Lance to admit doping in Oprah interview


AUSTIN, Texas (AP) — Lance Armstrong will make a limited confession to doping during his televised interview with Oprah Winfrey next week, according to a person with knowledge of the situation.


Armstrong, who has long denied doping, will also offer an apology during the interview scheduled to be taped Monday at his homeowner Austin, Texas, according to the person spoke on condition of anonymity because there was no authorization to speak publicly on the matter.


While not directly saying he would confess or apologize, Armstrong sent a text message to The Associated Press early Saturday that said: "I told her (Winfrey) to go wherever she wants and I'll answer the questions directly, honestly and candidly. That's all I can say."


The 41-year-old Armstrong, who vehemently denied doping for years, has not spoken publicly about the U.S. Anti-Doping Agency report last year that cast him as the leader of a sophisticated and brazen doping program on his U.S. Postal Service teams that included use of steroids, blood boosters and illegal blood transfusions.


The USADA report led to Armstrong being stripped of his seven Tour de France titles and given a lifetime ban from the sport.


Several outlets had reported that Armstrong was considering a confession. The interview will be broadcast Thursday on the Oprah Winfrey Network and oprah.com.


A confession would come at a time when Armstrong is still facing some legal troubles.


Armstrong faces a federal whistle-blower lawsuit filed by former teammate Floyd Landis accusing him of defrauding the U.S. Postal Service, but the U.S. Department of Justice has yet to announce if it will join the case. The British newspaper The Sunday Times is suing Armstrong to recover about $500,000 it paid him to settle a libel lawsuit.


A Dallas-based promotions company has threatened to sue Armstrong to recover more than $7.5 million it paid him as a bonus for winning the Tour de France.


But potential perjury charges stemming from his sworn testimony denying doping in a 2005 arbitration fight over the bonus payments have passed the statute of limitations.


Armstrong lost most of his personal sponsorship — worth tens of millions of dollars — after USADA issued its report and he left the board of the Livestrong cancer-fighting charity he founded in 1997. He is still said to be worth an estimated $100 million.


Livestrong might be one reason to issue an apology or make a confession. The charity supports cancer patients and still faces an image problem because of its association with its famous founder.


Armstrong could also be hoping a confession would allow him to return to competition in elite triathlon or running events, but World Anti-Doping Code rules state his lifetime ban cannot be reduced to less than eight years. WADA and U.S. Anti-Doping officials could agree to reduce the ban further depending on what new information Armstrong provides and his level of cooperation.


Armstrong met with USADA officials recently to explore a "pathway to redemption," according to a report by "60 Minutes Sports" aired Wednesday on Showtime.


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Why global labor reforms are vital






STORY HIGHLIGHTS


  • Saudi authorities beheaded Rizana Nafeek, a Sri Lankan woman

  • She was convicted of killing a baby of the family employing her as a housemaid

  • This was despite Nafeek's claims that the baby died in a choking accident

  • Becker says her fate "should spotlight the precarious existence of domestic workers"




Jo Becker is the Children's Rights Advocacy Director for Human Rights Watch and author of 'Campaigning for Justice: Human Rights Advocacy in Practice.' Follow Jo Becker on Twitter.


(CNN) -- Rizana Nafeek was a child herself -- 17 years old, according to her birth certificate -- when a four-month-old baby died in her care in Saudi Arabia. She had migrated from Sri Lanka only weeks earlier to be a domestic worker for a Saudi family.


Although Rizana said the baby died in a choking accident, Saudi courts convicted her of murder and sentenced her to death. On Wednesday, the Saudi government carried out the sentence in a gruesome fashion, by beheading Rizana.



Jo Becker

Jo Becker



Read more: Outrage over beheading of Sri Lankan woman by Saudi Arabia


Rizana's case was rife with problems from the beginning. A recruitment agency in Sri Lanka knew she was legally too young to migrate, but she had falsified papers to say she was 23. After the baby died, Rizana gave a confession that she said was made under duress -- she later retracted it. She had no lawyer to defend her until after she was sentenced to death and no competent interpreter during her trial. Her sentence violated international law, which prohibits the death penalty for crimes committed before age 18.


