Saturday, August 15, 2009

Fox News Reporter Accuses White House Of Breaking The Law


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Alarm sounded over game futures

A stark warning about the finances of the games industry has been aired at the Edinburgh Interactive conference.

Screenshot from Tiger Woods PGA Tour Online, EA
EA is experimenting with novel ways for players to pay for games

The sector had suffered "significant disruption" to its business model, Edward Williams, from BMO Capital Markets told the industry gathering.

"For Western publishers, profitability hasn't grown at all in the past few years and that's before we take 2009 into account," he said.

By contrast, he said, Chinese firms were still seeing improved profits.

What makes the difference between Western firms and Chinese developers was the way they went about getting products to players.

Western publishers, said Mr Williams, still relied on the traditional develop methods of putting a game on a DVD and then selling that through retail channels.

Chinese developers focussed primarily on the PC market and used direct download, rather than retail stores, to get games to consumers.

Those Chinese developers were also helped by the low number of console users in South East Asia (other than Japan) which meant developers there did not have to pay royalties to console makers.

Future models

Three factors, said Mr. Williams, were forcing the operating costs of Western firms to spiral upwards:

• Games are getting larger, which meant longer development time and larger staff costs.

• In the 1990s the PlayStation accounted for 80% of the market, today the console space is very fragmented, so developers have to work on many platforms at any one time.

• The cost of licensing intellectual property or gaining official sports body endorsement (such as FIFA or FIA) has gone up.

These factors, said Mr. Williams, explained the stagnation in overall profitability despite sales in the games sector increasing by $30bn (£24.17bn) over the past four years.

Recent figures suggest sales are also coming under pressure. US game sales fell by 29% in the last 12 months suggest statistics from research group NPD.

PS2 console, AP
The PlayStation no longer dominates pushing up costs for game makers

Speaking to the BBC, Peter Moore - president of EA Sports - said that while the Chinese and Western markets were still very different, he expected to see some significant changes in the way Westerners buy games in the future.

"In China, PC and mobile platforms will continue to dominate," he said. "There isn't the necessity to buy other pieces of hardware and it is our job to service that."

"In Europe we are going to see more content that's delivered electronically, be that through Steam, Xbox Live or whatever."

Mr Moore added that while this may have some impact on retailers, the future of the high street shop was still bright, especially if you factor in sales of hardware, peripherals and game-time cards.

"The release of Tiger Woods online as a free to play experience will be the real test of the Western consumer's appetite for digital downloading," he said.

The game, scheduled for release in late 2009, has a segment which gamers can play for free online but can also pay for additional content as required.

Now in its sixth year, the Edinburgh Interactive Conference brings together industry figures, developers, publishers and the media to discuss issues facing the interactive game sector and to try to promote creativity.

From BBC

Premier League round-up


Manchester City put down an early marker of their ambitions for the season by beating Blackburn Rovers away from home as title favourites Chelsea left it late to overcome Hull City on the opening day of the Premier League season.

Arsenal fired a warning to any critics doubting their title credentials with an emphatic 6-1 victory at a woeful Everton.

New boys Wolves and Burnley suffered 2-0 defeats against West Ham and Stoke City respectively, while Aston Villa surprisingly lost by the same scoreline against Wigan Athletic.

Portsmouth look set for a difficult season after losing at home to Fulham and Sunderland's campaign got off to a winning start after a narrow success at Bolton Wanderers.

Didier Drogba scored a lucky injury-time winner as Chelsea overcame stubborn resistance from Hull City to secure a 2-1 victory at Stamford Bridge.

Stephen Hunt marked his debut by putting the Tigers in front on 28 minutes, but Drogba fired home a free-kick to equalise before half-time and the Ivory Coast striker's attempted cross crept inside the far post to claim the points at the death.

Arsenal enjoyed a dream start to the new season as Cesc Fabregas ran the show in a brilliant 6-1 victory over Everton at Goodison Park.

Denilson opened the scoring for the Gunners on 26 minutes before Thomas Vermaelan and William Gallas were both left unmarked to head home free-kicks.

Fabregas made it 4-0 to Arsenal just three minutes after half-time and the Spaniard added another on 69 minutes with a low shot from 25 yards before Eduardo tapped home a late sixth. Louis Saha scored a late consolation.

Mark Hughes enjoyed a happy return to Ewood Park as Manchester City scored at the start and end of the match to beat Blackburn Rovers 2-0.

City's goal after just three minutes arrived on the back of some desperate defending on their own line with the visitors then breaking upfield before debutant Emmanuel Adebayor smacked a thumping effort past Paul Robinson.

With Rovers pressing for an equaliser, City broke in the final minute and, after taking his time, Stephen Ireland eventually slipped the ball inside the post.

Burnley were given an early warning of the difference between the Championship and the Premier League following a 2-0 defeat by Stoke at the Britannia Stadium.

Ryan Shawcross headed the Potters in front on 19 minutes and a trademark Rory Delap throw-in provided the second on 33 minutes as Burnley defender Stephen Jordan nodded the ball past his own keeper.

Wolves endured a disappointing return to the Premier League as West Ham scored a goal in each half in a 2-0 victory at Molineux.

Mark Noble curled home a sublime opening goal for the Hammers midway through the first half and Matthew Upson made sure of the points with a 69th minute header.

Aston Villa were booed off at the end of their first game of the season after crashing to a 2-0 defeat at home to Wigan.

Wigan twice came close to taking the lead when Charles N'Zogbia struck the post and Hugo Rodallega's header was cleared off the line by James Milner in an incident likely to spark the technology debate again.

There were no doubts over the Latics' opener on 31 minutes, though, as Rodallega beat Brad Friedel with a stunning volley and Jason Koumas slotted home the second 11 minutes after half-time.

Darren Bent made an instant repayment on his club record transfer fee by scoring the only goal as Sunderland beat Bolton 1-0 at the Reebok Stadium.

Bent, signed from Tottenham Hotspur, rose at the far post to head home a deep cross after just five minutes to give Steve Bruce a winning start to his reign as Black Cats manager.

Fulham ensured there will not be such a long wait for an away win this season as Roy Hodgson's men posted a 1-0 win at troubled Portsmouth.

The only goal came after just 13 minutes when Clint Dempsey's drive from 25 yards took a wicked deflection off Bobby Zamora and left Pompey keeper David James with no chance.

www.skysports.com

Death takes UK Afghan toll to 200


A British soldier has died from wounds suffered in Afghanistan, taking the number of UK troops killed since operations began in 2001 to 200.

The soldier, from the 2nd Battalion the Royal Welsh, died in hospital in Birmingham. Family have been informed.

He was injured in an explosion while on patrol in Helmand on Thursday.

Prime Minister Gordon Brown described the death as "deeply tragic news", but renewed his commitment to the "vital" mission to make Afghanistan stable.

"Today is a day of mourning, and also a day of reflection. I want to thank the entire armed forces and the families and communities which sustain them," he said.

"We owe it to you all never to forget those who have died. But my commitment is clear: we must and will make Britain safer by making Afghanistan more stable.

