World important news by Madison

Hilary Swank gives fees from Chechen event to charity

Mon, 17 Oct 2011 14:55:25 -0400

Swank has said she “deeply regrets” taking part in a birthday celebration in the Chechen capital Grozny last week for regional strong Ramzan Kadyrov, who is accused of orchestrating human rights violations.Human Rights Watch urged Swank and other celebrities who attended the event to return any money or gifts.Swank said this week she was unaware of Kadyrov’s policies, which human rights group say promote fear, abductions and executions of those involved in Chechnya’s Islamist insurgency.

Surveys say: Retirees are getting very nervous

Mon, 17 Oct 2011 14:07:02 -0400

Reference librarians are nothing if not precise, and Kevin Davey plotted his exit from the Chicago Public Library system with all the exactitude of a veteran fact-finder. His last day was Sept. 30 just 48 hours after his 55th birthday and first day of retirement eligibility. With his wife still working and the coupleâs finances under control, Davey figures that he has the ideal plan in place. All that remains is to land a part-time job with another library to put the icing on the cake. But after submitting close to 20 resumes, Davey hasnât fielded a single interview. âIâve looked for work in bad economies before, but this seems to be more difficult now than itâs been in the past,â he says. âWhatâs baffling me is that my resume hasnât floated to the top with all the experience I have.â If Davey is starting to feel anxious, then no wonder other retirees report financial jitters of historic proportions. The latest Well-Being Index from the Principal Financial Group reveals that 36 percent of retirees Â up 15 percentage points from last year Â are pessimistic regarding the economic outlook for the rest of 2011. How do you feel about the economic outlook for the rest of 2011? Optimistic Pessimistic View Results

