Thursday, March 7, 2013

Government lets public pension funds raise stakes in infrastructure

LONDON (Reuters) - The British government has made it easier for local authority pension schemes to invest in infrastructure by doubling the amount they can invest to up to 30 percent of their assets, paving the way potentially for billions of pounds of investment to be made in projects such as new roads and railways.

The National Association of Pension Funds (NAPF) said on Wednesday that from April local government pension funds will be able to raise the amount they can invest in key infrastructure projects from 15 percent to 30 percent of their assets under new rules set by the government's Department for Communities and Local Government.

Britain's local authority pension schemes had been lobbying the government for more leeway to invest in infrastructure, arguing that current rules were hampering their investment in the sector.

"Many local authority pension funds have told us that they are prevented from making the best decision on investments because of outdated rules which place limits on the amount that can be invested in infrastructure," Darren Philp, policy director at the NAPF, said in a statement.

A new Pensions Infrastructure Platform (PIP) has been launched as a way for pension funds to invest in capital projects with the backing of six large pension schemes, including the London Pension Fund Authority (LPFA), West Midlands Pension Fund and Strathclyde Pension Fund.

Volatile equity markets and rock-bottom interest rates have already caused a surge in new pension fund money going into transport and other major facility projects.

(Editing by Greg Mahlich)

Source: http://news.yahoo.com/government-lets-public-pension-funds-raise-stakes-infrastructure-190206075--sector.html

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Wednesday, March 6, 2013

NKorea: Cold War history with US justifies nukes

(AP) ? The Cold War still rages in North Korea, and enemy No. 1 is the United States, which Pyongyang blames for making its much-condemned drive to develop nuclear weapons necessary.

A rich vein of propaganda fueled by decades-old American threats holds that North Korea remains at risk of an unprovoked nuclear attack, though Washington and others say brinksmanship is the North's true motive.

North Korea's latest nuclear test in February ? its third ? has led even China, its only major ally, to support another round of punishing U.N. Security Council sanctions. Washington and Beijing have approved a draft resolution that is expected to be circulated this week.

North Korea's neighbors and the West condemn the North's efforts to develop nuclear missiles capable of hitting America as a serious threat to Northeast Asia's delicate security and a drain on the precious resources that could go to North Korea's largely destitute people.

But in Pyongyang, the propaganda spotlight shines on a long list of perceived wrongs from Washington and, in particular, on high-level American nuclear threats from the 1950s to the 1970s.

The United States removed its atomic bombs from South Korea in 1991 and has repeatedly rejected North Korea's claims of U.S. invasion plans. U.S. nuclear submarines ply the region's waters, however, and Washington makes clear that its so-called nuclear "umbrella" over South Korea is meant to deter an attack on its ally by North Korea, whose 1950 invasion ignited the three-year Korean War.

Pyongyang uses Cold War history with the U.S. to justify nuclear weapons as a necessity for a small, proud country wedged among global powers competing for regional economic, military and political supremacy.

"No nation has directly been exposed to the U.S. nuclear threat for such a long time in the world," a recent ? and representative ? commentary from the North's official Korean Central News Agency said.

Faced with Washington's "ceaseless nuclear blackmail and sanctions racket," the commentary said, North Korea made "the strategic resolution to react to nuclear weapons with nuclear weapons."

This is widely dismissed by outsiders as a rationalization. U.S. officials say North Korea orchestrated a systematic, often secret drive to build bombs even while making nuclear disarmament pledges to Washington and others in return for aid and other concessions.

"North Korea uses these nuclear weapons every day. They haven't launched them, but they use them regularly," said Bruce Bennett, a defense analyst at the RAND Corporation, a U.S.-based think tank. Among the uses, he said: to "blackmail" and intimidate Washington and others for money and supplies; to agitate for a peace treaty to end the still technically ongoing Korean War; to deter possible attacks; to generate scapegoats meant to obscure government failures; and to allow the ruling Kim family to demonstrate power and stability to the world and to their citizens.

Pyongyang excoriates international sanctions as expressions of U.S. hostility, as it does joint U.S.-South Korean military drills, the 28,500 U.S. troops stationed in South Korea and the tens of thousands based in nearby Japan.

