hilary-burke

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November 24th, 2009

from DealZone:

DealZone Daily

Posted by: Simon Meads
Tags: Uncategorized

British publisher Informa is in talks to buy its German rival Springer Science and Business Media from private equity firms Candover and Cinven, the FT says.

Informa initiated talks with Springer three weeks ago and is considering an all cash bid, according to its story, but private equity firms including Apax and EQT are still looking at the business.

For the latest deals news from Reuters, click here.

And here are the top stories from the newspapers (some external links may require subscription):

French fashion group PPR is planning to sell its retail businesses, including books and music chain FNAC and discount furniture business Conforama, as soon as it can, chief executive Francois-Henri Pinault told the WSJ.

Insurance broker Marsh & McLennan is closing in on a deal for HSBC Insurance Brokers, the UK's ninth largest broker, valued at 150 to 200 million pounds, the Daily  Telegraph says.

November 24th, 2009

from FaithWorld:

Sudanese woman in trouser case writes book, defies travel ban

Posted by: Sophie Taylor
Tags: Uncategorized

lubnaA Sudanese woman who was punished for breaching Islamic decency laws by wearing trousers has defied a travel ban by coming to France to publicise her new book.

Lubna Hussein was arrested in July and convicted of indecency charges in a case that made headlines worldwide. She was ordered to pay a fine or face a month in jail, but was spared an initial penalty of 40 whip lashes.

Her book, "Forty lashes for a pair of trousers", has come out in French and will be translated into English, Arabic, Swahili and other languages.

(Photo: Lubna Hussein in Khartoum, 31 July, 2009/Mohamed Nureldin Abdallh)

Thousands of women have been convicted of offences similar to Hussein's and sentenced to beatings in recent years under Sudan's Islamic decency regulations.

"This law and practice deform the image of Islam. No one has been able to find a text in the Koran which justifies flogging a woman for the way she is dressed," Hussein, wearing mauve trousers and jacket, told Reuters in an interview in Paris.

Read the whole interview here.

Follow FaithWorld on Twitter at RTRFaithWorld

November 24th, 2009

from FaithWorld:

Saudi Arabia seeks to curb flu and stop protest at haj

Posted by: Ulf Laessing
Tags: Uncategorized

haj-maskMore than two million Muslims gather this week for the annual haj pilgrimage to Islam's holy city of Mecca, where Saudi authorities hope to minimize spread of the H1N1 virus and prevent any political demonstration.

(Photo: Saudi security official at a checkpoint between  Jeddah and Mecca, 21 Nov 2009/Caren Firouz)

The haj, one of the world's biggest displays of mass religious devotion and a duty for Muslims who can perform it, has been marred in the past by fires, hotel collapses, police clashes with protesters and deadly stampedes.

This year, the mainly Sunni Muslim kingdom is battling Shi'ite Yemeni rebels after they raided its territory, an issue that raises fears of possible protests by fellow Shi'ite Muslims during the rituals. Saudi Arabia bans public protests.

Riyadh is also trying to prevent a spread of the H1N1 virus as the crowded rituals provide an environment for transmission of the disease. At least four pilgrims have died of the virus since the beginning of the haj season.

Read the whole story here.

Follow FaithWorld on Twitter at RTRFaithWorld

November 24th, 2009

from The Great Debate (UK):

Jack Straw cites trust as top issue for UK democracy

Posted by: Julie Mollins
Tags: Uncategorized

In a wide-ranging lecture in London on Monday hosted by Brunel University's Magna Carta Institute, Justice Secretary Jack Straw outlined his thoughts on the state of democracy in Britain and beyond.

After the talk, Straw told Reuters that the most pressing issue in UK democracy is the need for politicians to restore public trust following an expenses scandal that forced the main political parties to work together to resolve the crisis.

"People feel a bit detached from the political system," Straw said, adding that it is important to work out ways to "get people back into connection."