Rizana's fate should arouse international outrage. But it should also spotlight the precarious existence of other domestic workers. At least 1.5 million work in Saudi Arabia alone and more than 50 million -- mainly women and girls -- are employed worldwide according to the International Labour Organization (ILO).


Read more: Indonesian maid escapes execution in Saudi Arabia






Again according to the ILO, the number of domestic workers worldwide has grown by more than 50% since the mid-1990s. Many, like Rizana, seek employment in foreign countries where they may be unfamiliar with the language and legal system and have few rights.


When Rizana traveled to Saudi Arabia, for example, she may not have known that many Saudi employers confiscate domestic workers' passports and confine them inside their home, cutting them off from the outside world and sources of help.


It is unlikely that anyone ever told her about Saudi Arabia's flawed criminal justice system or that while many domestic workers find kind employers who treat them well, others are forced to work for months or even years without pay and subjected to physical or sexual abuse.




Passport photo of Rizana Nafeek



Read more: Saudi woman beheaded for 'witchcraft and sorcery'


Conditions for migrant domestic workers in Saudi Arabia are among some of the worst, but domestic workers in other countries rarely enjoy the same rights as other workers. In a new report this week, the International Labour Organization says that nearly 30% of the world's domestic workers are completely excluded from national labor laws. They typically earn only 40% of the average wage of other workers. Forty-five percent aren't even entitled by law to a weekly day off.


Last year, I interviewed young girls in Morocco who worked 12 hours a day, 7 days a week for a fraction of the minimum wage. One girl began working at age 12 and told me: "I don't mind working, but to be beaten and not to have enough food, this is the hardest part."


Many governments have finally begun to recognize the risks and exploitation domestic workers face. During 2012, dozens of countries took action to strengthen protections for domestic workers. Thailand, and Singapore approved measures to give domestic workers a weekly day off, while Venezuela and the Philippines adopted broad laws for domestic workers ensuring a minimum wage, paid holidays, and limits to their working hours. Brazil is amending its constitution to state that domestic workers have all the same rights as other workers. Bahrain codified access to mediation of labor disputes.


Read more: Convicted killer beheaded, put on display in Saudi Arabia


Perhaps most significantly, eight countries acted in 2012 to ratify -- and therefore be legally bound by -- the Domestic Workers Convention, with more poised to follow suit this year. The convention is a groundbreaking treaty adopted in 2011 to guarantee domestic workers the same protections available to other workers, including weekly days off, effective complaints procedures and protection from violence.


The Convention also has specific protections for domestic workers under the age of 18 and provisions for regulating and monitoring recruitment agencies. All governments should ratify the convention.


Many reforms are needed to prevent another tragic case like that of Rizana Nafeek. The obvious one is for Saudi Arabia to stop its use of the death penalty and end its outlier status as one of only three countries worldwide to execute people for crimes committed while a child.


Labor reforms are also critically important. They may have prevented the recruitment of a 17 year old for migration abroad in the first place. And they can protect millions of other domestic workers who labor with precariously few guarantees for their safety and rights.


Read more: Malala, others on front lines in fight for women


The opinions expressed in this commentary are solely those of Jo Becker.






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N. Dakota, Washington win Miss America prelims






LAS VEGAS (AP) — Miss North Dakota and Miss Washington have picked up prizes in the third day of preliminary Miss America competition in Las Vegas.


Miss North Dakota Rosie Sauvageau took top honors Thursday after her piano and vocal rendition of “To Make You Feel My Love.” The 24-year-old from Fargo, N.D., will take a $ 2,000 Amway scholarship home from the competition at Planet Hollywood resort.






Miss Washington Mandy Schendel took the trophy for the third round of the Lifestyle and Fitness category after modeling a strapless white Catalina swimsuit. The 22-year-old from Newcastle, Wash., earned a $ 1,000 Amway scholarship for it.


Contestants are divided into three groups and compete in different categories during three nights of preliminaries. Their scores will factor in the finals that will be broadcast live on Saturday.


