Thursday, May 31, 2012

BP announces plans to sell stake in TNK-BP

BP logo

BP has announced that it is going to try to sell its stake in the TNK-BP Russian oil joint venture.

In a short statement, the oil company said it had received "unsolicited indications of interest" in acquiring its shares.

BP has informed the other shareholder in TNK-BP, Alfa Access Renova, that it plans to pursue a sale.

It warned that there was no guarantee that such a transaction would take place.

Earlier in the week, Mikhail Fridman, TNK-BP's chief executive, announced he would be stepping down in 30 days "for personal reasons".

TNK-BP is a joint venture between BP and Alfa-Access-Renova (AAR), a group of Russian billionaires that includes Mr Fridman.

Last year, BP had to abandon plans to form another joint venture with rival Russian oil firm Rosneft after AAR launched a legal challenge.



Source & Image : BBC

House Rejects Ban on Sex-Selection Abortions







The House voted today to reject a measure that would have banned sex-selection abortions in the United States, pitting Republicans and Democrats in a showdown over a woman's right to choose, which opponents contended was "intended to chip away at woman's right to obtain safe, legal medical care."



The measure, known as the Prenatal Nondiscrimination Act (PRENDA), was defeated 246-178. Under suspension of the House rules to permit consideration of the bill more quickly, approval of the measure was subject to a two-thirds majority, and with 414 members voting Republicans fell 30 votes short of passage.



The bill was perceived by Democrats as political maneuver to coax liberal lawmakers into supporting the bill or face the prospect of an onslaught of campaign advertisements this fall highlighting a lawmaker's vote to support sex-selection abortions.



Still, only 20 Democrats took the bait and broke from their party to vote with the majority of Republicans. Seven GOPers opposed the measure.



The House debated the bill Wednesday, but a vote was postponed until Thursday afternoon.



After the plight of blind Chinese activist Chen Guangcheng captured international headlines this month, Republicans had hoped to capitalize on the momentum of that awareness to ensure that sex-selection abortions are not legal in the United States.



Many nations with staunchly pro-choice/pro-abortion rights laws and protections nevertheless ban sex-selection abortions. Canada, the United Kingdom, France, Germany, Switzerland, Sweden, Norway, Finland and the Netherlands all have laws banning sex-selection abortions.



Earlier this week, a pro-life group released an undercover video purportedly showing a Planned Parenthood counselor in Texas assisting a woman seeking a sex-selection abortion. Gendercide, the practice of killing baby girls or terminating pregnancies solely because the fetus is female, is estimated to have produced a "gender imbalance" of more than 100 million girls around the world.



"For most of us, Mr. Speaker, 'it's a girl' is cause for enormous joy, happiness and celebration," Rep. Chris Smith, R-N.J., said on the House floor Wednesday. "But in many countries including our own, it could be a death sentence. Today the three most dangerous words in China and India are, 'It's a girl.' We can't let that happen here."

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Source & Image : Yahoo

Alan Horn Is Named Chairman of Disney Studios

Alan Horn, the new chairman of Walt Disney Studios.Lucas Jackson/ReutersAlan F. Horn, the new chairman of Walt Disney Studios.

LOS ANGELES – Alan F. Horn, a former movie chief at Warner Brothers who was responsible for guiding that studio’s highly profitable “Harry Potter” franchise, was named chairman of Disney’s movie studio on Thursday.

Mr. Horn’s responsibilities at Walt Disney Studios will extend to the Marvel, Pixar and DreamWorks Studios brands; the job also includes oversight of Disney’s music label and Broadway division.

“Alan not only has an incredible wealth of knowledge and experience in the business, he has a true appreciation of movie making as both an art and a business,” Robert A. Iger, Disney’s chairman and chief executive, said in a statement.

Mr. Horn reluctantly left Warner Brothers last year, indelicately squeezed out to make room for a new generation of managers. While running Warner’s movie operation, he drafted the blueprint for an operating strategy that has been adopted by virtually every major studio: focus on effects-filled event pictures, or “tent poles,” that resonate overseas.

Along with his careful steering of the “Harry Potter” franchise, Mr. Horn’s hits include “The Perfect Storm,” “300,” “The Departed,” “Happy Feet,” “Ocean’s Eleven,” “Sherlock Holmes” and “The Dark Knight.”

Earlier: Rich Ross Is Forced Out at Disney Studios
Read More»

Disney’s last movie chairman, Rich Ross, was fired in March after less than three years on the job. Mr. Ross, whose experience was entirely in television, never found his footing among the megawatt film personalities in Disney’s stable.

Indeed, Mr. Horn will need to play air traffic controller to some of the biggest egos in Hollywood, coordinating movie release dates and marketing for directors and producers like Joe Roth, Steven Spielberg and Jerry Bruckheimer. Mr. Horn must also tend to Ike Perlmutter, the chief executive of Disney-owned Marvel, whose “Avengers” recently took in over $1.3 billion worldwide.

