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February 26, 2012

Murdoch’s Sunday tabloid launches in defiant mood

Filed under: finance, real estate — Tags: , , , — Gladiator @ 8:52 pm

Rupert Murdoch’s newest newspaper launched Sunday with a familiar mix of celebrity news, scantily clad women and defiant language.

The Sun’s Sunday edition hit the stands two weeks after five employees of the tabloid were arrested in an inquiry into the alleged payment of bribes to police and defense officials.

The new Sunday tabloid replaces The News of the World, which closed in July after an advertising boycott led Murdoch to pull the 168-year-old paper. Britons were disgusted by revelations that the paper had routinely hacked into the phones of those in the public eye _ including, most notoriously, a missing schoolgirl whose murder had shocked the country.

The scandal has spawned three parallel police investigations and a judge led inquiry into media ethics, all of which are ongoing. Dozens have been arrested or been pushed to resign because of the scandal, include two of Britain’s top police officers, who were accused of not doing enough to get to grips with the tabloid’s wrongdoing.

The Sun Sunday said in its editorial that the scandal had been “a sobering experience for our entire industry.”

“The Sun has been a tremendous force for good. It is worth reminding our readers, and detractors, of that as we publish our historic first Sunday edition during what is a challenging period,” it said.

Murdoch flew to London to oversee the launch of the newspaper and was at the printing presses north of London on Saturday night to see the first editions appear.

The newspaper turns The Sun _ Britain’s biggest selling newspaper _ into a seven day operation, run by the same editor Dominic Mohan.

The front page story is an interview with British actress Amanda Holden speaking about the birth of her baby where she hemorrhaged badly and columns by model Katie Price and the Archbishop of York John Sentamu.

Journalist Peter Preston wrote in The Observer newspaper that The Sun Sunday lacks “any real revelation or guilty pleasures.”

Britain’s media ethics scandal flared again last week just ahead of the launch of the newspaper, with two men arrested on suspicion of computer hacking Friday and a senior police officer placed under investigation for allegedly leaking information to Murdoch’s News International.

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February 25, 2012

Monsanto employee looks homeward

Filed under: legal, marketing — Tags: , , , — Gladiator @ 5:56 am

Zellipah Githui’s route to the research offices of Monsanto Co., where she was hired in early 2006, was not the typical one.

Growing up in a remote rural village in Kenya, Githui’s family members were (and are) subsistence farmers. But her parents urged their 17 children to pursue an education, and that eventually led Githui to Missouri, where she earned her MBA. Githui soon landed a job at the world’s largest biotechnology company, where she now coordinates field sampling at sites across the country.

After 14 years in the U.S., Githui recently decided to look homeward, where she has started a nonprofit group to help rural women farmers in Kenya — the people, she says, who are at the heart of her country’s food production. Last year, the organization helped 16 women farmers learn better growing practices via a Kenyan agronomist, using better fertilizers and hybrid seeds. The results were promising. Now in it’s second full year, the organization is growing.

How did you come up with the idea for your project?

I struggled with how I can help my community in a way that they can be independent and can do it for themselves. I thought about a school for orphans, or a primary school. But I woke up one morning in September 2010, and I just had the idea to do something with farming…. In Kenya, mainly the women do the farming, by virtue of the fact that there’s not much employment, and historically, not much education. In Kenya land is inherited, but it’s to the men, and the plots are getting small. So a farm we used to grow food on, we can’t anymore. The land is tired, so to speak. But we come from a productive area; we know it can be productive.

How did you start?

I went to an educated woman – a friend of the family. I knew she was a good fit, a go-getter. I said: let’s get a group together…. I said: You guys do this every day, you have the experience. You provide me a piece of land and labor, I’ll take care of the rest – the seed, the fertilizer, the manure.

How did the first year go?