Entertainment News Headlines – Yahoo! News





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Wall Street dips on Wells Fargo, Boeing; S&P up on week

NEW YORK (Reuters) - Stocks dipped on Friday after a record profit at Wells Fargo failed to attract buyers and Boeing shares were pressured by two further problems with its new Dreamliner aircraft.


The benchmark S&P 500 index fell slightly but was still up on the week and just a few points shy of a five-year high set Thursday.


Wells Fargo , the first major U.S. bank to post earnings this season, reported a record fourth-quarter profit as it set aside less money to cover bad loans and made more fees from mortgages. Its shares fell 2 percent to $34.70, erasing Thursday's gains but up 1.6 percent on the month.


Shares of Dow component Boeing fell 2 percent to $75.49 after a cracked cockpit window and an oil leak on separate flights in Japan added to other mishaps earlier in the week and to safety concerns about its new 787 Dreamliner. The US Department of Transportation said the jet would be subject to a review of its critical systems by regulators.


"The market is giving up a little of its rise yesterday," said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.


He said declines in Wells Fargo and Boeing were pressuring the overall market, but the consolidation around current levels showed the market remained resilient.


The Dow Jones industrial average <.dji> fell 21.54 points or 0.16 percent, to 13,449.68, the S&P 500 <.spx> lost 3.54 points, or 0.24 percent, to 1,468.58 and the Nasdaq Composite <.ixic> dropped 4.23 points, or 0.14 percent, to 3,117.53.


Best Buy shares rallied after its results showed a bit of a turnaround in its U.S. stores, though same-store sales were flat during the key holiday season. Shares were last up 12.2 percent at $13.70.


Basic materials shares were pressured after China's annual consumer inflation rate picked up to a seven-month high, narrowing the scope for the central bank to boost the economy by easing monetary policy. The S&P basic materials sector <.gspm> fell 0.7 percent.


Dendreon Corp shares jumped 18.2 percent to $6.03 after Sanford C. Bernstein upgraded the stock to "outperform" from "market-perform" and said the drugmaker could be one of the best performers in 2013.


U.S.-traded shares of India's No.2 software services provider Infosys Ltd jumped 18.3 percent to $51.98 after the company raised its revenue forecast.


(Editing by Bernadette Baum)



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9 More Crazy Ways We Probably Won’t Fix the National Debt






There are at least nine ways the U.S. can avoid crashing into the debt ceiling besides the one everybody’s talking about lately, namely minting a trillion-dollar platinum coin. Not necessarily nine better ways, to be sure. The coin gambit, rich in numismatic strangeness, deserves every bit of hype it’s getting. It could probably feature in a sequel to Nicolas Cage’s National Treasure franchise. White House spokesman Jay Carney refused to rule out a trillion-dollar coin in a press briefing Jan. 9, keeping the blogosphere buzzing.


But if for some reason the trillion-dollar coin idea doesn’t pan out–say, because the U.S. Mint can’t find a way to squeeze 12 zeroes into such a small space–there are lots of alternatives that range from intriguing to bonkers. Here we go:






1. Not one coin, but many. A trillion-dollar coin is so valuable that only the Federal Reserve could conceivably buy it from the Treasury Dept. But let’s say the government mints a whole bunch of $ 50 million coins. Say, 20,000 of them, which would add up to a trillion dollars. Greg Ip of the Economist says Yale University economist Gary Gorton has bruited this idea about. Treasury could sell the coins to chief financial officers of companies that want “a risk-free, liquid way to store cash with no risk of negative yields,” writes Ip. The coins would probably be kept in a vault at the Fed, Ip says, because “if the CFO lost one down a sewer grate, it would be a disaster.”


2. The “exploding option”: The government sells the Federal Reserve an option to purchase government property for $ 1 trillion or so. The Fed would credit the money to the government’s account. This is a close cousin to the coin idea, except involving real property and using an option that would expire, or “explode,” after Congress got around to raising the debt ceiling. Jack Walsh, a constitutional scholar at Yale Law School, floated this one in a piece for CNN Opinion. (What is it with these Yale professors, anyway?)