And don’t forget about stroking the superpowers at Pixar.

Mr. Horn, who played a role in the hit TV series “Seinfeld” earlier in his career, must also work to convince the broader Hollywood community of writers, agents and directors that Disney is a hospitable home for their movie projects. There is a strong belief in the industry – fair or not – that Disney is only interested in lumbering franchise films like “Pirates of the Caribbean” that can sell toys and power theme-park rides, a philosophy that tends to irk the film industry’s creative elite.

Disney’s movie pipeline is quite dry. This year, Disney will release only two live-action films under its flagship banner. One was “John Carter,” a sci-fi epic that forced Disney to take a $200 million write down. The other is “The Odd Life of Timothy Green,” a drama that arrives in August about a boy who is part plant. The Disney live-action banner is set up to make up to six films annually.

Putting more movies into production for Disney’s live-action banner is easier said than done. Part of the challenge is conceptual: picking films bolstered by the Disney brand (“Pirates of the Caribbean”) and not challenged by it (“Tron: Legacy”).

Mr. Horn is likely to make staffing changes, but is not expected to change the studio’s operating strategy, or size. Acting on instructions from Mr. Iger, Mr. Ross spent much of his first year making cuts and reorganizing the studio to better service its four movie brands: Disney, Pixar, Marvel and, via a distribution arrangement, Mr. Spielberg’s DreamWorks.

Each of those labels has major movies on the horizon. Disney’s live-action films include a “Wizard of Oz” prequel called “Oz: The Great and Powerful” and a costly remake of “The Lone Ranger” starring Johnny Depp as Tonto. Pixar will unveil its first film with a female protagonist, “Brave,” on June 21 and is working on a prequel to “Monsters, Inc.” Marvel has “Iron Man 3” and “Thor 2” on the way.

And DreamWorks in December will unveil “Lincoln,” Mr. Spielberg’s take on the Civil War; it will almost assuredly come attached with an Oscar campaign.



Source & Image : New York Times

A New Class of Cancer Drugs May Be Less Toxic







Fern Saitowitz’s advanced breast cancer was controlled for about a year by the drug Herceptin and a toxic chemotherapy agent. But her hair fell out, her fingernails turned black and she was constantly fatigued.


She switched to an experimental treatment, which also consisted of Herceptin and a chemotherapy agent. Only this time, the two drugs were attached to each other, keeping the toxic agent inactive until the Herceptin carried it to the tumor. Side effects, other than temporary nausea and some muscle cramps, vanished.


“I’m able to live a normal life,” said Ms. Saitowitz, 47, a mother of two young children in Los Angeles. “I haven’t lost any of my hair.”


The experimental treatment, called T-DM1, is a harbinger of a new class of cancer drugs that may be more effective and less toxic than many existing treatments. By harnessing antibodies to deliver toxic payloads to cancer cells, while largely sparing healthy cells, the drugs are a step toward the “magic bullets” against cancer first envisioned by Paul Ehrlich, a German Nobel laureate, about 100 years ago.


“It’s almost like we’re masking the chemotherapy,” said Dr. Edith Perez, a breast cancer specialist at the Mayo Clinic in Jacksonville, Fla.


One such drug, Adcetris, developed by Seattle Genetics, was approved last August to treat Hodgkin’s lymphoma and another rare cancer. TDM-1, developed by Genentech, could reach the market next year. Data from a large clinical trial of T-DM1 is expected to attract attention at the annual meeting of the American Society of Clinical Oncology this weekend in Chicago.


Numerous other companies, from pharmaceutical giants to tiny start-ups, are pursuing the treatments, which are known variously as antibody-drug conjugates, armed antibodies or empowered antibodies. “I don’t think there is a major pharma or a midsized pharma with interest in cancer that doesn’t have a program or isn’t scrambling to put one together,” said Stephen Evans-Freke, a managing general partner at Celtic Therapeutics, an investment firm that recently committed $50 million to create a new company, ADC Therapeutics, to develop antibody-drug conjugates.


About 25 such drugs from a variety of companies are in clinical trials, according to Alain Beck, a French pharmaceutical researcher who closely tracks the field. Genentech alone has eight in clinical trials besides T-DM1, and another 17 in earlier stages of development.


Many of the drugs use technology from either Seattle Genetics, based in Bothell, Wash., or ImmunoGen of Waltham, Mass., which supplied the toxin and linker used in T-DM1.


The armed antibodies do not work for all patients and they are not totally free of side effects. T-DM1, for instance, can lower blood platelet levels. The drugs are also likely to be expensive. Adcetris costs more than $100,000 for a typical course of treatment.


Biotechnology drugs called monoclonal antibodies, like Herceptin, Rituxan and Erbitux, are already mainstays of what is called targeted cancer therapy. These laboratory-produced molecules mimic the antibodies made by a person’s immune system to fight infection. But instead of attacking pathogens these antibodies attach to specific proteins on the surface of cancer cells.