Morning News Call - EMEA, Oct 14

Fri, 14 Oct 2011 02:00:44 -0400

MARKET VIEWEuropean shares are set to resume their upward move on Friday and remain on track to post a third straight week of gains, with strong results from Google seen helping technology stocks, while miners are likely to track firmer metals prices.Spreadbetters see Britain’s FTSE 100 opening 0.3 percent higher, Germany’s DAX up 0.5 percent and France’s CAC-40 0.6 percent higher.Google’s results trounced Wall Street expectations with the help of strong advertising sales and deft cost controls, driving its shares roughly 6 percent higher.Asian shares inched down on Friday, tracking New York and European shares lower as weak Chinese trade data raised concerns about the global economy, while the euro eased after another sovereign debt ratings downgrade. Lingering concerns about Europe’s debt woes and Spain’s downgrade underpinned the safety of government bonds.Standard & Poor’s cut Spain’s credit rating on Friday, sending the euro lower and underlining the challenges facing Europe’s big powers as they prepare to meet G20 counterparts over the euro-zone debt crisis. The rating agency, whose move mirrored last week’s downgrade of Spain by Fitch, cited Spain’s high unemployment, tightening credit and high private-sector debt among reasons for cutting the nation’s long-term rating to AA- from AA.China’s consumer price index rose 6.1 percent in September from a year earlier, coming within expectations and lending support to views the central bank will keep interest rates on hold.MSCI’s broadest index of Asia Pacific shares outside Japan eased 0.8 percent, but was set for a weekly gain of about 4.7 percent, which would be the largest weekly increase since late March, when the index ended the week up 4.8 percent.As investors sought relative safety, prices of U.S. Treasury debt added slight gains in Tokyo on Friday, with the benchmark 10-year note up 2/32 to yield 2.1745 percent, compared to 2.1798 percent late in New York on Thursday.The euro edged lower after S&P cut Spain’s ratings, but still remained on track for the biggest weekly rally since January after getting lifted by a flurry of short-covering. The euro was last down 0.2 percent at $1.3754 following Spain’s downgrade. Despite the pullback, the euro was still up 2.7 percent this week, a gain that if maintained through Friday would mark the strongest weekly performance since mid-January. Euro resistance is seen at this week’s one-month peak of $1.3834 on trading platform EBS, a level that roughly matches a 38.2 percent retracement of a fall from around $1.4940 in May to a nine-month low of $1.3145 hit last week. The dollar held steady against the yen at 76.90, having backed down from a one-month high around 77.48 yen struck this week.Brent crude rose above $111 a barrel, heading for a second-straight weekly increase, as investors looked to more data from top oil consumers United States and China for cues on economic health and fuel demand. November Brent crude edged up 14 cents to $111.25 by 0420 GMT, after gaining nearly 5 percent this week, ahead of the contract expiry at the end of Friday. U.S. crude rose 21 cents to $84.44.Gold traded flat but was headed for its biggest weekly gains in more than a month, shrugging off Spain’s downgrade. Spot gold was little changed at $1,665.59 an ounce by 0301 GMT, on course for a rise of 1.7 percent from a week earlier, its biggest weekly rise since early September in the run-up to a record above $1,920. U.S. gold traded flat at $1,667.90 an ounce in thin volume.MARKET SNAPSHOT AT 0515 GMTS&P 500 INDEX FUTURES 1,196.40 down 0.09% down 1.10DJIA FUTURES 11,387.00 down 0.13% down 15.00NIKKEI 8,749.34 down 0.84% down 73.91MSCI ASIA, EX-JP 465.98 down 0.78% down 3.64EURO/USD 1.3764 up 0.07% up 0.0009USD/JPY 76.93 down 0.07% down 0.05SPOT GOLD $1,664.59 down 0.10% down $1.61US CRUDE $84.37 up 0.17% up $0.1410-YR US TSY YLD 2.1816% up 0.002010-YR BUND YLD 2.0960% down 0.0120GLOBAL TOP STORIESStandard & Poor’s cut Spain’s credit rating on Friday, sending the euro lower and underlining the challenges facing Europe’s big powers as they prepare to meet G20 counterparts over the euro-zone debt crisis.G20 finance chiefs and central bank heads from the world’s biggest economies meet in Paris on Friday needing to find a solution to a deepening euro zone debt crisis that has fanned fears of a global recession.China’s consumer inflation dipped to 6.1 percent in September, retreating further from three-year highs, although stubborn food price pressures will deter the central bank from loosening its policy reins anytime soon.Google’s results trounced Wall Street expectations with the help of strong advertising sales and deft cost controls, driving its shares roughly 6 percent higher.JPMorgan’s quarterly earnings fell 25 percent, excluding an accounting gain, as European financial turmoil reduced demand for securities underwriting and acquisition advice.EUROPEAN COMPANY NEWSReports that Sony could take control of Sony Ericsson are likely to overshadow the handset maker’s third-quarter results on Friday, when it is expected to show that a beefed-up smartphone line helped it to make a small profit.Fitch Ratings downgraded UBS on Thursday and placed seven other U.S. and European banks on credit watch negative, citing challenges in the economy and financial markets, as well as the impact of new regulations.Japan’s Suzuki Motor said on Friday it had served Volkswagen with a notice of a breach of contract for not allowing it access to technologies promised as part of their partnership agreement.Anglo-Dutch consumer products maker Unilever is close to buying Russian cosmetics company Kalina for about $850 million, the Wall Street Journal reported, citing people familiar with the matter.Glencore, the world’s biggest commodities trader, is expected to sign a deal within days for a $800-$900 million loan to Indonesia’s Bakrie Group to help it refinance a $1.35 billion facility that became unexpectedly due, sources said on Thursday.TODAY’S COMPANY ANNOUNCEMENTSGermany Codon Q3Luxembourg Luxonen Q3Norway IM Skaugen Q3Portugal Galp Energia Q3 TradeSweden Ortivus Q3Switzerland EMS Chemie Holding Q3Switzerland Sulzer Q3 SalesSwitzerland Syngenta Q3 TradeUnited Kingdom Asos TradingUnited Kingdom Computacenter TradingUnited Kingdom Filtrona TradingUnited Kingdom Record Q2 TradeTODAY’S TOP ECONOMIC EVENTS (all times GMT)G20 finance ministers meeting in Paris (to Oct 15).ECB Governing Council member Erkki Liikanen will give speech at a hearing by Finnish parliament’s economic committee in Helsinki, Finland.0900 - Euro zone trade balance for Aug mm. Forecasts are for a deficit of 4.0 bln euros vs. a 4.3 bln surplus.0900 - Euro zone final inflation for Sept mm, seen at 0.8 pct vs. 0.2 pct. Inflation yy seen at 3.0 pct vs. 2.5 pct.0900 - Italy inflation for Sep mm, seen at 0.1 pct, unchanged. CPI yy seen at 3.1 pct, unchanged.0945 - International Monetary Fund Executive Director Arrigo Sadun gives speech in Bologna, Italy.1230 - United States retail sales for Sept. Seen up 0.7 pct vs. an unchanged reading in Aug. Excluding automobiles, sales are expected to rise 0.3 pct vs. 0.1 pct increase in Aug.1230 - United States import/export prices for Sept. Forecasts are for a 0.3 pct drop in import prices and a 0.2 pct increase in export prices. In Aug, import prices fell 0.4 pct and

