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from FaithWorld:
UK Christian leaders warn religion is being pushed out of public life
(Dark clouds gather over Southwark Cathedral in London, January 26, 2012. REUTERS/Finbarr O'Reilly)
They are recited at the beginning of Britain's parliamentary sessions and many school assemblies, but Christian leaders fear prayers could be driven from public life after a court ruled that a council had acted unlawfully by allowing them at meetings.
Although Britain has increasingly become a secular society, it is still a mostly Christian nation, and the Church of England is the established or state church, with the monarch as its supreme governor. But an atheist ex-councillor, backed by the National Secular Society (NSS), on Friday won a High Court judicial review in London, effectively nibbling away at the Church's influence. It is the latest legal defeat for Christians in the High Court, and came on the same day a religious couple lost their appeal against turning away a gay couple from their Bed and Breakfast guesthouse.
"I’ve no doubt at all that the agenda of the National Secular Society is inch-by-inch to drive religion out of the public sphere," the Church of England's Bishop of Exeter, Michael Langrish, told BBC television. "If they get their way it will have enormous implications for things such as prayers in parliament, the Remembrance Day, the Jubilee celebrations (marking the 60-year reign of Queen Elizabeth) and even the singing of the national anthem."
Government minister Eric Pickles entered the fray by describing the council ruling as "surprising and disappointing".
"We are a Christian country, with an established Church in England, governed by the Queen," he said in a statement. "Christianity plays an important part in the culture, heritage and fabric of our nation. The right to worship is a fundamental and hard-fought British liberty."
from FaithWorld:
Japanese Zen monk fights Fukushima’s invisible demon: radiation
(Koyu Abe, a Zen priest, lights a candle at the main hall of his Joenji temple in Fukushima, northern Japan February 3, 2012. REUTERS/Yuriko Nakao)
On the snowy fringes of Japan's Fukushima city, now notorious as a byword for nuclear crisis, Zen monk Koyu Abe offers prayers for the souls of thousands left dead or missing after the earthquake and tsunami nearly one year ago.
But away from the ceremonial drums and the incense swirling around the Joenji temple altar, Abe has undertaken another task, no less harrowing -- to search out radioactive "hot spots" and clean them up, storing irradiated earth on temple grounds.
The Fukushima Daiichi nuclear plant, some 50 km (31 miles) away, suffered a series of explosions and meltdowns after the massive earthquake and tsunami last March 11, setting off the world's worst nuclear crisis since Chernobyl in 1986 and forcing 80,000 people from their homes.
Radiation, carried on winds and by snow, spread far beyond the 20 km (12 miles) evacuation zone around the plant, nestling in hot spots across the region and contaminating the ground in what remains a largely agricultural region.
Many of those who fled have no idea when, if ever, they can return to land held by their families for generations.
from FaithWorld:
Slideshow: Drive-thru funeral parlor in California
(Nathaniel McDade, 67, (R) and Henrietta McDade, 63, of Pasadena view their late friend Robert Sanders, 58, in Compton, Los Angeles, February 8, 2012. REUTERS/Lucy Nicholson)
The Robert L. Adams drive-through funeral parlor, in business since 1974, and is thought to be the only drive-through funeral home in southern California, according to office manager Denise Knowles-Bragg. Knowles-Bragg said the parlor offers a convenient alternative to older people who find it hard to walk, those who want to make a quick stop during the lunch hour, and the families of well-known deceased people who expect many visitors.
(Flo Watson, 61, (R) and her daughter Nina Watson, 34, (C) view Flo's late postal service co-worker Robert Sanders, 58, at the Robert L. Adams drive-through funeral parlor in Compton, Los Angeles, February 8, 2012. REUTERS/Lucy Nicholson )
from UK News:
Press Round-up – February 10
RBS pensioners latest victims of cost cutting Pensioners of Royal Bank of Scotland have become the latest victims of the state-backed lender's push to cut costs after being informed the annual lunch programme for former staff had been cancelled. (Telegraph)
Barclays wins role in Glencore merger Last-minute lobbying by Barclays has secured it a role advising on the mega-merger of trading giant Glencore and miner Xstrata after originally being left off the advisory roster for the £54 billion deal. (Telegraph)
Libor probe discovers Citigroup took big hit Citigroup was forced to write off $50 million after two traders accused of attempting to influence global lending rates left the bank, according to people familiar with a worldwide investigation that is gathering pace. (FT)
Indonesian Bumi investors confident of compromise The Indonesian shareholders in coal miner Bumi are open to a compromise that would see financier Nat Rothschild stand down as co-chairman of the company but remain on its board, according to people familiar with the matter. (FT)
Rio Tinto chief waives bonus Rio Tinto's chief executive has decided to waive a bonus of up to 2 million pounds because of a disastrous acquisition that happened on his watch. (Times)
Paris to invest directly in Dexia to salvage deal The French government is to invest directly in the municipal finance unit of Dexia, the stricken Belgian bank, in order to salvage a deal to regularise lending to cash-strapped French local authorities. (FT)
Lehman estate sues Citi The Lehman Brothers estate has sued another of the defunct investment bank's former counterparties, this time Citigroup, for $2.5 billion for cash taken in the period leading up to its bankruptcy that it wants returned. (FT)
from Photographers Blog:
Quiet work amidst the reeds
By Herwig Prammer
The light is soft and warm, yet I am astonished at how cold it is. The thermometer says minus 15 degrees Celsius, but it feels far lower. In the car I did not recognize how strong the wind was blowing from the north.