They planted maize, planted bananas payday loans no faxing. Some did potatoes, some did tomatoes. The corn was very good, until the reproductive stage, when the rains failed. So there was not much harvest. It went to the cows, so they had a good season. But more importantly was the change – the ‘Ah’ that this can happen on their own farm. The farmers who weren’t part of the group, they saw the obvious changes. They learned proper planting, proper inputs. They were guided by the agronomist I hired. They learned to grow one crop at a time – they normally practice inter-cropping… They’re seeing big, big differences.

How do you fund the project?

The agronomists give them the guidance – how much seed, fertilizers, spraying they need. They give me a dollar figure, in Kenyan shillings, and I send it to them…. When I started, I had no model. I just said: I can do this, I’m going to do this. I sell jewelry at craft fairs; I’ve had garage sales.

What’s the next step?

The goal was to start small, but I want it to get bigger, too…. Right now we have a good problem: People want this. So how can I keep doing this? The next step is to find the resources. I would like this to keep growing, and changing the lives of people in my area. Personally, it’s been a very fulfilling journey, knowing where I’ve come from and where I am. It’s been very fulfilling to give back.

ZELLIPAH GITHUI

Title: Metabolite Analysis Platform Logistical Coordinator, Monsanto Co., Founder Project Gold Finger/The Rural Women Development Initiative of Kenya.

Education: Bachelor’s degrees from Jomo Kenyatta University of Agriculture and Technology, and Pittsburg (CQ) State University. MBA from Southwest Missouri State University.

Home: Florrisant

Family: Nine-year old son, 16 brothers and sisters

Source

February 22, 2012

FDA: New suppliers to ease 2 cancer drug shortages

Filed under: business, real estate — Tags: , , , — Gladiator @ 12:04 am

Federal regulators said Tuesday that they’ve approved new suppliers for two crucial cancer drugs, easing critical shortages _ at least for the time being _ that have patients worried about missing life-saving treatments.

The Food and Drug Administration said it will temporarily allow importation of a replacement drug for Doxil, a drug for ovarian and other cancers that hasn’t been available for new patients for months.

The agency also has approved another supplier for a preservative-free version of methotrexate, a crucial drug for children with a type of leukemia called ALL and for high-dose treatment of bone cancer. The version with preservatives can be toxic or cause paralysis in children and other patients getting the drug high doses.

The FDA also has approved the release of a batch manufactured by Ben Venue Laboratories Inc., shortly before it closed several factories and its complex in Bedford, Ohio, possibly for a year, due to serious quality problems. That closing is what turned the on-again, off-again methotrexate shortage that began in late 2008 into a crisis almost overnight, with fears that patients would begin missing treatments as soon as the end of this month.

The FDA increasingly has been able to prevent drug shortages by getting advance notice from manufacturers, with 195 shortages prevented in 2011, mostly late in the year after President Obama issued an executive order giving FDA additional powers to address the shortages. Still, about 280 drugs are in short supply.

“A drug shortage can be a frightening prospect for patients,” FDA Dr. Commissioner Margaret A. Hamburg said in a statement. “Through the collaborative work of FDA, industry and other stakeholders, patients and families waiting for these products or anxious about their availability should now be able to get the medication they need.”

Drug shortages have increased dramatically in the U.S. over the past six years, particularly for generic injected drugs, which are the workhorses of hospitals but are difficult to make and produce little profit for drugmakers.

The shortages are caused primarily by problems with sterility and other serious issues that have led to shutdowns of production lines and occasionally entire factories. In addition, consolidation among generic drug manufacturers, as well as manufacturers deciding to end production of marginally profitable drugs, has led to decreased capacity. That means when one manufacturer suddenly stops production, the small number of others making a drug can’t quickly pick up slack.

The inability to get crucial medicines has disrupted not only carefully timed chemotherapy regimens, but surgery and care for patients with infections, pain and other serious conditions. At least 15 deaths since 2010 have been blamed on the shortages, which have set a record high in each of the last five years.

Of late, the cancer drug shortages have attracted the most attention, partly because missing multiple treatments can sharply reduce the chances of curing the disease. In the case of methotrexate, its use as part of the treatment for acute lymphoblastic lymphoma results in nearly 90 percent of children being cured, so parents and doctors were particularly upset at the prospect of it not being available.