But antibodies by themselves have a limited ability to kill tumors. So the antibodies are usually given with more conventional cell-killing chemotherapy drugs, which cause side effects because they can also attack healthy cells.


The new approach chemically attaches a toxin to the antibody, increasing its killing power while reducing the need to give toxic drugs separately. After the antibody binds to a cancer cell, it is taken inside the cell like a Trojan horse, and the toxin is released.


While armed antibodies are sometimes likened to guided missiles with toxic warheads, they actually cannot guide themselves to tumors.


Rather, they float through the bloodstream, bumping against various cells. But they stick only to the cells bearing the target protein.


“These are like floating sea mines,” said K. Dane Wittrup, a professor of chemical and biological engineering at the Massachusetts Institute of Technology. “But when they end up in a particular harbor, they blow up.” Less than 1 percent of the drug actually makes it to the tumor, he estimated.


The antibody used in Adcetris, which binds to a protein on malignant cells called CD30, had little effect on cancer when tested alone, even at doses 20 times as high as used now. But when linked to a toxin, it shrank tumors in 75 percent of those with Hodgkin’s lymphoma.


Aimee Blaine, a petroleum engineer from Bakersfield, Calif., who has had Hodgkin’s lymphoma since 2004, was virtually out of options after traditional chemotherapy and a stem cell transplant failed to cure her disease.


But four days after taking Adcetris in a clinical trial, the unbearable itching that accompanied her disease vanished, she said.


Eventually, so did the cancer. Ms. Blaine, 40, has been in remission since her last dose in January 2011 and recently returned to work for the first time in seven years.


Like Herceptin, T-DM1 binds to what is known as the HER2 protein and is meant to treat only the roughly 20 percent of breast cancer cases characterized by an abundance of that protein.



Source & Image : New York Times

Tipping iceberg captured on video by tourist





A tourist has captured some rare and startling video of an iceberg tipping over. The tourist was traveling on a boat near the Upsala Glacier in Argentina and caught the unexpected moment.


Writing on YouTube under the name "osibaruch," the tourist says:


"While we were passing by it with a catamaran, the huge berg lost a part of itself (look at the right side sinking) and then flipped over with a huge roar. In the process of melting this happens all the time, but it is seldom that it is captured on video WHEN it happens..."


The Upsala Glacier has been melting for a number of years and is often cited as evidence of global climate change. The BBC reports that the glacier, once the largest in South America, has been retreating at a rate of about 600 feet a year. Some scientists say the melting is a result of other factors and is not connected to climate change.



The tourist originally captured the video in March but first posted it online this week.




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Boy Who Donated Disney Trip to Soldier's Family Wins Vacation of His Own







ABC News' Linsey Davis and Lauren Sher:


Nine-year-old Brendan Haas, who spent three months trading things so he could win a vacation to Disney World and then gave it away to a girl whose father was killed in Afghanistan, was surprised with his own Walt Disney World trip today on " Good Morning America."



To reward Brendan for his generosity, the Disney Company, the parent company of ABC, awarded Brendan's family with an all-expense paid trip of their own, and made Brendan an "honorary citizen of Walt Disney World."



But instead of accepting the trip, Brendan said he wanted to pay it forward yet again and that he'd be able to find another family of a fallen soldier who deserves it.



"We can't accept a trip to Disney but we have many more people who would like to have an all-expenses paid [trip] …so we can do another raffle," he said today from his home in Kingston, Mass.



His mom, Melissa Haas, said her son's response even caught her off guard, but she never puts anything past him.



"Knowing him, in my head, I would think that he would do something like that," Melissa Haas said.  "For a 9-year-old to get that opportunity and to have a response like that, it's amazing. We say it's like having a 40-year-old in a 9-year-old's body. I am very proud."



Brendan's mom said he wants to donate the trip to another family from the original raffle pool.



In February, Brendan set up a Facebook page called "A Soldier for a Soldier," hoping that he could trade his toy soldier for a trip to Disney World to give to a fallen soldier's family.



"I just think they do something good, so I wanted to do something good back," Brendan said of his toys and their real life counterparts.



Brendan was inspired by Kyle MacDonald, 26, who became an Internet sensation after trading a single red paperclip for a series of bigger items, and eventually his house.



Brendan said he posted his toy soldier one night, and the next morning, people immediately responded with hundreds of offers. He swapped through a NASCAR toy, a weekend ski vacation, and just before Memorial Day, he got what he wanted: an all-expenses paid trip to Disney World.



"I was just so excited," Brendan recalled. "At first I was worried it wouldn't work."



The boy said he then put a bunch of names of military families that he'd gathered from Facebook into a hat, and pulled out the name of 2-year-old Liberty Hope Steele. Brendan soon surprised her family with the trip to Disney World.



Liberty Steele's 25-year-old father - Army Lieutenant Timothy Steele - was killed last August in Afghanistan.



