked remained obscured for most of the 20th Century.
Lefkowitz started to use radioactivity in 1968 in order to trace cells' receptors. He attached an iodine isotope to various hormones, and thanks to the radiation, he managed to unveil several receptors, among those a receptor for adrenalin: ?-adrenergic receptor. His team of researchers extracted the receptor from its hiding place in the cell wall and gained an initial understanding of how it works.
The team achieved its next big step during the 1980s. The newly recruited Kobilka accepted the challenge to isolate the gene that codes for the ?-adrenergic receptor from the gigantic human genome. His creative approach allowed him to attain his goal. When the researchers analyzed the gene, they discovered that the receptor was similar to one in the eye that captures light. They realized that there is a whole family of receptors that look alike and function in the same manner.
Today this family is referred to as G-protein?coupled receptors. About a thousand genes code for such receptors, for example, for light, flavour, odour, adrenalin, histamine, dopamine and serotonin. About half of all medications achieve their effect through G-protein?coupled receptors.
The studies by Lefkowitz and Kobilka are crucial for understanding how G-protein?coupled receptors function. Furthermore, in 2011, Kobilka achieved another break-through; he and his research team captured an image of the ?-adrenergic receptor at the exact moment that it is activated by a hormone and sends a signal into the cell. This image is a molecular masterpiece ? the result of decades of research.
Robert J. Lefkowitz, U.S. citizen. Born 1943 in New York, NY, USA. M.D. 1966 from Columbia University, New York, NY, USA.Investigator, Howard Hughes Medical Institute. James B. Duke Professor of Medicine, and Professor of Biochemistry, Duke University Medical Center, Durham, NC, USA.
Brian K. Kobilka, U.S. citizen. Born 1955 in Little Falls, MN, USA. M.D. 1981 from Yale University School of Medicine, New Haven, CT, USA. Professor of Medicine, and Professor of Molecular and Cellular Physiology, Stanford University School of Medicine, Stanford, CA, USA.
Also see:
Cell Signalling Caught in the Act and Cell Signalling: It's All About the Structure, both by Lizzie Buchen
And videos of two 2010 Lefkowitz lectures:
Part 1 Seven Transmembrane Receptors
Part 2 Beta-arrestins
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Source: http://rss.sciam.com/click.phdo?i=f32de7be092b7a04b6fb4d376f378f80
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