"There are good reasons for North Korea to fear the United States," said Cheong Seong-chang, a South Korean analyst at the private Sejong Institute think tank. "There's a sense of crisis that persists among North Koreans toward Washington, which deploys satellites around the clock to keep a watch on Pyongyang."

Those fears stretch back to the Korean War and the nuclear gamesmanship of the Cold War.

Gen. Douglas MacArthur, the U.N. forces commander, and his successor, Gen. Matthew Ridgway, both asked for authority to use atomic bombs against the North. After his 1953 inauguration, President Dwight Eisenhower "began dropping hints that the United States would use the atom bomb if the deadlock persisted in the negotiations to conclude an armistice ending the war," former Washington Post reporter Don Oberdorfer writes in his history "The Two Koreas."

The first openly deployed U.S. nuclear weapons appeared in South Korea in 1958, according to Peter Hayes, who heads the Nautilus Institute, an Asia-focused think tank, and North Korea responded by digging underground tunnels and fortifying the border.

A crucial moment came in August 1976, after North Korean soldiers killed two Americans with axes. An angry Washington looked to send a message, and nuclear-capable B-52 bombers flew toward the demilitarized zone separating the Koreas, "veering off at the last moment," Hayes wrote in his book "Pacific Powderkeg."

The U.S. response to the ax murders, according to Hayes, convinced North Korea that the American nuclear threat was real, and the psychological impression it made continues even now.

Recent North Korean propaganda has also focused on the George W. Bush and Obama administrations. In 2002, Bush lumped North Korea into an "an axis of evil" with Iran and Iraq. The U.S. invaded Iraq in 2003, and the Bush administration advocated "regime change" in Iran and, reportedly, in Pyongyang.

North Korea has also studied the fate of Libyan dictator Moammar Gadhafi, who gave up his nuclear programs in 2003 under U.S. economic pressure and was killed in 2011 in an uprising backed by NATO airstrikes.

Pyongyang's state media recently wrote of the "tragic consequences" of countries that "abandoned halfway their nuclear programs" because of U.S. pressure, adding that North Korea "was very far-sighted" when it decided to continue building nuclear arms.

North Korean fears of nuclear attack may seem ridiculous to Americans who see U.S. intentions as obviously defensive, according to Hayes, but the view is different in North Korea.

"Isolated from world opinion, subject to the vagaries of centralized, bureaucratic policy formation and the whim of extraordinarily concentrated political power, Pyongyang is the one place that probably does not see the world the same way as 'everyone' else," Hayes wrote.

Even if deadlocked nuclear disarmament negotiations resume, analysts see no easy solution to stopping North Korea's nuclear weapons drive.

Washington says North Korea must prove its sincerity before any serious disarmament deal can be reached. The Obama administration is focused on the North's own more recent history, which it considers to be rife with broken disarmament promises.

___

Sam Kim contributed to this report from Seoul. Follow Klug on Twitter: (at)APklug

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2013-03-05-AS-NKorea-Nuclear-Rationale/id-730b632ee42e48e598ff1123d3d2b1ef

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Playboy magazine launches Hebrew language edition

A model dressed as a Playboy bunny poses with the first Hebrew language edition of the popular men's magazine in Tel Aviv, Israel, Tuesday, March 5, 2013. Israelis can now read Playboy "for the articles." A U.S. emigre, Daniel Pomerantz, on Tuesday launched the first Hebrew language edition of the popular men's magazine. Playboy has been widely available in Israel for years, but this marks the first local edition of the magazine. It features Israeli models and articles by Israeli writers. It's not clear how well the magazine will be received in the Holy Land, where religious sensitivities simmer under the surface and observant Jews and Muslims live by strict modesty rules. Adult magazines and videos are freely available, but not with local models and not in Hebrew. Playboy was launched in 1953 with the iconic Marilyn Monroe centerfold. It peaked in popularity in the 1970's. Circulation has declined since the rise of adult Internet sites. (AP Photo/Ariel Schalit)

