Pensions of former Texas lawmakers can be kept secret: Judge

Texas District Judge Lora Livingston Tuesday ruled the state is not obliged to tell the public how much it pays in pensions to former members of the Legislature.

Livingston turned back a lawsuit filed last October by the open government non-profit group Texans for Public Justice. The group originally filed suit to compel the state to produce a total cost for the retirement plans paid to 103 former legislators who currently work as lobbyists.

?It really doesn?t matter whether they are lobbying or not, we have a right to know what that total is because we are paying into it,? TPJ director Craig McDonald said Tuesday afternoon. ?They?re hiding it because maybe we think the retirement might be too extravagant. That?s for us to decide, not them.?

McDonald said no decision has yet been made to appeal Livingston?s decision.

Legislators themselves have spent the last decade passing laws that protect their pension information and prohibit the Employees Retirement System from disclosing it, McDonald said.

In 1998 Texans for Public Justice asked for an opinion of then-Attorney General Dan Morales, who said the public was entitled to the pension information.

?Our speculation was Morales? opinion was the reason the Legislature passed those laws,? McDonald said. ?This is total hypocrisy to talk about transparency and accountability and in the middle of the night pass laws that close off information about this pension money.?

A year ago, after federal income disclosure reports revealed Gov. Rick Perry was receiving a state pension worth more than $92,000 a year on top of his $150,000-a-year salary, there was a call for increased pension disclosure.

And while the public learned that more than 6,000 state employees were drawing a state pension and a state paycheck, state law protected their identities.

As Texas Watchdog reported last month, Rep. Chris Turner, D-Grand Prairie, has filed a bill that would end the practice of double dipping - but not for those like Perry who are already helping themselves.

Texans for Public Justice has focused on legislators-turned-lobbyists because they are among the best compensated lobbyists in the state, McDonald said. (Please see the chart on the second page of this document.)

The group has tried with little success to lobby for a law that would prevent retiring lawmakers from moving immediately into the lobbying profession. A bill filed in the last session by Rep. Donna Howard, D-Austin, went nowhere.

State Sen. Dan Patrick, R-Houston, has in this session filed Senate Bill 99 that would force a legislator to sit out two legislative sessions before doing any registered lobbying work.

***
Contact Mark Lisheron at 512-299-2318 or mark@texaswatchdog.org or on Twitter at @marktxwatchdog.

Keep up with all the latest news from Texas Watchdog. Fan our page on Facebook, follow us on Twitter and Scribd, and fan us on YouTube. Join our network on de.licio.us, and put our RSS feeds in your newsreader. We're also on MySpace, Digg, FriendFeed, and tumblr.

Photo of money by flickr user athrasher, used via a Creative Commons license.

Source: http://www.texaswatchdog.org/2013/02/government-pensions-of-former-texas-lawmakers-can-be-kept-secret-legislature/1360100780.column

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Fujitsu in talks to sell car chip business to Spansion: sources

TOKYO (Reuters) - Japan's Fujitsu Ltd is in late-stage talks to sell its microcontroller chip business to Spansion Inc -- a deal that will broaden the U.S. semiconductor company product line-up so it can better cater to automotive clients, two sources familiar with the matter told Reuters on Tuesday.

Terms of the deal, which will include Fujitsu's microcontroller design and development business as well as a Japanese plant, could not be obtained.

Microcontrollers, chips used widely in cars, are seen as a high growth area and Spansion, a joint venture set up in 2003 between Fujitsu and Advanced Micro Devices Inc that specializes in flash memory, has trying to diversify its product range.

While semiconductors were once a key business for Fujitsu, it and other Japanese chipmakers have failed to keep up with rivals like Samsung Electronics Co Ltd. Fujitsu also plans to merge its LSI chip business with that of Panasonic Corp this fiscal year.

A Fujitsu spokesman said nothing had been decided with regards to its microcontroller chip business. The news was also reported by Japanese media, including the Nikkei business daily.

Microcontrollers are part of Fujitsu's device solutions business, which also includes LSI chips. The division logged 585 billion yen ($6 billion) in sales in the year ended March 2012, accounting for 12 percent of Fujitsu's total revenue.

Japan's Renesas, the world's leading maker of microcontroller chips, secured a $1.8 billion government-led bailout last year after slashing jobs and deciding to close eight out of its 18 domestic plants.

($1 = 98.1500 Japanese yen)

(Reporting by Maki Shiraki; Writing by Mari Saito; Editing by Edwina Gibbs)

Source: http://news.yahoo.com/fujitsu-talks-sell-car-chip-business-spansion-sources-020602889.html

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WaterField Design HardCase review

Not often do manufacturers design a laptop bag with one specific brand or even model in mind. I am not talking about a form-fitted case or sleeve, but an actual bag created and/or named to hold a certain device. But the folks at WaterField?Designs have done just that; the HardCase is?aimed specifically at Apple’s 13″ [...]

Source: http://the-gadgeteer.com/2013/04/29/waterfield-design-hardcase-review/

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Brain measurements predict math progress with tutoring

Structure associated with memory formation predicts learning ability

By Meghan Rosen

Web edition: April 29, 2013

A child who is good at learning math may literally have a head for numbers.

Kids? brain structures and wiring are associated with how much their math skills improve after tutoring, researchers report April 29 in the Proceedings of the National Academy of Sciences.

Certain measures of brain anatomy were even better at judging learning potential than traditional measures of ability such as IQ and standardized test results, says study author Kaustubh Supekar of Stanford University. These signatures include the size of the hippocampus ? a string bean?shaped structure involved in making memories ? and how connected the area was with other parts of the brain.

The findings suggest that kids struggling with their math homework aren?t necessarily slacking off, says cognitive scientist David Geary of the University of Missouri in Columbia. ?They just may not have as much brain region devoted to memory formation as other kids.?

The study could give scientists clues about where to look for sources of learning disabilities, he says.

Scientists have spent years studying brain regions related to math performance in adults, but how kids learn is still ?a huge question,? says Supekar. He and colleagues tested IQ and math and reading performance in 24 8- and 9-year-olds, then scanned their brains in an MRI machine. The scans measured the sizes of different brain structures and the connections among them.

?It?s like creating a circuit diagram,? says study leader Vinod Menon, also of Stanford.

Next, the kids began an intensive one-on-one tutoring program that focused on speedy problem-solving and math skills such as counting strategies and basic arithmetic. After eight weeks and about 15 to 20 hours of tutoring, Menon, Supekar and colleagues tested the students? math abilities again and compared the kids? progress with their brain scans.

Overall, tutoring improved the kids? math skills, and the children with the biggest improvements had big hippocampuses that were well connected to brain regions that make memories and retrieve facts. ?

?It?s a very interesting and surprising finding,? says cognitive neuroscientist Robert Siegler of Carnegie Mellon University in Pittsburgh. In adults, the hippocampus isn?t all that involved in math, he says. But in kids, ?it apparently is involved in math learning.?

Supekar thinks the findings could help educators tailor math tutoring strategies to different kids. ?Right now, math education is like a one-size-fits-all approach,? he says. One day, maybe 10 years from now, Supekar says, scientists might be able to scan children?s brains and place them into programs that cater to their specific mental signatures.