The FDA said Tuesday it has temporarily approved importing an alternative to Doxil called Lipodox, made by Sun Pharma Global FZE. It’s also given approval to APP Pharmaceuticals to begin making a preservative-free version of methotrexate in addition to its current drug that includes preservatives.

The agency was to discuss details of its efforts on the two cancer drugs at a noon news conference.

Source

February 18, 2012

Deal trims maximum jobless benefits to 73 weeks

Filed under: economics, term — Tags: , , , — Gladiator @ 6:04 pm

Long-term unemployed workers in states with persisting high joblessness soon would no longer be able to count on unemployment benefit checks for up to 99 weeks under legislation before Congress.

Under this week’s compromise for extending a Social Security tax cut through the rest of 2012, federal unemployment benefits for people who have been out of work more than six months are being scaled back.

If Congress passes the bill and President Barack Obama signs it into law, the current maximum 99 weeks of benefits will gradually fall to 73 weeks by September. For people in all but about a dozen of the highest unemployment states, the benefits will be cut off after 63 weeks.

Democrats had hoped to keep the number as close as possible to 99 weeks, arguing that the benefits are critical for those struggling to make ends meet and provide a boost to the economy. Republicans wanted to reduce the maximum time span for benefits to 59 weeks, saying too many people don’t seriously look for a job until the government checks quit coming.

The agreement would let both parties claim victory: Democrats say they preserved the program for another year, while Republicans claim they won major concessions by scaling back the program.

About 43 percent of the nation’s nearly 13 million unemployed have been without work for more than six months, double the rate of any other economic downturn since the Great Depression. If Congress had not reached a deal to reauthorize the program, about a million people would have lost benefits next month.

“It’s far from perfect, but it seems to be a responsible approach to the current problem of long-term unemployment,” said George Wentworth, an attorney with the National Employment Law Project, a worker advocacy group that supports long-term benefits.

It was not immediately clear how many people might lose out on benefits later this year under the new plan. Currently, 22 states are eligible for 93-plus weeks of unemployment insurance; just 18 get the full maximum of 99 weeks. The average unemployed worker receives less than $300 a week in benefits.

Wentworth said the gradual decrease would help cushion the blow for those relying on the benefits.

The plan would extend the current 99-week maximum through May for states with the highest unemployment rates. Benefits would drop to 79 weeks in June and to 73 weeks in September. Unless Congress extends the federal benefits again, people losing their jobs after July 1 will get only 26 weeks.

“This agreement is a step in the right direction,” said James Sherk, a policy analyst at the conservative Heritage Foundation. “However, two years of benefits was excessive when passed and a year-and-a-half of benefits in an improving labor market is still excessive.”

The program was already winding down anyway. Under the current formula, the maximum coverage period would have fallen to 79 weeks in October.

The job market has been steadily improving and fewer people are filing for the benefits. On Thursday, the Labor Department reported that the number of people seeking unemployment benefits last week was the lowest it’s been in four years.

The new law will allow states to make benefit applicants take drug tests if they lost their job because they failed a drug test or are applying for a job that requires one. Republicans dropped an effort to let states require all applicants to take a drug test, or require applicants without a high school diplomas to pursue a GED certificate.

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February 13, 2012

Greece faces further obstacles in bailout deal

Filed under: banks, term — Tags: , , , — Gladiator @ 9:16 pm

Greece faces further hurdles and delays before it can receive a second, euro130 billion ($171 billion) bailout in spite of its lawmakers voting through more austerity measures in the face of violent protests.

The European Union’s Economic Affairs Commissioner Olli Rehn on Monday called the Greek parliament’s approval of a further round of budget cuts a “crucial step forward,” but Germany insisted it would still take some time before the second bailout is delivered.

