France urges Mali to step up talks with rebels
















PARIS (AP) — France‘s president called Thursday for stepped-up talks between Mali’s government and any leaders from its breakaway north “who reject terrorism,” even as African nations geared up for a possible military operation against Islamic extremists there.


President Francois Hollande‘s comments suggested a growing openness to dialogue with the extremists, but he remained committed to supporting the military planning effort.













Northern Mali fell to Islamic extremists in April, after coup leaders toppled the government in Bamako, Mali‘s capital. Fearing that northern Mali could become the latest hotbed of terrorism, France has been a driving force in international efforts to bolster Mali’s army to drive the Islamists from power.


Hollande spoke with interim Mali President Dioncounda Traore by phone on Thursday, partly to detail European efforts to help strengthen Mali’s army.


In recent days, representatives from the most moderate of three al-Qaida-linked groups that control northern Mali have been meeting with Burkina Faso‘s president, appointed as a mediator.


“France reiterates its wish that political dialogue will intensify between Malian authorities and representatives of northern populations who reject terrorism,” Hollande’s office said in a statement. “The acceleration of this dialogue must accompany the progress in African military-planning efforts.”


Earlier this week, the African Union approved a plan that calls for 3,300 African troops to be deployed in order to win back Mali’s north. European countries including France and Germany have expressed a willingness to provide military trainers and logistics support, but have stopped short of committing combat troops.


France, like many European countries, fears that the arid, northern Sahel region of Mali could become a breeding ground for terrorism, where al-Qaida and its allies could plot hostage-takings and attacks in Europe or beyond.


France has millions of people whose families hail from former French colonies in north and west Africa. Authorities have long been concerned that French-born militants could travel abroad for terrorism training and return home later to possibly carry out attacks.


French authorities are already investigating two French citizens who were arrested in Mali and neighboring Niger and are suspected of seeking to join up with the al-Qaida-linked extremists, a judicial official told The Associated Press.


Ibrahim Ouattara, a 24-year-old native of the northern Paris suburb of Aubervilliers who has dual French and Malian nationality, was arrested inside Mali this month and remains in custody there, the official said.


Separately, a 27-year-old Frenchman was arrested in August in Niger and has since been handed over to authorities in France, the official said, speaking on condition of anonymity because she was not authorized to discuss terrorism cases publicly.


Europe News Headlines – Yahoo! News



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‘Journey,’ ‘Assassin’s Creed III’ among Spike Video Game Awards nominees
















LOS ANGELES, Calif. – The artsy downloadable game “Journey” leads the pack of nominees for this year’s Spike Video Game Awards.


The PlayStation 3 game received seven nods in such categories as best graphics, independent game, original score and game of the year.













Other game of the year nominees are “Assassin’s Creed III,” ”Dishonoured,” ”Mass Effect 3″ and “The Walking Dead: The Game.”


The nominees in the best shooter category are “Borderlands 2,” ”Call of Duty: Black Ops II,” ”Halo 4″ and “Max Payne 3.”


The 10th annual ceremony on Dec. 7 will be hosted by Samuel L. Jackson and broadcast live on Spike.


The show will feature debut footage from such upcoming games as “The Last of Us” and “Gears of War: Judgment,” as well as musical performances by Linkin Park and Tenacious D.


Gaming News Headlines – Yahoo! News



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Why David Geffen is getting the “American Masters” treatment
















LOS ANGELES (TheWrap.com) – David Geffen is not a singer. Nor is he a movie star. Nor is he a writer.


Thus he would seem an odd subject for “American Masters,” a series devoted to artists ranging from Willa Cather to Woody Allen.













Yet series creator Susan Lacy claims that the mogul has had a profound impact on American popular culture that equals any of those figures. She pleads her case in “Inventing David Geffen,” which will be broadcast November 20 on PBS. The documentary had its premiere in Los Angeles on Tuesday night.


“He seems like a bit of an odd choice,” Lacy admitted to TheWrap. “But I have a degree in American Studies and I learned that the people with the most influence are often the ones behind the scenes.”


In Geffen, Lacy saw a figure like Alfred Stieglitz, a photographer whose lasting legacy was a series of modernist shows he held at his New York galleries that influenced visual arts in this country and brought cubism to the masses.


Some arm twisting must have been required to get the press-averse Geffen to emerge from semi-retirement to reflect on his career in movies, music and Broadway. Lacy said that part of the reason she was able to convince him to participate is that he was a fan of the series and had participated in her documentaries on figures such as Joni Mitchell.


“It wasn’t hard,” she said. “I knew from other people that he thinks my Leonard Bernstein documentary is one of the best documentaries anyone ever made. Mike Nichols told me that he makes everybody who stays with him watch it.”


In addition to Geffen, the documentary features interviews with his friends and colleagues — an A-list rolodex that includes Tom Hanks, Steven Spielberg, Elton John, Neil Young, Clive Davis, Barry Diller, and Irving Azoff. His sphere was huge, Lacy claims because his influence was tectonic.


By championing musicians such as Jackson Browne and Laura Nyro, Geffen put his own imprint on the emerging singer-songwriter movement in the 1970s. Later, Geffen managed to adapt to shifting tastes, by aligning himself with groups like Aerosmith and Guns ‘N Roses and helping to usher in the heavy metal craze. For more than 30 years, his labels – Asylum Records, Geffen Records, and DGC Records – represented the high-water mark for musicians, who clamored to get in the door.


“He had an incredible eye for talent,” Lacy said. “These people would have eventually found their way. But he helped them get there. He fixed their teeth and allowed them to write music that’s history.”


Though he made his name in music, Geffen also became a force in the theater and film businesses.


He enriched himself by producing hit musicals like “Cats” and “Dreamgirls,” and branched out into movies with memorable pictures like “Risky Business.” In 1994, he co-founded DreamWorks SKG, the studio behind Oscar-winners like “American Beauty” and “Saving Private Ryan.”


“In each decade, he has done something that has affected the culture,” Lacy said. “If I had to boil it down to one thing it would be his genius at business.”


It’s a mastery of deal-making and talent-scouting that has made him a very wealthy man, worth an estimated $ 5.5 billion. It is also a trajectory that Lacy maintains cannot be replicated in a more fractured media landscape, where mega-corporations wield disproportionate influence and are more interested in quarterly earnings than fostering rising stars.


“Even he would say that nobody could do what he did today,” Lacy said. “The times have changed so much. I asked him if he could raise $ 2 billion to start a new studio, and he said ‘absolutely not.’ And record companies, well, we know what happened to them. Behind all the conglomerates and corporations, to find someone with a genuine sensibility like David Geffen‘s would be impossible. He was unique.”


Celebrity News Headlines – Yahoo! News



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Feds probe FedEx, UPS over online drug shipments
















SAN FRANCISCO (AP) — FedEx and UPS have disclosed they are targets of a federal criminal investigation related to their dealings with online pharmacies, which are at the center of an international crackdown on prescription drug abuse.


The shipping companies made the disclosures in regulatory filings over the last several weeks. FedEx spokesman Patrick Fitzgerald confirmed the probe in a prepared statement and a phone interview Thursday.













The investigation of the country’s two largest shippers stems from a blitz against online pharmacies that was launched in 2005. Since then, dozens of arrests have been made, thousands of websites shuttered and tens of millions of dollars and pills seized worldwide as investigators continue to broaden the probe beyond the operators.


Last year, Google Inc. agreed to pay $ 500 million to settle allegations by the Justice Department that it profited from ads for illegal online pharmacies.


A federal jury on Thursday convicted three men of operating illegal pharmacies that used FedEx Corp. and UPS Inc. to deliver drugs without proper prescriptions. Seven others have been convicted in San Francisco this year.


Fitzgerald said he didn’t know if the FedEx investigation was connected to the San Francisco cases, but U.S. Department of Justice investigators based in San Francisco are looking into issues “related to the transportation of packages for online pharmacies.” He called the probe “absurd” and said the Memphis, Tenn., company denied any wrongdoing


A spokesman with the U.S. attorney’s office in San Francisco declined to comment. A spokesman for Atlanta-based UPS couldn’t be reached after business hours Thursday.


UPS disclosed the investigation Nov. 1 in a regulatory filing reporting its quarterly earnings.


