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from UK News:
Press Round-up – February 16
Women swelling the ranks of the jobless Women are the hidden victims of Britain's flat-lining economy, losing their jobs at a far faster rate than men, official figures revealed on Wednesday. (Independent)
Tesco looks to prioritise food in sales push Tesco has told investors that it plans to bolster fresh produce and step up the pace of change in its food business in an effort to revive UK sales after January's shock profit warning. (FT)
Former BP CEO Hayward in line for payout Tony Hayward, BP's chief executive during the 2010 Gulf of Mexico oil spill, is in line to receive a share bonus worth an estimated 600,000 pounds from his former employer, as a reward for the company's performance between 2009 and 2011. (Telegraph)
Orange looks to offer Facebook to Africa Orange, the French mobile operator, is to provide access to Facebook for all its 70 million mobile phone users in Africa using technology that will allow the normally web-based social media service to be accessible from even the most basic handsets, opening up a huge market for Facebook. (FT)
US Federal Reserve divided on asset purchases Several members of the Federal Reserve's interest rate-setting committee said more asset purchases might be necessary "before long", given the risks to the U.S. economy. (FT)
UBS suspends traders in Libor probe UBS has suspended some of its most senior traders in connection with an international probe into the possible manipulation of interbank borrowing rates, in the latest controversy to hit the Swiss bank since the financial crisis. (FT)
Tchenguiz set to challenge SFO arrest The property tycoon Vincent Tchenguiz will apply to the UK's High Court for a judicial review of the Serious Fraud Office's decision to arrest him. (Times)
from FaithWorld:
U.S. Catholic bishops plan aggressive expansion of birth-control battle
(Bishops listen to proceedings during the United States Conference of Catholic Bishops in Baltimore, Maryland November 14, 2011. REUTERS/Kevin Lamarque)
U.S. Catholic bishops, energized by a battle over contraception funding, are planning an aggressive campaign to rally Americans against a long list of government measures which they say intrude on religious liberty. The U.S. Conference of Catholic Bishops plans to work with other religious groups, including evangelical Christians, on an election-year public relations campaign that may include TV and radio ads, social media marketing and a push for pastors and priests to raise the subject from the pulpit.
"We want to make it something that will get peoples' attention," said Bishop William Lori of Bridgeport, Conn.
The bishops spent the past few weeks pressing President Barack Obama to exempt religious employers from a federal mandate that all health insurance plans offer free birth control. Obama agreed to modify the mandate a bit, so that religious employers wouldn't have to pay for contraceptive coverage directly. That satisfied some Catholic groups, but the bishops were not mollified. They want the mandate repealed altogether.
And now, they are aiming higher still, lobbying Congress to enact a law that would let any employer opt out of covering any medical treatment he disagreed with as a matter of his personal faith.
So, for instance, a pizzeria owner who objected to childhood vaccinations on religious grounds would be able to request an insurance plan that did not cover them, in effect overriding a federal requirement that vaccinations be provided free with any health-insurance plan.
from FaithWorld:
Mormon church in USA apologizes for posthumous baptism of Jews
(Holocaust survivor and Nazi hunter Simon Wiesenthal in a 1995 file photo. REUTERS/Leonhard Foeger)
The Mormon church has apologized for the posthumous baptism by its members of the parents of famed Nazi hunter and Holocaust survivor Simon Wiesenthal. The posthumous baptisms were performed in Mormon churches in Utah, Arizona, and Idaho, according to the Simon Wiesenthal Center, a Jewish human rights organization named after the man who hunted down more than 1,000 Nazi war criminals including Adolf Eichmann in the years following the Holocaust.
The Church of Jesus Christ of Latter Day Saints, in its written apology on Tuesday, suggested that the action was the work of one member who they said has since been disciplined.
"We sincerely regret that the actions of an individual member of the Church led to the inappropriate submission of these names," Michael Purdy, a spokesman for the Church, said in a statement e-mailed to Reuters. "The policy of the Church is that members can request these baptisms only for their own ancestors. Proxy baptisms of Holocaust victims are strictly prohibited," he added.
Wiesenthal's mother Rosa died at the Belzec concentration camp in Poland in 1942. His father, Asher Wiesenthal, died during the First World War.
Read the full story by Mary Slosson here. . Follow all posts on Twitter @ RTRFaithWorld
from UK News:
Press Round-up – February 15
Greece's rescue package in doubt Euro zone officials have called off an emergency meeting of finance ministers to approve a vital 130 billion euro bailout for Athens amid a growing fight among the country's European creditors about the merits of allowing Greece to go bankrupt. (FT) Thai floods threaten to sink Lloyd's profits Lloyd's said that it had provisionally calculated a claims bill of $2.2 billion for its member insurers after the Thai floods, meaning the world's oldest insurance market is liable for up to 15 percent of a natural disaster set to cost the insurance industry up to $20 billion. (Times) Murdoch puts top lawyer on Sun case Rupert Murdoch has put his top lawyer on to News Corp's internal affairs committee as the media group comes under fire from its reporters for passing information to the police that led to the arrests of nine journalists at The Sun. (FT) Inflation drop to ease pain for UK households Households are expected to receive a welcome boost on Wednesday when the Bank of England signals that inflation will fall below 2 percent in the coming months, offering consumers some respite after two years of shrinking incomes. (Telegraph) HSBC looks to increase mainland Chinese presence HSBC <HSBA.L> is aiming to increase its presence in mainland China through a big expansion of its branch network or by raising its stake in Bank of Communications. (FT)
Bumi investors issue conditions to Rothschild The Indonesian investors in coal miner Bumi have said UK financier Nat Rothschild can stay on the company's board, but only if he steps down as co-chairman and stops being a "disruptive influence" over his calls for a shake-up at PT Bumi Resources, a Bumi affiliate. (FT)
Facebook in line for huge tax bill Facebook faces a requirement to raise as much as $5 billion through an extra share sale late this year to cover a tax bill for its employees, or as much again as the minimum amount it has already said it plans to raise in its initial public offering in May. (FT)
UK's fraud arm faces inspection Dominic Grieve, the Attorney-General, has ordered the first inquiry into the UK's anti-fraud authority to help improve its operations only weeks after it was forced into a climbdown. (FT)
from Global Investing:
Emerging Markets: the love story
It is Valentine's day and emerging markets are certainly feeling the love. Bank of America/Merrill Lynch's monthly investor survey shows a 'stunning' rise in allocations to emerging markets in February. Forty-four percent of asset allocators are now overweight emerging market equities this month, up from 20 percent in January -- the second biggest monthly jump in the past 12 years. Emerging markets are once again investors' favourite asset class.