NRC delays reactor certification to study Japan damage

Thu, 13 Oct 2011 18:18:22 -0400

By Jim BrummWILMINGTON, N.C., Oct 13 (Reuters) - U.S. Nuclear Regulatory Commission certification of new reactor technology has been delayed by the agency’s evaluation of the earthquake and tsunami damage to Japan’s Fukushima Daiichi power plant in March, NRC spokesman Scott Burnell said on Thursday.He said the full commission is still expected to act on the final certification of Westinghouse Electric’s AP1000 design by year-end, which would make the certification effective in 2012.The NRC staff has been analyzing the Fukushima Daiichi plant after the earthquake and tsunami and making recommendations for future NRC action aimed at averting such an accident in the United States.NRC consideration of GE Hitachi Nuclear Energy’s Economic Simplified Boiling Water Reactor (ESBWR) has been delayed until next year, Burnell said in a telephone interview.The NRC staff is in the process of preparing a final rule for both reactors and the AP100 has priority over the ESBWR for the commission’s available resources, he said.Burnell said the NRC staff would update GE Hitachi soon on the ESBWR’s certification status, which now appears to have been delayed at least six months from “the June to September time frame” seen earlier this year by Danny Roderick, senior vice president of nuclear plant projects at GE Hitachi’s headquarters in Wilmington, North Carolina.Noting the company has worked closely with the NRC on licensing the ESBWR since 2005, GE Hitachi spokesman Michael Tetuan said the company has completed its required licensing work and is looking forward to receiving final design certification from the NRC.GE Hitachi is owned 60 percent by General Electric Co and 40 percent by Japan’s Hitachi Ltd .If the AP1000 certification is effective early next year, this would allow Southern Co to stay on schedule to begin producing electricity with the reactors built by Toshiba Corp’s Westinghouse in 2016 and 2017, Southern spokesman Steve Higginbottom said on Thursday.He said that schedule is based on the utility’s expectation it will get an NRC license for the two reactors around year’s end and noted that license is dependent on NRC certification of the reactors built by Toshiba Corp’s Westinghouse.The agency has already given Southern permission to perform limited construction in preparation for the new reactors at its Vogtle power plant near Augusta, Georgia, Higginbottom noted.Meanwhile, Michigan’s DTE Energy has begun site preparation for a GE Hitachi ESBWR next to its existing Fermi 2 plant south of Detroit.