But for now, Menon says, ?It certainly behooves us to not give up on children who are slow to learn, and to think of alternate approaches to boost learning.?

Source: http://www.sciencenews.org/view/generic/id/350018/title/Brain_measurements_predict_math_progress_with_tutoring

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S&P 500 reaches new high, led by tech

Specialist Meric Greenbaum, left, works with traders on the floor of the New York Stock Exchange Monday, April 29, 2013. A pair of encouraging economic reports helped propel the stock market up in early trading on Monday. (AP Photo/Richard Drew)

Specialist Meric Greenbaum, left, works with traders on the floor of the New York Stock Exchange Monday, April 29, 2013. A pair of encouraging economic reports helped propel the stock market up in early trading on Monday. (AP Photo/Richard Drew)

The handheld device of trader Joseph Tarangelo, center, is reflected in his glasses as he works on the floor of the New York Stock Exchange Monday, April 29, 2013. A pair of encouraging economic reports helped propel the stock market up in early trading on Monday. (AP Photo/Richard Drew)

Trader George Ettinger works on the floor of the New York Stock Exchange Monday, April 29, 2013. A pair of encouraging economic reports helped propel the stock market up in early trading on Monday. (AP Photo/Richard Drew)

Trader Luigi Muccitelli, left, and specialist Michael Pistillo, center, work on the floor of the New York Stock Exchange Monday, April 29, 2013. A pair of encouraging economic reports helped propel the stock market up in early trading on Monday. (AP Photo/Richard Drew)

NEW YORK (AP) ? Technology companies led the Standard & Poor's 500 index to an all-time closing high Monday.

The stock market has recovered all the ground it lost over the previous two weeks, when worries over slower economic growth, falling commodity prices and disappointing quarterly earnings battered financial markets.

The S&P 500 index rose 11.37 points to close at 1,593.61. The 0.7 percent increase nudged the index above its previous closing high of 1,593.36, reached on April 11.

"The market has had a terrific run," said Philip Orlando, chief equity strategist at Federated Investors, noting that the S&P 500 is up 12 percent since the start of 2013. "At the beginning of the year, I thought we were going to 1,660 (for the whole year). We're only about 5 percent from that."

A pair of better economic reports gave investors some encouragement. Wages and spending rose in the U.S. last month, and pending home sales hit their highest level in three years.

The Dow Jones industrial average rose 106.20 points to 14,818.75, up 0.7 percent. Microsoft and IBM were among the Dow's best performers, rising more than 2 percent each.

IBM, which rose $4.84 to $199.15, accounted for a third of the Dow's increase. The index is just 46 points below its own record high of 14,865 reached on April 11.

Tech's popularity Monday was a change from earlier this month, when it lagged the rest of the market. Concerns about weak business spending and slower overseas sales have cast a shadow over big tech firms, said Marty Leclerc, the managing partner of Barrack Yard Advisors, an investment firm in Bryn Mawr, Pa.

Revenue misses from IBM and other big tech companies have highlighted the industry's vulnerability to the world economy. But Leclerc thinks tech companies with steady revenue and plenty of cash look appealing over the long term.

Information technology stocks rose the most of the 10 industry groups in the S&P 500 on Monday, up 1.6 percent. It's the only group that remains lower over the past year, down 2 percent, versus the S&P 500's gain of 14 percent.

Federated's Orlando thinks tech stocks could continue to rally as investors shift money from companies that pay big dividends and have rallied recently -- utilities, healthcare and consumer staples. "They've been buying these companies, but four months into this year they've gotten expensive," Orlando said.

The Nasdaq composite rose 27.76 points to 3,307.02, an increase of 0.9 percent. Apple, the biggest stock in the index, surged 3 percent, or $12.92, to $430.12.

The Nasdaq remains far below its record closing high of 5,048.62, hit March 10, 2000, before the dot-com bubble popped.

The number of Americans who signed contracts to buy homes reached the highest level since April 2010, according to the National Association of Realtors. Back then, a tax credit for buying houses had lifted sales. In a separate report, the government said Americans' spending and income both edged up last month.

A handful of companies reported earnings on Monday. Eaton Corp.'s quarterly net income beat Wall Street's estimates, helped by its acquisition of Cooper Industries, an electrical equipment supplier. But the manufacturer's revenue fell short. Its stock climbed 3 percent, or $1.63, to $60.28.

Eaton's results followed a larger pattern this earnings season. Of the 274 companies that have turned in results, seven of 10 have beaten analysts' estimates for earnings, according to S&P Capital IQ. But when it comes to revenue, six of 10 have missed estimates. That suggests companies are squeezing more profits out of cost cutting, instead of higher sales.

The stocks of Moody's and McGraw-Hill, which owns Standard & Poor's, surged following news that the ratings agencies settled lawsuits dating back to the financial crisis that accused them of concealing risky investments. McGraw-Hill gained 3 percent, or $1.45, to $53.45, while Moody's jumped 8 percent, or $4.57, to $59.69, the biggest gain in the S&P 500.

In the market for government bonds, the yield on the 10-year Treasury note slipped from 1.67 late Friday to 1.66 percent, close to its low for the year.

___

AP Business Writer Bernard Condon contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-04-29-US-Wall-Street/id-e9d0382b5cb449d388f35846d456dd09

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Vermont Telephone Company's gigabit internet service is live, half the price of Google Fiber

Remember how Google Fiber's recent announcement for planned service in Austin by 2014 spurred immediate competition from AT&T? It's safe to say telcos in other areas have taken note about the gigabit speeds, not to mention the $70 montly pricing. According to the Wall Street Journal, Vermont Telephone Company is now offering gigabit service to some of its customers for the crazy-low price of $35 bucks a month. To keep things in perspective, WSJ notes that roughly 600 folks are subscribed (out of VTel's total base of about 17.5K) and that the company is essentially going to be analyzing whether the current pricing will remain for the long-term. With Google Fiber to continuing to expand, it's certainly promising to see how superspeed internet is trickling across the US -- and how easy it's been looking on the wallet.

Filed under: Internet

Comments

Via: The Wall Street Journal Digits

Source: VTel

Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/wcZaaG5_9OA/

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NBA's Michael Jordan marries ex-model over weekend

Michael Jordan got married over the weekend, with Tiger Woods, Spike Lee and Patrick Ewing among those attending the NBA Hall of Famer's wedding in Palm Beach, Fla.

Jordan married 35-year-old former model Yvette Prieto on Saturday, manager Estee Portnoy told The Associated Press on Sunday.

The 50-year-old Jordan owns the Charlotte Bobcats.

Nearly 300 guests were present as they exchanged vows. The reception took place at a private golf club in Jupiter designed by Jack Nicklaus. Jordan owns a home near the course.

Entertainment included DJ MC Lyte, singers K'Jon, Robin Thicke and Grammy Award winner Usher and The Source, an 18-piece band.

The six-time NBA champion and Prieto met five years ago and were engaged last December.

Jordan had three children with former wife Juanita Vanoy. The couple's divorce was finalized in December 2006.

Source: http://news.yahoo.com/nbas-michael-jordan-marries-ex-model-over-weekend-024122152.html

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Factbox: Western forces in the Gulf

(Reuters) - The United States and some Western allies deploy weaponry and other military equipment in the energy-rich Gulf to provide security to Gulf Arab states at short notice.