Disclosures earlier this year that MPs claimed on their expenses for everything from manure to porn films triggered public outrage. The controversy led MPs to oust parliament's speaker for the first time in 300 years.

November 24th, 2009

from Hedge Hub:

Morning line-up

Posted by: Joel Dimmock
Tags: Uncategorized

Hedge fund stories from the past 24 hours from Reuters and elsewhere:

rtxcg5sSEC war on hedge's derivatives - NY Post

Hedge funds could nab $11 bln from Lehman - Alphaville

Galleon brought down by beauty queen - Huffington Post

Hedgies pump up stock exposure - Reuters

Hedge fund giants get gold bug - WSJ

November 24th, 2009

from Raw Japan:

Retailers do the limbo

Posted by: Taiga Uranaka
Tags: Uncategorized

JAPAN-ECONOMY/For some of Japan's retailers trying to jumpstart consumer spending, setting prices is like doing the limbo: How low can they go?

Japanese retailers reported mostly dismal first-half earnings results, with the industry stuck in a slump as shoppers remain reluctant to open their wallets even as the economy emerges from recession. 

With no sales pick-up in sight, stores seem to have no choice but to continue their race to undercut rivals, with prices dropping for everything from cars to clothes to milk.

On the surface it sounds like a shopper's paradise: Who wouldn't mind paying less than 1,000 yen ($11) for a pair of jeans?

But it could also lead to a deflationary spiral in which consumers put off spending in hopes of further falls in prices.

And what's more, these price cuts are slicing into already razor-thin profits at companies, which are then forced to pass on the pain to employees in the form of lower paychecks.

"It's a death march," said Junji Ueda, CEO of FamilyMart, Japan's No. 3 convenience store chain.

"Manufacturers and transportation companies can't make profits, and retail workers can't get pay rises, or even worse, deflation will get to the point where they can't keep their jobs."

But some retail managers say price cuts are not hurting their businesses and there is room for even more markdowns.

"Some say we are cutting prices at the expense of profits, but such an argument is groundless. The problem is how to control inventory efficiency," said Motoya Okada, president of Japan's No. 2 retailing group Aeon Co Ltd, which runs the Jusco chain of supermarkets.

"Some wonder how we can sell jeans at 880 yen, but at the same time, there are many who think they are still expensive.  Recently, I visited Vietnam and was surprised to see items better than ours are sold at half our prices."

FAST-RETAILING/

Tadashi Yanai, CEO of Fast Retailing, maintains rivals' efforts to undercut each other are self-destructive, although the firm's casual-clothing chain Uniqlo is seen by some as one of the very culprits for fanning the deflationary trend with ultra-cheap apparel.

Fast Retailing is among the few Japanese retailers that have reported robust profit growth,  buoyed by strong sales at the Uniqlo stores.

"Our 990 yen jeans created value, but those that followed, like the ones for 880 yen and 850 yen, -- I guess jeans will be sold for free eventually -- did not produce value at all. I think our rivals will end up hurting themselves through such moves," Yanai said.

I am a bargain hunter and always happy to pay less, but I'm just hoping my salary doesn't decline like the prices of the goods in my shopping cart.

Photo credits: REUTERS/Issei Kato

November 24th, 2009

from Afghan Journal:

Canada’s soured Afghan mission

Posted by: David Ljunggren
Tags: Uncategorized

If you want an idea of just how much the Afghan experience has soured for Canada, look no further than a furore over allegations that officials may have commited war crimes by handing over prisoners to local authorities in 2006 and 2007.

The accusations flying through Parliament -- not to mention a cartoon portraying the Prime Minister as a torturer -- cannot have been what Ottawa expected when it committed 2,500 troops to Kandahar in 2005 on a mission that has turned out to be much bloodier, longer and expensive that anyone had calculated. At best, Canada's dreams for Afghanistan are on hold: the Taliban is still strong, corruption is rampant and there is little sign of the major development that Ottawa hoped for.