"We will honour and support those who have been killed or wounded in the field of battle. And we will give those who fight on all the support that they need to succeed in this vital mission."

'Deeply saddened'

The latest soldier to die in the conflict was wounded while on vehicle patrol near Musa Qala in Helmand province on Thursday morning. He died of his wounds on Saturday at the Royal College of Defence Medicine in Selly Oak.

Lt Col Nick Richardson, spokesman for Task Force Helmand, said: "We are deeply saddened by his loss and join with his family and friends to mourn his passing."
A total of nine UK personnel have died this month as troops attempt to shore up security ahead of August elections.

The latest death follows those of three soldiers killed by roadside bombs while on foot patrol in Helmand on Thursday.

Two of the soldiers had been attempting to help a comrade who had been wounded by an earlier blast.

Rifleman Daniel Wild, 19, from County Durham, and Captain Mark Hale, both serving with the 2nd Battalion The Rifles, were carrying Lance Bombardier Matthew Hatton, 23, of 40 Regiment Royal Artillery, from North Yorkshire, when they were hit by a second explosion.

'Progress made'

Defence secretary Bob Ainsworth said news of the 200th death made it a "grim day" and said Britain mourned every loss of life in the conflict.

But he insisted UK troops had been making "good progress" in their mission.

He accepted the recent offensive against the Taliban - Operation Panther's Claw - was a "tough fight", but said it had brought nearly 80,000 Afghans out from under the "tyranny of the Taliban".

Mr Ainsworth also said he believed the second Afghan presidential elections, to be held later this week, would offer more Afghans "a stake in their own emerging democracy" and provide greater security for the UK.

"It is only by supporting the Afghan government and its security forces to bring stability can we ensure that we prevent Afghanistan becoming the haven for terrorists it once was, protecting Britain from attack and promoting peace across the region.

"We must not fail in this task, and we will not."

Shadow defence secretary Liam Fox said passing the 200th death mark served as a "stark reminder of the bravery and sacrifice of British troops in Helmand".
news.bbc.co.uk

Economic Disaster Ahead


YOUTOBE

Friday, August 14, 2009

Mandela coins to go on sale for R5

Mandela Protea 2007 coins will go on sale for R5 each, the South African Gold Coin Exchange (SAGCE) said on Friday.

The promotion formed part of the opening of its Scoin retail outlets in the Western Cape, the SAGCE said in a statement.

It said the silver R1 coins - worth about R750 each - would be available at this price for one day only at its Western Cape stores.

"On Tuesday, August 18, the first 100 customers to visit the Tyger Valley, Somerset Mall, Canal Walk and Cavendish Square outlets will be able to pick up the coin for a tiny fraction of its normal retail value."
Continues Below ↓


Click here!



The offer was limited to 100 coins a store and one coin a customer.

SAGCE's executive chairman Alan Demby said the Mandela Coin was an outstanding long-term investment, given the promising potential of the precious metals markets.

"One does not need to be an expert in finance to know that gold, platinum and silver coins are sound long-term investments during any economic climate.

"We are rewarding our customers with this one-time offer to create awareness of the new stores and to highlight the considerable merit of precious metal coins," he said.
(www.int.iol.co.za)

Union requests urgent meeting with Ndebele

In an attempt to avert legal strike action in the transport sector, the Federation of Unions of South Africa (Fedusa) has requested an urgent meeting with Transport Minister Sibusiso Ndebele.

In a copy of a letter forwarded to Ndebele on Friday, Fedusa said its affiliate, the United Transport and Allied Trade Union (Utatu), was "dismayed" by the unethical and irresponsible action taken by Metrorail management.

Last week, a strike by the South African Transport and Allied Workers' Union (Satawu) was called off after an agreement was reached.

"Their action of signing an eight percent agreement with Satawu has placed the company's Utatu members - the majority of its train drivers, operational and maintenance staff - in a very untenable position," Fedusa general secretary Dennis George said in the letter.

He said Metrorail had reneged on its previous offer of seven percent from April 1, with adjustments to the housing and medical subsidy which amounted to another one percent, and a further 1,5 percent increase from September 1, which would then total 9,5 percent.

"Their offer of eight percent is therefore ludicrous and is being rejected out of hand by our Utatu members."

He said in a "last ditch" attempt, Utatu had met with group chief executive officer Lucky Montana to try and avert strike action by members.

"Unfortunately, they deadlocked and no change was made to the signed agreement, which apparently will be implemented and paid today [Friday] to Satawu members and free-riders."

George said Fedusa strongly supported its affiliate and therefore called on the government and Ndebele to urgently and expeditiously intervene in the matter.

"The intended strike action will have dire consequences not only for commuters, but also for all other employers in South Africa, as millions of workers will be deprived of their normal means of transport," he said.

The strike action was scheduled to start just after midnight on Monday morning.

Metrorail is expected to comment in a later statement
(www.dailynews.co.za)

CBN Sacks Five Bank CEOs, Injects N400b

The Central Bank of Nigeria has moved to inject N400 billion into five banks in the country following the decision to remove the CEOs and executive directors of the affected banks. The affected institutions are Intercontinental Bank Plc, Union Bank of Nigeria Plc, Oceanic International Bank Plc, Finbank Plc and Afribank Plc.
The CEOs that have been sacked by the CBN are Erastus Akingbola (Intercontinental Bank); Okey Nwosu (Finbank); Sebastian Adigwe (Afribank); Mrs Cecelia Ibru (Oceanic Bank); and Bartholomew Ebong (Union Bank).
But in a pre-emptive move, Erastus Akingbola, MD/CEO of Intercontinental Bank who got wind of his impending removal called his executive directors to inform them of their certain sack by the CBN.
Akingbola was said to have rushed to Ota yesterday to elicit the support of former President Olusegun Obasanjo to intervene on his behalf and call President Umaru Yar�Adua to stop the CBN from carrying out the sack.
However, the CBN governor, Sanusi Lamido Sanusi, who made this decision known this morning at the Emergency Bankers� Committee convened by the CBN in Lagos, explained exclusively to THISDAY that the decision was being taken to safeguard the financial sector from systemic collapse.
He said following the audit exercise conducted by CBN�s examiners it was discovered that five of the banks had accumulated margin loans of N500 billion, among other loans, that had gone bad and eroded their shareholders� funds.
�Some of these banks are quite large institutions and they have been mismanaged, so we had to move in to send a strong signal that such recklessness on the part of bank executives will no longer be tolerated.�
He said the CBN had obtained the approval of the President to inject N400 billion into the affected banks to shore up their tier 2 capital to minimum acceptable levels.
Sanusi added that the funds being injected by the CBN was just temporary and does not translate to the government taking a stake in the five banks, as the interim management will be given a period to recapitalise the affected institutions, following which the N400 billion will be paid back to the CBN.
On how the CBN will prevent a run on the banks and create panic in the economy, Sanusi said the CBN intends to make it clear that the money being injected by the reserve bank as well as the decision to guarantee interbank placement should allay depositors� concerns.
The CBN, he stated, stands ready to ensure that no bank collapses in the country, but will encourage them to seek for funds to raise fresh capital and merge with stronger banks.
He said an interim management and board for the affected banks will be put in place to run the institutions until they are taken over by new management teams and owners.
( thisdayonline.com)

Harlem business owner Charles (Gus) Augusto opens shop day after fatally shooting two robbers

Keivom/News

Police investigate the scene Thursday outside the Blue Flame, a restaurant-supply business on W. 125th St., where owner Charles (Gus) Augusto (below) shot and killed two would-be robbers.