Here is a list of equipment currently deployed, according to research institutions, mostly at bases shared with host states.

KUWAIT

USA CENTCOM: 23,000 personnel.

One Heavy Brigade Combat Team, also known as an Armored Brigade Combat Team. Its main equipment includes: A tank battalion with four companies of M1 Abrams tanks, an armored infantry battalion with four companies of M2 Bradley infantry fighting vehicles (in practice these two battalions operate as 'combined arms' units with 2 companies of M1 and 2 companies of M2 each), a reconnaissance battalion with 3 companies of M3 Bradley armored reconnaissance vehicle and an artillery battalion with 2 companies with M109 howitzers.)

One Army National Guard combat aviation brigade.

One Army National Guard support brigade.

Two air defense batteries with a total of 16 Patriot advanced capability PAC-3 batteries.

One prepositioned Heavy Brigade Combat Team.

In addition there is a battalion with signals, engineers and intelligence units and another with service support elements.

Kuwaiti bases such as Camp Arifjan, Ali Al Salem Air Field, and Camp Buehring offer the United States major staging hubs, training ranges, and logistical support for regional operations.

OMAN

UK Army 30 personnel; UK Navy 20 personnel. Air Force 30 Personnel. One Tristar transport and fuel tanker plane, one Sentinel reconnaissance aircraft.

USA - A 2010 security agreement permits the United States to retain a small military footprint and grants U.S. forces access, with advanced notice and for specialized purposes, to military facilities in Masirah, Muscat, and Thumrait, as well as allowing the US to pre-stage munitions at these facilities.

QATAR

UK AIR FORCE; 4 Hercules C-130j transport aircraft.

USA CENTCOM: 600 personnel.

One Prepositioned Heavy Brigade Combat Set;

Combined Air Operations Center (CAOC): At the CAOC, U.S. military officials manage airspace authority, air defense, electronic warfare, and personnel recovery in 20 regional countries, including Afghanistan.

The 379th Air Expeditionary Wing at al-Udeid hosts U.S. Air Forces Central Command's (AFCENT) bigger aircraft. A typical inventory would be: A flight of B-1B bombers, two squadrons of KC-135 tankers, two RC-135 intelligence gatherers, a detachment of C-130s for medium haul transport, a US Navy P-3 maritime patrol detachment.

BAHRAIN

USA-The US base is known as Naval Support Activity Bahrain, housing the headquarters of the U.S. Fifth Fleet and U.S. Naval Forces Central Command (USNAVCENT). USNAVCENT supports ships and locations throughout the Commander USNAVCENT Area of Responsibility. US Centcom deploys 2,100 personnel.

The Kingdom's ports regularly host US-ported carrier and amphibious battle groups and are the enduring home to U.S. Navy vessels such as minesweepers and costal patrol boats.

The U.S. facilities also provide bases for American naval surveillance aircraft, and may eventually have the ability to host special operations forces. The United States has made a significant investment in military facilities, starting a 5-year $580 million US-funded construction project in 2010.

5th FLEET

EQUIPMENT BY TYPE.

2 Nuclear powered aircraft carriers

2 Guided missile cruisers

2 Destroyers with anti-ship missiles and surface to air missiles and hangars

3 Destroyers with anti-ship missiles and surface to air missiles

5 Offshore patrol craft

1 Amphibious assault ship

1 Landing platform dock

1 Landing ship dock

1 Fast combat support ship

The BAHRAIN base also hosts international coalitions known as Combined Maritime Force (CMF).

Combined Task Forces 150 operates in the Gulf of Aden, Gulf of Oman, the Arabian Sea, Red Sea, and the Northern Indian Ocean, to counter terrorism and prevent smuggling.

Task Force 151 is dedicated to counter-piracy. It operates in the Gulf of Aden and off the eastern coast of Somalia. There is no defined eastern limit to the AOR; it is dependent on the activities and operational area of the pirates.

Task Force 152 is dedicated to maritime security cooperation, operating in the international waters of the Gulf from the Straits of Hormuz in the South, to the maritime borders of Iran and Iraq in the north. It works with all Gulf Cooperation Council (GCC) nations.

Combined Task Force 152, U.S. vessels:

8 Avenger-class Countermeasures Vessels

1 AFSB Afloat Forward Staging Base. In this case the USS Ponce, a former Austin-class Landing Platform Dock, now converted into a 'mothership' for mine-countermeasures vessels and helicopters, and other littoral operations units.

6 US Coast Guard Island-class Cutters.

5 Cyclone-class patrol craft

Combined Maritime Forces, other U.S. vessels

5th Fleet's Logistics and Support Task Force - also provides support to CMF more generally

1 Auxiliary ammunition carrier

2 Cargo/Ammunition carrier

4 oilers

UK Air force: 1 BAe-125 CC-3 transport aircraft; One BAe-146 MK II transport and communications aircraft.

UK - The same Bahrain base is also the headquarters of the United Kingdom Maritime Component Command (UKMCC).ho commands Royal Navy and Royal Fleet Auxiliary ships in the Middle East. He also serves under US Fifth Fleet as the Deputy Commander of the Combined Maritime Forces.

SAUDI ARABIA

US CENTCOM: 270 PERSONNEL

UAE

AUSTRALIA: 313 personnel. One transport detachment, with three C-130 Hercules; One maritime patrol detachment with two AP-3C Orion surveillance aircraft.

FRANCE: 800 personnel. Six Rafale warplanes. One KC-135F transport aircraft. One Foreign Legion Battle Group -- reconnaissance squadrons, two infantry squadrons, one artillery battery, one engineering company.

SOUTH KOREA - 140 personnel training activities at the UAE special forces operations school.

USA - 175 personnel. Two batteries with MIM-104 Patriots.

More U.S. Navy ships visit the port at Jebel Ali, which can handle vessels up to the size of nuclear carriers, than any other port outside the United States. Al Dhafra Air Base hosts a number of U.S. fighter, attack, and reconnaissance aircraft of the U.S. 380th Air Expeditionary Wing.

Sources: International Institute for Strategic Studies, Military Balance 2013 and IISS staff, Center for Strategic and International Studies, Washington, Gulf Military Balance, Sixth Draft 2011.

(Reporting by William Maclean)

Source: http://news.yahoo.com/factbox-western-forces-gulf-134733188.html

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Self Improvement | Stanley Green talks about Resilience on The Self ...

Stanley Green knows about resilience. Do you? How do you react when you?ve had a really bad day? What do you do when you mess up the big sale, or get in a fight with your spouse or your boss? What would you do if ?you lost your job to someone less skilled or knowledgeable? When things go wrong, do you sulk in a corner or come out stronger than ever, ready to take on new challenges? Why is it that given the same situation and circumstances one person will give up and quit and another will learn, grow and triumph? Do you deflate or bounce back? Stan Green will talk about this ?bounce back? factor called ?resilience? and tell us about an online course designed to help you assess your own level of? resilience and develop the skills to deal with life?s stresses and setbacks with greater equanimity. Don?t we all need this? To learn more go to http://www.powerthinkingcorp.com.