“We have received requests for information from the DOJ in the Northern District of California in connection with a criminal investigation relating to the transportation of packages for online pharmacies that may have shipped pharmaceuticals in violation of federal law,” the company stated. UPS said it was cooperating with the investigation and is “exploring the possibility of resolving this matter.”


FedEx was more defiant. Fitzgerald said the company has no plans to plea bargain with federal officials.


“Settlement is not an option when there is no illegal activity,” Fitzgerald said.


Both companies said they were served with grand jury subpoenas between 2007 and 2009. Fitzgerald declined to discuss why FedEx was now disclosing the investigation, but he confirmed that the company is under investigation for allegedly aiding and abetting online pharmacies that illegally ship prescription drugs.


Fitzgerald said the Drug Enforcement Agency has refused FedEx‘s request for a list of online pharmacies under investigation. Without such a list, Fitzgerald said it’s impossible to know which companies are operating illegally.


“We have no interest in violating the privacy of our customers by opening and inspecting their packages in an attempt to determine the legality of the contents,” Fitzgerald said.


___


Associated Press writer Alicia A. Caldwell in Washington contributed to this report.


Medications/Drugs News Headlines – Yahoo! News



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MPs raise doubts over bank sales

















A parliamentary committee has said the Treasury’s sale of Northern Rock in 2011 was “fortunate”, and Lloyds and RBS may not be sold “for many years”.













A Public Accounts Committee report noted that while the Rock’s sale was “well-handled”, taxpayers were still set to lose £2bn on the bank’s rescue.


MPs were not convinced that a profit would be made on the £66bn rescue of the two bigger banks any time soon.


A Treasury aide said it aims “to get the best possible value for taxpayers”.


“This government is putting right the catastrophic regulatory failings of the last decade that led to the biggest bank bailout in the world,” the Treasury aide added.


The government currently owns 40% of Lloyds, and 82% of RBS.


Lucky timing


Northern Rock was rescued in February 2008 by the previous government.


The sale of Northern Rock to Virgin Money in 2011 was carried out by the current government under time pressure, as EU state aid rules required the Treasury to dispose of its holding by 2013.


The committee said that UK Financial Investments (UKFI) – the state-owned body that manages the Treasury’s investments in the banks it rescued during the financial crisis – was lucky that Virgin was so keen to buy, given that there were only ever two bidders for the bank.


“The Treasury was fortunate that one of them had a strategic interest in purchasing a small retail bank at the end of 2011,” the committee’s report said, noting that current market conditions are less favourable than they had been at the time of the sale.


“The low level of competition does not give us confidence that the taxpayer will make a profit on the sale of RBS or Lloyds,” it added.


Continue reading the main story

September 2007 The run on Northern Rock


February 2008 Northern Rock nationalised


September 2008 Lloyds announces takeover of Halifax Bank of Scotland


October 2008 Government part-nationalises RBS and Lloyds-HBOS


January 2010 Northern Rock split into good and bad banks


December 2010 FSA clears RBS management of wrongdoing


November 2011 RBS agrees branch sale to Santander


November 2011 Northern Rock sold to Virgin Money


December 2011 Northern Rock sale to be investigated by NAO; FSA releases RBS report


September 2012 NAO releases Northern Rock report


October 2012 RBS branch sale to Santander collapses; RBS taken off Asset Protection Scheme



While the Treasury invested £1.4bn in Northern Rock shares, this was small in comparison to the £66bn invested in RBS and Lloyds.


“It seems inevitable that their ‘temporary public ownership’ will last for some time, if getting value for our investment remains the most important objective for government.”


The £2bn price tag for bailing out Northern Rock is not definite, and was drawn by the committee from a report provided to the committee by the National Audit Office (NAO) earlier this year.


The actual losses will depend on whether and how much profit UKFI is able to make from the Northern Rock assets that it did not sell to Virgin, and continues to own.


‘Lessons learnt’


Like the NAO, the committee was critical of the Treasury and UKFI – which took over ownership from the Treasury in 2010 – for being too slow to override the Rock’s management following the bank’s 2008 rescue.


“Northern Rock PLC still lost money in 2011, and its strategy should have been challenged sooner,” the report claimed.


The bank also failed to hit a £15bn government lending target during its time in public ownership, achieving only £9.1bn.


The report said that the government should have been more critical of the “optimistic” plan put forward by management for how to split the Rock up into a “good bank” that was sold to Virgin, and a “bad bank” with billions of pounds of problem mortgages that was retained in state ownership.


“The Treasury should ensure that lessons it learns from the sale are captured and can be applied to future disposals, including any sale of RBS or Lloyds.”


Margaret Hodge MP, chairman of the PAC, said the rescue of Northern Rock was made more complicated because the Treasury was unable to respond promptly to the banking crisis as “it lacked the right skills and understanding. It was slow to nationalise the bank and that made a loss difficult to avoid.


“The Treasury had spent five months trying to find a private sector buyer before giving up. After nationalisation, it then failed to effectively challenge the optimistic business plan put forward by the bank’s management to split the bank.”


She predicted that this would not be the last banking crisis, so the “Treasury must ensure it retains the right staff with the right skills to understand the risks and respond effectively.


“It needs to learn the lessons from the creation and sale of Northern Rock and make sure that these are applied in future, including to any sale of RBS and Lloyds.”


BBC News – Business



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Egypt recalls envoy to Israel after Gaza strike
















CAIRO (AP) — Egypt has recalled its ambassador to Israel after an Israeli airstrike killed the military commander of Gaza‘s ruling Hamas.


In a statement read on state TV late Wednesday, spokesman Yasser Ali said that President Mohammed Morsi recalled the ambassador and asked the Arab League‘s Secretary General to convene an emergency ministerial meeting in the wake of the Gaza violence.













Morsi also called for an immediate cease fire between Israel and Hamas, an offshoot of Morsi’s Muslim Brotherhood. Israel says it struck in response to rocket attacks from Gaza.


Hours earlier, Morsi’s Muslim Brotherhood group denounced the Israeli airstrike as a “crime that requires a quick Arab and international response to stem these massacres.”


Relations between Israel and Egypt have deteriorated since longtime President Hosni Mubarak was ousted last year.


Middle East News Headlines – Yahoo! News



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Billy Joel, Rihanna fight Pandora over compensation
















(Reuters) – Some of music’s most notable names including Billy Joel, Rihanna and Missy Elliott have signed an open letter to Pandora Media Inc opposing the online music company‘s push to change how artists are compensated.


Pandora is currently lobbying lawmakers in U.S. Congress to pass the “Internet Radio Fairness Act,” which would change regulation of how royalties are paid to artists.













A group of 125 musicians who say they are fans of Pandora argue the bill would cut by 85 percent the amount of money an artist receives when his or her songs are played over the Internet.


“Why is the company asking Congress once again to step in and gut the royalties that thousands of musicians rely upon? That’s not fair and that’s not how partners work together,” said the letter, to be published this weekend in Billboard, the influential music industry magazine.


A statement with an advance copy of the letter was released on Wednesday by musicFirst, a coalition of musicians and business people, and SoundExchange, a nonprofit organization that collects royalties set by Congress on behalf of musicians.


Internet radio and the artists whose music is played and listened to on the Internet are indeed all in this together,” Tim Westergren, Pandora’s founder and chief strategy officer, said in a statement.


“A sustainable Internet radio industry will benefit all artists, big and small.”


FLASHPOINT


The issue of how musicians are paid for Internet streaming of their songs has been a flashpoint for Pandora.


Pandora is a mostly advertising-supported online music company, founded more than a decade ago, that streams songs through the Internet. In October, it said its share of total U.S. radio listening was almost 7 percent, up from about 4 percent during the same period last year.


Pandora’s success has been double-edged – the more customers it gains, the more money it has to pay overall for rights to stream music.


So far, that rate is set until 2015.


Pandora, along with other music services such as Clear Channel Communications, is supporting the bill on grounds that different providers, such as satellite and cable, pay different rates.


“The current law penalizes new media and is astonishingly unfair to Internet radio,” Pandora said on its website.


“We are asking for our listeners’ support to help end the discrimination against internet radio. It’s time for Congress to stop picking winners, level the playing field and establish a technology-neutral standard.”


The Internet Radio Fairness Act is a bipartisan bill sponsored by U.S. representatives Jason Chaffetz and Jared Polis along with Sen. Ron Wyden.