 Canada also stationed troops in Kandahar to underline that the old-style vision of its soldiers as peacekeepers was out. "We're not the public service of Canada ... we are the Canadian forces, and our job is to be able to kill people," said Rick Hillier, then chief of the defense staff, describing the Taliban as "detestable murderers and scumbags" in 2005.

AFGHANISTAN-CANADA/

 Prime Minister Stephen Harper took a similarly uncompromising line in 2006 when he went to Afghanistan and announced "there will be some who want to cut and run, but cutting and running is not my way".

 Fast forward three years and the government has long since stopped trying to sell the merits of a mission that has lost 133 soldiers so far and, according to Parliament's budgetary officer, will have cost over C$18 billion by the time it ends. For all the talk of not cutting and running, Ottawa says the troops will be home by end-2011 and dismisses talk of an extension.

Indeed, you'd barely know Canada was involved in its biggest conflict since Korea. Virtually the only time the mission makes the headlines is when a soldier is killed and this, as foreign diplomats note, is a rather odd way to persuade people to support the war. A few years ago officials held regular briefings, but those have long since stopped. Ottawa is now content to issue regular progress reports which reveal precious little progress.

The government learned too late that there is no way to make killing people look pretty (especially in an era of instant communications), that counter-insurgencies are particularly vicious, and that it is hard to maintain enthusiasm for a far-off conflict when people at home don't feel threatened by the enemy you're fighting and see little signs of progress

 "I can understand why it would be difficult to perceive any sense of success," said Brigadier Jon Vance, who until recently led Canada's Afghan contingent. "In the Second World War . . . the (battles) were often linear. You could measure progress by how far across the map you moved on a day, how much of the enemy army did you destroy. You could celebrate crossing the Rhine, landing on a beach, liberating a town. It's very difficult to do that (here)."

 Canada became involved in Afghanistan almost by accident, committing soldiers in 2002 . In 2005 the then Liberal government committed to a mission in Kandahar, but only for a year. The Liberals were replaced in 2006 by the Conservatives -- strong backers of the military -- who twice pushed through Parliamentary votes extending the mission.

 Failure, as they say, is an orphan. In 2007, former top Liberal defense official Eugene Lang co-authored a book saying it had been Hillier who pushed for the Kandahar assignment. Last month Hillier denied this, saying he would have been happy to stay in Kabul. He made the comments as he promoted his own autobiography, in which he savaged NATO as a faction-ridden rotten corpse that had botched the Afghan adventure.

The finger-pointing and backbiting increased dramatically last Wednesday, when diplomat Richard Colvin testified to a Parliamentary committee. Despite widespread reports of prisoner mistreatment in Afghan jails, Ottawa has always insisted it had no firm evidence that the detainees it transferred were being abused. After all, handing over prisoners in the knowledge they could be tortured is a war crime.

CANADA-AFGHAN/

But Colvin, based in Afghanistan for much of 2006 and 2007, said he had sent 17 memos warning of the danger of torture. Even though Canada's Conservative government is notoriously attack-minded, many were startled by the ferocity of its attempts to demolish Colvin's reputation on the grounds that his evidence was weak and he had been duped by the Taliban. Media commentators rounded on the Conservatives while cartoonists accused Canada of turning a blind eye to abuse. One even portrayed Harper as a torturer preparing to give Colvin electric shocks.

Needless to say, the mission is becoming less and less of a good news story. No one talks much about the chances of it succeeding. Harper, who was in India when Colvin testified last week, had his first chance to appear in Parliament on Monday to answer questions about detainees. He chose instead to meet the Canadian lacrosse team

The story looks set to continue for a few weeks as the Parliamentary committee hears from others involved in the case.  One thing is clear -- Canada has learned some painful lessons and it will be a long time before Ottawa again sends thousands of troops to fight abroad.