A model dressed as a Playboy bunny poses with the first Hebrew language edition of the popular men's magazine in Tel Aviv, Israel, Tuesday, March 5, 2013. Israelis can now read Playboy "for the articles." A U.S. emigre, Daniel Pomerantz, on Tuesday launched the first Hebrew language edition of the popular men's magazine. Playboy has been widely available in Israel for years, but this marks the first local edition of the magazine. It features Israeli models and articles by Israeli writers. It's not clear how well the magazine will be received in the Holy Land, where religious sensitivities simmer under the surface and observant Jews and Muslims live by strict modesty rules. Adult magazines and videos are freely available, but not with local models and not in Hebrew. Playboy was launched in 1953 with the iconic Marilyn Monroe centerfold. It peaked in popularity in the 1970's. Circulation has declined since the rise of adult Internet sites. (AP Photo/Ariel Schalit)

A model dressed as a Playboy bunny poses during the lunch of the first Hebrew language edition of the popular men's magazine in Tel Aviv, Israel, Tuesday, March 5, 2013. Israelis can now read Playboy "for the articles." A U.S. emigre, Daniel Pomerantz, on Tuesday launched the first Hebrew language edition of the popular men's magazine. Playboy has been widely available in Israel for years, but this marks the first local edition of the magazine. It features Israeli models and articles by Israeli writers. It's not clear how well the magazine will be received in the Holy Land, where religious sensitivities simmer under the surface and observant Jews and Muslims live by strict modesty rules. Adult magazines and videos are freely available, but not with local models and not in Hebrew. Playboy was launched in 1953 with the iconic Marilyn Monroe centerfold. It peaked in popularity in the 1970's. Circulation has declined since the rise of adult Internet sites. (AP Photo/Ariel Schalit)

A model dressed as a Playboy bunny poses with the first Hebrew language edition of the popular men's magazine in Tel Aviv, Israel, Tuesday, March 5, 2013. Israelis can now read Playboy "for the articles." A U.S. emigre, Daniel Pomerantz, on Tuesday launched the first Hebrew language edition of the popular men's magazine. Playboy has been widely available in Israel for years, but this marks the first local edition of the magazine. It features Israeli models and articles by Israeli writers. It's not clear how well the magazine will be received in the Holy Land, where religious sensitivities simmer under the surface and observant Jews and Muslims live by strict modesty rules. Adult magazines and videos are freely available, but not with local models and not in Hebrew. Playboy was launched in 1953 with the iconic Marilyn Monroe centerfold. It peaked in popularity in the 1970's. Circulation has declined since the rise of adult Internet sites. (AP Photo/Ariel Schalit)

(AP) ? Israelis can now read Playboy 'for the articles' as a Hebrew language edition came to the holy land Tuesday.

Playboy has been widely available in Israel for years but this marks the first local edition of the magazine. It features Israeli models and articles by Israeli writers.

Owner and publisher Daniel Pomerantz launched Playboy Israel in Tel Aviv on Tuesday at a press conference, standing next to a tall model wearing the trademark ears and tail of a Playboy bunny.

"Our target is men who want a taste of the good life and also women who are curious about the tastes of the men in their lives," Pomerantz said. "I believe that the special formula that has brought Playboy to a rare level of success throughout the world will continue to succeed in my new home Israel."

Cover girl Nataly Dadon posed next to a big cut-out of the magazine featuring her on the cover topless in lacy underwear. She said she was happy and excited to be in the first edition of Playboy Israel.

It's not clear how well the magazine will be received in the holy land where religious sensitivities are always simmering under the surface and observant Jews and Muslims live by strict modesty rules. Religious zealots have frequently burned down bus stops with ads of fully dressed women and have prompted major advertisers not to use female models regardless of how modestly they are covered up.

Erotica is freely available but not with local talent in Hebrew. The Israeli edition of Penthouse, the traditional and more daring rival of Playboy, flopped when it debuted here in 1989.

Pomerantz said he got the idea for the Hebrew Playboy while working as a lawyer in Chicago where the magazine's headquarters used to be and where he became friends with Playboy lawyers. At the same time he was making visits to Israel where he decided he wanted to live. It was during a trip to Israel that he noticed the country was lacking a Hebrew edition and so the adventure began.