Shares of Pandora closed 4.6 percent lower at $ 7.31 on the New York Stock Exchange on Wednesday.


(Reporting by Jennifer Saba in New York; editing by Matthew Lewis)


Music News Headlines – Yahoo! News



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France avoids recession; GDP up 0.2 pct in Q3
















PARIS (AP) — France‘s economy narrowly avoided a recession, growing slightly in the third quarter, according to official statistic released Thursday.


The French economy hasn’t recorded growth since the third quarter of last year and had been widely expected to start its slide into recession in the third quarter — technically defined as two consecutive quarters of negative gross domestic product. Instead, Insee, the national statistics agency, said GDP rose 0.2 percent on an annualized basis in the July-to-September period.













But the agency also revised down figures for the second quarter, saying the economy shrank 0.1 percent then. It had previously said growth was stagnant, as it had been for the previous two quarters.


Fixing France’s economy amid a European-wide crisis is President Francois Hollande‘s biggest challenge. He has promised to rein in massive government spending and reduce the deficit, largely by raising taxes.


But those measures have put a stranglehold on growth, and the country has watched unemployment tick steadily up as a raft of companies announced layoffs in recent months. The jobless rate now stands at 10.8 percent, according to European statistics.


Hollande has promised to restore the country’s competitiveness by offering a tax break to companies that kicks in next year, but many are still waiting to see how he will reform the country’s stringent labor rules. Those rules make firing difficult and thus make employers reluctant to hire, even once the economy starts growing.


Economy News Headlines – Yahoo! News



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Rolling Stones add fifth date to anniversary tour
















LONDON (Reuters) – The Rolling Stones have added a fifth date to their 50th anniversary tour later this year, the band announced on its website.


In between two shows at London‘s O2 Arena starting on November 25 and two more at the Prudential Center in Newark, NJ opening on December 13 the veteran quartet will play the Barclays Center in Brooklyn, NY on December 8.













Tickets for the fifth concert go on sale on Monday, November 19. The first four gigs quickly sold out despite complaints from many fans over high ticket prices ranging between around 95 pounds ($ 150) and 950 pounds for a VIP seat in London.


On auction website eBay, a pair of ticket with a face value of 406 pounds is on offer for as much as 1,500 pounds.


“You might say, ‘The tickets are too expensive’,” singer Mick Jagger told Billboard magazine in a recent interview.


“Well, it’s a very expensive show to put on, just to do four shows, because normally you do a hundred shows and you’d have the same expenses.”


He added that he did not agree with the secondary ticket market and stressed that the Rolling Stones did not profit from tickets changing hands at inflated prices.


The concerts celebrating 50 years of the band behind hits like “(I Can’t Get No) Satisfaction” and “Honky Tonk Women” are part of a series of events marking the milestone including a new documentary, a photograph book and a greatest hits album.


The music press has been rife with speculation that the Stones could launch a full world tour next year including a set at the Glastonbury music festival.


(Reporting by Mike Collett-White, editing by Paul Casciato)


Music News Headlines – Yahoo! News



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Diabetes cases hit record and half go undiagnosed
















LONDON (Reuters) – Diabetes is running at record levels worldwide and half the people estimated to have the disease are, as yet, undiagnosed, according to a report on Wednesday.


The number of people living with diabetes is now put at 371 million, up from 366 million a year ago, with numbers expected to reach 552 million by 2030, the International Diabetes Federation (IDF) said.













Diabetes is often viewed as a western problem, since the vast majority of people have type 2 disease which is linked to obesity and lack of exercise.


But the disease is also spreading rapidly in poorer countries, alongside urbanization, and four out of five diabetics now live in low and middle-income countries, opening up new opportunities and challenges for the drug industry.


China alone has 92.3 million people with diabetes, more than any other nation in the world, and the hidden burden is also enormous in sub-Saharan Africa where limited healthcare means less than a fifth of cases get diagnosed.


The IDF estimates that, globally, 187 million people do not yet know they are suffering from the condition.


Diabetics have inadequate blood sugar control which can lead to serious complications, including nerve and kidney damage and blindness. Worldwide deaths from the disease are running at 4.8 million a year.


The disease is one of a number of chronic conditions – along with cancer, cardiovascular and respiratory diseases – that healthcare campaigners want included in the next set of global development goals, which will replace outgoing Millennium Developments Goals in 2015.


For the international drugmakers, diabetes offers riches, with global sales of diabetes medicines expected to reach $ 48-$ 53 billion by 2016, up from $ 39.2 billion in 2011, according to research firm IMS Health.


CHINA TO AFRICA


Tapping into the potential of increased demand in emerging markets, however, requires a twin-track approach from drug companies which have traditionally focused on pricey new therapies for rich-world markets.


These days, there is a lot more focus on high-volume but lower-margin business in developing economies, many of which are predicted to show high double-digit percentage sales growth for diabetes medicines for years to come.


The shift is already yielding results.


China, for example, is now the second-largest market behind the United States for the world’s biggest maker of insulin – Danish group Novo Nordisk. It is also a major focus for rivals such as Eli Lilly, Merck & Co, and Sanofi.


Poorer countries are more difficult, especially when it comes to insulin, which must be kept cool if it is not to deteriorate. While most patients start on cheap generic diabetes pills, such as metformin, many need insulin as their disease progresses.


Still, Novo Nordisk thinks it has cracked part of the problem in Kenya, where a project using churches and other local groups has reduced the number of middlemen in the supply chain and cut the cost of a month’s supply of insulin to around 500 Kenyan shillings ($ 6).


So far, the project only covers around 1,000 Kenyans but Jesper Hoiland, Novo’s head of international operations, is confident his company’s low-price model will become profitable as it increases in scale. “It will take three to five years to get to breakeven,” he said in an interview.


In the meantime, similar pilot schemes are being tested in rural India and Nigeria.


Other major drugmakers like Sanofi, which has a significant presence in Africa, are also adopting “tiered” or differential pricing to open up developing world markets.


(Editing by Dan Lalor)


Health News Headlines – Yahoo! News



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China rails against protectionism at party congress
















BEIJING (Reuters) – China‘s top trade and investment officials are railing against what they call a rising tide of global protectionism that blocks its major companies from expanding overseas and further integrating into the global economy.


The officials, speaking on the sidelines of a week-long Communist Party Congress, said protectionism was emerging across the world, not just in the West. It damaged global growth, frayed relations and could see China focus its investments in neighboring Asian nations, the officials said.













“We are against it,” Industry Minister Miao Wei told reporters on Wednesday when asked what he thought about protectionism as he left the Great Hall of the People after the closing session of the congress.


Commerce Minister Chen Deming had set the tone earlier last week, deriding the “Cold War mentality” of Washington lawmakers who urged U.S. firms in a landmark report last month not to do business with two top Chinese telecom equipment makers because of risks to national security.


He was followed by Lou Jiwei, chairman and CEO of China Investment Corporation, who told Reuters a rise in protectionism was forcing a rethink at the country’s $ 482 billion sovereign wealth fund, which would not spend money in countries “that do not welcome us”.


“There are other places to invest,” Lou said.


Asia is a particularly favored option for CIC, thanks to some of the fastest rates of growth and development in the world – which are themselves levered to China’s own economic dynamism.


Li Ruogu, president of the Export-Import Bank of China, which is a main source of loans for Chinese firms investing abroad, complained of “added layers of protectionism” being stacked up against China’s increasingly outward-looking companies.


Comments in between from bosses of some of the biggest state-owned enterprises – all of which have a Communist Party secretary at the top of their management structure – have reinforced views in some quarters that Beijing is becoming increasingly sensitive to protectionism.


Fu Chengyu, chairman of China’s oil giant Sinopec Group, said in London on Tuesday that politics made deals in the West increasingly difficult.


Sinopec’s rival, CNOOC Ltd, is struggling to win regulatory backing from Canada’s government for a $ 15.1 billion bid for Nexen Inc. A decision has been repeatedly delayed even though it has been approved by shareholders.


Even before the congress started, officials from government-run think-tanks that directly feed into policymaking had spoken to Reuters about a perceived rising tide of protectionism and how China might best try to turn it.