In a twist of fate, Lieutenant Steele apparently knew all about Kyle Macdonald's original paperclip trade.



"The things Tim had in his pockets when he died were a St. Christopher's Medal, a picture of his family, and a post it note with the words "red paperclip," his mother, Mary Ellen Steele, said.



Disney will also upgrade the Steele's  family vacation, rolling out the red carpet for them on their visit.

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Source & Image : Yahoo

11-year-old played dead to survive Syria massacre





BEIRUT (AP) — When the gunmen began to slaughter his family, 11-year-old
Ali el-Sayed says he fell to the floor of his home, soaking his clothes
with his brother's blood to fool the killers into thinking he was
already dead.


The Syrian boy tried to stop himself from trembling, even as the gunmen, with long beards and shaved heads, killed his parents and all four of his siblings, one by one.


The youngest to die was Ali's brother, 6-year-old Nader. His small body bore two bullet holes — one in his head, another in his back.


"I put my brother's blood all over me and acted like I was dead," Ali told The Associated Press over Skype on Wednesday, his raspy voice steady and matter-of-fact, five days after the killing spree that left him both an orphan and an only child.


[Related: Allies expel Syrian diplomats]


Ali is one of the few survivors of a weekend massacre in Houla, a collection of poor farming villages and olive groves in Syria's central Homs province. More than 100 people were killed, many of them women and children who were shot or stabbed in their houses.


The killings brought immediate, worldwide condemnation of President Bashar Assad, who has unleashed a violent crackdown on an uprising that began in March 2011. Activists say as many as 13,000 people have been killed since the revolt began.


U.N. investigators and witnesses blame at least some of the Houla killings on shadowy gunmen known as shabiha who operate on behalf of Assad's government.


Recruited from the ranks of Assad's Alawite religious community, the militiamen enable the government to distance itself from direct responsibility for the execution-style killings, torture and revenge attacks that have become hallmarks of the shabiha.




 


In many ways, the shabiha are more terrifying than the army and security forces, whose tactics include shelling residential neighborhoods and firing on protesters. The swaggering gunmen are deployed specifically to brutalize and intimidate Assad's opponents.


Activists who helped collect the dead in the aftermath of the Houla massacre described dismembered bodies in the streets, and row upon row of corpses shrouded in blankets.


"When we arrived on the scene we started seeing the scale of the massacre," said Ahmad al-Qassem, a 35-year-old activist. "I saw a kid with his brains spilling out, another child who was no more than 1 year old who was stabbed in the head. The smell of death was overpowering."


The regime denies any responsibility for the Houla killings, blaming them on terrorists. And even if the shabiha are responsible for the killings, there is no clear evidence that the regime directly ordered the massacre in a country spiraling toward civil war.


As witness accounts begin to leak out, it remains to be seen what, exactly, prompted the massacre. Although the Syrian uprising has been among the deadliest of the Arab Spring, the killings in Houla stand out for their sheer brutality and ruthlessness.


According to the U.N., which is investigating the attack, most of the victims were shot at close range, as were Ali's parents and siblings. The attackers appeared to be targeting the most vulnerable people, such as children and the elderly, to terrorize the population.


This type of massacre — even more than the shelling and mortar attacks that have become daily occurrences in the uprising — is a sign of a new level of violence. By most accounts, the gunmen descended on Houla from an arc of nearby villages, making the deaths all the more horrifying because the victims could have known their attackers.


According to activists in the area, the massacre came after the army pounded the villages with artillery and clashed with local rebels following anti-regime protests. Several demonstrators were killed, and the rebels were forced to withdraw. The pro-regime gunmen later stormed in, doing the bulk of the killing.


Syrian activist Maysara Hilaoui said he was at home when the massacre in Houla began. He said there were two waves of violence, one starting at 5 p.m. Friday and a second at 4 a.m. Saturday.


"The shabiha took advantage of the withdrawal of rebel fighters," he said. "They started entering homes and killing the young as well as the old."


Ali, the 11-year-old, said his mother began weeping the moment about 11 gunmen entered the family home in the middle of the night after arriving in a military armored vehicle and a bus. The men led Ali's father and oldest brother outside.


"My mother started screaming 'Why did you take them? Why did you take them?'" Ali said.


Soon afterward, he said, the gunmen killed Ali's entire family.


As Ali huddled with his youngest siblings, a man in civilian clothes took Ali's mother to the bedroom and shot her five times in the head and neck.


"Then he left the bedroom. He used his flashlight to see in front of him," Ali said. "When he saw my sister Rasha, he shot her in the head while she was in the hallway."


Ali had been hiding near his brothers Nader, 6, and Aden, 8. The gunmen shot both of them, killing them instantly. He then fired at Ali but missed.


"I was terrified," Ali said, speaking from Houla, where relatives have taken him in. "My whole body was trembling."