3. Pay expenses with IOUs: The federal government could pay IOUs (“scrip”) instead of cash to “federal employees, defense contractors, Medicare service providers, Social Security recipients and others,” University of Southern California law professor Edward Kleinbard wrote in a Jan. 10 op-ed in the New York Times. That would save precious dollars for interest payments on the debt. Banks could buy the scrip from holders for cash, though presumably less than 100 cents on the dollar. One small problem: This is illegal under the federal Anti-Assignment Act. But Kleinbard is confident that the president “could waive the act’s application.” As Richard Nixon once said: “When the president does it, that means that it is not illegal.”


4. The 14th Amendment to the rescue: The people who pushed this strategy in the last debt-ceiling go-round in 2011 are back. This famous amendment, ratified in 1868, guarantees due process and equal protection. But it’s the little-known Section 4 that has hearts aflutter. It says, “The validity of the public debt … shall not be questioned.” Paraphrasing President Teddy Roosevelt in Slate, University of Chicago Law School professor Eric Posner–yes, another law professor–writes that the president “should not twiddle his thumbs waiting for lawmakers to get their act together.”


5. Sell the gold: The United States has 5,000 tons of gold in Fort Knox. That should cover expenses for awhile. The good thing about gold is that it’s “liquid”–there’s a ready market for it. Same with mortgage-backed securities and student loans. Treasury hates the idea. “A family that is struggling to make its monthly mortgage payment could try to sell all of its possessions within a week at a garage sale or on the Internet,” but when the next payment rolled around, “all of its possessions would be gone,” the department warns. Bummer.


6. Sell the Statute of Liberty: Even if liquid assets like gold run out, think of all the illiquid assets the federal government owns and underutilizes. Imagine display advertising on Yosemite National Park’s Half Dome, or Lady Liberty dressed in the latest from Ralph Lauren or Balenciaga. The Heritage Foundation’s Saving the Dream plan [PDF] is modest by comparison to these visions: asset sales of “approximately $ 260 billion over 15 years,” including “real estate, mineral rights, the electromagnetic spectrum, and energy-generation facilities.”


7. Copy Greece: The Greeks “restructured” their debt last year. That’s the nice way to put it. The not-nice way is that they crammed a partial default down the throats of their creditors. Memo to Jack Lew: You don’t hit the debt ceiling if you don’t owe the money anymore.


8. Jubilee!: The world’s poorest countries don’t even have to negotiate debt forgiveness. Their plight is so hopeless that the International Monetary Fund, the World Bank, and other official lenders simply write off their loans. It’s called the Heavily Indebted Poor Countries Initiative. If the U.S. applies and is accepted, it will join the ranks of Afghanistan, Ethiopia, Haiti, and Zambia, among others.


9. Balance the budget: The U.S. doesn’t hit the debt ceiling if it cuts spending to the level of income. The Republican Party has been advocating a Balanced Budget Amendment for years. Granted, that’s more of a medium-term goal. Economists say that abruptly balancing the budget by the end of February would shut down much of the government and throw the economy into a severe recession. Not an ideal outcome.


There’s actually a 10th option, which is that Congress will vote to raise the debt ceiling sometime in the next few weeks, instantly making all these speculations irrelevant. But that’s way too ridiculous to contemplate.


Businessweek.com — Top News





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Meredith Vieira leaving ‘Millionaire’






PASADENA, Calif. (AP) — Meredith Vieira is leaving “Who Wants to Be a Millionaire” after 11 years as host of the syndicated game show.


The former “Today” show host and two-time Emmy winner as best game show host said Thursday she’s leaving for other ventures including more work at NBC News.






An executive familiar with Vieira’s plans says Vieira will be launching her own YouTube channel with stories on people’s lives. The executive spoke on condition of anonymity because the plans haven’t been announced yet.


Vieira also has her own production company. She produced the feature film “Return” and the touring play “Life in a Marital Institution (20 Years of Monogamy in One Terrifying Hour).”


Yahoo! Finance – Personal Finance





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Browns introduce Rob Chudzinski as new coach


CLEVELAND (AP) — Rob Chudzinski is back for his third tour with the Cleveland Browns, and this time he's calling the shots.