RISING RHETORIC


China’s trading partners, in turn, complain that state-backed companies they compete with globally get unfair support from Beijing – either through subsidies, tax breaks, cheap bank loans, or a deliberately undervalued currency.


Since joining the WTO in 2001, China has had 29 complaints of unfair trade practices brought against it. Around two thirds have been launched by the United States and the European Union, with others coming from a mix of developing and developed economies.


Foreign analysts though see recent rising rhetoric driven by political transition in both Washington and Beijing, a rash of troubled cross-border takeovers and the toughest conditions in three years for the country’s export-focused factory sector.


“This is playing to a domestic audience in the sense that a lot of manufacturers, a lot of exporters, aren’t doing too well and they are putting pressure on the Ministry of Commerce to do something,” Alistair Chan, an economist at Moody’s Analytics, told Reuters.


“There isn’t a lot that the government can do to help global demand, but one thing they can do is advocate for less protectionism. In terms of an actual trade war, I think that risk is quite minimal.”


China’s economy depends heavily on trade and investment flows. Exports were worth about 31 percent of GDP in 2011, according to World Bank data, while an estimated 200 million Chinese jobs are in the export sector or supported directly by foreign investment.


China’s rapid rise to become the world’s biggest exporter and its second biggest economy in the space of barely three decades since landmark economic reforms began in the late 1970s have sparked concerns among the developed economies it is eclipsing and the emerging markets which it dwarfs.


The U.S. election campaign was notable for China-bashing. Defeated candidate Mitt Romney had promised to label Beijing a currency manipulator if he won and while President Barack Obama was less confrontational, he cited his credentials as bringing more trade cases against China than his predecessor.


JOBS FEARS


There is a widespread view in the United States that trading with China has caused American firms to slash jobs.


The Economic Policy Institute, a think-tank focused on the needs of low- and middle-income workers, reckons that 2.7 million jobs were lost in the United States between 2001 and 2011 as a result of increased trade with China – 2.1 million of them in manufacturing industry.


Meanwhile research from consultancy Rhodium Group in September analyzed 600 Chinese direct investment transactions in the United States between 2000 and 2012, concluding that U.S. units of Chinese majority-owned firms directly supported 27,000 jobs.


Assuming a steady investment trend, Rhodium reckons that number would jump to 200,000-400,000 by 2020.


Beijing is targeting outbound direct investments of $ 560 billion between 2011 and 2015.


Analysts estimate China could spend $ 2 trillion globally on FDI in the next 10 years, a salivating proposition for many of the world’s top economies struggling for growth and employment opportunities – but a risk for politicians who see government-backed entities on the hunt for strategic assets, investors say.


Andrew Morris, managing director of UK fund firm Signature, reacted to news earlier this month that CIC had taken a 10 percent stake in Heathrow Airport by lambasting the British government for not doing more to preserve “our nation’s prized assets… being hoovered up by ‘foreign powers’.”


(Additional reporting by Beijing Bureau; Editing by Raju Gopalakrishnan)


Economy News Headlines – Yahoo! News



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Canada seen needing to spell out rules for natural gas projects
















CALGARY, Alberta (Reuters) – The fate of a handful of liquefied natural gas projects planned for Canada’s Pacific coast may depend on the Canadian government‘s willingness to spell out rules for foreign investment in the country’s energy sector, according to a study released on Thursday.


Apache Corp, Royal Dutch Shell Plc, Petronas, BG Group Plc and others are in the planning stages for LNG projects that would take gas from the rich shale fields of northeastern British Columbia and ship it to Asian buyers.













But the federal government’s decision last month to stall the C$ 5.2 billion ($ 5.2 billion) bid by Malaysia’s state-owned Petronas C$ 5.2 billion for Canada‘s Progress Energy Resources Corp could lessen the appetite of Asian buyers for Canadian LNG, energy consultants Wood Mackenzie said.


“Some potential off-takers of Canadian LNG like the idea … because it’s perceived as having low political risk, and another reason is because they see the potential for investment opportunities,” said Noel Tomnay, head of global gas at the consultancy.


“If there are going to be restrictions on how they access those opportunities, if acquisitions are closed to them, then clearly that would restrict the attractiveness of those opportunities. If would-be Asian investors thought that corporate acquisitions were an avenue that was not open to them then Canadian LNG would become less attractive.”


The Canadian government is looking to come up with rules governing corporate acquisitions by state-owned companies and has pushed off a decision on the Petronas bid as it considers whether to approve the $ 15.1 billion offer for Nexen Inc from China’s CNOOC Ltd.


Exporting LNG to Asia is seen as a way to boost returns for natural-gas producers tapping the Montney, Horn River and Liard Basin shale regions of northeastern British Columbia.


Though Wood Mackenzie estimates the fields contain as much as 280 trillion cubic feet of gas, they are far from Canada’s traditional U.S. export market, while growing supplies from American shale regions have cut into Canadian shipments.


Because the region lacks infrastructure, developing the resource will be expensive, requiring new pipelines and multibillion-dollar liquefaction.


Still Wood Mackenzie estimates that the cost of delivery into Asian markets for Canadian LNG would be in the range of $ 10 million to $ 12 per million British thermal units, similar to competing projects in the United States and East Africa.


($ 1 = $ 1.00 Canadian)


(Reporting by Scott Haggett; Editing by Leslie Adler)


Canada News Headlines – Yahoo! News



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Lakers intrigued by chance to play for D’Antoni
















EL SEGUNDO, Calif. (AP) — Pau Gasol got home from the game and read about it on Twitter, while Dwight Howard got a midnight message on his BlackBerry. They shared most Los Angeles Lakers fans’ mix of surprise, trepidation and anticipation.


Just when everybody thought the Lakers were getting back together with Phil Jackson, they switched course in the middle of the night and went with Mike D’Antoni.













What a weekend in Hollywood — and the real drama isn’t over yet.


The Lakers reacted with ample excitement and a little bewilderment Monday to their front office’s surprising decision to hire D’Antoni as coach Mike Brown’s replacement over Jackson, the 11-time champion who discussed the job at his home Saturday and apparently wanted to return. D’Antoni didn’t even interview for the job in person, speaking to the Lakers over the phone.


“It has been crazy, but all this stuff will just make this team stronger,” said Howard, who has been in a Lakers uniform for about six weeks. “Everything that we’ve been through so far, it’s going to make us stronger, and we have to look at this as a positive situation.”


The Lakers’ third coach in four days won’t take over the team until later in the week. D’Antoni still hadn’t been cleared to travel Monday after undergoing knee replacement surgery earlier in the month, although the Lakers are optimistic the former Knicks and Suns coach will arrive in Los Angeles on Wednesday.


So interim coach Bernie Bickerstaff was still in charge Monday when the Lakers gathered for an informal workout ahead of Tuesday’s game against San Antonio. Just two weeks into the regular season, the Lakers (3-4) are about to start over with a new offense and another coaching staff — and a renewed certainty they’re expected to compete for a title this season.


“It’s been a zoo,” said forward Antawn Jamison, a 15-year NBA veteran who played for D’Antoni on a U.S. national team. “But as I was telling somebody, it’s just a typical day here in L.A. It’s interesting. … It should be a lot easier to adjust to than the system we were trying to get adjusted to early on in the season. We’ve got Steve (Nash) that can help us out.”


Two Lakers who supported both Brown and his two potential replacements weren’t available in El Segundo to weigh in on the hire. Nash missed the workout while getting treatment on his injured leg, while Kobe Bryant left before it ended to share a helicopter ride back home to Orange County with point guard Steve Blake, who needed an exam on his abdominal injury.


And the tall, professorial coach with all the rings wasn’t at the Lakers’ training complex at all.


Just 24 hours after Jackson seemed headed back to his oversized chair on the Staples Center bench, D’Antoni had the job.


It’s too soon to tell how the Buss family’s latest counterintuitive move will sit with Lakers fans, who chanted “We want Phil!” during the club’s weekend games, both victories after a 1-4 start.


“I think everybody had expectations about it, and they were all pretty high,” Gasol said of Jackson’s potential return. “We all understood what Phil brings to the table … and what he means to the city and the franchise. It just couldn’t work out for whatever reason.”


Jackson issued a statement to a handful of media outlets Monday, implying he was essentially offered the job after meeting with Lakers owner Jim Buss and general manager Mitch Kupchak. Jackson thought he would be able to come back to the Lakers on Monday with his decision, but instead was awakened by a midnight phone call from Kupchak.