Pomerantz is confident the magazine will succeed. "Israel is a very complicated country with tradition and modernity and also with serious things and fun fashionable things and that is exactly the character of Playboy. It is a complicated and beautiful magazine for a complicated and beautiful country," he said.

"People will see just from the words Playboy Israel that we are a normal country, fashionable, modern, people who work every day with a passion and if you read Playboy magazine you see that it's not just beauty and fashion but it's also depth and politics and issues, people who care and think about the world they live in," he said.

Even in the online age, Playboy's appeal has outlasted many competitors and imitators, selling a lifestyle along with gorgeous models and influential writers.

An interview with Israel's former internal security service chief, Avi Dichter, appears in this month's edition.

Hugh Hefner launched Playboy in 1953 with the iconic Marilyn Monroe as its first centerfold.

It is hailed by some as playing a big role in the sexual liberation movement of the 1960's and advancing women's rights while detractors charge it objectifies women.

It peaked in popularity in the 1970's. Circulation has declined since the rise of adult Internet sites.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/4e67281c3f754d0696fbfdee0f3f1469/Article_2013-03-05-Israel-Playboy/id-66c3cb350ce94b5592dee9ee9805aeb3

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Sunday, March 3, 2013

Bobby Rogers, co-founder of the Miracles, dies at 73

(Reuters) - Bobby Rogers, a founding member of the Miracles singing group with Smokey Robinson, died on Sunday at his home in suburban Detroit after a lengthy illness, the Detroit Free Press newspaper said.

Rogers, 73, a member of the Motown group that was formed in the mid-1950s with Robinson, Ronnie White and Pete Moore, was a member of the Rock and Roll Hall of Fame and had a star on the Hollywood Walk of Fame.

"He had a sparkling personality that was loved by everyone," Claudette Robinson, Rogers' first cousin, told the newspaper. "People always commented on the tall one with the glasses."

Rogers died at his home in Southfield, Michigan.

The Miracles had a string of hits including "The Tears of a Clown," "Going to a Go-Go," "You've Really Got a Hold on Me" and "Tracks of My Tears."

Ronnie White died in 1995.

Funeral arrangements for Rogers have not been set, according to the newspaper.

(Reporting by Patricia Reaney in New York; Editing by Eric Beech)

Source: http://news.yahoo.com/bobby-rogers-co-founder-miracles-dies-73-234653179.html

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Mexico's ruling party convenes to seek change on tax, energy

MEXICO CITY (Reuters) - Mexico's ruling Institutional Revolutionary Party begins a congress on Saturday to overhaul its manifesto and open the door to major changes in energy and tax law to spur faster economic growth.

The PRI, as the party is known, plans to vote on measures that would allow President Enrique Pena Nieto's administration to consider imposing a value added tax (VAT) on food and medicines and to allow more private investment in state oil firm Pemex.

Pena Nieto, who took office in December, has pledged to boost annual growth in Latin America's second biggest economy to up to six percent. To do this, Mexico must overhaul state oil monopoly Pemex and improve its paltry tax take, the government says.

Without levying a value added tax on food and medicines, economists say Mexico may struggle to raise tax revenues, which are currently the lowest in the Organistion for Economic Co-operation and Development (OECD) as a proportion of gross domestic product.

However, applying the value added tax to food and medicine is controversial because it would fall most heavily on the poor, about half the country's population.

Food and medicine have been exempt from the tax, but senior PRI party officials say that element will be removed to give the party more options to broaden the tax take.

"VAT is important. But it's by no means the center of the fiscal reform," PRI party chairman Cesar Camacho said this week, looking ahead to the congress.

The PRI, which ruled Mexico for 71 years straight until 2000, used its stance on the VAT to thwart efforts by the conservative National Action Party (PAN) to increase the tax take during its 12 year rule, which ended in 2012.

Since recapturing the presidency, the PRI leadership has made the case for sweeping change to bolster the economy, which underperformed its main regional peers under the PAN, growing about 2 percent annually for most of the past decade.