Germany, which as Europe’s biggest economy pays the largest part in bailout deals, said it wouldn’t give its final approval for the new aid payments until early March _ after it becomes clear how many banks and investment funds are willing to take losses on their Greek bonds and the parliament in Berlin votes on the new measures.

Pushing the new bailout back for several weeks underlines the amount of distrust that has built up against Greece over the past two years, when many promised cuts and reforms were passed in its Parliament but never actually implemented.

But it also means that Greece, its citizens, and the rest of the world economy won’t know for several weeks whether the country can avoid a potentially disastrous default. A bankruptcy could force Greece out of Europe’s euro currency union, drag down other troubled eurozone countries and further roil global markets.

“Germany is trying to get the best deal it can by putting pressure on Greece now,” said Ben May, European economist at Capital Economics in London. The idea is to “give Greece a bit more of an incentive over the next few weeks to speed things up and get things moving.”

But delaying the final approval of the bailout is not without risk. Uncertainty over the new rescue money could dissuade some of Greece’s private investors from participating in a separate bond swap deal, May warned. A hitch in getting the bailout package through national parliaments in the eurozone could also push Greece perilously close to missing a euro14.5 billion bond redemption on March 20, he added.

Greece’s political leaders scrambled over the weekend to get new far-reaching austerity measures through Parliament ahead of a meeting of the finance ministers from the 17 euro countries on Wednesday. The drastic cuts debated on Sunday included axing one in five civil service jobs over the next three years and slashing the minimum wage by more than a fifth.

As Greek lawmakers voted on the new cuts, the streets of Athens and other cities were rocked by violent protests. In Athens, at least 45 buildings were burned while dozens of stores and cafes were smashed and looted. Police arrested at least 74 people and detained a further 92, while in several cases they had to escort fire crews to burning buildings after protesters prevented access.

However, the Greek Parliament’s vote hasn’t brought an end to the uncertainty. Apart from some technical decisions, several key issues remain:

_It is unclear whether the new spending cuts, the debt relief deal and the new bailout will be enough to bring Greece’s debt load down to 120 percent of economic output by 2020 _ the maximum its international creditors perceive as sustainable.

Several weeks ago, the EU estimated that there was still a financing gap of around euro15 billion ($20 billion) and an EU official on Monday could not say whether the gap has since decreased instant payday loan lenders. There is hope that the European Central Bank, which also holds a significant amount of Greek debt can help close that gap by forgoing profits on those bonds.

_Greece’s debt sustainability depends on whether enough private investors participate in a bond swap designed to slice some euro100 billion ($132 billion) off Greece’s euro350 billion ($464 billion) debt pile. Athens wants banks and other investment funds to exchange their old Greek bonds for new ones with half the face value, lower interest rates and longer repayment deadlines. But the deal will only work if almost all private bond holders take part. If not enough of them sign up, Greece could still pass new legislation that could force holdouts to participate.

_Athens still needs to spell out how exactly it plans to cut an extra euro325 million in spending this year. The sum was included in the austerity package that passed through parliament, but Greece hasn’t said where the money will come from. An EU official said Monday that much of the euro325 million could come from further cuts to Greece’s defense budget.

_The other 16 countries that use the euro are still waiting for the leaders of Greece’s two main political parties to commit in writing to implementing the new austerity measures even after elections expected for April. Both the Socialists and the center-right New Democracy party backed the package in the parliamentary vote, but New Democracy leader Antonis Samaras has said that he disagrees with some of the measures.

_National parliaments in Germany, Finland and the Netherlands will have to vote on the second bailout package. Since those countries are traditionally most critical of bailouts, the votes are unlikely to happen before there is clarity on whether the bailout deal will actually make Greece’s debt sustainable again. Germany said its parliament will vote on Feb. 27.

Germany’s insistence on taking more time to decide whether it is willing to send more bailout money to Greece means the final decision on the rescue loans will have to be split from the bond swap deal.

The swap offer for private investors has to be launched this week so that it can be completed ahead of March 20, when Greece has to redeem some euro14.5 billion in bonds.