Ernst Nekowitsch makes thatched roofs from reeds that grow along the shore of Lake Neusiedl, some 80 kilometers (50 miles) east of Vienna, Austria. He tells me to have a look around. I will find his workers out in the reeds, he says.
So I climb up on the roof of my Land Rover and try to position myself in reeds higher than my vehicle. When I see the harvesters with their machines on the expanse of frozen water, I wonder why I cannot hear them. It is so quiet here. There is just a swoosh of reeds swaying in the wind. I take my cameras and walk along the grooved lanes the harvesting machines cut through the reeds. It is more difficult than I expected. The ground I cover is a 15-centimeter-thick layer of ice as smooth as glass. Sometimes you can even see the lake bed.
A young woman stops her small tractor with balloon tires and welcomes me. Julia, the daughter of Ernst Nekowitsch, explains that she is actually a beautician, but in the winter she helps with the harvesting and in the summer she joins her father roofing. Her father has leased more than eight square kilometers (3.1 square miles) of reeds at the lake, and usually they harvest two to three square kilometers (1 square mile) each year – assuming it is cold enough and the ice on the lake is thick enough to bring on the harvesting machines. Nearly all of the reeds are exported, most of it to the Netherlands. Here on Neusiedlersee we have the largest reed belt in Europe besides the Danube delta – always enough work, she laughs, as she starts her tractor again.
from Global Investing:
Hungary’s Orban – the war may not be over
Throughout history, Hungary has not shied away from taking on formidable foes, be it the Ottomans, Habsburgs or the Soviets. More recently it squared up to no less redoubtable opponents: the IMF and the EU... before seemingly thinking the better of it. Despite having questioned the EU's authority with the line "Brussels is not Moscow", Hungarian PM Viktor Orban appeared to yield to the IMF and EU last month, pledging to backtrack on contested legal reforms in order to resume crucial aid talks.
This is because Hungary has a bigger battle on its hands. Its foe? Debt -- an enemy much easier to face if the IMF has your back. And investors think so too.
While revived risk appetite has boosted most emerging markets in 2012, Hungarian assets have also benefited from Hungary's seeming rapprochement with the IMF/EU. The forint has gained nearly 10 percent against the euro, stocks have rallied 15 percent and the cost of insuring the country against default has fallen nearly 200 basis points.
But is this bullishness justified? Has Hungary definitively conceded defeat in its IMF/EU battle in order to win its fiscal war? Gaelle Blanchard, emerging markets strategist at Societe Generale says investors believe in the future of the alliance.
If we see some more difficulties...there may well be some corrections, but the market is clearly now pricing in a deal.
It is all up to Orban. The European Commission gave him until Feb. 17 to address concerns over new laws or face legal action and the risk of more delay in aid talks. If the talks resume, a new IMF/EU deal, desperately needed by Hungary to pay back both bondholders and an earlier loan package, may well contain riders requiring Hungary to step up its austerity measures, says Blanchard.
The problem is if you want to reach a fiscal target, some difficult measures will have to be taken, that's for sure... it's still very much a political game right now.