There was spattered blood and holes from shotgun pellets in the door, but Charles (Gus) Augusto was back in business Friday, a day after blasting two would-be robbers to death and wounding two more.

Sitting in his Harlem store, the 72-year-old businessman said he wished he hadn't been forced to pull the trigger, but added, "I had no choice."

"I would have been happy if they'd all run out the door," he told the Daily News. "I'm sick to my stomach over it."

Augusto said he told the gunman who'd just pistol-whipped his clerk to clear out, but the bandit just wouldn't listen.

"I'm sad I couldn't talk him out of it," he said. "I'm sad there's mothers and fathers with no sons today."
Augusto said he has some idea what they must be feeling because his son, Charles, killed himself with a gun a dozen years ago and "the pain never goes away."

"I don't feel like a hero," he added. "I would have felt like a hero if I could have talked that kid into going home."

The tragedy began at 3 p.m. Thursday when four thieves burst into Blue Flame, a restaurant-supply business on W. 125th St. near Amsterdam Ave.

They apparently hadn't noticed the words "Abandon all hope ye who enter here" that some joker had written in black marker over the front door.

In his first interview since the shooting, Augusto told the News what happened before he reached for his 12-gauge shotgun and began firing.

"I'm sitting here minding my own business and they come in," he said. "Next thing I look and there's a kid standing there with a gun pointed at \[secretary Dorothy Hunt\] wanting to know where the cash was."

As one of the suspects beat Augusto's store clerk, Toxie "J.B." Hall, another asked Augusto, "Where's the cash?"

"I told this kid, 'We don't have any money,'" Augusto said.

"I asked him, 'Why don't you just put your gun down and go home and we'll forget about this thing? Someone's gonna get hurt. There's no money - you're gonna get in trouble. You're wasting your time.'"

Augusto said for a second he thought he'd gotten through to him. But then another robber, who was wearing a red shirt, told his buddy to ignore Augusto and resumed pounding Hall.

It was then that Augusto reached for the shotgun he bought two decades ago - and hoped he'd never have to use.

"I got up and pointed it down there and I fired about three rounds," he said. "I wasn't aiming at no one directly."

Augusto's three blasts felled all four bandits, ages 21 to 29. Two were killed. Two others staggered outside the store and were nabbed by cops. They were taken to St. Luke's Hospital in stable condition.

"They were beating up on J.B., so I shot them," Augusto said. "They were probably going to work us all over. You know me - I'm not going to take anything lying down."

Hall, 35, said he owed his life to Augusto.

"I worked for that guy since I was 19," he said. "He looked after me tremendously. Gus is a good dude."

Born in Yonkers and still living in Westchester County, Augusto said he is a father of two other children and has been married 48 years. He said he learned how to handle a gun while serving in the Coast Guard.

Police are investigating whether Augusto's gun was properly licensed. He said the license may have expired.

"It was sitting there for 20 years - I didn't know if it was gonna' work," he said.

With Mike Jaccarino and Rich Schapiro(The nydailynews)

Umenyiora proud of rival Eagles after Vick signing


Osi Umenyiora doesn’t like the Eagles any more than he has for the rest of his career. But the Giants defensive end said he has a new respect for the organization.

“It’s hard for me to say this, but I’m proud of that franchise,” Umenyiora said Friday, a day after the Eagles signed Michael Vick. “That was a big step they took. A lot of people didn’t have the -- what’s the word, cojones? -- to make a move like that. But they did.

“As much as I hate to say this because I’ve been bred to hate that franchise, I’m happy for them and I think they did a good thing,” he added.

The Giants’ reaction to the arrival of Vick in their division was one of concern and happiness. Many players were grateful that Vick was given another chance to play in the NFL. But they were also weary of what he’ll mean to the Eagles offense.

“Absolutely they got better,” defensive end Justin Tuck said. “There are so many more options with him now. It’s kind of like what we’re trying to accomplish with our defensive line. There are so many options for us, it makes it hard to game plan.”

Safeties coach Dave Merritt called Vick “the ultimate wildcat quarterback.”

“With his ability to play quarterback and this wildcat offense that’s coming in, I’m sure they’re going to be exploring those options,” Merritt said. “We’ve been working all offseason expecting the wildcat. Now with Philly adding Michael Vick, it’s going to be interesting to see what they do.”

The Giants will get a good look at it. They don’t play the Eagles until Week 8 of the season (Nov. 1 at Philadelphia) and then again on Dec. 13 at Giants Stadium. By that point it should be more clear how the Eagles will use Vick. Most figure it to be as part of a Wildcat scheme. The Eagles dabbled in that last year and even scored a touchdown against the Giants when receiver DeSean Jackson lined up for a direct snap and ran it in from the 9.

“If I had a Wildcat offense, as soon as he came available, I would have been chomping at the bit,” Tuck said. “Why not get a quarterback that’s probably just as good a running back as any other running back in this league and still can throw it? I think he is the ultimate guy.”

Not everyone was so impressed. Umenyiora applauded the signing, but he’s not worried about how it might disrupt balance in the NFC East.

“He is Michael Vick and he’s a phenomenal football player, but he’s still another quarterback who’s going to get hit in the mouth,” Umenyiora said. “It remains to be seen if he’s still the same football player. Whatever happens, I think we’ll be more than ready to take care of them.”

(newsday.com)

Obama denounces emphasis on health care protests


BELGRADE, Mont. – Trying to lower the temperature of the health care fight, President Barack Obama on Friday denounced news media emphasis on angry protesters at town hall meetings.

Obama ventured west for the latest of his own town hall-style events, fielding polite but occasionally tough questions — one man declaring the president couldn't pay for his plan without raising taxes. Tieless and rolling up his sleeves in campaign mode, Obama pitched his overhaul plan to a crowd in an airport hangar near Bozeman.

The president didn't deny that there have been angry outbursts by foes of his plan at town halls featuring Democratic lawmakers this month. But he said that was hardly the whole story.

"TV loves a ruckus," Obama said. "What you haven't seen on TV and what makes me proud are the many constructive meetings going on all over the country."

While hundreds demonstrated outside, there was no sign of protesters on the airstrip where Air Force One landed or inside the hangar. Obama has another town hall Saturday in Grand Junction, Colo.

Friday's crowd, estimated by the White House at about 1,300 people, was mostly supportive, cheering Obama frequently, though he did get a few pointed questions. One came from Randy Rathie, who called himself "a proud NRA member," referring to the National Rifle Association, and said he got most of his news from cable TV.