Lawmakers attack US plan to limit food ads to kids

Wed, 12 Oct 2011 12:30:57 -0400

* FTC says age should be limited to 11 and underWASHINGTON, Oct 12 (Reuters) - Republican lawmakers on Wednesday attacked an Obama administration proposal for limiting food advertising to children even as the team behind the plan offered concessions to food and beverage makers.Fred Upton, chairman of the Energy and Commerce Committee in the U.S. House of Representatives, attacked the Interagency Working Group for failing to produce a study it was asked for and instead proposing last April voluntary limits on food advertisements to children.”Instead of conducting the study or providing recommendations, the (group) unilaterally proposed guidelines that were so extreme that they would prevent the marketing to children of foods that most parents consider a win if their kids eat — such as yogurt, cheese sticks and even soup,” said Upton at a joint hearing of two subcommittees.Representative Marsha Blackburn, a Republican said the limits would “suppress free speech.”Representative Henry Waxman, who supports an advertising ban, said the food industry spent $1.6 billion marketing to kids each year. The Democrat raised questions about assertions that the proposals would mean 700,000 lost jobs.”It’s a way not to have our kids subjected to advertising that they don’t know what to do with. They’re kids!” said Waxman. “Somebody should do something. If not government suggesting ideas, will industry act on its own?”Food, beverage and restaurant companies, which are under scrutiny for contributing to rising childhood obesity rates, oppose the administration’s attempts to limit ads to children.About 17 percent of U.S. children aged 2-19 are obese, according to data on the CDC website. Nearly one in three U.S. children are overweight and rates are rising quickly.The working group, which includes the Food and Drug Administration, Centers for Disease Control and Prevention, the Agriculture Department and the Federal Trade Commission, said in April that companies should end all food advertising to children unless they promote healthy fare, such as whole grains, fresh fruits or vegetables.Under that proposal, salty, fatty or very sweet foods or foods with trans fats would no longer be advertised to children aged 17 or under.But in testimony from the Agriculture Department, Dr. Robert Post backed a program from the industry’s Children’s Food and Beverage Advertising Initiative (CFBAI).”Overall, the CFBAI standards present, in many respects, a reasonable set of criteria to consider for revising the… draft proposal,” said Post.The industry effort would ensure that at least half of all advertising to children would tout healthier foods.Food companies also say they have cut the amount of sugar, far and calories in some products.The FTC also weakened its recommendations.David Vladeck, head of the FTC’s Bureau of Consumer Protection, said the group would exempt older children from the guidelines and limit recommendations to children 11 and under.It also excluded from the proposal advertising aimed at a general audience and advertising that was part of charitable or community events. It would not recommend banning clowns and cartoon characters, such as Ronald McDonald and SpongeBob SquarePants, used to advertise unhealthy foods.Advertisers, who also are lobbying against the proposals, welcomed the changes, but said industry should be left to regulate itself.The Obama administration, with its goal of containing healthcare costs, has emphasized children’s health. First Lady Michelle Obama’s “Let’s Move” campaign has pushed children to eat healthier food and exercise more.

Did Americans drive more this Memorial Day?

Tue, 11 Oct 2011 12:23:52 -0400

Consumer confidence is perking up and with summer around the corner, Americans might be feeling a little more liberal with their travel budget, according to some trendwatchers and people in the travel industry. “Our train counts are three times what they were last year,” said Bruce Brossman, director of reservations and sales at the Grand Canyon Railway, which expected to sell out on Memorial Day weekend. The Grand Canyon itself typically draws large crowds over long holiday weekends, but secondary attractions like the two-hour scenic train ride up from Williams, Arizona, suffered in the recession. Brossman says much of the rise in bookings was due to resurgent consumer confidence. “Last year was a really tough time and people were really hunkered down and not spending discretionary dollars, and I think that there’s pent-up demand for travel,” Brossman said. “Last year, everybody hunkered down,” said Tim Kirwan, general manager of the InterContinental Boston hotel, operated by InterContinental Hotel Group . “They wanted the least expensive room rate and they essentially wanted to go across the street and get a coffee at the donut shop and forgo breakfast,” Kirwan added. But this weekend, the hotel served 452 breakfast and brunch meals on Saturday, Sunday and Monday, nearly 10 percent more than the previous year, with guests paying $24 for breakfast and $32 for brunch. “We were jammed,” Kirwan said. “There didn’t seem to be any hesitation at all in terms of spending up.” The increase in spending may have extended to the gasoline pump– the Illinois Tollway, reported a 5.2 percent uptick in transactions over the holiday weekend (Thursday, May 28 through Monday May 31). Experts say the uptick in travel is likely to continue through the rest of the summer. Did you travel over Memorial Day weekend? Are you planning to spend more on travel? Will you travel more or less than last year?