from UK News:
Press Round-up – February 9
Trustees emptied pension funds to gamble on property Pension experts were appalled on Wednesday when it was disclosed that a company pension fund had been effectively hijacked by its trustees, who sold its conventional assets, geared up the proceeds with bank debt and bet almost the whole lot on speculative property developments. (Times)
Japan lines up national chip champion Three Japanese semiconductor manufacturers including Panasonic and Fujitsu are in talks to merge their operations to create a national champion chipmaker that would be backed by the government, according to people familiar with the matter. (FT)
U.S. bows to pressure on tax rules The U.S. has eased onerous reporting requirements on overseas financial institutions, which it had sought to impose as part of a global crackdown on tax evasion. (FT)
UK and Asia probe into rigging of lending rates Almost a dozen traders and brokers in London and Asia have been fired, suspended or put on leave by their employers as a multinational probe into alleged manipulation of crucial global lending rates accelerates. (FT)
GM restructuring plans threaten UK workers Workers at one of Britain's largest car plants are facing new concerns about their future as General Motors considers restructuring its loss-making European arm with "everything on the table". (Telegraph)
Facebook rolls out timeline-linked ads Facebook has found a way to monetise its new Timeline feature less than five months after launching it, repackaging what people "listen" to, "watch," and "read" into ads and delivering them to their friends. (FT)
Groupon records record loss in results Groupon has disappointed investors with its first quarterly financial results since it went public, reporting a loss that was well below the profits analysts had expected. (FT)
from UK News:
Press Round-up – February 8
RBS boss says restructuring has cost 38 billion pounds Stephen Hester has revealed that the dramatic restructuring of Royal Bank of Scotland has cost 38 billion pounds in a rallying memo to staff days after the embattled chief executive waived a 1 million pound bonus. (FT)
Misys and Temenos agree on merger terms Misys and Temenos have reached agreement on the key terms of a proposed 2 billion pound merger that would create the world's largest supplier of risk-management computer software to banks. (FT)
Little Chef set for administration British roadside restaurateur Little Chef will be put through administration after its private equity owner said talks with landlords to leave its unprofitable sites had collapsed. (Times)
Xstrata CEO urged to waive bonus payment Glencore Chief Executive Mick Davis has been put on notice to waive his $17.46 million bonus for the completion of Xstrata's $86 billion merger with Glencore. (Times)
Osborne pledges battle against 'anti-business culture' British finance minister George Osborne says the UK government is determined to fight an anti-business culture as ministers seek to fend off criticism from high-profile financial figures of their handling of bonuses at Royal Bank of Scotland and Network Rail. (Guardian)
US banks snap up mortgage products Banks have been responding to low interest rates by snapping up billions of dollars of bundled mortgage products that resemble the sliced-and-diced debt blamed for the financial crisis. (FT)
Two bidders left in running for RBS asian units Just two bidders remain in the running to buy Royal Bank of Scotland's Asian equities, mergers and acquisitions and research businesses, after three potential buyers dropped out of the race. (FT)
from FaithWorld:
Google and Facebook pull content after Indian courts say it offends religions
(The Google logo is seen on top of Google China headquarters' building in Beijing January 22, 2010. REUTERS/Jason Lee)
Internet giants Google Inc and Facebook removed content from some Indian domain websites on Monday following a court directive warning them of a crackdown "like China" if they did not take steps to protect religious sensibilities. The two are among 21 companies ordered to develop a mechanism to block material considered religiously offensive to the Prophet Mohammed, Jesus and various Hindu gods and goddesses, after private petitioners took them to court over images deemed offensive to Hindus, Muslims and Christians.
Two cases have been brought by individuals against internet companies in India, stoking fears about censorship in the world's largest democracy. "(Our) review team has looked at the content and disabled this content from the local domains of (Google) search, Youtube and Blogger," Google spokeswoman Paroma Roy Chowdhury said.
At the heart of the dispute is a law that India passed last year making companies responsible for user content posted on their websites, and giving them 36 hours to take down content if there is a complaint.
Last month, the companies said it was not possible for them to block content. Google's Roy Chowdhury declined to comment on what had since been removed, and a Facebook representative said only that the company would release a statement later.
A New Delhi lower court hearing one of the cases, a civil suit brought by an Islamic scholar, told the companies on Monday to put in writing the steps they had taken to block offensive content, and submit reports within 15 days. Read the full story by Arup Roychoudhury and Harichandan Arakali here. . Follow all posts on Twitter @ RTRFaithWorld
from Global Investing:
Without real sign of rate cuts, Indian equity rally still fragile
Indian equities are among the best emerging markets performers this year, with the Mumbai market having posted its best January rise since 1994. That's quite a reversal from last year's 24 percent slump. The bet is faltering economic growth will force the central bank to cut interest rates from a crippling 8.5 percent. So, how safe is the rally?
Some conditions are already in place. Valuations look decent after last year's drop. There has been a surge in global investors' appetite for emerging market assets. So Apurva Shah, who helps manage $600 million at the BNP Paribas Mutual Fund in Mumbai, expects positive returns from Indian stocks this year. But for a decent rally to be sustained, interest rates have to fall in order to kickstart faltering growth, he says.
The risk is really the assumption that interest rates and inflation are actually on the way down. We've seen the first leg of that happening, but it's just the beginning. Rates are still way too high. To trigger off any real revival in economic growth they need to fall a lot more.
The market may be pricing Indian interest rates to fall between 75 to 100 basis points this year but there is little indication this will actually happen. The central bank, the most hawkish in the developing world, has cut reserve requirements and voiced concern about growth. But a senior central bank official has made clear only a sustained fall in inflation will prompt a rate cut.
Inflation is indeed easing but elevated food prices, infrastructure bottlenecks, and the government's seeming inability to cut back on budget spending mean the battle is not over yet. Shah says that for the time being he is sticking to long positions in consumer stocks with a domestic focus, including consumer banking companies, and shying away from rate-sensitive stocks such as state-controlled wholesale banks. That will change if rates actually start to fall.
There have been a few false starts in the past, so we will want to be doubly sure that it's actually happening
(By Alessandra Prentice)