Ali is among the few survivors of the massacre, although it was impossible to independently corroborate his story. The AP contacted him through anti-regime activists in Houla who arranged for an interview with the child over Skype.


The violence had haunting sectarian overtones, according to witness accounts. The victims lived in the Houla area's Sunni Muslim villages, but the shabiha forces came from a nearby area populated by Alawites, an offshoot of Shiite Islam.


Most shabiha belong to the Alawite sect — like the Assad family and the ruling elite. This ensures the loyalty of the gunmen to the regime, because they fear they would be persecuted if the Sunni majority gains the upper hand.


Sunnis make up most of Syria's 22 million people, as well as the backbone of the opposition. The opposition insists the movement is entirely secular.


It was not possible to reach residents of the Alawite villages on Wednesday. Communications with much of the area have been cut off, and many residents have fled.


Al-Qassem, the activist who helped gather corpses in Houla, said the uprising has unleashed deep tensions between Sunnis and Alawites.


"Of course the regime worked hard to create an atmosphere of fear among Alawites," said al-Qassem, who is from the Houla area, although not one of the villages that came under attack over the weekend. "There is a deep-seated hatred. The regime has given Alawites the illusion that the end of the regime will spell the end of their villages and lives."


He said the army has been pouring weapons into the Alawite areas.


"Every house in each of those Alawite villages has automatic rifles. The army has armed these villages, each home according to the number of people who live there," he said, "whereas in Houla, which has a population of 120,000, you can only find 500 0r 600 armed people. There is an imbalance."


Days after the attack, many victims remain missing.


Ali can describe the attack on his family. But al-Qassem said the full story of the massacre may never emerge.


"There are no eyewitnesses of the massacre," he said. "The eyewitnesses are all dead."


___


Associated Press writer Zeina Karam contributed to this report.



Source & Image : Yahoo

Bigfoot Spotted In Idaho?







A group of high school students may have come close to Bigfoot during a class project in the Idaho wilderness.



A dark, mysterious creature was caught on tape for a few seconds near Mink Creek before it retreated into the treeline.



"It just didn't look human-like. I don't know what that is, it's not a bear, it's not a moose or anything. It was big and bulky and black," said the student who captured the video. He spoke to ABC News' Idaho affiliate but did not want want to be identified on camera.





The students climbed to where they saw the potential Sasquatch and photographed the large footprints it left in the dirt.



"I'm not going to say yes it was a Bigfoot or no it wasn't, because I don't know., and nobody knows," the student told the news station.



The Animal Planet show "Finding Bigfoot"  plans to visit Pocatello, Idaho in June to investigate claims that Bigfoot could be in the area.





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British Chambers of Commerce cuts growth forecast

worker using angle grinder cutter

The British Chambers of Commerce (BCC) has slashed its forecast for economic growth this year, from 0.6% to 0.1%.

But the group, which represents more than 100,000 businesses, raised its forecast for 2013 from 1.8% to 1.9%.

The data, in the BCC's latest Quarterly Economic Forecast, follow official figures showing that the UK has returned to recession.

BCC director-general John Longworth called for more "enterprise-friendly" action from the government.

Unemployment will also increase from 2.625 million - or 8.2% of the workforce - to 2.9 million, or 9%, in the third quarter of 2013, driven primarily by continued public sector spending cuts.

Mr Longworth called for the creation of a business bank to provide capital for small business, more infrastructure spending, long-term strategies for aviation and energy, and more deregulation.

Without action the economy will "bump along the bottom" for longer than expected, Mr Longworth said.

"We need growth and we need it now," he said.

"If the government works together with the private sector to create the right environment over the long term, we'll be able to prove once and for all that bold businesses can propel us forward out of stagnation and firmly on the road to recovery."

The BCC's report warns that problems in the eurozone will persist for a considerable time and cause difficulties for UK businesses.

However, household spending will see modest improvement, from shrinking 1.2% in 2011 to growth of 0.7% in 2012, 1.7% in 2013 and of 2.1% in 2014.

Business investment should improve, from 1.2% in 2011 to 4.3% in 2012.



Source & Image : BBC

India Feels Pressure as Growth Rate Is Worse Than Predicted







MUMBAI — India’s growth rate fell to its slowest pace in almost a decade last year, according to government estimates published Thursday, putting further pressure on a fractured coalition government in New Delhi that has been widely criticized for its management of the economy.


India’s economy grew 6.5 percent in the fiscal year that ended in March, down from 8.4 percent the year before, as sectors like manufacturing, mining and agriculture did poorly. In a worrying sign for the rest of this year, the report showed a sharp drop-off in economic activity in the first three months of 2012, with growth falling to 5.3 percent, from 9.2 percent a year earlier.


Analysts were expecting India’s growth rate to slow because of a contraction in new investments by the private sector and the financial effects of the crisis in Europe, but the numbers were worse than predicted. Moreover, more sectors exhibited slower growth, raising new concerns about the economy.