Chudzinski, who spent the past two seasons as Carolina's offensive coordinator, was introduced as the club's sixth fulltime coach on Friday. He'll inherit a young roster he'll try to develop into a contender with the Browns, who have lost at least 11 games in each of the past five seasons.


The 44-year-old previously worked as an assistant with the Browns, most recently as offensive coordinator in 2008. Chudzinski has no previous head coaching experience, but he's familiar with the Browns and their history. He rooted for the Browns while growing up in Toledo, Ohio.


"I would not miss the chance for the world." Chudzinski said. "We're going to win here."


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‘Lincoln’ leads Oscars with 12 nominations






BEVERLY HILLS, Calif. (AP) — The Civil War saga “Lincoln” leads the Academy Awards with 12 nominations, including best picture, director for Steven Spielberg and acting honors for Daniel Day-Lewis, Sally Field and Tommy Lee Jones.


Also among the nine nominees for best picture Thursday: the old-age love story “Amour”; the Iran hostage thriller “Argo”; the independent hit “Beasts of the Southern Wild”; the slave-revenge narrative “Django Unchained”; the musical “Les Miserables”; the shipwreck story “Life of Pi”; the lost-souls romance “Silver Linings Playbook“; and the Osama bin Laden manhunt chronicle “Zero Dark Thirty.”






“Life of Pi” surprisingly ran second with 11 nominations, ahead of “Zero Dark Thirty” and “Les Miserables,” which had been considered potential front-runners.


More surprising were snubs in the directing category, where three favorites missed out: Ben Affleck for “Argo” and past Oscar winners Kathryn Bigelow for “Zero Dark Thirty” and Tom Hooper for “Les Miserables.” Bigelow was the first woman ever the win the directing Oscar for 2009′s “The Hurt Locker,” while Hooper won a year later for “The King’s Speech.”


The best-picture category also had surprising omissions. The acclaimed first-love tale “Moonrise Kingdom” was left out and only got one nomination, for original screenplay. Also snubbed for best-picture was “The Master,” a critical favorite that did manage three acting nominations for Joaquin Phoenix, Amy Adams and Philip Seymour Hoffman.


Two-time winner Spielberg earned his seventh directing nomination, and also in the mix are past winner Ang Lee for “Life of Pi” and past nominee David O. Russell for “Silver Linings Playbook.” The other slots went to surprise picks who are first-time nominees: Michael Haneke for his French-language “Amour” and Benh Zeitlin for “Beasts of the Southern Wild.”


“Amour” also was a best-picture surprise. The film, which won the top prize at last May’s Cannes Film Festival, mainly had been considered a favorite in the foreign-language category, where it also was nominated. “Amour” had five nominations, including original screenplay and best-actress for Emmanuelle Riva.


The year’s second-biggest box-office hit, “The Dark Knight Rises,” was shut out entirely, even for visual effects. The omission of its predecessor, “The Dark Knight,” from best-picture consideration for 2008, was largely responsible for the expansion of the Oscar category from five nominees to 10 the following year. “The Dark Knight” had earned eight nominations and won two Oscars.


Chronicling Abraham Lincoln’s final months as he engineers passage of the 13th Amendment abolishing slavery, “Lincoln” stars best-actor contender Day-Lewis in a monumental performance as the 16th president, supporting-actress nominee Field as the notoriously headstrong Mary Todd Lincoln and supporting-actor prospect Jones as abolitionist firebrand Thaddeus Stevens.


Joining Day-Lewis in the best-actor field are Bradley Cooper as a psychiatric patient trying to get his life back together in “Silver Linings Playbook”; Hugh Jackman as Victor Hugo’s tragic hero Jean Valjean in “Les Miserables”; Phoenix as a Navy vet who falls in with a cult in “The Master”; and Denzel Washington as a boozy airline pilot in “Flight.”


Cooper had been a bit of a longshot. John Hawkes, a potential best-actor favorite, missed out for his role as a man in an iron lung aiming to lose his virginity in “The Sessions.”