“The decision is of course theirs to make,” Jackson said in his statement. “I am gratified by the groundswell of support from the Laker fans who endorsed my return, and it is the principal reason why I considered the possibility.”


The Lakers largely echoed the thoughts of Howard, who was looking forward to playing for Jackson: “Management had to do what they felt is best for the team, and we as players have got to find a way to win.”


The Lakers publicly offered no reason for passing over the coach with the most championships in NBA history. Although nobody could claim the Buss family is afraid of spending money, Brown is still owed well over $ 10 million for the remaining three seasons on his four-year, $ 18 million contract, while D’Antoni will make $ 4 million a season for the next three years — and their salaries together might be less than what Jackson would command.


The Lakers largely know what they would get with Jackson, but D’Antoni intrigues this older, top-heavy team with an urgency to contend for a title before Howard’s free agency next summer and Bryant’s possible retirement in a few years.


Howard and Gasol both believe D’Antoni’s up-tempo style can work well for the Lakers. Howard would seem to be a natural to partner with Nash in the pick-and-roll attacks loved by D’Antoni and Nash, although Gasol doesn’t immediately fit into the definition of a big man who can play on the perimeter and shoot 3-pointers.


“It’s a great system, (but) I don’t think he ever had a defender such as myself or a defender such as Dwight Howard on those teams,” Metta World Peace said. “I don’t think he ever coached those type of players, so his defense should be self-explanatory, and his offense is amazing, so it should be fun for Laker fans.”


The rest of the NBA sat back and watched the Lakers’ drama with amusement over the past two days, with Dallas owner Mark Cuban weighing in gleefully on the mess: “I hope they have to do it again and again and again.”


Jackson’s flirtation with the job is the strongest indication yet that he’s interested in coaching again, which makes him a prime candidate for another franchise. Yet D’Antoni also received praise around the league — even from New York, where he resigned last March after failing to win a playoff game in four years with the Knicks.


“Despite all the hoopla … that was going on about me and Mike, we actually have a pretty good relationship, especially behind closed doors,” Carmelo Anthony said. “We actually talked a lot, talked basketball. Hopefully he brings some positive energy over there. Anytime guys are losing like that, there’s always negativity, a lot of negative energy. So sometimes change is better.”


Added Dwyane Wade, who has played for D’Antoni on the U.S. national team: “He has a tough job ahead of him, but I’m sure he’s excited about the opportunity that he gets to be with America’s team.”


___


AP Sports Writers Brian Mahoney and Chris Duncan contributed to this report.


Gadgets News Headlines – Yahoo! News



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‘Sesame Street’ Elmo puppeteer takes leave amid sex scandal
















LOS ANGELES (Reuters) – The puppeteer and voice behind the character Elmo on “Sesame Street” has taken a leave of absence from the children’s television show following allegations that he had a sexual relationship with a 16-year-old boy, producers said on Monday.


New York-based Sesame Workshop said in a statement that its own inquiry concluded that the claim of underage sexual conduct was unsubstantiated, and that puppeteer Kevin Clash has denied any wrongdoing and called the allegation “false and defamatory.”













But the company said Clash, 52, was disciplined after an internal investigation showed he “exercised poor judgment and violated company policy regarding Internet usage.”


The Sesame Workshop statement said the puppeteer was “taking actions to protect his reputation” and that Sesame Workshop has “granted him a leave of absence to do so.”


Neither Clash nor his personal publicist was immediately available for comment.


CNN quoted a statement from Clash acknowledging a relationship with his accuser but denying he had sexual contact with a minor.


“I am a gay man. I have never been ashamed of this or tried to hide it,” it quoted him as saying. “I had a relationship with the accuser, it was between two consenting adults, and I am deeply saddened that he is characterizing it as something other than what it was.”


The statement went on to say, “I’m taking a break from Sesame Workshop to deal with this false and defamatory allegation.”


Sesame Workshop said the matter came to its attention when it received a communication in June from accuser, now aged 23, alleging that he had a relationship with Clash beginning when he was 16 years old.


“We took the allegation very seriously and took immediate action,” the company said, adding that it met with the accuser twice and had “repeated communications with him.” The company said it also discussed the matter with Clash, who denied the allegations.


A spokeswoman for the show said she did not know whether law enforcement authorities were looking into the allegations.


Clash officially joined the “Sesame Street” cast in 1984, assuming the Elmo role that year.


Elmo’s character had debuted on the show in 1979, and though Clash was the third performer to animate the child-like shaggy red monster, Sesame Workshop credits him with turning Elmo into the international sensation he became.


For now, producers promised that Elmo would remain on the show despite the absence of Clash, saying “Elmo is bigger than any one person and will continue to be an integral part of ‘Sesame Street.’”


(Reporting and writing by Steve Gorman; Editing by Cynthia Johnston and Cynthia Osterman)


TV News Headlines – Yahoo! News



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Nesquik Recall Q and A: Are Your Kids Safe?
















Nestlé announced late last week a recall of Nesquik for possible Salmonella contamination. Promoted by the Nesquik Bunny, the chocolate milk flavoring is consumed primarily by children. Here’s what you need to know to make sure your kids are safe from this Salmonella risk.


How Do I Know If My Nesquik Is Part of the Recall?













The Nesquik recall covers only chocolate powder in 10.9, 21.8 and 40.7 ounce canisters manufactured during October 2012. Any other Nesquik products are not subject to recall. According to CNN, 200,000 canisters of Nesquik are included in the recall.


Nesquik subject to the recall bears a Best Before date of October 2014. The applicable UPC codes and production codes include: for 40.7 ounce containers UPC 0 28000 68230 9 with production codes 2282574810 or 2282574820; for 21.8 ounce size, UPC 0 28000 68090 9 and production codes 2278574810, 2278574820, 2279574810, 2279574820, 2284574820, 2284574830, 2285574810, 2285574820, 2287574820, 2289574810, or 2289574820; and, for 10.9 ounce canisters, UPC 0 28000 67990 3 and product code 2278574810.


What About Ready-to-Drink Nesquik Served at My Kid’s School?


In June, Nestlé went after the school lunch market by offering eight-ounce ready-to-drink Nesquik. If your child’s school is serving ready-to-drink Nesquik, there’s no cause for concern. The recall covers only the powder variety of Nesquik, not the ready-to-drink type.


What Led to the Nesquik Recall?


Nestlé identifies a supplier of calcium carbonate used in the drink powder as the culprit. The recall notice says Omya, Inc., notified Nestlé of its own product recall due to Salmonella concerns. There have been no reports of illness associated with the Nesquik recall, Nestlé says.


What Is Calcium Carbonate?


Calcium carbonate is an additive included in powdered products to prevent caking and/or to increase calcium content, according to Self.


If My Child Gets Sick, How Will I Know Whether or Not It’s from Salmonella?


Salmonella infection symptoms include diarrhea, abdominal cramps, and fever. These normally develop within 72 hours of consuming contaminated food or drink. Most people who do contract salmonellosis get better in about a week without treatment. For infants, the elderly, pregnant women, and people with compromised immune systems, salmonellosis can be life threatening and medical treatment is advised.


Can I Get a Refund?


Yes. Return recalled Nesquik to the store where you bought it for a refund, or call Nestlé Consumer Services at (800) 628-7679.


Carol Bengle Gilbert writes about consumer issues for the Yahoo! Contributor Network.


Parenting/Kids News Headlines – Yahoo! News



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Thompson takes helm at NYTimes, faces stiff challenges
















(Reuters) – Mark Thompson reported to work as the New York Times Co chief executive on Monday, confronting challenges ranging from making the publisher less dependent on advertising to trimming costs and figuring out what to do with its pile of cash.


Thompson is also dealing with questions pertaining to a series of scandals at the BBC, where he served as director-general from 2004 until September this year.













George Entwistle, who succeeded Thompson at the British broadcaster, resigned on Saturday and two of its top news directors stepped aside on Monday.


The BBC has come under fire for its handling of two investigations at its flagship news show, “Newsnight”. One is a massive sexual abuse scandal involving the late Jimmy Savile, a former presenter at the network. The other is a news story of an allegation that a former top politician sexually abused children, which was later proven to be false.