Guest Bio:

?Stanley H. Greene helps people build their resilience?their ability to bounce back after a setback of any kind. He is President of the PowerThinking Corporation, a seasoned professional with over 20 years of experience in helping large corporations and small businesses reach their full potential. He has improved operational and financial results for companies primarily in cable TV, telecommunications, TV programming, and the Internet. Mr. Greene is a graduate of the University of Pennsylvania and has been inducted into the Hall of Fame of the National Association for Minorities in Cable (NAMIC). His flagship program , Resilience Online, is an effective, affordable training program which measures and helps you improve your ability to turn life?s challenges into successes. Join us to hear this remarkable man talk about an ability needed in these times?resilience.

Source: http://theselfimprovementblog.com/self-improvement/radio-show-2/stanley-green-talks-about-resilience-on-the-self-improvement-show-this-week/

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93% Lore

All Critics (88) | Top Critics (23) | Fresh (82) | Rotten (6)

It's a harrowing walk through the heart of darkness.

Saskia Rosendahl gives an impressively poised performance as the beautiful teenager, whose determination to protect her remaining family coincides with her growing revulsion toward her parents.

"Lore" is not a pretty story, but it is a good and sadly believable one.

"Lore" is not a love story, nor the story of a friendship. Rather, it's a story of healing and of how breaking, sometimes painfully, is often necessary before that process can begin.

A fiercely poetic portrait of a young woman staggering beyond innocence and denial, it's about the wars that rage within after the wars outside are lost.

Full of surprises, the movie draws a thin line between pity and revulsion - how would you feel if you had discovered your whole life had been based on lies?

Proves that there is always room for another [World War II] story if it can be presented in an original and unexpected fashion.

Texture and detail embellish a provocative story

Child of Nazi parents faces an uncertain future

[Director Cate] Shortland directs with an almost hypnotic focus, favoring Lore's immediate experience over the big picture.

Rosendahl's performance is raw and compelling, as Lore fights for her siblings' survival and grows up in a hurry.

Lore and her siblings make a harrowing journey across Germany

Worthwhile, but so subtle that it's frustrating.

The Australian-German co-production takes an unconventional tale and turns it into a challenging, visually stunning and emotionally turbulent film experience.

Over the river and through the woods, to Grandmother's house we go. Except this ain't no fairy tale... unless it is, perhaps, a hint of the beginnings of a new mythology of ... scary childhood and even scarier adolescence...

With a child's perspective on war, "Lore" deserves comparisons with "Empire of the Sun" and "Hope and Glory," and with a feisty female protagonist it stands virtually alone.

Rosendahl...provides both narrative and emotional continuity to a film whose deliberate pace and fragmented presentation of reality might otherwise prove exasperating.

A burning portrait of consciousness and endurance, gracefully acted and strikingly realized, producing an honest sense of emotional disruption, while concluding on a powerful note of cultural and familial rejection.

Although there are moments that push the story a bit beyond credulity, Shortland has created something remarkable by forcing us to find within ourselves sympathy for this would-be Aryan princess.

Stunning, admirable and indelible - truthfully chronicling the triumph of the human spirit - in a class with Michael Haneke's 'The White Ribbon.'

Can we spare some sympathy or hope for the children of villains, even if they too show signs of their parents' evil? Lore provides no easy answers.

No quotes approved yet for Lore. Logged in users can submit quotes.

Source: http://www.rottentomatoes.com/m/lore/

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Euro mayors try to keep youths from going to Syria

MECHELEN, Belgium (AP) ? From his city hall under Belgium's most imposing cathedral, Mayor Bart Somers is wracking his brains trying to figure out how to keep young Muslims from going to fight "holy war" in Syria against the Assad regime.

Through much of western Europe, scores of Islamic youths have heeded the call to take up arms for a cause that is only a few hours away by plane. The phenomenon has alarmed authorities amid signs that the insurgency is becoming increasingly radicalized, with strong infiltration by al-Qaida. European authorities see a double danger, one that's summed up by Somers who describes the youths as "cannon fodder" in Syria ? and potential "full-blown terrorists" if they make it back home alive.

But it all raises a conundrum: In a free society, how can you prevent these young people from packing up and leaving?

"The major challenge of each democrat is to see what we can do in the fight against fundamentalism without sacrificing our own democratic laws," said Somers. "Otherwise we play into the hands of the terrorists."

That dilemma was again put to the test two weeks ago when Belgian authorities organized a major anti-terror sweep seeking to weed out agitators inciting young Muslims to fight against the Assad regime. In a high-profile raid of four dozen homes, police put six people behind bars, raising criticism among some that they had overstepped their bounds by infringing on freedom of speech.

In the Brussels municipality of Schaarbeek, the mayor even banned a soup kitchen for the needy, among them young Muslims, fearful that the charity workers were inciting youths to fight in Syria. The action came after two Muslim schoolboys disappeared, apparently to Syria ? departures that Mayor Bernard Clerfayt linked to soup kitchen recruitment.

There have been mounting calls to confiscate passports from youths who seem on the verge of leaving, something that many civil libertarians criticize as an anti-democratic restriction on movement.

Those who do go to fight often leave behind distraught parents. At least one Belgian father went to look for his son, to no avail. Concerned families seek any help to prevent the outflow of young people to Syria.

"We do not want people to go, especially the young men," said Abu Yamen, a Syrian who runs the El Rass pharmacy in Schaarbeek.

But the daily suffering shown on television can push the young into extreme, foolhardy decisions, mayor Somers said. The fighting has exacted a huge toll on the country, killing more than 70,000 people, laying waste to cities, towns and villages, and forcing more than a million people to seek refuge abroad. It has all created an opportunity for al-Qaida to win new converts to its cause, as the hardcore Syrian regime has also tried to present itself as one of the Middle East's most secular.

Insurgencies in Iraq and Libya also attracted foreign fighters. What is different in Syria is the extent to which fears are rising of the rebellion being hijacked by radical Islamist elements under the thumb of al-Qaida.

At Friday prayers in Brussels, Sheikh Mohamed El Tamamy has sought to discourage youths from leaving. "Some of these youngsters think that is jihad, when youngsters go from Belgium or Holland to Syria," he said. "But in truth, jihad in Islam has conditions and rules. For jihad, you must get permission from the authorities."

Many Europeans, however, fear fighters coming back more than volunteers heading to Syria.

The EU's law enforcement agency, Europol, said in the EU Terrorism Situation and Trend Report it published last Friday that returning fighters "have the potential to utilize their training, combat experience, knowledge and contacts for terrorist activities inside the EU."

The International Centre for the Study of Radicalization, an international group of five major academic institutions, estimates that up to 590 Europeans have left, accounting for about 10 percent of the foreign fighter total in Syria. Europol said Friday that in 2012, "Syria emerged as a destination of choice for foreign fighters."

This month's bombings at the Boston Marathon reinforced Europe's fears about youths leaving the West to be radicalized overseas, and coming back to carry out attacks. U.S. authorities are investigating whether one of the suspects, ethnic Chechen Tamerlan Tsarnaev, was influenced by religious extremists when he spent six months in Russia's Caucasus in 2012.

U.S. Secretary of State John Kerry said after a meeting with his Belgian counterpart, Didier Reynders, that "we just had a young person who went to Russia and Chechnya who blew people up in Boston. So he didn't stay where he went, but he learned something where he went and he came back with a willingness to kill people."