"You can't tell us how you're going to pay for this," Rathie said of Obama's health care overhaul. "The only way you're going to get that money is raise our taxes."

"You are absolutely right," Obama said. "I can't cover another 46 million people for free. I can't do that. We're going to have to find money from somewhere."

He noted a congressional estimate that legislation being considered in the Senate could cost $800 billion to $900 billion over 10 years.

Obama has proposed higher taxes for families earning more than $250,000 a year. He said there were also other ways to find money, including streamlining the system and eliminating what he said were subsidies to insurance companies.

"But your point is well-taken," Obama said. "I appreciate your question and the respectful way you asked it."

Later, Rathie told CNN he was "well-impressed" with how Obama handled his question. "Now he's given me his word, personally, that he's not going to raise my taxes," Rathie said, but at the same time, "they're trying to put in a program that they don't even understand."

Another participant, who said his job was selling health-insurance policies, asked Obama why he had changed his strategy from one of reaching out to insurance companies to "vilifying" them.

"My intent is not to vilify insurance companies," Obama said. "I say, 'Let's work with the existing system.'" But he said some bad practices of insurance companies "are tough on people" and "have to change," including such things as denying coverage for pre-existing conditions.

It's difficult, he said, to achieve true reform "unless we've got everybody covered."

The president kicked off a four-state Western push for his plan with a pointed joke: He said Montana has bears, moose and elk, and "in Washington, you just have mostly bull."

Minutes after Obama landed, a downpour began, making it difficult to hear inside the metal-roofed hangar. But the rain quickly let up. Tickets were distributed on a first-come, first-served basis to residents of Bozeman and Belgrade, with a limit of two to a family.

The president appeared ready to campaign. He showed up in a suit, but no tie. As he began to take questions, he took off his coat and rolled up his sleeves.

"I know there's been a lot of attention paid to some of the town hall meetings that are going on around the country, especially when tempers flare," Obama said.

He said that what wasn't being shown were the gatherings in which people "are coming together and having a civil, honest, often difficult conversation about how we can improve the system."

Obama aimed part of his pitch at Americans who already have health insurance.

"Most of us have insurance, and most of us think, knock on wood, and think: 'I'm going to stay healthy,'" Obama said.

He cited examples in which people have lost their insurance, including when going from job to job and because of pre-existing conditions.

Obama made his latest appearance as a prominent ally, John Podesta, said the high-decibel attacks are designed to destroy his presidency rather than merely defeat health care legislation.

At a breakfast with reporters in Washington, Podesta predicted such tactics would backfire on Republicans and give the president a chance to "capture the center of the debate."

Podesta, who heads the Center for American Progress and played a key role in last winter's presidential transition, said the time for bipartisan negotiations in the Senate is drawing to a close. When lawmakers return in September, he said, "either they have to have a deal or he (Obama) has to say, 'This is what it is.'"

A close legislative ally of House Speaker Nancy Pelosi, Rep. John Murtha, D-Pa., told WJPA-AM Radio in western Pennsylvania that Congress is going to "do it right" when it comes to passing health care legislation. But he said it's not clear how soon that will be.

There have been numerous missed deadlines. But the goal of Democratic leaders is to pass a health care bill in time for Obama to sign it this year.

Murtha said lawmakers are telling Pelosi not to rush passage.

Underscoring the fire around the issue, Obama was met in Montana by TV and print advertisements from a group called Conservatives for Patients' Rights urging opposition to a new public insurance plan supported by Obama that would compete with private insurers.

The American College of Surgeons also weighed in by criticizing comments Obama made in New Hampshire and at a news conference last month suggesting that doctors might be motivated by profit to amputate a diabetic's foot or remove a child's tonsils.

And Republican National Committee Chairman Michael Steele issued a statement, saying: "Americans simply aren't buying his efforts to repackage his government-run experiment."

___

Associated Press writers Matt Gouras in Belgrade, Mont., and David Espo and Erica Werner in Washington contributed to this report.

news.yahoo.com

GM's Board Ratchets Up Pressure on New CEO


Under new Chairman Ed Whitacre, GM's board is demanding real results and growth from CEO Fritz Henderson


General Motors' recently installed CEO, Frederick A. "Fritz" Henderson, has had just one board meeting with his new slate of directors. And already they are giving him pressure to show better results.

At the new board's first meeting, which was held in Detroit on Aug. 3, some of the new group pressed him on how the company plans to build revenue, Henderson said in an interview. The conversation went further, according to one source in the meeting and another who was briefed on discussions. The board also said that GM's revised recovery plan filed on Apr. 27 isn't quite good enough. "They don't consider our viability plan to be winning," says one GM executive. "We're going to be under a lot of pressure."

Even the first board meeting shows a stark contrast from GM's old board. With a few exceptions, the previous directors showed a lot of patience with ousted Chairman and CEO Rick Wagoner. He racked up some $80 billion in losses since 2005 but kept solid backing. The old board also had to focus mostly on costs since the automaker has been in nearly constant restructuring mode for years.

Safeguarding the Bailout Money

The new board will be under pressure to scrutinize management more than the prior board, experts say. The previous board showed plenty of leniency with Wagoner; some critics say far too much. So the new directors will have to show that they are tougher than their predecessors and they are safeguarding the public funds that kept GM from failure and liquidation.

Since January, the federal government has made $50 billion available to GM, most of which has been converted to a 60% ownership position in the company. For taxpayers to break even, GM will have to eventually issue new stock and the company's value will need to reach $69 billion, more than it has ever been valued. "The public and the government will be watching very closely," says John Paul MacDuffie, associate professor of management at the Wharton School of Business. "The fact that the bailout was unpopular means that they have to have a turnaround story that overcomes the bailout story."

That's what the board is pushing for. At the meeting, new Chairman Ed Whitacre, who had previously been chairman and CEO of AT&T (T), and several other directors pressed Henderson on how the company would build revenue, strengthen its brands, and communicate the message that its new products are competitive. "All of their questions were on revenue," Henderson said, adding that they asked, "What are your metrics? How will you hold yourself accountable?"

Growth Is an Issue

One key point from the new board is that GM's revitalization plan alone isn't good enough. That plan, which cut four brands, downsized the company and its dealer network, and led the way into bankruptcy to clean up the balance sheet, only keeps GM above water. It doesn't show growth. Some directors were concerned GM wouldn't push to grow beyond the sales and market share laid out in the plan, say two sources familiar with the discussion.

That's where Henderson's challenge comes in. The plan said that GM can break even, at least before interest payments, in a car market of 10 million vehicles and market share of 19.5% this year. GM said in the plan that market share would stabilize between 18.4% and 18.9% in the next few years. GM's share through July was 19.5%, but slipped to 18.8% in July.

But keeping the share above 18% could be a challenge, analysts say. GM is either selling or ditching Hummer, Pontiac, Saab, and Saturn. Pontiac will be phased out, and GM is in the process of selling the other three. Together they account for 3% of the market. GM will need to keep some of those buyers or fall to 15% share.

www.businessweek.com

Bharti topples Reliance Industries as top fund bet

MUMBAI: Leading mobile operator Bharti Airtel replaced Reliance Industries as the most preferred stock of domestic fund managers in July,
becoming the only company to topple the dominance of the country's most valuable firm since at least December 2006.