Looking ahead, 36 percent of respondents said they would like to overweight emerging markets more than any other region, with investors saying they would underweight all other regions, including the United States. Meanwhile investor faith in China has rebounded with only 2 percent of investors believing the Chinese economy will weaken over the next year, down from 23 percent in January. China also regained its crown of most favoured emerging market in February.
Last year, the main EM index plummeted more than 20 percent as emerging assets fell from favour. So what is the reason for this renewed passion in 2012?
Firstly December's LTRO -- a multi-billion euro liquidity arrow from the cupids at the ECB has revived investor appetite for riskier emerging assets, boosting the index to around six-month highs since the start of the January. A second significant factor behind the resurgence in risk sentiment is that the market is daring once again to hope for an improvement in global growth, says Gary Baker, BofAML Global Research head of European equities strategy.
The big beneficiaries of all this have been emerging markets. It's not just about liquidity. Clearly the actions of the ECB have been vitally important... but what you've also seen is an improvement in global growth optimism. If optimism over growth is improving then there may well be a more fundamental underpinning to the movement.
So is investors' new-found love for emerging assets a passing flight of fancy or a true sign of commitment?
The significant monthly improvement in market sentiment towards emerging markets and the 44 percent level of investors overweight emerging markets are both events which have historically coincided with short-term underperformance by emerging equities, Baker says.
from UK News:
Press Round-up – February 14
France to push on with Tobin tax France is determined to press ahead with a financial transaction tax inspired by the UK's stamp duty and supported by at least eight other euro zone countries, the French finance minister has said. (FT)
Apple probes Chinese working conditions On the day that Apple's shares broke through $500 for the first time, it has allowed a group that campaigns against sweatshops to examine conditions faced by Chinese factory workers. (Times)
EU tries to finalise Greek bailout European officials rushed to finalise details of a 130 billion euro Greek bailout on Monday amid signs Germany and its euro zone allies may not be prepared to approve the deal at a finance ministers' meeting on Wednesday, despite Athens backing new austerity measures. (FT)
Moody's cuts France, UK, Austria outlooks to negative Moody's, the U.S. rating agency, placed the UK, France, Austria on negative credit watch late on Monday, raising the prospect that these countries may soon lose their triple A ratings against the backdrop of the euro zone debt crisis. (FT) Banking Chief in £2 million shares deal probe An executive at Standard Chartered is facing a possible investigation by the Financial Services Authority after failing to disclose a 2 million pound share deal to the bank for more than three weeks. (Times) Honda plans to increase EU production levels Honda says it will nearly double its production of cars in Europe as it seeks to reduce its reliance on imports from Japan and recover from a disastrous past year. (FT)
Foreign outcry over proposed 'Volcker rule' U.S. regulators are facing a flood of foreign complaints about the "Volcker rule" aimed at banning proprietary trading at banks, increasing the chances that the measure may be watered down. (FT)
S&P turns on Spain's banking sector Standard and Poor's has cut the ratings of some of the key players in Spain's banking sector, including Santander and BBVA, the country's two biggest lenders by assets, following the agency's decision to cut Spain's sovereign rating last month. (FT)
from UK News:
Press Round-up – February 13
Tax evasion probe hits more City staff The tax evasion case that saw four Royal Bank of Scotland staff members arrested, has hit at least two more banks, a stock brokerage and a wealth management firm. Documents seen by the Daily Telegraph suggest alleged offences relate to illegal use of film finance to evade paying income and other taxes. (Telegraph)
Private contractors to build and run a UK police station G4S, the world's largest security company, has won the first contract in Britain to build and staff a police station. (FT)
Bombardier renews rail threat The Canadian owners of Bombardier renewed threats to shut down its last remaining train factory in Britain unless it wins next big government train contract. (FT)
Stelios 'isolated' as EasyJet board sees backing for bonus Easyjet believes it has isolated Sir Stelios Haji-Ioannou, company founder and major shareholder, in a row over the executive pay report at the airline. Easyjet expects major investors to join Standard Life Investments, M&G and Sanderson Asset Management in supporting its pay plans. (Telegraph)
Pizza Hut likely to be sliced up Potential bidders for Pizza Hut's British arm are focusing on ways to buy the company without its near 100 loss-making restaurants. The Times said the auction of Pizza Hut UK has attracted turnaround specialists. (Times)
Murdoch hit by new legal fight in U.S. Mark Lewis, the lawyer who became a minor celebrity for his role in exposing the scale of phone hacking at British paper News of the World, said he was in advance stage of bringing his first case against Rupert Murdoch's News Corp in United States. (Independent)
Lotus applies brakes to sale rumours Proton, the Malaysian owners of Lotus Cars, dismissed rumours that it is about to sell the glamorous motoring brand once associated with James Bond movies. (FT)
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 )