The finance ministers from the other 16 countries that use the euro as their currency could give Greece the green light to make the swap offer to investors at their meeting Wednesday, which would give investors several weeks to decide whether to participate.

However, the finance ministers “will have to provide the private sector with some assurances on the second bailout in order to for them (the private bondholders) to look at the deal and make a real judgment,” said Capital Economics’ May.

“Everything takes place or nothing takes place and that by definition makes it a more complicated and time consuming process,” May warned. “Assuming a deal is put in place, it’s likely to come right down to the wire.”

__

Juergen Baetz in Berlin and Elena Becatoros in Athens contributed to this story.

Source

February 12, 2012

Gov’t on pace for $1T deficit despite January dip

Filed under: mortgage, term — Tags: , , , — Gladiator @ 6:20 am

The federal deficit was lower through the first four months of the budget year than the same period last year. Still, the deficit is expected to top $1 trillion for the fourth year in a row, putting more pressure on Congress and President Barack Obama in an election year.

The deficit totaled $349 billion through January, the Treasury Department said Friday. That’s $70 billion less than at the same point last year. January’s monthly deficit was $27 billion, roughly half of the deficit in January 2011.

The White House later confirmed a report that President Obama’s new budget predicts a $1.3 trillion deficit for the full fiscal year, which began on Oct. 1. The figures were first reported in The Wall St. Journal, which viewed leaked draft budget documents.

If the administration is correct, the 2012 deficit would be the same as last year’s imbalance. The government ran an all-time record deficit of $1.41 trillion in fiscal 2009, and a $1.29 trillion imbalance in 2010.

This year’s deficit is running lower in part because of higher corporate tax receipts, the department said. That has boosted government revenue to $790 billion from October through January.

Spending fell to $1.14 trillion in the same period, though excluding the accounting changes it was largely flat.

Still, the picture hasn’t improved as much as the Congressional Budget Office had estimated it would last year bad credit pay day loans. In August, the agency projected that the deficit would come in at $973 billion this year. But last week, it boosted its estimate, citing lower than expected tax revenues.

Congress has shown little ability recently to make difficult changes to tax levels or spending programs to reduce the deficit. They will face another big challenge at the end of this year, when tax cuts that were first enacted in 2001 and 2003 are set to expire. And a set of automatic spending cuts totaling about $1.2 trillion over 10 years is also scheduled to kick in.

Those changes, along with several other provisions that will automatically take effect under current law, would substantially reduce the deficit in future years.

But the CBO estimates that if Congress extends the tax cuts, as many observers expect, and if they block the spending cuts, the deficit will remain near $900 billion or higher for the next 10 years.

President Obama is set to release his annual budget proposal Monday. It will include a set of economic projections, including that unemployment will average 8.9 percent this year. White House officials dismissed the figure Thursday as outdated. The rate fell to 8.3 percent in January.

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February 7, 2012

Output Growth May Slow on Global Risks: China - Bloomberg

Filed under: economics, marketing — Tags: , , , — Gladiator @ 9:32 am

China

January 28, 2012

Obama looks to Mich. to revive clean energy debate

Filed under: economics, marketing — Tags: , , , — Gladiator @ 3:52 pm

A Michigan factory that made luxury yachts before the recession and diversified to add wind energy products when times got tough was touted by President Barack Obama at his State of the Union Address as an example of an industry creating forward-thinking jobs _ with a little help from the government.

In urging Congress to approve clean energy tax credits, Obama cited Energetx Composites LLC, a wind turbine blade manufacturer in Holland, Mich., that received millions in government assistance. Invited to sit in the first lady’s box during the speech Tuesday night was Bryan Ritterby, 58, who went to work for Energetx after being laid off from his furniture-making jobs three years ago.

“Some technologies don’t pan out; some companies fail,” Obama said. “But I will not walk away from the promise of clean energy. I will not walk away from workers like Bryan.”