"Bharti, as a consumption play, appears to be far more attractive to funds than a commodity play," said Sanjay Sinha, chief executive of DBS Cholamandalam Asset Management. Bharti has a market value of about $33 billion, making it India's fourth-most valuable firm. Reliance is worth $66 billion, making it the country's largest firm by market cap.

As many as 273 funds collectively held 116 million shares of the cellular operator at July-end and 15 funds introduced the stock in their portfolios during the month, according to data from fund tracker ICRA Online. By comparison, 270 funds held stakes in Reliance Industries, controlled by billionaire Mukesh Ambani, with at least seven dumping the firm -- which posted a larger-than-expected drop in June quarter net profit and is locked in a legal battle with Reliance Natural Resources, run by estranged younger brother Anil Ambani, over a gas-sales pact.

Bharti unseated Reliance Industries even though its shares have fallen 3.8 percent since it announced in May that it had renewed merger talks with South African peer MTN, nearly a year after the companies' prior talks fell through.

Bharti more than 30 percent owned by Southeast Asia's top phone firm Singapore Telecommunications has consistently added about 2.8 million subscribers a month, leading growth in an increasingly competitive space where rivals such as Vodafone have expanded networks rapidly.

Firms such as ICICI Prudential Asset Management, IDFC Mutual Fund, ING Investment Management and Principal Pnb Asset Management added Bharti stock to their portfolios, while Canara Robeco and DSP BlackRock dumped Reliance Industries from at least one of their fund's portfolios. Bharti shares rose 2.4 percent in July, compared with an 8 percent rise in the broader market, while Reliance shares lost 3.3 percent.
(economictimes.indiatimes.com)

Tories hit back in NHS attack row

The Conservatives have sought to reassure voters that the NHS is safe in their hands after one of their MEPs joined in with US attacks on it.

Daniel Hannan added his voice to criticism of Barack Obama's health reforms, telling US TV he "wouldn't wish" the NHS "on anyone".

But shadow health secretary Andrew Lansley said the MEP's comments gave a "distorted" view of the health service.

It came after PM Gordon Brown joined a Twitter campaign to defend the NHS.

The welovetheNHS tag has received tens of thousands of messages of support during the past few days from NHS staff and former patients after it was branded "Orwellian" and "evil" by Republican critics of Mr Obama's health reforms.

The prime minister took the unusual step of adding his voice to the campaign in a message posted from Downing Street's Twitter feed, in which he said "thanks for always being there". His wife Sarah, also sent a message of support to the campaign.

'Powerful examples'

Tory leader David Cameron, who is not on Twitter, has also weighed in to defend the NHS, saying his party was 100% behind it. He has sent an e-mail message to supporters saying: "Millions of people are grateful for the care they have received from the NHS - including my own family.

"One of the wonderful things about living in this country is that the moment you're injured or fall ill - no matter who you are, where you are from, or how much money you've got - you know that the NHS will look after you."

Many of the Twitter messages reacted angrily to Mr Hannan's criticism of the NHS, which he attacked on US TV as a "60 year mistake".

Shadow health secretary Andrew Lansley, who has sought to rebrand the Conservatives as the "party of the NHS", stressed Mr Hannan's views were not those of the party but he would not be disciplined for expressing them.

He told BBC Radio 4's Today programme: "We don't extend discipline in parties to political censorship of people's views, we encourage free speech in the Conservative Party.

"It's just that we don't, David Cameron and I, don't happen to agree with Dan Hannan.

"What he said was both a negative view of the NHS, but more to the point was a distorted view of the NHS."

'Duped'

He also suggested the NHS could set examples for America's healthcare system - but added that elements of the US model could be used to improve the NHS.

Liberal Democrat health spokesman Norman Lamb claimed Mr Hannan's views, far from being "maverick", were shared by "many people within the Conservative Party".

He also criticised

Mr Hannan, who came to prominence with a strongly-worded YouTube attack on Gordon Brown, has been a longstanding critic of the NHS, but he has stressed that it is his personal view and not party policy.

Nevertheless, the row has been seized on by David Cameron's political opponents - particularly as the Tory leader has made support for the NHS a key part of his efforts to rebrand the party and has vowed to protect it from spending cuts if he comes to power.

US critics of the NHS see it as an overly-bureaucratic "socialized" system which rations care.

But one British woman said she felt duped after becoming the unwitting star of an anti-Obama health campaign.

Kate Spall, who appeared in a US free market group's TV commercial opposing Mr Obama's health bill, said her views were misrepresented.

She told the Times: "It has been a bit of a nightmare. It was a real test of my naivety. I am a very trusting person and for me it has been a big lesson. I feel I was duped."

Ms Spall and fellow Briton Katie Brickell's descriptions of poor treatment at the hands of the NHS featured in the Conservatives for Patients' Rights (CPR) advert.

(news.bbc.co.uk)

US senator in landmark Burma trip


US Senator Jim Webb has arrived in Burma on a visit during which he is to meet military ruler Than Shwe.

He would be the most senior US official to meet Than Shwe, the Democratic senator's office said in a statement.

His visit comes days after pro-democracy leader Aung San Suu Kyi was given 18 more months of house arrest.

Adding to international condemnation, the UN Security Council has expressed its "serious concern" and the EU extended its sanctions against Burma.

Mr Webb, who is close to US President Barack Obama, is due to meet Than Shwe on Saturday, a Burmese official said.

He is not expected to meet Ms Suu Kyi or American John Yettaw, whose uninvited visit to her home led to the trial which ended on Tuesday.

Mr Webb chairs the Senate Foreign Relations subcommittee on East Asia and Pacific affairs.

'Watered-down' statement

Ms Suu Kyi was put on trial in May after Mr Yettaw swam to her lakeside home, evading guards. She was charged with breaking the terms of her house arrest by sheltering Mr Yettaw and after many delays, was sentenced on Tuesday to three years in prison.

Although the sentence was commuted to 18 months house arrest by Than Shwe, it ensures the opposition leader cannot take in planned elections next year.

Ms Suu Kyi, 64, has spent 14 of the past 20 years under house arrest.

A UN Security Council statement on Thursday expressed "serious concern" at the sentence and urged the release of all political prisoners.

Correspondents said the statement was watered down from an original US draft, which "condemned" the verdict and demanded that Burma's military junta free Ms Suu Kyi.

The main reason for the weaker language was China - a powerful permanent member of the council, with close ties to Burma's rulers, says the BBC's Tom Lane at the UN.

Together with Russia it has blocked strongly-worded condemnations in the past, our correspondent adds.

The US, Britain and France were among countries to condemn the verdict, but Burma's neighbour China said the world should respect Burma's laws.

The EU said judges involved in Ms Suu Kyi's sentencing would now join military and government figures in having their overseas assets frozen and travel to the EU banned.