It's a trajectory that some Europeans fear carries parallels to the youths traveling to Syria to fight in the insurgency.

"We have to follow them to protect our society," said Reynders. "We have a real terrorist risk because of such behavior."

In the neighboring Netherlands, anxiety has spread to the historic city of Delft, until recently known for its blue-and-white pottery, canals, and burial site of kings and queens. Now, you can add suspected jihadists as well.

In the Netherlands, as in Belgium, there has been alarm over some Muslim youths leaving for Syria, with estimated departures going as high as 100. "It was known that some Delft youngsters were radicalizing," Delft mayor Bas Verkerk wrote to his city council, after unconfirmed reports that two fighters from Delft had died.

And last month the nation raised its terror alert to "substantial," with the terrorism coordinator citing "signs of youngsters radicalizing in the Netherlands and the increased number of jihad travelers to Syria."

As a liberal, Somers is hesitant to choose between freedom and added security and intrusion into people's lives. But he is also sensitive to the need for strong surveillance ? and is seeking compromises.

Somers says he wants security personnel to be "the eyes and ears in our cities" to see who plans to leave ? "and then we try to influence him in a positive way."

"We try it with the police and the secret service. We try to find out who is behind those people," he said. Somers is now coordinating surveillance and outreach efforts with the mayors of Antwerp and Vilvoorde, which is close to Brussels.

But some human rights organizations argue that fundamental rights are being trampled in the process.

"We are talking about views that these youngsters hold, and you cannot change opinions with a repressive approach," said Jos Vander Velpen, the chairman of the Belgian League of Human Rights. "To the contrary, they will become even more convinced, and win more status because of it."

___

AP videojournalists Bishr Eltouni and Mark Carlson contributed to this article

Source: http://news.yahoo.com/euro-mayors-try-keep-youths-going-syria-154244490.html

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Action plan ensures Manitoba is one of North America's safest ...

Posted on 04/28/2013, 11:47 am, by mySteinbach.ca

Manitoba now has a new strategic action plan to prevent workplace injury and illness and to better ensure every worker makes it home safely at the end of the day. This announcement was made by Family Services and Labour Minister Jennifer Howard.

?This comprehensive strategy follows the province?s most extensive review of injury and illness prevention in more than a decade and doubles resources dedicated to injury and illness prevention,? said Howard. ?It strengthens our safety and health laws and will ensure employers are rewarded for practices that make their workplaces safer and healthier.?

The Manitoba government?s Five Year Plan for Injury and Illness Prevention incorporates recommendations from three reports issued in early April as part of a wide-ranging review of workplace injury and illness prevention.

The new strategy details plans for:

• doubling funding for prevention services,
• creating new requirements under the Workplace Safety and Health Act that more clearly define workers? legal rights, require mandatory orientation of new workers and provide stronger protection when a worker refuses unsafe work,
• investing in resources that will ensure every high school student has access to workplace health and safety information in the classroom or online, and materials to help parents prepare their children to know about their rights to a safe workplace when they start their first job,
• strengthening support for emergency responders and other workers in high-trauma jobs,
• providing more ways for the public to report unsafe workplaces including a one-stop phone number for reporting unsafe workplace or injuries,
• requiring mandatory safety orientation for new workers,
• providing a mobile safety lab to bring safety awareness training and tools to rural worksites,
• ensuring every new business in Manitoba gets information about their responsibilities to prevent injuries,
• creating a leadership team of business owners and executives who have shown their commitment to safety and can help inform and mentor other business owners,
• increasing enforcement of rules to prevent bullying and violence in the workplace, and
• reviewing every workplace death to learn lessons about prevention.

?Dedicating more resources to prevention will help make Manitoba one of the safest places to work in North America,? said Howard. ?Enforcement is also an important part of injury prevention and our safety and health laws will be among the strongest in the country. Safety and health officers will now have the tools needed to ensure compliance.?

The minister also announced the Workers? Compensation Board of Manitoba will develop a strategy to eliminate claim suppression and inappropriate returnto-work practices, while ensuring employers that engage in genuine injury prevention are recognized and rewarded. That new strategy is expected in the fall of 2013.

?I?d like to thank Mr. Dave Gaudreau, MLA for St. Norbert, who assisted in conducting the comprehensive review of injury and illness prevention in our province,? said Howard. ?I also extend my gratitude to the many Manitobans who provided their input and recommendations.?

Information on Manitoba?s Five Year Plan for Injury and Illness Prevention and on the recent reviews is available at www.gov.mb.ca/labour/safety.

Source: http://www.mysteinbach.ca/newsblog/20233.html

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CA-BUSINESS Summary

TSX slides as mining, energy issues stumble

TORONTO (Reuters) - Canada's main stock market finished lower on Friday as natural resource stocks slumped and market sentiment soured following U.S. economic growth data that fell short of expectations. U.S. gross domestic product expanded at a 2.5 percent rate, an increase from the fourth quarter's dismal 0.4 percent pace but shy of the 3 percent growth analysts were hoping for. The weaker-than-expected data in Canada's biggest trading partner weighed on Canadian stocks.

Japan's ANA takes its first 787 back into the air since grounding

TOKYO (Reuters) - All Nippon Airways , the Japanese launch customer for Boeing Co's 787, flew its first Dreamliner in more than three months on Sunday to test reinforced batteries installed by the U.S. aircraft maker. The ANA flight was the second by an airline since aviation regulators on Friday gave permission for 787 operations to restart after batteries on two of them overheated in mid January. One was on an ANA plane in Japan and another on a Japan Airlines jet parked at Boston's Logan airport.

Italian court rejects Nomura seizure order: sources

SIENA, Italy (Reuters) - An Italian judge has rejected an order to seize around 1.8 billion euros ($2.3 billion) of assets from Nomura as part of a probe into suspected fraud involving troubled lender Monte dei Paschi di Siena , legal sources said on Saturday. Assets worth 140 million euros that were already seized from the Japanese bank have been released under the judge's ruling, which was made on Friday, the judicial source said.

Merger of drugmakers Valeant, Actavis on hold: source

(Reuters) - A proposed merger of Valeant Pharmaceuticals International Inc and Actavis Inc was put on hold after the two drugmakers failed to agree on terms of a deal that would have created a healthcare giant with a combined market value of $35 billion, a person familiar with the situation told Reuters on Saturday. Actavis spokesman David Belian and Valeant spokeswoman Laurie Little both declined to comment.

Vodafone investors want bigger bid or full takeover by Verizon

LONDON (Reuters) - Six major Vodafone investors said $100 billion was not enough for the British company's stake in its U.S. joint venture with Verizon Communications , and urged the latter to come up with an offer of at least $120 billion. Their comments followed a Reuters report on Wednesday that Verizon had hired advisers to prepare a possible $100 billion bid to buy Vodafone's 45 percent stake in their Verizon Wireless joint venture, likely to be structured as a roughly 50:50 cash and stock bid.

Renault hopes to have approval for Chinese plant by summer: CEO

PARIS (Reuters) - Renault-Nissan hopes to receive final approval from Beijing by the summer to build its first Renault plant in China, Chief Executive Carlos Ghosn said on Saturday. Ghosn had said last month he expected final government approval for the plant by the end of the year.