Without mentioning it by name, Obama appeared to be defending his administration’s support of Solyndra LLC, the California solar panel maker that received a $528 million government loan but filed for bankruptcy court protection last year. Energetx is in a somewhat different situation than Solyndra but still must fend off skepticism from critics who contend government-assisted clean energy products often don’t produce enough high-wage jobs to make it worth the money.

“They must have had to look pretty hard to find someone working in alternative energy,” said Donald Grimes, a senior research specialist at University of Michigan. “I think the politics is what’s driving almost this delusion of where the jobs are. If you want to tout the future of where green energy jobs are going, it’s going to be garbage collection.”

Indeed, waste management and treatment is among the categories with the most “clean economy” jobs in the United States, according to a 2011 report by the Metropolitan Policy Program of the Brookings Institution, a Washington, D.C.-based nonprofit think tank. The category represented about 385,000 jobs in 2010; the wind industry employed 24,294 the same year, the report said.

In 2009, a state board announced a $27.3 million tax credit over 15 years to encourage Energetx to expand. The money is tied to the creation of about 1,000 jobs at the company, and won’t be awarded in cases where jobs don’t materialize. It also got a $3.5 million state award for “energy excellence” in 2010, which was expected to be matched by the U.S. Department of Energy.

The company is far short of its ultimate job target now _ with fewer than 50 employees currently making the turbine blades and other projects _ but it expects to hire roughly 100 more this year, mostly in composite manufacturing. The company would not release specific wage rages, but human resources director Steven Busch said pay will be competitive with similar manufacturing jobs in the Midwest.

U.S. Rep. Bill Huizenga, a Republican whose district includes Holland, said he doesn’t “see a Solyndra-type situation” with Energetx or other clean energy companies in southwest Michigan, such as those that produce batteries for alternative-fuel vehicles. Combined, the area around Holland has about 7.5 percent of its workforce employed in the broad category of “clean jobs,” compared with the national average of 2 percent.

“This isn’t our preferred route, but if this is the route that’s presented to us, we’re going to take it and make it as successful as we can make,” Huizenga said. “Ultimately, the business principles have to be sound. Whether it’s wind, solar, nuclear … these industries aren’t going to just be able to depend on government subsidies forever. At some point you’ve got to be able to stand on your own two feet.”

While Michigan remains stung by the decline in the auto industry, some officials see this new technology as an area where it can lead again.

“It’s communicating a message to people: This is a place on the cutting-edge of change and solving problems,” said John C. Austin, a Brookings senior fellow and visiting faculty member at University of Michigan. “That’s been our big problem in Michigan. We fought for years protecting the auto industry from change. Now we can be the leader in increasing the production of electric cars.”

Brookings officials acknowledge the alternative industry is hard to assess since such jobs pervade all parts of the economy, but its study last year aimed to provide a comprehensive, detailed snapshot of what the sector truly represents.

Erik Nordman, an assistant professor of renewable energy and lead investigator of the West Michigan Wind Assessment project, says the Energetx’s transition isn’t as far-fetched as it might seem because the keel of a yacht closely resembles the blade of a turbine.

With wind energy seemingly more marketable in the future, West Michigan economic developers envision a time Energetx will expand and have hundreds of workers.

“This is new product entry,” said Rick Chapla of The Right Place, a western Michigan economic development organization. “This is complex manufacturing. This is not something that has been done or will be done overnight. It won’t be done in one year. It will be done over a period of years.”

It’s fertile political ground for Obama too. Not only is Michigan considered a swing state in the November election, but he has made several trips to the area to tout clean energy projects, and his administration has provided $2.4 billion in federal grants to develop next-generation electric vehicles and batteries.

Grimes remains skeptical. He says it’s appropriate for the government to invest in research, but not in fledgling commercial enterprises. He cites Solyndra as an example but argues even “picking winners” can prove problematic, since “creative destruction” is a common byproduct of successful yet disruptive technologies.

“They don’t do well with innovation because it costs people jobs,” Grimes said.

___

Associated Press writer Tim Martin contributed to this report.