Thai Prime Minister Abhisit Vejjajiva, who is the current chairman of the Association of South East Asian Nations (Asean) told the BBC that imposing sanctions could lead to problems and that it was important to take a balanced approach to dealing with Burma.

The BBC.

Taiwan mudslide death toll rises

More troops are being drafted in to help the rescue effort

More than 390 people are believed to have been buried alive in the Taiwanese village worst affected by a massive mudslide caused by a typhoon.

It is the first time the government has released a firm estimate of the number of people they believe might have been killed in Hsiaolin village.

Thousands of people are still stranded by the worst mudslides and floods.

Last weekend's typhoon caused Taiwan's worst flooding for 50 years, resulting in 117 confirmed deaths so far.

The floods have washed out roads, swept away bridges and sent low-rise buildings crashing into rivers, leaving many mountain villages accessible only by air.

Hundreds of survivors have been airlifted from Hsiaolin village, which was hit by a massive mudslide that covered all but two houses, and thousands more from other settlements in central and southern Taiwan.

But Taiwan's President Ma Ying-jeou has said he expects the number killed to climb to more than 500 people.

Hundreds had been feared dead, but the government had not previously given an estimated overall death toll.

Help on way?

Taiwan's government says it has received offers of help from the international community, including the European Union and the US.

But it has stressed the need for very specific technical assistance - namely giant cargo helicopters that can carry large earth diggers and other machinery into remote mountain areas to help re-open roads.

The government has also requested prefabricated buildings to help house those left homeless by the flooding and supplies of disinfectant, to try to prevent the spread of disease.

Visiting the area earlier this week, President Ma assured anxious relatives that no effort would be spared to find their loved ones, as anger began to rise over the government response.

The families of those stranded and of the hundreds feared dead have urged the government to speed up rescue efforts.

Many have been waiting for days at the rescue operation centre in Qishan for news of relatives missing since the typhoon struck over the weekend.

Critics say the authorities were too slow to realise the magnitude of the disaster. Some of those stranded say they have received no help for days and are short of food and water.

More than 14,000 people have been evacuated by air from the worst-affected areas. Others have been carried to safety over ravines where bridges have collapsed by soldiers using cables and makeshift ziplines.

Military helicopters have been dropping provisions for those still stranded, but poor weather has hampered their work. Soldiers have also been trying to reach remote settlements on foot.

The flooding has destroyed 34 bridges and severed 253 sections of road in Taiwan, Reuters news agency quotes the transportation ministry as saying, with repairs likely to take up to three years in the worst-affected areas.

Officials in the island's south-eastern Taitung county estimated that nearly 3,700 people remained cut off as of Friday morning, the AFP news agency reports, while in central Chiayi county some 9,000 were thought to be stranded.

Some 2,000 people are still to be evacuated in Kaohsiung county, the area worst hit and where the rescue operations in Hsaiolin and other villages have been focused, AFP quotes a county magistrate as saying.

Many of the affected villages are inhabited by aborigines, who farm the mountainous terrain.

Typhoon Morakot, which lashed Taiwan with at least 200cm (80in) of rain last weekend, has caused at least $910m (£550m) in damages to agriculture and infrastructure, Reuters reports.

Reconstruction is expected to cost some $3.65bn (£2.2bn).

news.bbc.co.uk

Wednesday, August 12, 2009

Judge bans Microsoft Word sales


A US federal court has ordered Microsoft to pay over $290m (£175m) for wilfully infringing on a patent by Canadian firm i4i.

The patent relates to the use of XML, a programming language that allows formatting of text and makes files readable across different programs.

XML is integral to Microsoft's flagship word processing software Word.

Texas district court judge Leonard Davis also filed an injunction preventing Microsoft from selling Word.

The row specifically relates to the use of Extensible Mark-up Language, or XML, documents.

I4i filed a patent in 1998 that outlined a means for "manipulating the architecture and the content of a document separately from each other" invoking XML as a means allowing users to format text documents.

XML is also used extensively among other word-processing programs such as OpenOffice.

Wilful

Earlier this year, the court found in a jury trial that Microsoft had infringed the patent and awarded i4i $200m (£120m).

In the latest ruling, the court ordered Microsoft to pay $40m (£24m) for the wilful nature of the infringement and interest on the amounts totalling more than $40m.

In a separate injunction, the court prohibited Microsoft from "selling, offering to sell, and/or importing in or into the United States" any version of the software that can open custom XML files (with file extensions .xml, .docx, or .docm).

Microsoft has 60 days to comply with the injunction but said in a statement that it will appeal the ruling.

"We are disappointed by the court's ruling," said Microsoft spokesperson Kevin Kutz.

"We believe the evidence clearly demonstrated that we do not infringe and that the i4i patent is invalid. We will appeal the verdict."

The News BBC

National Penn replaces CFO

National Penn Bancshares Inc., which operates banks in Pennsylvania and elsewhere, said Wednesday it is replacing its chief financial officer, effective Aug. 31.

Michael J. Hughes, 53, will become CFO. He was previously CEO at BSCV Inc. and chief restructuring officer at Boscovs Department Store, where he oversaw the company's restructuring and bankruptcy case.

He replaces Michael R. Reinhard, who will continue at National Penn as executive vice president and treasurer with responsibilities for finance and corporate planning.

Last month the company reported a second-quarter net loss after preferred dividends of $9.6 million, compared with a year-ago profit of $27.2 million, hurt by the banking sector slump and higher charges for credit losses.

newstimes.com

No shows' cost the NHS millions


Between 2007 and 2008, 6.5 million appointments were missed in the UK, with hospitals losing around £100 per patient in revenue.

The Patients Association said missing an appointment was "unforgivable".

The Department of Health in England says initiatives such as text message reminders are being rolled out.

But Unison said patients were not always to blame as check-ups are often arranged months in advance and easily forgotten.

news.bbc.co.uk

The public service trade union said primary care trusts should find ways of reminding patients of their appointments, which could include text or e-mail alerts.

Some are already doing this.

'Did not attends'

Young men in their early 20s are the worst offenders and people aged 70 to 74 are the most conscientious about keeping an appointment, the figures from UK health departments and analysts Dr Forster showed.

There has been a slight improvement in attendance over the last few years in England, Wales and Northern Ireland.

In Scotland, however, the figure is higher than in recent years.

Some clinics in the UK are now over-booking patients in anticipation of no shows.

But Karen Jennings, Unison's head of health, warned: "Hospitals who go down the route of over-booking, based on previous experience of missed appointments, must ensure that it doesn't disadvantage patients if there is a 100% turn-out."

Michael Summers, vice-chair of the Patients Association, said: "It's unforgivable really.

"It doesn't take much to lift a phone and say that you have recovered or to apologise because you will have to miss an appointment.

"We owe a responsibility to our doctors to behave properly. Missed appointments waste healthcare professionals' time and a great deal of money."

A Department of Health spokesman said successful initiatives, such as text messages to remind patients, were on the rise.