“The latest growth numbers signal India’s deteriorating economic prospects and presage much worse to come as industrial output has stalled and investment is falling,” said Eswar Prasad, an economist at the Brookings Institution and Cornell University. “These numbers reflect not just a loss of economic momentum but, far worse, a loss of confidence in the government’s ability to tackle the enormous short-term and long-term challenges to sustaining growth.”


The full-year growth number was below the country’s growth rate during the financial crisis in 2008-09, when India grew at 6.7 percent. The last time India grew at a slower pace was in the 2002-03 fiscal year, when it registered a 4 percent pace.


Analysts say it will be harder for Indian policy makers to respond to a slowing economy now than during the financial crisis more than three years ago. At that time, the government’s finances were relatively healthier and it was able to spend money to stimulate the economy. Now, however, New Delhi is desperately trying to cut its fiscal deficit from 5.9 percent of its gross domestic product to 5.1 percent. Also, the Reserve Bank of India has less room to cut short-term interest rates to stimulate lending because inflation remains high, at about 7 percent.


Many analysts have been arguing that the best way for policy makers to respond to slowing growth is further liberalization of India’s economy, large parts of which are still heavily regulated. The government could, for instance, make it easier for foreigners to invest in industries like retail, aviation and insurance that need more capital.


But the government, led by the Indian National Congress Party, has struggled to pass unpopular measures in recent months because of opposition from its coalition partners and political rivals. Last year, it indefinitely deferred a plan to allow foreign supermarkets into the country after a coalition partner threatened to pull out if the change went through.


On Thursday, much of India was shut down in protest against a sharp increase in petroleum prices by government-owned oil companies. Policy makers said the increase was needed to offset the rising cost of oil imports, which have become more expensive as India’s currency, the rupee, has fallen sharply against the dollar. In New Delhi and Mumbai, normally traffic-clogged roads were largely empty Thursday afternoon.


The benchmark Nifty stock index was down about 0.7 percent at 2:45 p.m. local time. The rupee was trading at 56.175 to the dollar after crossing 56.5 earlier in the day. As recently as February, the rupee was trading about 49 to the dollar.



Source & Image : New York Times

John Edwards on mistrial: ‘While I do not believe I did anything illegal, I did an awful, awful lot that was wrong’





John Edwards appeared thankful outside the federal courthouse in Greensboro, N.C., on Thursday, after the jury corruption trial said that it could not agree on a verdict for five of six counts, forcing U.S. District Judge Catherine Eagles to declare a mistrial.


The one count the 12-member jury agreed on--count three--was related to money given to Edwards by Rachel "Bunny" Mellon, a wealthy Texas heiress. The jury found Edwards not guilty of that count.


"I think those jurors were an examplar for what juries are supposed to do in this country," Edwards, a former attorney, said.  "They were very, very impressive."


Earlier Thursday, Eagles asked the jury to continue deliberations and come to a unanimous decision on the remaining five counts, but the jury returned without one.


Outside the courthouse, Edwards--flanked by his attorney, Abbe Lowell, his daughter Cate and his two elderly parents--spoke for several minutes and remained mostly composed.


"I want to make sure everyone hears from me," Edwards said. "While I do not believe I did anything illegal, or ever thought that I was doing anything illegal, I did an awful, awful lot that was wrong."


"There is no one else responsible for my sins," he continued. "I am responsible--none of the people who came to court and testified are responsible, nobody working for the government is responsible. I am responsible. It is me and me alone."


Edwards appeared to choke up before he spoke about Frances Quinn, his four-year-old daughter with Hunter. "My precious Quinn, who I love more than any of you can ever imagine," the former senator said.


Edwards outside the federal courthouse in Greensboro, N.C., May 31, 2012. (Chuck Burton/AP)Click image to see more photos.


Edwards had been charged with conspiracy, four counts of receiving illegal campaign contributions and one count of making false statements for allegedly soliciting and secretly spending over $925,000 to cover up his affair with Rielle Hunter, a campaign videographer, during the 2008 presidential election. He faced up to 30 years in prison and $1.5 million in fines if he had been convicted on all counts.


The jury began deliberations on May 18 after a month of testimony that covered the sordid details of Edwards' affair with Hunter, the elaborate cover-up and campaign finance law.


Prosecutors said Edwards knew exactly what he was doing in 2008 when he used nearly $1 million in campaign funds to cover up his affair with Hunter.


Lawyers for the former presidential candidate claimed the payments from Mellon and trial lawyer Fred Baron were intended as personal gifts, not political contributions, to shield Edwards' wife from learning of Hunter's pregnancy with his child. Elizabeth Edwards, who was battling cancer at the time, died in 2010.


The defense argued that while he may have been a "bad husband," he did not violate any federal laws.


"This verdict reflects the struggle that this jury appears to have had in finding some clear cut evidence of criminality," Robert Mintz, a former federal prosecutor and partner at McCarter & English, wrote in an email. "Despite the government's best efforts, the defense was able to appeal to the jurors' sense of fair play and justice even when dealing with an extremely unsympathetic defendant whose credibility was severely damaged by his own conduct."