Volkswagen committed to European plants: CEO

VIENNA (Reuters) - German carmaker Volkswagen will keep its plants in Europe despite weak markets in the region that will require flexible manufacturing and could entail cuts to temporary staff, Chief Executive Martin Winterkorn said. Winterkorn had told shareholders in Europe's top carmaker on Thursday to brace for a tough year given faltering European consumer demand that is punishing the sector.

Boeing ready to build seven Dreamliners a month by mid-year

TOKYO (Reuters) - Boeing Co said on Saturday it is ready to build seven 787 Dreamliners a month from mid-year and is still on course for 10 per month by the end of the year. On Friday, Japanese authorities gave Japan Airlines and All Nippon Airways the green light to fly the grounded Dreamliner following U.S. approval.

TransCanada sees Keystone XL delayed till second-half 2015

CALGARY, Alberta (Reuters) - TransCanada Corp , Canada's No. 2 pipeline company, said on Friday the long wait for U.S. government approval of its controversial Keystone XL project will further delay completion of the pipeline and push its cost above the company's $5.3 billion estimate. TransCanada, which reported a 27 percent rise in first-quarter profit on Friday, is waiting for the Obama administration to issue a presidential permit for construction of the line, which is designed to carry 830,000 barrels a day of Canadian and U.S. crude oil to refineries on the Gulf of Mexico coast.

Exclusive: Brazil's Vale says signs accord to quit Argentine Potash project

RIO DE JANEIRO (Reuters) - Global miner Vale SA signed an agreement with the Argentine government on Friday that will allow the Brazilian company to leave the $6 billion Rio Colorado potash mining project, a company spokeswoman told Reuters on Friday. The agreement could put an end to months of uncertainty for Vale , which suspended work on the fertilizer project in December and announced its intention to pull out in March.

Source: http://news.yahoo.com/ca-business-summary-012012257.html

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Some are overlooked in US immigration overhaul

SAN DIEGO (AP) ? Carlos Gonzalez has lived nearly all his 29 years in a country he considers home but now finds himself on the wrong side of the border ? and the wrong side of a proposed overhaul of the U.S. immigration system that would grant legal status to millions of people.

Gonzalez was deported to Tijuana, Mexico, from Santa Barbara in December, one of nearly 2 million removals from the United States since Barack Obama was first elected president.

"I have nobody here," said Gonzalez, who serves breakfasts in a Tijuana migrant shelter while nursing a foot that fractured in 10 places when he jumped the border fence in a failed attempt to rejoin his mother, two brothers and extended family in California. "The United States is all I know."

While a Senate bill introduced earlier this month would bring many of the estimated 11 million people living in the U.S. illegally out of the shadows, not everyone would benefit. They include anyone who arrived after Dec. 31, 2011, those with gay partners legally in the U.S., siblings of U.S. citizens and many deportees such as Gonzalez.

With net immigration from Mexico near zero, the number who came to the U.S. since January 2012 is believed to be relatively small, possibly a few hundred thousand. They include Isaac Jimenez, 45, who paid a smuggler $4,800 to guide him across the California desert in August to reunite with his wife and children in Fresno.

"My children are here, everything is here for me," Jimenez said from Fresno. He lived in the U.S. illegally since 1998 and returned voluntarily to southern Mexico last year to see his mother before she died.

So far, advocates on the left have shown limited appetite to fight for expanded coverage as they brace for a tough battle in Congress. Some take aim at other provisions of the sweeping legislation, like a 13-year track to citizenship they consider too long and $4.5 billion for increased border security.

"It's not going to include everybody," said Laura Lichter, president of the American Immigration Lawyers Association. "It's not perfect. I think you hear a lot of people saying, 'Don't let the perfect be the enemy of the good,' and this is good."

Peter Nunez, who supports restrictive policies as chairman of the Center for Immigration Studies in Washington, rates the bill an 8 or 9 on a scale from 1 to 10, with 10 being the most inclusive. He criticizes a measure that allows deportees without criminal histories to apply for permission to return if they have spouses or children in the U.S. legally, a step that supporters say would reunite families.

"I just don't understand why we are going to basically undo a deportation," said Nunez, a former U.S. attorney in San Diego.

Senate negotiators were more forgiving of criminal records than the Obama administration was when it granted temporary work permits last year to many who came to the U.S. as children. The administration disqualified anyone with a single misdemeanor conviction of driving under the influence, domestic violence, drug dealing or certain other crimes. The Senate bill says only that three misdemeanors or a single felony make someone ineligible.

Deportations topped 400,000 in fiscal 2012, more than double from seven years earlier, sending Mexicans to border cities like Tijuana where they often struggle to find work. The Padre Chava migrant shelter serves breakfast to 1,100 people daily in a bright yellow building that opened three years ago because it outgrew its old quarters. Director Ernesto Hernandez estimates 75 percent are deported.

"Many come wearing sneakers that cost hundreds of dollars and nothing in their pockets," Hernandez said.

About 10 percent of the shelter's deportees speak little or no Spanish, including Salvador Herrera IV, 28, who came to the U.S. when he was 2 in the back seat of a car and grew up skateboarding and playing basketball in Long Beach. With a conviction for grand theft auto putting his legal status out of the question, he is considering paying $8,000 for someone else's identity documents to try to return illegally to Southern California.

"I'm basically American," he said. "I'm a beach boy. I do American stuff."

Many at the shelter have convictions for DUI or domestic violence, said Hernandez, reflecting the Obama administration's priority to target anyone with criminal records for deportation.

Gonzalez was arrested in Santa Barbara on suspicion of disorderly conduct, landing him in Tijuana for New Year's Eve. He said he had several misdemeanor convictions, including a DUI, which he committed shortly after turning 18.

"That's when you party a lot and you think it's not going to matter," he said.

Gonzalez was born in Cuernavaca, south of Mexico City, and came to the U.S. by plane when he was 2 years old, never leaving Santa Barbara. After graduating from Santa Barbara High School in 2002, he took automotive classes at community college, worked about four years at a Jiffy Lube outlet and held jobs as a mechanic, gardener and telemarketer in the picturesque California coastal city of 90,000 people.

Gonzalez doesn't know where he will settle after his foot heals. His family helped with more than $3,000 in medical expenses, including a metal rod that holds a toe together.

He may try to find an aunt in Cuernavaca but doesn't have her phone number or address.

"I never thought I would be in this predicament," he said.

Source: http://news.yahoo.com/overlooked-us-immigration-overhaul-182243975.html

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Threatwatch: Did Syria use chemical weapons or not?

Threatwatch is your early warning system for global dangers, from nuclear peril to deadly viral outbreaks. Debora MacKenzie highlights the threats to civilisation ? and suggests solutions

The US has had a change of heart: its government is now reasonably confident that the Syrian military has used chemical weapons, specifically the nerve agent sarin. But things still don't add up.

On Thursday, in a letter to US senators, a White House spokesman said that US intelligence has decided "with varying degrees of confidence, that the Syrian regime has used chemical weapons on a small scale."

US president Barack Obama has declared chemical weapons (CW) use a "red line" that would elicit a response by the US, potentially embroiling the country in Syria's vicious two-year civil conflict.

Corroborated facts

However, the letter also insists that "intelligence assessments alone are not sufficient ? only credible and corroborated facts... will guide our decision making."