Nominated for best actress are Jessica Chastain as a CIA operative hunting bin Laden in “Zero Dark Thirty”; Jennifer Lawrence as a troubled young widow struggling to heal in “Silver Linings Playbook”; Riva as an ailing woman tended by her husband in “Amour”; Quvenzhane Wallis as a spirited girl on the Louisiana delta in “Beasts of the Southern Wild”; and Naomi Watts as a mother caught up in a devastating tsunami in “The Impossible.”


Best actress had a wild age range: Riva is the oldest nominee ever in the category at 85, while Wallis is the youngest ever at 9.


Along with Field, supporting-actress nominees are Adams as a cult leader’s devoted wife in “The Master”; Anne Hathaway as an outcast mother reduced to prostitution in “Les Miserables”; Helen Hunt as a sex surrogate in “The Sessions”; and Jacki Weaver as an unstable man’s doting mom in “Silver Linings Playbook.”


Besides Jones, the supporting-actor contenders are Alan Arkin as a wily Hollywood producer in “Argo”; Robert De Niro as a football-obsessed patriarch in “Silver Linings Playbook”; Hoffman as a dynamic cult leader in “The Master”; and Christoph Waltz as a genteel bounty hunter in “Django Unchained.”


“Family Guy” creator Seth MacFarlane, who will host the Feb. 24 Oscars, joined Emma Stone to announce the Oscar lineup, and he scored a nomination himself, original song for “Everybody Needs a Best Friend,” the tune he co-wrote for his big-screen directing debut “Ted.”


“That’s kind of cool I got nominated,” MacFarlane deadpanned at the announcement. “I get to go to the Oscars.”


Walt Disney predictably dominated the animated-feature category with three of the five nominees: “Brave,” ”Frankenweenie” and “Wreck-It Ralph.” Also nominated were “ParaNorman” and “The Pirates! Band of Misfits.”


“I’m absolutely blown away,” Rich Moore, director of “Wreck-It Ralph” said by phone. “It is weird at 5:30 in the morning to hear Emma Stone say your name. It’s surreal.”


“Lincoln” is Spielberg’s best awards prospect since his critical peak in the 1990s, when he won best-picture and directing Oscars for “Schindler’s List” and a second directing Oscar for “Saving Private Ryan.” The 12 nominations for “Lincoln” matched Spielberg’s personal best on “Schindler’s List,” which won seven Oscars.


Spielberg’s latest film could vault him, Day-Lewis and Field to new heights among Hollywood’s super-elite of multiple Oscar winners.


A best-picture win for “Lincoln” would be Spielberg’s second, while another directing win would be his third, a feat achieved only by Frank Capra and William Wyler, who each earned three directing Oscars, and John Ford, who received four.


“Lincoln” also was the ninth best-picture nominee Spielberg has directed, moving him into a tie for second-place with Ford. Only Wyler directed more best-picture nominees, with 13.


Day-Lewis and Field both have two lead-acting Oscars already, he for “My Left Foot” and “There Will Be Blood” and she for “Norma Rae” and “Places in the Heart.” A third Oscar for either would put them in rare company with previous triple winners Ingrid Bergman, Walter Brennan, Jack Nicholson and Meryl Streep. Katharine Hepburn is the record-holder with four acting Oscars.


An Oscar for Jones would be his second supporting-actor prize; he previously won for “The Fugitive.”


“Lincoln” composer John Williams — whose five Oscars include three for the music of three earlier Spielberg films, “Jaws,” ”E.T. the Extra-terrestrial” and “Schindler’s List” — earned his 43rd nomination for best score, extending his all-time record in the category.


The Oscars feature a best-picture field that ranges from five to 10 films depending on a complex formula of ballots from the 5,856 voting members of the Academy of Motion Picture Arts and Sciences.


Winners for the 85th Oscars will be announced Feb. 24 at a ceremony aired live on ABC from Hollywood’s Dolby Theatre.


___


Online:


http://www.oscars.org


___


AP Movie Critic Christy Lemire contributed to this report.