Yet the changes sought by Pena Nieto run contrary to many old tenets of the PRI, a party which started on the left and gradually drifted toward the right during its long rule.

Overhauling Pemex, a symbol of Mexican self-reliance which provides a third of the federal tax take, is particularly sensitive for the PRI, which created the company when then-president Lazaro Cardenas nationalized the oil industry in 1938.

Output of crude has slumped to less than 2.6 million barrels per day from 3.4 million in 2004, and lawmakers worry the oil industry will be left behind unless it can improve performance.

Pena Nieto aims to make the monopoly more efficient and more independent. He has vowed to bring in more private capital and has taken inspiration from Brazil's state-controlled oil firm Petrobras, part of which has been publicly listed.

But he is constantly having to defend his administration from accusations that he plans to privatize the oil industry.

During the congress, the PRI will reaffirm that oil is the property of the nation, but stress the need to strengthen Pemex and open the company to more outside investment, a senior party lawmaker told Reuters, speaking on condition of anonymity.

"We want to keep our options open," he said.

(Reporting by Dave Graham; Editing by Vicki Allen)

Source: http://news.yahoo.com/mexicos-ruling-party-convenes-seek-change-tax-energy-173927759.html

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SIAM to request roll-back on SUV excise hike: Budget 2013 | Rush ...

SIAM- the central body of Indian automobile manufacturers have decided to ask India?s fianance minister, Mr P Chidambaram for a roll-back on excise duty hike levied on SUVs under Budget 2013.

SIAM to request roll-back on SUV excise hike Budget 2013The proposed hike in excise duty of SUVs, has resulted in?Indian auto industry unanimously voicing their displeasure over Budget 2013. Though SIAM had welcomed the Budget 2013, they are not happy with the hike in excise of SUVs. Its not only SUVs that will be affected, as Budget 2013 says, all vehicles with an engine larger than 1500 cc, ground clearance of more than 170mm and length over 4m, are SUVs.

This means, that Maruti Suzuki SX4, Toyota Corolla Altis, Honda Civic also fall in the SUV category, and could see increase in prices by upto INR 40,000. Other than this, the favorite SUVs of India, like the Mahindra Scorpio, XUV500, Renault Duster petrol, Toyota Innova, can see an increase in prices by upto INR 60,000.

In an?interview?with PTI, Dr Pawan Goenka, President, M&M (Automotive and Farm Equipment Sectors), said,??The higher excise duty on SUVs was totally uncalled for. This was the only segment which was showing some growth. We had a post Budget meeting of SIAM members and it was unanimously decided to ask the FM to reconsider the decision. Our concern is that among vehicles in the same price category, one may have to pay the higher excise duty and other may not.?

Apart from this, the Budget 2013 also states that import duty on completely built cars which cost over $40,000, have engine larger than 3000cc for petrol and 2500cc for diesel, will now attract 100% import duty, compared to the previous 75%. This will see the base models of applicable variants of Land Rover to be dearer by INR 15 lakhs, while that of Lamborhgini by INR 60 lakhs. SIAM will not be asking for a roll back on this, so the rich are once again punished to earn more.

Source: http://www.rushlane.com/siam-to-request-roll-back-on-1268039.html

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Friday, March 1, 2013

Judge who accused Apple of 'lack of integrity' joins Samsung's legal team

Judge who accused apple of 'lack of integrity' joins Samsung's legal team

As famous judges go, Sir Robin Jacob doesn't quite rank up there with some others we can think of (like that handsome fella on the left). But he is well known in legal circles, thanks largely to an important judgement he made against Apple last year. Sir Robin was among three British judges who forced Apple to apologize for accusing Samsung of stealing tablet designs, and he was especially heavily quoted in the press after he highlighted a "lack of integrity" in the way Apple had presented its case. Fast forward to now, however, and Sir Robin is in the limelight for a very different reason. He's quit the role of impartial arbiter in order to become an "expert" who is "working on behalf of" Samsung in a separate dispute with the ITC. We're certainly not accusing the guy of any wrongdoing, but it's interesting that the system allows people to switch between roles just like that. Lawyers, eh?

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