"However morally reprehensible the conduct [was] here," Mintz added, "they could not agree that it added up to a criminal violation."


Edwards did not testify during the trial, nor did Hunter, who lives in Charlotte, N.C., with Frances Quinn.


From combined staff and wire reports.


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Source & Image : Yahoo

Mortgage Rates Plummet - 15-Year Fixed Below 3 Pct







If you can get a new mortgage or refinance an existing one, interest rates have fallen to  incredible new lows.



Interest on a 15-year loan has dropped below 3 percent for the first time ever, according to data from Freddie Mac.



The average rate on the 30-year loan fell to 3.75 percent. That's down from 3.78 percent last week and the lowest since long-term mortgages began in the 1950s.



The 15-year mortgage rate is down to 2.97 percent this week from 3.04 percent last week.  The 15-year loan is often used for refinancing, that is if you can get the bank to call you back and then meet the requirements.



If the economy doesn't fall apart in other ways, these low rates may help the housing market as we are now in the buying season.


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Source & Image : Yahoo

Defense of Marriage Act is unconstitutional, federal appeals court rules




Family Research Council President Tony Perkins at a May demonstration in favor of DOMA. (J. Scott Applewhite/A …On Thursday, a federal appeals court in Boston ruled that the government's ban on gay marriage, called the Defense of Marriage Act (DOMA), violates the Constitution and should be struck down.


If the Supreme Court hears the case and upholds this ruling, it means that the federal government would most likely have to recognize the marriages of gay couples who were wed and reside in the six states that allow same-sex unions.


The First Circuit Court found that the federal government does not have a right to interfere in states' definition of marriage, but stopped short of arguing that gay people have a constitutionally protected right to legal marriage. The First Circuit court is the first federal appeals court to strike down the law, and the case is likely to be taken up by the Supreme Court next year.


[Related: Obama touts support for gay marriage in video]


A section of DOMA, which was passed under President Bill Clinton, says that gay married couples are ineligible for federal benefits afforded to straight married people, such as tax breaks and Social Security survivor checks. DOMA encompasses about 1,000 federal laws tangentially related to marriage and affects 100,000 couples in the country, according to the decision. A group of gay couples in Massachusetts sued the government over the law, and the state of Massachusetts filed its own suit, saying DOMA makes its Medicaid program illegal because the state combines gay married couples' incomes in calculating eligibility. (Gay marriage is legal in Massachusetts.)


The Justice Department under President Barack Obama initially defended DOMA against this lawsuit, but last year announced that it found DOMA unconstitutional and would no longer back it. House Republicans then appointed outside attorneys to argue for the federal law.


[Related: Obama's gay marriage stance could hurt him, poll finds]


The judges admitted that the decision rested on navigating difficult and thorny precedents. "Only the Supreme Court can finally decide this unique case," they wrote.


But in its decision, the First Circuit argued that the federal government has no interest in rejecting states' definition of marriage, and that the singling out of a minority group—gays and lesbians—was troubling.


"Many Americans believe that marriage is the union of a man and a woman, and most Americans live in states where that is the law today," the First Circuit wrote. "One virtue of federalism is that it permits this diversity of governance based on local choice, but this applies as well to the states that have chosen to legalize same-sex marriage. Under current Supreme Court authority, Congress' denial of federal benefits to same-sex couples lawfully married in Massachusetts has not been adequately supported by any permissible federal interest."


[Related: Bristol Palin chastises Obama for gay marriage position]


If the case makes it to the Supreme Court, all eyes will (as usual) be on Justice Anthony Kennedy, who moved to strike down laws banning anal sex in 2003 and a Colorado law that banned anti-discrimination rules that included gay people. So far, the Supreme Court has never held that sexual orientation can put people in a protected class, as it has with race and a few other things.


"I think this really does set up the issue for the Supreme Court to take this up next year," said Erwin Chemerinsky, a liberal constitutional law professor at UC Irvine.


The decision marks the latest court victory for gay rights proponents after the Ninth Circuit Court of Appeals struck down California's ban on gay marriage in February. After North Carolina voters inserted a ban on gay marriage and civil unions into their Constitution in May, Obama announced that he personally thinks gay people should allowed to be married. But he stopped short of saying that the federal government should guarantee that right, indicating that states should decide.




Source & Image : Yahoo

China Lets Currency Weaken, Risking New Trade Tensions





HONG KONG — China’s currency dropped further in May against the dollar than in any other month since the Chinese government began allowing the renminbi to appreciate gradually in the summer of 2005, in a currency market shift that could help Chinese exports but worsen trade friction with Europe and particularly the United States.