Source

January 25, 2012

Asia stocks rise as Apple result lifts tech shares

Filed under: marketing, online — Tags: , , , — Gladiator @ 10:00 am

Asian stocks rose Wednesday as investors stayed calm in the face of a possible debt default by Greece to search for good deals in technology shares boosted by stunning results from Apple Inc.

Japan’s Nikkei 225 index rose 1 percent to 8,870.22. South Korea’s Kospi gained 0.8 percent at 1,964.72 and Australia’s S&P ASX 200 added 1 percent to 4,268.70. Benchmarks in Singapore and New Zealand rose, while shares in the Philippines fell.

Markets in Hong Kong, mainland China and Taiwan remained closed for Chinese New Year.

Japan’s powerhouse export sector got a lift from a moderation in the yen’s strength even as the country reported its first annual trade deficit since 1980. A strong yen, which hit multiple historic highs last year against the dollar, shrinks the value of overseas earnings when repatriated and makes Japanese products less competitive.

Honda Motor Corp. rose 3.3 percent. Mitsubishi Motor Corp. jumped 4.4 percent and Sony Corp. added 3.1 percent. Tire-maker Bridgestone Corp. added 3.4 percent.

Technology stocks were elevated after Apple Inc. reported earnings that sailed past analyst estimates. Apple said late Tuesday said it sold 37 million iPhones in the last three months of 2011, vastly exceeding estimates and propelling the company to record quarterly results.

That stellar performance reverberated throughout the global tech industry. South Korea’s LG Electronics Inc business card., which ranks No. 2 globally in flat screen televisions, jumped 4.1 percent. Hynix Semiconductor Inc., the world’s second-largest memory chip maker, added 2.2 percent.

Stan Shamu of IG Markets in Melbourne said in an email that the gains in Asia suggested “investors are now starting to pay less attention” to Greece, which is struggling to reach a deal with creditors to prevent a chaotic default on its massive debts. A default could trigger a financial crisis in Europe and likely beyond.

Greece is trying to get its creditors to swap Greek government bonds for new ones that have half the face value. Greece faces an important bond repayment deadline in March.

The Dow Jones industrial average closed down 33 points at 12,676 on Tuesday. The Standard & Poor’s 500 lost a point to close at 1,315. The Nasdaq added two points to close at 2,787.

Benchmark oil for March delivery rose 35 cents to $99.26 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 63 cents to end at $98.95 per barrel on the Nymex on Tuesday.

In currency trading, the euro rose to $1.3026 from $1.3021 late Tuesday in New York. The dollar rose to 77.91 yen from 77.73 yen.

Source

January 15, 2012

Italian officials say cruise ship missing now 17

Filed under: business, houses — Tags: , , , — Gladiator @ 4:24 pm

Italian officials have lowered the number of people still unaccounted-for in the grounding of a cruise ship off Tuscany.

Tuscany’s regional president Enrico Rossi said that there were now six crew members and 11 passengers who haven’t been located out of the 4,200-plus people who were aboard the Costa Concordia when it struck a reef and capsized Friday night.

Three people have been confirmed killed and three people were rescued more than 24 hours after the disaster: a South Korean honeymooning couple and an Italian member of the ship’s crew, who was hoisted to safety Sunday afternoon by helicopter.

The Concordia’s commander has been detained on accusations of manslaughter and abandoning the ship. He has said the reef wasn’t marked.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

GIGLIO, Italy (AP) _ An Italian prosecutor has confirmed allegations from passengers and others that the captain of the cruise ship Costa Concordia abandoned the stricken liner before all the passengers had left.

Three people are confirmed dead after the huge cruise ship carrying more than 4,200 people ran aground on Friday night.

Asked Sunday by Sky Italia TV about allegations that the captain had left the ship before the last passenger had been rescued, Grosseto prosecutor Francesco Verusio replied, “Unfortunately I must confirm that circumstance.”

The captain, Francesco Schettino, was detained for questioning for suspected manslaughter, abandoning ship before all others and causing a shipwreck.

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