The latter report occurred after Thompson left the BBC. However, an unaired program about Savile was produced while Thompson was director-general of the broadcasting company.


In a staff memo obtained by Reuters, New York Times Chairman Arthur Sulzberger welcomed Thompson but sidestepped addressing the BBC scandals.


“We welcome him at a time of tremendous change and challenge, which must be met with equal focus and innovation,” Sulzberger said in the memo distributed on Monday.


“Mark will lead us as we continue our digital transformation, bolster our international growth, drive our productivity and introduce new technologies that will help us become better storytellers and enrich the experience for our readers and viewers.”


British ITV filmed Thompson as he arrived at the New York Times headquarters on Monday near Manhattan’s Times Square. “I’m looking forward to starting work there right now,” said Thompson, who was dressed in a navy blue suit, red tie and had a backpack slung over his right shoulder.


Asked if the BBC saga would be a distraction, he said: “I believe it will not in any way affect my job, which I’m starting right now as chief executive of the New York Times Company.”


Still, the volley of news about the turmoil at BBC has been coming fast across the Atlantic since a rival British broadcaster aired a bombshell investigation about Savile in October.


There is little to suggest the pace will slacken as the chairman of the BBC Trust called for a “thorough structural radical overhaul” of the organization, and police and parliament have opened inquiries.


Ken Doctor, an analyst with Outsell Research, said the BBC scandals will replace “hackgate” – the phone hacking controversy that shook News Corp’s British newspaper arm – in the UK popular press and in parliament.


Indeed, News Corp founder, Chairman and CEO Rupert Murdoch, who has criticized the publicly funded BBC in the past, tweeted on Saturday, “BBC getting into deeper mess. After Savile scandal, now prominent news program falsely names senior pol as pedophile.”


Thompson said in a letter to British lawmakers he would be happy to appear in front of the parliamentary committee or any other inquiry in the future.


The British investigations into the BBC could prove to be a distraction for Thompson if they are drawn out.


“It’s clearly a distraction,” Doctor said, who added that he believes Thompson should have stepped aside over the weekend.


“How big, how long this is going to last is unknown. For anybody who cares about the New York Times and its journalism this is an unneeded distraction.”


Doctor is another voice in a growing chorus to question whether Thompson is fit to serve as CEO.


New York Times Public Editor Margaret Sullivan wrote on Monday a second column about Thompson.


She praised the coverage in Times about the BBC saga and Thompson, saying it “pulled no punches in reporting,” and noted that the scandal is being felt in New York.


“It’s safe to say that everyone here – from the Times’ board of directors to the mail clerks — hopes that Mr. Sulzberger’s faith in Mr. Thompson will be rewarded,” she wrote.


“What happens in London reverberates in New York. And the chaos at the BBC – in which many of the people Mr. Thompson has supervised stepped aside as recently as this past weekend — feels uncomfortably close to home.”


Thompson did not immediately respond to a request for comment regarding Entwistle’s resignation. Earlier, he declined to be interviewed about his plans for the New York Times.


TAKING CARE OF BUSINESS


Thompson took the helm at the New York Times just weeks after the company reported that it missed third-quarter revenue and profit expectations, which sent its stock tumbling 22 percent.


His arrival on Monday marks the first time the company has had a CEO since the abrupt ouster of Janet Robinson last December.


In addition to the business challenges, Thompson must also manage the desires of the Ochs-Sulzberger family, which has controlled The New York Times for more than 100 years. The company’s business issues have forced the family to forego a dividend since 2009.


“The first thing he will have to focus on is the balance sheet,” Barclay’s analyst Kannan Venkateshwar said of Thompson’s priorities.


Analysts widely expect the company to reinstate a dividend since it will end the year with about $ 1 billion in cash, due in part to sales of some of its newspapers and its digital group About.com. Debt is about $ 700 million and therefore is very manageable in the context of cash, Venkateshwar said.


Beyond the balance sheet, Thompson will have to tackle the declining advertising revenue in both print and digital while convincing readers to pay more for its products.


While the company’s circulation revenue – which includes both print and digital subscribers – makes up 52 percent of total revenue, that percentage must increase to offset persistent advertising losses.


“I think there are a lot of hurdles to the NYTimes.com pay model,” Morningstar analyst Jocelyn Mackay said. “I do wonder if their price point is too expensive.”


(Reporting by Jennifer Saba; Editing by Peter Lauria, Maureen Bavdek and Richard Chang)


Business News Headlines – Yahoo! News



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BBC must reform or die, says Trust chairman
















LONDON (Reuters) – The BBC could be doomed unless it makes radical changes, the head of its governing trust said on Sunday, after its director general quit to take the blame for the airing of false child sex abuse allegations against a former politician.


Chris Patten, chairman of the BBC Trust, said confidence had to be restored if the publicly funded corporation was to withstand pressure from rivals, especially Rupert Murdoch‘s media empire, which would try to take advantage of the turmoil.













“If you’re saying, ‘Does the BBC need a thorough structural radical overhaul?’, then absolutely it does, and that is what we will have to do,” Patten, a one-time senior figure in Prime Minister David Cameron‘s Conservative Party and the last British governor of Hong Kong, told BBC television.


“The basis for the BBC’s position in this country is the trust that people have in it,” Patten said. “If the BBC loses that, it’s over.”


George Entwistle resigned as director general on Saturday, just two months into the job, to take responsibility for the child sex allegation on the flagship news programme Newsnight.


The witness in the report, who says he suffered sexual abuse at a care home in the late 1970s, said on Friday he had misidentified the politician, Alistair McAlpine. Newsnight admitted it had not shown the witness a picture of McAlpine, or approached McAlpine for comment before going to air.


Already under pressure after revelations that a long-time star presenter, the late Jimmy Savile, was a paedophile, Entwistle conceded on the BBC morning news that he had not known – or asked – who the alleged abuser was until the name appeared in social media.


The BBC, celebrating its 90th anniversary, is affectionately known in Britain as “Auntie”, and respected around much of the world.


But with 22,000 staff working at eight national TV channels, 50 radio stations and an extensive Internet operation, critics say it is hampered by a complex and overly bureaucratic and hierarchical management structure.


THOMPSON’S LEGACY


Journalists said this had become worse under Entwistle’s predecessor Mark Thompson, who took over in the wake of the last major crisis to hit the corporation and is set to become chief executive of the New York Times Co on Monday.


In that instance, both director general and chairman were forced out after the BBC was castigated by a public inquiry over a report alleging government impropriety in the fevered build up to war in Iraq, leading to major organisational changes.


One of the BBC’s most prominent figures, Newsnight presenter Jeremy Paxman, said since the Iraq report furore, management had become bloated while cash had been cut from programme budgets.


“He (Entwistle) has been brought low by cowards and incompetents,” Paxman said in a statement, echoing a widely-held view that Entwistle was a good man who had been let down by his senior staff.


Prime Minister Cameron appeared ready to give the BBC the benefit of the doubt, believing that “one of the great institutions of this country” could reform and deal with its failings, according to sources in his office.


Patten, who must find a new director general to sort out the mess, agreed that management structures had proved inadequate.


“Apparently decisions about the programme went up through every damned layer of BBC management, bureaucracy, legal checks – and still emerged,” he said.


“One of the jokes I made, and actually it wasn’t all that funny, when I came to the BBC … was that there were more senior leaders in the BBC then there were in the Chinese Communist Party.”


Patten ruled out resigning himself but other senior jobs are expected to be on the line, while BBC supporters fear investigative journalism will be scaled back. He said he expected to name Entwistle’s successor in weeks, not months.


Among the immediate challenges are threats of litigation.


McAlpine, a close ally of former prime minister Margaret Thatcher, has indicated he will sue for damages.


Claims for compensation are also likely from victims who say Savile, one of the most recognisable personalities on British television in the 1960s, 70s and 80s, sexually abused them as children, sometimes on BBC premises.


INQUIRIES


Two inquiries are already under way, looking at failures at Newsnight and allegations relating to Savile, both of which could make uncomfortable reading for senior figures.


Police have also launched a major inquiry into Savile’s crimes and victims’ allegations of a high-profile paedophile ring. Detectives said they had arrested their third suspect on Sunday, a man in his 70s from Cambridgeshire in central England.