He said the choose and book, which allows patients to select a chosen time, date and place for an appointment at their own convenience, was also helping reduce the number of missed appointments.

He added: "The NHS Constitution gives patients the right to access NHS services, but patients have responsibilities too - it is important to keep appointments, or cancel within reasonable time.

"Otherwise, receiving treatment within the maximum waiting times may be compromised."

Extra troops for Taiwan rescue

The Taiwanese government is sending more than 4,000 extra soldiers to speed up rescue efforts after last weekend's deadly Typhoon Morakot.

Hundreds of people feared buried by mudslides in the south of the country have been found alive.

But Taiwan's President Ma Ying-jeou - who visited the rescue operation centre in Qishan - said hundreds more were likely to have died.

So far at least 70 people are known to have been killed.

Military helicopters have been airlifting some of the survivors to safety, and dropping provisions for others. Continuing rain has hampered their efforts.

It is now confirmed that all three crew aboard a rescue helicopter which crashed in the bad weather on Tuesday were killed.

President Ma met survivors and anxious relatives waiting for news of loved ones.

He said no effort would be spared to rescue them.

Nearly 1,000 people were found alive in a cluster of villages flattened by muddy landslides, and survivors have recounted the horror of watching their homes vanish.

One eyewitness described the devastation wrought on the village of Hsiaolin.

"I saw the mountain crumbling in seconds almost like an explosion and bury half of our neighbourhood," Huang Chin-bao, 56, told AFP news agency.

He said he and 40 neighbours were guided by his two dogs to higher ground.

"The dogs are our saviours," he said.

The typhoon struck Taiwan at the weekend, causing the worst flooding in 50 years.

'Save my village'

The BBC's Cindy Sui at the rescue centre in Qishan says the authorities fear that hundreds more people could still be trapped.

She says family members from surrounding areas have been converging on Hsiaolin, demanding that helicopters be sent to their villages too.

Some are carrying signs that read, "Save my village".

The search for survivors has been a slow process as the only way in and out of the villages is by helicopter, our correspondent adds.

The BBC's Alastair Leithead, also at the Qishan rescue base, says a high school playing field has become a landing pad for helicopters, and ambulances are lining the running track to ferry the injured to hospital.

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Alastair Leithead: "It's been another tough day for the rescuers"

Morakot lashed Taiwan with at least two metres (80in) of rain over the weekend.

It is typhoon season in the North West Pacific, which brings storms like Morakot with exceptionally high rainfall and strong winds, said Liam Dutton from the BBC Weather Centre.

But, to put it in context, he said Morokot brought around 40 times as much rain to Taiwan as would fall on a typical wet weekend in the United Kingdom.

Typhoon Morakot has caused at least $225m (£135m) in agricultural damage, while nearly 30,000 houses are still without power and 750,000 homes are without water, according to the latest estimates from officials.

The storm also hit mainland China, where about 1.4 million people were evacuated from coastal areas, eight people died in flooding and up to 10,000 homes were destroyed.

In the town of Pengxi in China's eastern province of Zhejiang, a landslide toppled seven older houses, reportedly killing two people.

Meanwhile in Japan, another seasonal storm, Typhoon Etau, caused floods and landslides that have killed at least 15 people since the weekend and left a dozen missing.

About 1,000 people spent Tuesday night in shelters and 4,600 households were without water, officials said.

BBC.co.uk

Lockerbie bomber release imminent

Abdelbaset Ali al-Megrahi, who is suffering from terminal prostate cancer, has been serving his jail sentence at Greenock Prison.

Scottish ministers described the development as "complete speculation".

The Libyan had launched an appeal against his conviction for the murder of 270 people when Pan Am Flight 103 exploded over Lockerbie in 1988.

It is believed UK and Libyan officials have held talks this week.

The speed of Megrahi's transfer is believed to be influenced by consensus among all parties that Megrahi be back on Libyan soil in time for Ramadan next week.

'Request deadline'

The news came after Scottish justice secretary Kenny MacAskill visited Megrahi in prison, amid speculation he might be moved to Libya.

A prisoner transfer request was made by Libya to the UK government last May, less than a week after a treaty allowing prisoners to be transferred between the two countries was ratified.

In response, to the BBC's story, a spokesman for Scottish First Minister Alex Salmond said: "No decision has been taken, either on the application for compassionate release or the application under the prisoner transfer agreement and so it is entirely speculation."

Decisions about prisoners are the responsibility of the Scottish Government, in effect giving Mr MacAskill the final say.

Mr MacAskill said last week he would miss the 90-day deadline, which expired on 3 August, because he was waiting for more information.

No transfer can take place if criminal proceedings are active, meaning Megrahi would have to drop his latest appeal against his conviction in order to be sent home.

He was ordered to remain in prison for a minimum of 27 years, having been found guilty of the bombing - which is still the UK's worst terrorist atrocity.

Megrahi's legal team had also made a request for him to released from prison on compassionate grounds.

An earlier request, made in October 2008, was rejected by Appeal Court judges after they heard medical evidence that with adequate palliative care, Megrahi could live for several years.

The court heard that such requests are normally only granted where a prisoner has less than three months to live.

(news.bbc.co.uk)

Rosetti, Danbury 12s plan to stick around

DANBURY -- With state and New England regional titles already in their collective pockets, the Danbury 12-year-old baseball team has its sights set on something more.

Danbury is one of 10 American and six international teams who've qualified for the ninth-annual Cal Ripken World Series, which starts Friday and finishes Saturday, Aug. 22 in Aberdeen, Md.

Danbury pitcher Pete Rosetti, who started and won every game in last week's regional, has high expectations for the team, which departs by bus from Rogers Park at noon on Thursday.

"I think we've had a good run, but it'd be good to win," said Rosetti. "Obviously we're going to give it our all, but we just want to win at least two or three games in the tournament."

Danbury manager Vinnie Fiddner, who's guided the bulk of the team as 9s and 11s to regional titles (years that don't include national tournaments), is excited about playing for the 70-foot World Series title.

"It'd be going out with a blast on the small field," said Fiddner. "On the other hand we don't want to go do down there and not play well. The boys are pretty ready to go.

"Once they get down there, they're going to have to soak everything in, but once they get on the field they're going to be ready to play a little baseball."

Danbury opens pool play in the tournament at 5 p.m. on Saturday against NW Bakersfield, Calif. The New England champs will then play Sunday vs. Williamette Valley, Ore.; Tuesday vs. Upper Montgomery,

Md., and Aug. 19 vs. Little Rock, Ark.

Those five teams are all in the American Division. The two teams with the best pool-play record will advance to a single-elimination bracket on Aug. 20 against the top two National Division teams (Brick American, N.J., Forest Hills, Fla., SE Lexington, Ky., Cape Girardeau, Mo., and Harford County, Md.).

The survivor, or U.S. champ, will play the international champion (Australia, Canada, Dominican Republic, Japan, Mexico, Republic of Korea) for all the marbles on Aug. 22.

"I'm just really excited for our team and all the parents," said Rosetti. "It's going to be a great experience."