Entertainment News Headlines – Yahoo! News





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Wall Street slightly higher on China data; S&P near resistance level

NEW YORK (Reuters) - U.S. stocks inched higher on Thursday, helped by stronger-than-expected exports in China, the world's second-biggest economy, but gains were capped as the S&P 500 hovered near a 5-year high.


Financial and telecommunications stocks were the day's top gainers, while the material sector was the biggest drag. The S&P 500 material sector index <.gspm> was off 0.3 percent. The financial sector index <.gspf> rose 0.6 percent and the telecom sector <.gspl> was up 0.5 percent.


The benchmark Standard & Poor's 500 index was near a five-year closing high of 1,466.47. On Friday, the index had ended at the highest close since December 2007.


"The market is technically right at the level of resistance, near 1,465-1,467. A solid breakthrough above the level would be the start of a next leg higher, but it looks like it is going to be difficult to break above that level for now," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab. He cited concerns about the earnings season and upcoming debt ceiling talks.


The Dow Jones industrial average <.dji> was up 9.84 points, or 0.07 percent, at 13,400.35. The Standard & Poor's 500 Index <.spx> was up 2.55 points, or 0.17 percent, at 1,463.57. The Nasdaq Composite Index <.ixic> was down 2.01 points, or 0.06 percent, at 3,103.80.


In company news, shares of upscale jeweler Tiffany dropped 3.6 percent to $60.98 after it said earnings for the year through January 31 will be at the lower end of its forecast.


U.S.-traded Nokia shares jumped 17.3 percent to $4.40 after the Finnish handset maker said its fourth-quarter results were better than expected and that the mobile phone business achieved underlying profitability.


Herbalife Ltd stepped up its defense against activist investor Bill Ackman, stressing it was a legitimate company with a mission to improve nutrition and help public health. The stock was up 1.4 percent to $40.47.


Data showed China's export growth rebounded sharply to a seven-month high in December, a strong finish to the year after seven straight quarters of slowdown, even as demand from Europe and the United States remained subdued.


In the U.S., claims for unemployment benefits rose last week, though seasonal volatility made it difficult to get a clear picture of the labor market's health.


Also, U.S. wholesale inventories rose more than expected in November and sales rose by the most in more than 1-1/2 years. The market's reaction to both reports was muted.


(Reporting By Angela Moon; Editing by Nick Zieminski)



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RBS braced for hefty Libor fines







The Royal Bank of Scotland is in negotiations with UK and US regulators over fines to be paid for its Libor transgressions, the BBC has learned.






BBC business editor Robert Peston says the talks include “other necessary remediation, including a possible senior resignation”.


He says the fines will run to several hundred million pounds, more than the £290m fines paid by Barclays.


Last month, UBS paid £940m in fines for attempted Libor rate manipulations.


Libor tracks the average rate at which the major international banks based in London lend money to each other.


RBS traders tried to manipulate the Libor interest-rate benchmarks for dollars, Swiss francs and yen, among others, according to a source.


“My understanding is that RBS believes its fines will be less than UBS’s,” says our editor.


Continue reading the main story

I understand the FSA is looking for personal responsibility to be taken”



End Quote



“RBS is braced for substantial humiliation as and when the announcement is finally made. Emails from traders cited as evidence for the Libor rigging are particularly lurid, according to sources.”


He added: “Also, the market manipulation continued well into 2010, or long after RBS’s management was replaced at the end of 2008 following the collapse of the bank and its partial nationalisation. RBS’s board did not become aware of it till notified by regulators, in 2011.”


But our business editor says the bank’s board does not believe chief executive Stephen Hester needs to resign.


“No evidence has been found indicating that he knew about the attempt to make unfair profits by fixing the Libor rates; and he was fully occupied at the time trying to rebuild the banks’ shattered finances.”


It is understood that the FSA is arguing that some bonuses earned by executives and investment bankers should be repaid or clawed back.


But, says Robert Peston, this can only happen in relation to bonuses that were deferred.


“So at risk are those who were promised bonuses in 2009 and 2010, but haven’t yet received all their entitlement,” he added.


BBC News – Business





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