By setting weaker and weaker daily “fixings” for the renminbi against the dollar at the start of each day’s trading, China’s central bank has pushed down the renminbi 0.9 percent against the dollar in the past month. The decline in the daily fixings coincides with signs that the Chinese domestic economy is slowing sharply this spring and may need help from stronger exports.


A cheaper renminbi makes Chinese exports more competitive in overseas markets, while making foreign goods more costly and less affordable in China. The Obama administration has been pressing China for the past three years to allow faster appreciation in the renminbi, not depreciation, as a way to narrow the U.S. trade deficit with China, which reached a record $295.46 billion last year.


The U.S. Treasury Department issued a report last Friday criticizing China’s management of its exchange rate and calling for the first time for China to release data on the scale of its foreign exchange market interventions. But the report stopped short of labeling China a currency manipulator, a label that Chinese leaders have indicated they would bitterly resent and oppose.


The Chinese central bank pushed the renminbi up slightly on Monday, the first trading day after the Treasury report, but has let it slide further each of the past three trading days. The Treasury declined on Thursday to comment on the renminbi’s depreciation while the Chinese central bank, the People’s Bank of China, has stayed silent this spring on currency policy.


Mitt Romney, who clinched the Republican presidential nominee this week, said last autumn that if he were elected president, he would label China a currency manipulator during his first day in office. One of his television ads appearing in recent days in the United States predicts what Mr. Romney’s first day in office would be like, with the narrator saying that through the day, “President Romney stands up to China on trade, and demands they play by the rules.”


Bankers and economists say that there have been some hints that foreign investors and Chinese citizens alike have been moving money out of China in recent weeks, which could have contributed to the fall in the renminbi. Money managers around the world have become more risk averse as the European and Chinese economies have deteriorated this spring, setting off a decline in many emerging markets’ currencies.


China has also been beset with political worries this spring associated with the purge of Bo Xilai, who was suspended from the Politburo in April.


But with more than $3.3 trillion in foreign exchange reserves, combined with very tight regulatory controls on the Shanghai currency market and some lingering controls on the movement of money in and out of China, Beijing still has great discretion in deciding the daily value of the renminbi. While Chinese officials have been silent about currency policy in recent weeks, few economists doubt that the recent decline in the renminbi represents anything other than an attempt to stimulate exports.


“During a difficult period of slowing growth and weak export demand, the government is taking the opportunity afforded by an apparent net outflow of capital to guide the value of the renminbi lower against the dollar to help support exports,” said Eswar S. Prasad, a former China division chief at the International Monetary Fund.


The Chinese economy is suffering this spring from the slowest fixed-asset investment in a decade, steadily declining foreign investment, weakening retail sales and a rapidly deflating real estate bubble. China could benefit considerably from the jobs and wealth that would be created by ramping up exports and supplying a larger share of the world’s demand in markets ranging from shoes and garments to flat-panel displays and auto parts.


But a surge in Chinese exports in the middle of a global economic slowdown could also ruin the livelihoods of large numbers of workers in other developing countries that compete with China to supply the same goods.


China is also shifting its exports toward higher-technology products like telecommunications gear and power plant turbines. So an expansion in Chinese exports could also displace sizable numbers of workers in the United States, Europe and Japan who produce goods similar to those from China.


China may have another motive in allowing the renminbi to decline against the dollar in the past month: the dollar’s strength. The euro has been sliding against the dollar this spring, and because the renminbi is effectively linked to the dollar, the euro has also been very weak this spring against the renminbi.


This has hurt the competitiveness of Chinese exports to Europe — and China exports slightly more to Europe than to the United States. Even with the renminbi’s decline against the dollar in May, the renminbi still rose 5.5 percent against the euro during the month.


A few Chinese economists are even arguing that the renminbi should now be devalued further. They are largely ignored by mainstream Chinese economists, but are starting to receive a warm reception from some of the more nationalistic media outlets, like The Global Times, which is affiliated with People’s Daily and is stridently critical of the West and most of China’s neighbors, with the exception of North Korea.


Lu Zhengwei, the chief economist of Industrial Bank in Fuzhou, is among the advocates of a weaker Chinese currency. “I personally think the renminbi will be more or less stable this year, but ideally, it should depreciate by at least 3 to 5 percent,” he said.


Mr. Lu said that Chinese exports to the United States, Europe and Japan were growing more slowly than these markets’ overall imports. “Thus sluggish overseas demand is not the only reason behind the slowdown of China’s exports — the appreciation of the renminbi’s effective exchange rate also contributed to it,” he said.


But many Chinese economists are skeptical of this argument, pointing out that a weak currency will keep the country dependent on exports and will keep prices of imported goods high for China’s long-suffering consumers. A lower economic growth rate in China is inevitable because the government is clamping down on the country’s large real estate sector, and should not be offset by government assistance to exporters through the currency market, said a senior Chinese economist who insisted on anonymity because he did not want to become embroiled in the public debate in China over currency policy.


Xu Yan contributed research from Shanghai.



Source & Image : New York Times