It specifically called for "a comprehensive United Nations investigation that can credibly evaluate the evidence". Those inspectors, however, have still not received permission to enter Syria. Even if they do it is not clear how much evidence of sarin use they will uncover. Obama's red line might be safe for now.

Syrian president Bashar al-Assad is known to possess a massive CW stockpile, considered to be his deterrent to the nuclear threat posed by neighbouring Israel. Allegations of CW use started in July last year, but have been difficult to verify.

A spokesman for Obama declared on 23 April that "we have not come to the conclusion that there has been that use" of CW by either side. The following day, US Defence Secretary Chuck Hagel dismissed CW use in Syria as "suspicions".

Change of heart

The change of heart was based, said the letter, sent 25 April, on "physiological samples" from victims. These were, judging by reports, from an attack by Assad's forces on the city of Homs on 23 December, analysed at the UK's Defence Science and Technology Laboratory in Salisbury, UK; and samples from an attack on 19 March, on the village of Khan al-Aisal outside the northern city of Aleppo, analysed at the US Army's chemical defense lab in Maryland.

Both the Syrian government and the rebels alleged CW were used by the other side at Khan al-Aisal. Assad insisted the rebels had used chlorine, and asked UN secretary-general Ban Ki-Moon to send a formal weapons inspection team. At the same time, rebels charged that Assad had launched the CW attack, as well as one on the village of Ataibah outside Damascus.

Ban declared that all the sites should be investigated. Possibly as a result, the inspection team Assad invited is still waiting in Cyprus for permission from Assad to enter Syria. Some members of the team have already gone home.

Fog of war

There are clearly some chemicals being used in Syria, but footage of victims raise more questions than they answer. After the 23 December attack on Homs, doctors described symptoms that included pin-point pupils and convulsions ? signs of sarin ? but also lethal fluid in the lungs, which is not.

US officials declared in January that the incident involved CS gas, a tear gas used as a riot-control agent. The international convention banning chemical weapons prohibits the use of CS in war, but allows it for riot control; the dividing line is not clear.

Jean-Pascal Zanders of the European Institute of Security Studies in Paris maintains that images circulated on the internet of the alleged attacks do not suggest a nerve gas like sarin. "There are no convulsions or dead bodies," he says, "only single patients being treated in crowded emergency rooms. I'd expect clusters of casualties, and deaths." Moreover, no one seems to have been exposed to nerve agents due to handling victims.

Only one in a series of four such videos "shows any real poisoning symptoms", says Richard Guthrie, an independent CW expert, formally at the Stockholm International Peace Research Institute.

These symptoms appear to be fluid in the lungs and foaming at the mouth. While sarin causes drooling, among other symptoms, it does not cause fluid in the lungs or foaming at the mouth. Many industrial chemicals do and are commonly released when industrial areas are bombed.

Disappearing traces

Zanders says it would be nearly impossible to get chlorine ? effectively bleach, once it dissolves in body fluids ? to levels that would kill more than a dozen fighters, as Assad claims. But no evidence of the chemical should be left for inspectors to find by now.

Traces of sarin should still be detectable in blood or urine, or soil samples, says Amy Smithson of the Monterey Institute for International Studies, using gas chromatography to separate sample components and mass spectroscopy to analyse them.

The problem is, if there is sarin in a sample, where did it come from? Charles Blair of the Federation of American Scientists points out that it would be in the interests of rebel forces to involve the US in their fight against Assad ? and the origins of the samples coming out of Syria cannot be guaranteed.

Some believe a sarin-tainted sample would be hard to fake. For one thing, the US believes Assad controls all of Syria's CW munitions. But that may not be the only source. When the US had chemical weapons, the army, until 1969, gave out small vials of agents, including sarin, to teach soldiers to recognise their smell ? and they were widely distributed. Similar vials used to train Syrian soldiers might have tempted beleaguered rebels.

Additional reporting by Peter Aldhous

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GW Cancer Institute Publishes Research on Challenges Faced by ...

Newswise ? WASHINGTON (April 26, 2013) ? New research out of the George Washington University Cancer Institute (GWCI) focuses on the difficulties of transitioning to adulthood while dealing with the long-term and late effects of cancer and its treatment. The study was recently published in the Journal of Oncology Navigation and Survivorship, titled ?Improving Cancer Survivorship for Adolescents and Adults.?

Based on information obtained at GWCI?s second Cancer Survivorship Research Symposium, the paper summarizes the discussion amongst cancer survivors, caregivers, researchers, clinicians and other healthcare professionals. The goal of the symposium was to identify key issues for survivors and strategize about optimal interventions for improving care and support.

The authors outlined five key areas of need related to health care delivery system challenges: psychosocial impacts, health maintenance needs, employment issues and community-level barriers. They explored current approaches for addressing these concerns and made recommendations about interventions that may improve survivorship care and quality of life for adolescents and young adults.

?The symposium was a great opportunity for those within the cancer community to conduct high level conversations about the real needs of adolescent and young adult cancer survivors,? said Mandi Pratt-Chapman, M.A., associate director of GWCI Community Programs and author of the study. ?Our hope is that we will identify issues and come up with solutions that will address post treatment needs.?

Additional authors include Anne Willis, M.A., director of the division of cancer survivorship; Jennifer Bretsch, M.S., CPHQ, project manager of the division of cancer survivorship; and Steven Patierno, Ph.D., adjunct professor of pharmacology and physiology at the GW School of Medicine and Health Sciences.

For more information or to interview an author of the study, please contact Lisa Anderson at lisama2@gwu.edu or 202-994-3121.

###

About the George Washington University Cancer Institute (GWCI)

GWCI takes a comprehensive approach to a complex disease. In connection with the GW Hospital and the Medical Faculty Associates, GWCI provides for collaboration in the study, diagnosis and treatment of cancer. Its mission is to ensure access to quality, patient-centered care across the cancer continuum through community engagement, patient and family empowerment, health care professional education, policy advocacy and collaborative multi-disciplinary research. More information about GWCI at: gwcancerinstitute.org.

About the GW School of Medicine and Health Sciences

Founded in 1825, the GW School of Medicine and Health Sciences (SMHS) was the first medical school in the nation?s capital and is the 11th oldest in the country. Working together in our nation?s capital, with integrity and resolve, the GW SMHS is committed to improving the health and well-being of our local, national and global communities. smhs.gwu.edu.

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Italian court rejects Nomura seizure order: sources

By Silvia Ognibene

SIENA, Italy (Reuters) - An Italian judge has rejected an order to seize around 1.8 billion euros ($2.3 billion) of assets from Nomura as part of a probe into suspected fraud involving troubled lender Monte dei Paschi di Siena, legal sources said on Saturday.

Assets worth 140 million euros that were already seized from the Japanese bank have been released under the judge's ruling, which was made on Friday, the judicial source said.

A spokeswoman for Nomura in Italy declined to comment.

Prosecutors in Siena investigating lossmaking derivatives trades made under Monte Paschi's previous management ordered the seizure of around 1.8 billion euros of assets from the Japanese bank on April 16, but the court has rejected their request to have the order endorsed.

The trades under scrutiny include a structured deal with Nomura known as 'Alexandria', as well as a similar trade with Deutsche Bank called 'Santorini' and a smaller deal called 'Nota Italia' with JP Morgan.