 ((Canadian soldiers conduct a patrol in southern Afghanistan; Reuters photo by Finbarr O'Reilly. Canadian diplomat Richard Colvin testifies in Parliament; Reuters photo by Chris Wattie))

November 24th, 2009

from Felix Salmon:

Counterparties

Posted by: Felix Salmon
Tags: Uncategorized

Remembering collateral costs in synthetic ETFs -- Index Universe

Daily Intel commenter says the only cure for Goldman's PR troubles is PUPPIES FOR EVERYONE -- NYM

Man puts $25k downpayment on a "Warhol" dated 1996 (he died in 1987) featuring "Matthew Baldwin" (who doesn't exist) -- SLT

Guy invites 700 FB "friends" to meet up; 60 RSVPs as "maybes" & 15 "attending." One actually showed up -- NYT

Newtongate: the final nail in the coffin of Renaissance and Enlightenment ‘thinking’ -- Carbon Fixated

Sinoscience chartporn -- Kedrosky

AOL's New Image: Animated Edition -- Paid Content

Just another day in the sleaze of the art world -- AFC

Dick Fuld made $541 million in cash from bonuses and stock sales, never mind the stock he owned at the end -- NYT

Flags by color proportion -- Shahee Ilyas

Where can you find a coveted bottle of 1997 Champagne Salon? In first class on Japan Air Lines -- USAT

Empty LA

November 24th, 2009

from The Great Debate (UK):

The debate over Darwin 150 years on

Posted by: Julie Mollins
Tags: Uncategorized

Debate continues to swirl around the theory of evolution Charles Darwin proposed 150 years ago in his groundbreaking book, "On the Origin of Species," despite its universal acceptance among scientists.

Before Darwin's discovery, the world was generally thought to have remained more or less the same since its creation. This belief, based on Biblical interpretations, was contested through fossil studies showing that species change over time.

Darwin's legendary round-the-world 1831-1836 voyage aboard the HMS Beagle generated his most significant observations and discoveries, inspiring his work on natural selection.

Although Darwin first used the term "natural selection" in a paper in 1842, it wasn't until 1859 that he published his controversial theory that all living beings share a common ancestry -- a discovery that remains vital to modern biology.

Author Nick Spencer, director of studies at Theos, a research organisation launched in 2006 with the support of the Archbishop of Canterbury, explained why the debate persists to this day.

"People are encountering evolution not so much as a science but as a philosophy," he told Reuters ahead of a Nov. 24 lecture at Westminster Abbey to mark the anniversary of the exact date on which Darwin's book was first published.

November 23rd, 2009

from Environment Forum:

Biggest California CO2 emitter is…

Posted by: Peter Henderson
Tags: Uncategorized

The biggest greenhouse gas emitter in California isn't in California.

A string of PacifiCorp power plants are the biggest emitters of carbon dioxide included in the state's 2008 inventory of carbon sources tied to state use.

California aims to start a cap-and-trade system for carbon pollution in 2012, if it is not preempted by a federal plan, and emissions reports by big power plants and the like represent a step toward that goal.

In-state and out-of-state power plants are roughly equal in the amount of carbon dioxide they produce, and together account for about a quarter of the state's emissions. A weak economy has raised the stakes for California's energy plans, and Gov. Arnold Schwarzenegger recently vetoed legislative renewable power goals that would have limited out-of-state supply. Instead he set a target with an administrative order that was less restrictive.

The biggest in-state California sources of CO2 were Chevron, Shell and BP refineries, accounting for under 5 million metric tons of carbon dioxide equivalent each in a chart of top emitters released by the California Air Resources Board. (One PacifiCorp plant in Wyoming had emissions over 15 million metric tones.)

The biggest source of emissions in California, though, is transport, and the 38 percent of emissions from that is not included in refineries' totals. The Air Resources Board plans to give an update of its cap-and-trade program on Tuesday. 

(Reuters picture by Kim White of Chevron refinery)