Funded by an annual licence fee levied on all TV viewers, the BBC has long been resented by its commercial rivals, who argue it has an unfair advantage and distorts the market.


Murdoch’s Sun tabloid gleefully reported Entwistle’s departure with the headline “Bye Bye Chump” and Patten said News Corp and others would put the boot in, happy to deflect attention after a phone-hacking scandal put the newspaper industry under intense and painful scrutiny.


He said that “one or two newspapers, Mr. Murdoch’s papers” would love to see the BBC lose its national status, “but I think the great British public doesn’t want to see that happen”.


Murdoch himself was watching from afar.


“BBC getting into deeper mess. After Savile scandal, now prominent news program falsely names senior pol as paedophile,” he wrote on his Twitter website on Saturday.


It is not just the BBC and the likes of Entwistle and Patten who are in the spotlight.


Thompson, whom Entwistle succeeded in mid-September, has also faced questions from staff at the New York Times over whether he is still the right person to take one of the biggest jobs in American newspaper publishing.


Britain’s Murdoch-owned Sunday Times queried how Thompson could have been unaware of claims about Savile during his tenure at the BBC as he had told British lawmakers, saying his lawyers had written to the paper addressing the allegations in early September, while he was still director general.


(Editing by Kevin Liffey and Sophie Hares)


Europe News Headlines – Yahoo! News



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China’s Alibaba Group Q2 net profit doubles: SEC filing
















SHANGHAI (Reuters) – China‘s Alibaba Group more than doubled its April-June net profit and grew sales by 71 percent for the period, proving the country’s largest e-commerce firm has shrugged off intensifying competition in the sector.


Yahoo Inc which sold a partial stake in Alibaba back to the privately-owned group in September, still holds 24 percent of Alibaba.













According to a Yahoo filing to the U.S. Securities and Exchange Commission on Thursday, Alibaba Group’s net attributable income for the quarter was $ 273 million, up 129 percent from a year ago. Revenue rose 71 percent to $ 1.1 billion.


Based on the second-quarter results, Alibaba Group is the second-largest Chinese Internet company by revenue, behind Tencent Holdings and ahead of Baidu Inc. It is the last large China Internet firm that is still private and not required to publicly disclose financial statements.


Alibaba, which runs the Taobao Marketplace, China’s largest business-to-consumer e-commerce website, and Alibaba.com, China’s largest business-to-business platform, has a business model that revolves around online advertising and subscription fees.


Alibaba’s profit for the first nine months of the year was up more than 300 percent to $ 730.4 million, while revenue was up 74 percent to $ 2.9 billion.


Alibaba’s soaring growth reflects the underlying boom in China’s e-commerce industry that was worth 278.84 billion yuan ($ 45 billion) in gross transaction value in the second quarter.


However, the rise in e-commerce has led to intensifying competition in the sector with e-commerce firms launching price wars and sales events to lure consumers to their platform.


On Sunday, China’s e-commerce players such as 360buy, Ecommerce China Dangdang Inc and Alibaba launched a “11.11″ sale, a massive online sale akin to Cyber Monday in the United States. The “11.11″ sale offered big discounts on electronics and apparel to tempt users to shop.


Alibaba said it recorded its highest one-day gross transaction value, at 19.1 billion yuan ($ 3.06 billion), on Sunday. ($ 1 = 6.2450 Chinese yuan)


(Reporting by Melanie Lee; Editing by Muralikumar Anantharaman)


Tech News Headlines – Yahoo! News



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BBC head says broadcaster must reform or die
















LONDON (Reuters) – Britain‘s BBC could be doomed unless it makes radical changes, the head of its governing trust said, after its director general quit to take the blame for the airing of false child sex abuse allegations against a former politician.


BBC Trust chairman Chris Patten said on Sunday confidence had to be restored if the publicly funded corporation was to withstand pressure from rivals, especially Rupert Murdoch‘s media empire, which would try to take advantage of the turmoil.













“If you’re saying, ‘Does the BBC need a thorough structural radical overhaul?’, then absolutely it does, and that is what we will have to do,” Patten, a one-time senior figure in Prime Minister David Cameron‘s Conservative Party and the last British governor of Hong Kong, told BBC television.


“The basis for the BBC’s position in this country is the trust that people have in it,” Patten said. “If the BBC loses that, it’s over.”


George Entwistle resigned as director general on Saturday, just two months into the job, to take responsibility for the child sex allegation on the flagship news programme Newsnight.


The witness in the Newsight report, who says he suffered sexual abuse at a care home in the late 1970s, said on Friday he had misidentified the politician, Alistair McAlpine. Newsnight admitted it had not shown the witness a picture of McAlpine, or approached McAlpine for comment before going to air.


Already under pressure after revelations that a long-time star presenter, the late Jimmy Savile, was a paedophile, Entwistle conceded on the BBC morning news that he had not known – or asked – who the alleged abuser was until the name appeared in social media.


The BBC, celebrating its 90th anniversary, is affectionately known in Britain as “Auntie”, and respected around much of the world.


But with 22,000 staff working at eight national TV channels, 50 radio stations and an extensive Internet operation, critics say it is hampered by a complex and overly bureaucratic and hierarchical management structure.


THOMPSON’S LEGACY


Journalists said this had become worse under Entwistle’s predecessor Mark Thompson, who took over in the wake of the last major crisis to hit the corporation and is set to become chief executive of the New York Times Co on Monday.


In that instance, both director general and chairman were forced out after the BBC was castigated by a public inquiry over a report alleging government impropriety in the fevered build up to war in Iraq, leading to major organizational changes.


One of the BBC’s most prominent figures, Newsnight presenter Jeremy Paxman, said since the Iraq report furore, management had become bloated while cash had been cut from programme budgets.


“He (Entwistle) has been brought low by cowards and incompetents,” Paxman said in a statement, echoing a widely-held view that Entwistle was a good man who had been let down by his senior staff.


Prime Minister Cameron appeared ready to give the BBC the benefit of the doubt, believing that “one of the great institutions of this country” could reform and deal with its failings, according to sources in his office.


Patten, who must find a new director general to sort out the mess, agreed that management structures had proved inadequate.


“Apparently decisions about the programme went up through every damned layer of BBC management, bureaucracy, legal checks – and still emerged,” he said.


“One of the jokes I made, and actually it wasn’t all that funny, when I came to the BBC … was that there were more senior leaders in the BBC than there were in the Chinese Communist Party.”


Patten ruled out resigning himself but other senior jobs are expected to be on the line, while BBC supporters fear investigative journalism will be scaled back. He said he expected to name Entwistle’s successor in weeks, not months.


Among the immediate challenges are threats of litigation.


McAlpine, a close ally of former Prime Minister Margaret Thatcher, has indicated he will sue for damages.


Claims for compensation are also likely from victims who say Savile, one of the most recognizable personalities on British television in the 1960s, 70s and 80s, sexually abused them as children, sometimes on BBC premises.


INQUIRIES


Two inquiries are already under way, looking at failures at Newsnight and allegations relating to Savile, both of which could make uncomfortable reading for senior figures.


Police have also launched a major inquiry into Savile’s crimes and victims’ allegations of a high-profile paedophile ring. Detectives said they had arrested their third suspect on Sunday, a man in his 70s from Cambridgeshire in central England.


Funded by an annual license fee levied on all TV viewers, the BBC has long been resented by its commercial rivals, who argue it has an unfair advantage and distorts the market.


Murdoch’s Sun tabloid gleefully reported Entwistle’s departure with the headline “Bye Bye Chump” and Patten said News Corp and others would put the boot in, happy to deflect attention after a phone-hacking scandal put the newspaper industry under intense and painful scrutiny.


He said that “one or two newspapers, Mr. Murdoch’s papers” would love to see the BBC lose its national status, “but I think the great British public doesn’t want to see that happen”.


Murdoch himself was watching from afar.


“BBC getting into deeper mess. After Savile scandal, now prominent news program falsely names senior pol as paedophile,” he wrote on his Twitter website on Saturday.


It is not just the BBC and the likes of Entwistle and Patten who are in the spotlight.


Thompson, whom Entwistle succeeded in mid-September, has also faced questions from staff at the New York Times over whether he is still the right person to take one of the biggest jobs in American newspaper publishing.