"It's pretty special to be able to go to the World Series," said Fiddner, who added that he was gratified by the support he's received via e-mails and calls from area and rival coaches, as well as the collaborative fund-raising efforts to help finance the trip. "It makes you feel good when people are behind you. And I love the way the families and the whole community came together."

The 12s will also be keeping an eye out on how the 10s do in their World Series appearance in Lamar, Colo.

"Us and the 10s, we get along real well," said Rosetti. "The 10s are a really nice team. Last year we won it as 11s and they won it as 9s so we're feeling sort of a bond between each other."

(From newstimes.com)


Former Gunnery dean sued for sexual molestation

WASHINGTON -- A civil lawsuit has been brought on behalf of a 16-year-old boy against The Gunnery School and the school's former dean of students, Robert Reinhardt, alleging Reinhardt sexually molested the teen during the 2007-08 school year.

Attorney Bob Reardon Jr., of the Reardon Law Firm, filed the suit Aug. 10 in Superior Court in New London.

Reinhardt had been dismissed by The Gunnery in June, after allegations of sexual abuse of students surfaced.

He was arrested Aug. 5 in Litchfield County on criminal charges -- two counts of second-degree sexual assault, with risk of injury to a minor attached to each charge, and one count of fourth-degree assault.

He is out on $750,000 bond with a return court date of Sept. 1.

The civil suit brought by Reardon this week charges that between September 2007 and June 2008, when the boy was 14 and 15 and a full-time boarding student at The Gunnery, "Reinhardt repeatedly over a long period of time sexually assaulted the minor plaintiff, violating his person and exploiting him for his own sexual gratification," the suit says

The suit goes on to say the teen is under psychiatric care as a result of the assaults and will "likely never" fully recover.

The suit claims Reinhardt was able to "engage in pedophilia" with the boy and other minors because he was allowed to invite boys to spend the night in his apartment on campus.

"This boy was sent to a boarding school as his first time away from home," Reardon said. "Within a month of being there he was molested, and the molestation continued. It has been devastating for him and just as devastating for his parents."

The suit also names as defendants The Gunnery School, Head of School Susan Graham, and school employee Dana Jackson.

"The bottom line is, this man (Reinhardt) had been there for many years and in his capacity as dean of students had greater accessibility to young boys than any other faculty member," Reardon said Wednesday.

"The molestation of this boy went on over a long period of time. They (the school, Graham, Jackson) were failing to do their full duty in allowing this to occur and continue," Reardon said.

Reinhardt's attorney, William Dow of Hartford, said Wednesday that "these charges are identical to the criminal charges. Rob Reinhardt is denying the criminal charges and will deny these as well."

"Rob Reinhardt has, and continues to have, an outstanding reputation. The amount of support he has received and continues to receive is overwhelming," Dow said.

Calls to Graham on Wednesday were not returned.

The newstimes.com

Fed says worst of recession over


The Federal Reserve has suggested that the worst of the US recession is over.

It said that while "economic activity is likely to remain weak for a time", it had begun to "level off".

The central bank's comments came as it decided to keep US interest rates on hold at between 0% and 0.25%, as widely expected by commentators.

The central bank added that the current low levels of interest rates will likely continue "for an extended period" to aid the continuing recovery.

Its comments came amid growing signs of an upturn in the US economy.

It is not all that surprising, it acknowledges a lot of what we have been seeing, that conditions are stabilising and the recession may be ending
Mark Vitner, Wells Fargo economist

While US unemployment rose again last month, the 247,000 job cuts were far fewer than analysts had expected.

Other recent official figures showed that US consumer spending had risen in June for a second successive month, while worker productivity had increased at its fastest annual pace for nearly six years in the second quarter of 2009.

In addition, figures on Wednesday showed that US exports had risen by 2% to $125.8bn (£76bn) in June, a sign that the manufacturing sector was improving.

Analysts broadly welcomed the Fed's comments.

"It is not all that surprising, it acknowledges a lot of what we have been seeing, that conditions are stabilising and the recession may be ending," said Mark Vitner, an economist at Wells Fargo.

Stimulus measures

The Fed and the US government have carried out a number of measures to help stimulate the US economy since the end of last year.

The main two have been President Obama's $787bn economic stimulus package, which was signed into law in February, and October's $700bn Troubled Assets Relief Program for the banking sector.

In March, the Fed also announced a $1.2 trillion programme of buying government debt to boost lending and promote economic recovery - a policy known as quantitative easing.

US interest rates were cut to the current level of between 0% and 0.25% in December last year, where they have remained ever since.

Before then rates had fallen steadily from a high of 5.25% in September 2007.

The BBC

US, Swiss cement deal on secret UBS bank accounts


MIAMI – The U.S. government and Swiss banking giant UBS AG have reached an agreement in a case seeking names of some 52,000 suspected American tax evaders with billions in secret Swiss accounts, but details may remain under wraps until next week, officials said.

Lawyers for the government and UBS told a federal judge in a brief conference call they had initialed a deal after a delay last week to settle undisclosed details.

The Internal Revenue Service, which initiated the case against UBS earlier this year, said in a statement the deal "protects the United States government's interests." But the two-sentence statement from IRS Commissioner Doug Shulman added only that more details will be released when the Swiss government signs the agreement as early as next week.

UBS and the Swiss government also welcomed the news and said no terms would be disclosed until it is signed. Swiss Justice Minister Eveline Widmer-Schlumpf said the agreement "is in the interests of both states."

The IRS earlier this year asked U.S. District Judge Alan S. Gold in Miami to force Zurich-based UBS to turn over names of some 52,000 American clients believed to be hiding nearly $15 billion in assets in secret accounts.

UBS and the Swiss government had resisted, arguing that to do so would violate Swiss banking confidentiality laws that date back centuries.

The Swiss and U.S. governments announced at the end of July they had agreed in principle on major issues but released no details. They had hoped to present a final deal at a hearing Aug. 7, but resolving their differences has taken longer.

At the latest hearing Wednesday, the judge asked Stuart Gibson, the lead Justice Department lawyer in the case, whether an agreement had been reached.

"The answer is 'yes,' your honor," Gibson answered. "The parties have initialed agreements. It will take a little time for the agreements to be signed in final form."

An attorney for UBS, Eugene Stearns, thanked the judge for allowing the case to be brought to what he called a "successful conclusion."

The phone conference lasted less than three minutes.

UBS paid a $780 million penalty earlier this year and turned over names of about 300 American clients in a deferred prosecution agreement with the Justice Department. In that case, UBS admitted helping U.S. citizens evade taxes, which experts say is not a violation of Swiss bank secrecy laws.

So far, three UBS customers whose names were divulged under the prior agreement have pleaded guilty to tax charges in federal court. Hundreds of others holders of secret accounts at UBS and other Swiss banks have voluntarily come forward to the IRS under an amnesty program that requires payment of taxes and penalties but generally does not include the threat of prison.

That amnesty program ends Sept. 23.

New York-listed shares in UBS were trading 3.5 percent higher at $15.22.

[The yahoo news]