Judge Ugo Bellini ruled against the seizure because he did not see evidence of fraud and deemed there was no urgency in freezing the assets given that the contract dates back to 2009, an investigative source said.

It was not immediately clear whether under the judge's ruling Monte Paschi has to resume collateral payments on the Alexandria deal, which had been frozen by the prosecutors order.

On Friday Nomura's chief financial officer, Shigesuke Kashiwagi, said in a note that his bank intended to engage with Italian prosecutors to find a solution.

Monte Paschi was forced earlier this year to book losses of nearly 1 billion euros after disclosing details of the complex derivatives deals.

The bank had already been weakened by the euro zone crisis and has been forced to accept help from the state in the form of 4 billion euros of state bonds to meet tough capital requirements set by European regulators.

The investigation is also politically sensitive in Italy as the Tuscan bank had strong links with local center-left party leaders.

(Additional Reporting by Danilo Masoni in Milan; Editing by Greg Mahlich)

Source: http://news.yahoo.com/italy-court-rejects-seizure-nomura-assets-monte-paschi-095954292.html

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Exclusive: Verizon eyes roughly $100 billion bid for Vodafone's wireless stake

By Soyoung Kim and Kate Holton

NEW YORK/LONDON (Reuters) - Verizon Communications Inc has hired advisers to prepare a possible $100 billion bid to take full control of Verizon Wireless from its partner Vodafone Group Plc, two people familiar with the matter said.

Verizon is contemplating a roughly 50:50 cash and stock bid for the 45 percent stake in Verizon Wireless it does not already own, an asset it has long coveted, the sources said. It has not put a proposal to Vodafone yet but has hired banking and legal advisers for a possible offer, the sources said late Wednesday.

There are no guarantees that Vodafone will be interested in a deal or that any bid will materialize, the sources said. But they said Verizon was ready to push aggressively and hoped to start discussions with Vodafone soon for a friendly agreement. Verizon is also prepared to take a bid public if the British company does not engage in talks, one of the sources said.

A Verizon spokesman declined to comment. Vodafone declined to comment. Verizon Wireless was not available for comment.

Shares in Vodafone, the world's second-largest mobile operator, rose 1.6 percent in London, while Verizon shares were up 2.5 percent in New York.

Verizon, which has made little secret of its wish to buy out its British partner in the biggest U.S. mobile operator, has ramped up the pressure in recent months, saying that it believed it could buy the asset in a tax-efficient way. The company's move to hire advisers and the sources' revelation of a price range highlight the company's seriousness about doing a deal.

At $100 billion, a deal would be the third-largest acquisition ever, according to Thomson Reuters data, and would come amid a new round of industry consolidation.

DEAL FUNDING

Investors say the conditions for a deal have improved as a result of Verizon's strong results, its share price gains, and low interest rates. Verizon shares are valued at 17.9 times forward earnings, compared with a multiple of m11.8 for Vodafone.

"It would depend on how the deal is structured and what the cost of financing is. But we think the deal at $100 billion would be viable for Verizon to do," said Louis Cimino, portfolio manager at Reaves Asset Management in New Jersey, which owns about 1.8 million Verizon shares. He said he would support a deal even if the price rose to $120 billion.

The sources said Verizon is confident it can raise about $50 billion of bank financing to fund a deal. Market demand for investment-grade debt is proving almost limitless in the current environment, and Verizon could expect a warm welcome from investors, even with a fund-raising as big as $50 billion, bankers told Reuters.

"This is a good time for both sides to think seriously about a transaction. Vodafone's probably never going to get a better multiple than now," New Street analyst Jonathan Chaplin said. "The growth rate (for Verizon Wireless) probably has to slow over time, particularly as Sprint and T-Mobile USA and AT&T improve."

Several challenges remain, however.

Analysts and Vodafone investors said the roughly $100 billion figure contemplated by Verizon was too low and likely more of an opening gambit to bring the British firm to the table. Most analysts had put the value of the Vodafone holding at nearer $120 billion.

One top-40 Vodafone investor, speaking on condition of anonymity, said there was "absolutely no way" it will be $100 billion, but that $135 billion would suffice.

TAX STRUCTURE

A key obstacle to a deal so far has been the expectation that Vodafone could incur a hefty tax bill of around $20 billion if it sells its holding, meaning Verizon would have to pay up to make it worthwhile for the British company.

But the sources who spoke to Reuters late on Wednesday said any deal would be structured such that the eventual tax bill would likely be $5 billion or less.

Under the deal structure, Verizon would buy Vodafone's U.S. holding company, which owns the British group's Verizon Wireless interest as well as some other assets in countries such as Germany and Spain, the sources said. This structure would allow Verizon to take advantage of a provision in British tax law called substantial shareholder exemption, they said.

Chaplin said the tax bill estimate of $5 billion was consistent with his calculations.

Vodafone Chief Executive Vittorio Colao has said he has an open mind on whether to sell the group's 45 percent stake, which has come to make up around 75 percent of the firm's value in recent years as its core European business suffered.

Analysts have said a sale of Verizon Wireless would enable Vodafone to return cash to shareholders, purchase fixed-line assets in Europe, or potentially make the company an attractive takeover target for other telecom giants such as AT&T Inc.

One of Vodafone's 15 largest investors said the company should look to return to shareholders a large portion of the proceeds from a sale, while retaining a small amount to reduce debt and fund bolt-on deals.

Shares in Vodafone have risen 26 percent this year on speculation that it could finally be ready to sell its stake.

Verizon's board is expected to discuss details of a potential Verizon Wireless buyout next week at a regularly scheduled meeting being held ahead of the company's annual shareholder meeting, one of the sources said.

Taking full ownership of Verizon Wireless would give Verizon, which is reliant on the unit for growth, a lot more flexibility with the cash generated from the wireless business.

In a research note, Chaplin said a deal at $100 billion would boost Verizon's earnings per share in 2014 by 33 percent.

Verizon's shares have risen about 20 percent this year as Verizon Wireless has been easily outperforming its smaller rivals in terms of profitability and customer growth, and on rising hopes of a buyout.

TELECOM DEALS

Any deal now, if it were to happen, would come at a time when the telecommunications industry is undergoing a fresh round of consolidation. MetroPCS Communications Inc shareholders voted Wednesday to approve a merger with T-Mobile USA, a unit of Deutsche Telekom AG.

An attempt by Deutsche Telekom to sell T-Mobile to AT&T for $39 billion in 2011 was blocked by U.S. antitrust regulators. Verizon would be unlikely to face any such obstacles in a Verizon Wireless buyout.

Meanwhile, Dish Network Corp, the No. 2 U.S. satellite TV provider, last week offered to buy wireless service provider Sprint Nextel Corp for $25.5 billion in cash and stock, challenging a proposed deal between Sprint and Japan's SoftBank Corp.

(Reporting By Soyoung Kim and Sinead Carew in New York, Kate Holton, Sinead Cruise and Chris Vellacott in London and Ross Kerber in Boston; Editing by Paritosh Bansal, Martin Howell, Will Waterman and John Wallace)

Source: http://news.yahoo.com/exclusive-verizon-eyes-roughly-100-billion-bid-verizon-015353243--sector.html

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