Britain’s Murdoch-owned Sunday Times queried how Thompson could have been unaware of claims about Savile during his tenure at the BBC as he had told British lawmakers, saying his lawyers had written to the paper addressing the allegations in early September, while he was still director general.


(Editing by Kevin Liffey and Sophie Hares)


TV News Headlines – Yahoo! News



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Protective eye gear cuts field hockey injuries
















NEW YORK (Reuters Health) – Fewer high school field hockey players get head and face injuries when they’re required to don protective eyewear, according to a new comparison of states with and without those policies in effect.


Researchers were looking into worries that the equipment, while preventing eye injuries, might encourage players to get more physical and violent overall – which they termed “the gladiator effect” – leading to an increase in injuries.













“There’s often this concern… that if we provide additional protection in the way of some type of equipment or padding that players will then be more aggressive and actually create more injuries because of the increased aggression,” said Andrew Lincoln, head of sports medicine research at MedStar Health Research Institute at Union Memorial Hospital in Baltimore.


However that did not appear to be the case, and concussion rates, for example, were similar in states where eyewear was and was not required during the study.


Lincoln, who was not involved in the new research, said that in addition to concerns about athletes becoming more aggressive, some administrators were worried about the negative effects of adding more equipment for athletes to buy and more rules for referees to enforce. Cages used for eye protection run about $ 25 to $ 80.


When a similar mandate was introduced in high school girls’ lacrosse, he added, veteran athletes were not fans.


“There was a strong negative reaction among players who had played the game for a number of years and were not used to using it and thought it affected their vision negatively,” Lincoln told Reuters Health.


He said it was reassuring that the new analysis didn’t find an increase in concussions or other collision-related injuries in states that had protective eyewear rules.


“We have very few of these formal evaluations of a safety intervention or a policy change in various sports,” Lincoln said. Even though it made sense that eyewear would reduce at least certain kinds of injuries, “We’re never quite sure how things are going to work out in real life.”


The new research covers 180 high schools during the 2009 and 2010 fall field hockey seasons. In 2009, six states had policies mandating protective eyewear for their athletes: Connecticut, Maine, Massachusetts, New Hampshire, New York and Rhode Island.


As of 2011-2012, the National Federation of State High School Associations now requires all field hockey players wear the equipment.


At high schools included in a sports-injury database, there were 212 eye, face and head injuries during the 2009-2010 and 2010-2011 seasons. Those types of injuries are most often due to athletes being struck by a wooden field hockey stick or a ball, researchers led by Dr. Peter Kriz from Brown University in Providence, Rhode Island, said.


In states that required protective eyewear, the average 20-athlete team had one of those injuries for every 106 practices and games. In states without those requirements, that rate was one injury for every 72 practices and games for each team.


There was one eye injury among 39 schools with equipment requirements during those seasons, compared to 21 eye injuries in 141 teams in states without the mandate, according to findings published Monday in Pediatrics.


“This study adds to an accumulating body of evidence, most recently demonstrated in high school women’s lacrosse, that mandated protective eyewear effectively and significantly reduces the incidence of head and facial (including eye) injuries in female athletes where injury from player contact and playing equipment pose risk,” Kriz told Reuters Health in an email.


“We encourage players to adopt protective eyewear early, at a young age, regardless of the contact/collision sport they play. Wearing this gear will become second nature, and they will transition easier to other sports requiring facial protection.”


Lincoln agreed that it’s easiest for younger players to adopt the new gear, before they’re used to playing without it.


“I hope different sport governing bodies look at these studies and will be more open to protective equipment for games,” he said.


SOURCE: http://bitly.com/kSEGVh Pediatrics, online November 12, 2012.


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Asian shares held back by weak Japan GDP, U.S. fiscal cliff
















TOKYO (Reuters) – Asian shares were capped on Monday as investors’ concerns about the fiscal crisis in the United States and Greece’s bailout program dented optimism over the growth prospects of the world’s two largest economies, the United States and China.


Adding to the uncertainty, Japan reported that its economy shrank 0.9 percent in July-September from the previous quarter, the first contraction in three quarters, suggesting faltering global demand and weak consumer spending may push the world’s third-largest economy into a mild recession.













India’s industrial output undershot forecasts in September.


MSCI’s broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was up 0.1 percent after ending last week down 0.7 percent at a one-week low. Energy <.MIAPJEN00PUS> and materials <.MIAPJMT00PUS> underperformed, weighing on resources-reliant Australian shares <.AXJO> which eased 0.3 percent.


South Korean shares <.KS11> were off 0.2 percent and India’s BSE index <.BSESN> slipped into negative territory while Southeast Asian stocks were mixed. Hong Kong <.HSI> shares were up 0.1 percent but Shanghai <.SSEC> equities fell 0.2 percent.


Japan’s Nikkei stock average <.N225> fell 0.8 percent to a four-week low. <.T>


“Investors remain consumed by U.S. fiscal cliff consequences, and this is capping market enthusiasm with such a significant obstacle remaining in the path of financial markets,” Tim Waterer, senior trader at CMC Markets said.


A 0.1 percent rise in U.S. stock futures suggested a firm Wall Street open, but European shares will be mixed, with financial spreadbetters expecting London’s FTSE 100 <.FTSE>, Paris’s CAC-40 <.FCHI> and Frankfurt’s DAX <.GDAXI> to open between up 0.1 percent and down 0.1 percent. <.L> <.EU> <.N>


President Barack Obama on Friday invited congressional leaders to the White House, kicking off negotiations to avoid the “fiscal cliff” by finding a compromise to cut the U.S. deficit before nearly $ 600 billion worth of spending cuts and tax increases kick in early 2013.


Analysts say the fiscal cliff could derail the U.S. economy, which has shown signs of a modest recovery.


Markets are also eyeing the debt ceiling, which needs to be raised to avoid a government shutdown.


Commodities were mixed, with U.S. crude inched up 0.1 percent to $ 86.12 a barrel while Brent fell 0.2 percent to $ 109.23. Gold was up 0.2 percent to $ 1,734.20 an ounce and London copper rose 0.1 percent to $ 7,580 a ton.


“Commodities in general will be weighed down as November and December mark the bookclosing season for hedge funds,” said Naohiro Niimura, a partner at research and consulting firm Market Risk Advisory.


Base metals such as copper face limited upside as improving Chinese data means less need for further stimulus while the timing of expected infrastructure spending is unclear, he said.


“Since these public spendings will likely come from bank loans, sluggish loan data suggests investment may not have begun,” Niimura said.


Data on Monday showed Chinese banks extended 505.2 billion yuan ($ 81.5 billion) of new local currency loans in October, below market expectations of 600 billion yuan.


US, CHINA IMPROVE


The dollar steadied against the yen at 79.48, hovering near Friday’s three-week low of 79.07 yen.


The euro inched up 0.2 percent to $ 1.2730, off a two-month low against the dollar of $ 1.2690 touched on Friday. The euro inched up after Greece on Sunday won a parliamentary approval for the 2013 budget law, vital for reviving its stalled international aid and avoid insolvency.


But euro zone finance ministers were unlikely to release a new tranche of loans to Greece at their meeting on Monday.


“Worries about Greece still remain, but at least some uncertainties have been removed, so we are unlikely to see a big euro selloff,” said Masashi Murata, senior currency strategist at Brown Brothers Harriman in Tokyo.


U.S. September wholesale inventories and sales, as well as November consumer sentiment rose while China‘s trade surplus ballooned to its biggest in 45 months in October, reinforcing other indicators that have suggested the need for new economic stimulus measures had become less urgent.


China is also taking steps which may affect global capital flows. It plans to boost foreign investment in mainland stock and bond markets by raising quotas for the Renminbi Qualified Foreign Institutional Investor scheme, which allows approved investors to channel offshore yuan funds into mainland markets.


It also eyes raising the quotas for the Qualified Foreign Institutional Investor scheme, the original, dollar-denominated program that allows institutional investors to buy stakes in Chinese-listed stocks or bonds.


For outside investment, the sovereign wealth fund China Investment Corporation said it will focus more of its $ 482 billion firepower on Asia.


Sentiment steadied in Asian credit markets, with the spread on the iTraxx Asia ex-Japan investment-grade index barely moved from Friday.


(Additional reporting by Narayanan Somasundaram in Sydney and Lisa Twaronite in Tokyo; Editing by Sanjeev Miglani)


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