Time to rebrand in Lincoln's image?




Wade Henderson thinks the modern Republican Party should look to Abraham Lincoln for some inspiration.




STORY HIGHLIGHTS


  • Wade Henderson: January 1 is 150th anniversary of the Emancipation Proclamation

  • He says GOP should look to Lincoln, a canny politician who led moral fight on civil rights

  • He says GOP has history of civil rights support that it has largely abandoned in recent years

  • Henderson: In 2012, election minority voters unimpressed; GOP should return to roots




Editor's note: Wade Henderson is the president and CEO of The Leadership Conference on Civil and Human Rights and The Leadership Conference Education Fund.


(CNN) -- On January 1, the nation will commemorate the 150th anniversary of the Emancipation Proclamation, which legally freed slaves in the secessionist Southern states. Meanwhile, thousands of theaters will still be presenting the film "Lincoln," portraying the soon-to-be-martyred president's efforts in January 1865 to persuade the House of Representatives to pass the 13th Amendment, outlawing slavery throughout the nation.


Coming at a time when many Republicans are seeking to rebrand their party, these commemorations of the first Republican president raise this question: Why not refashion the Grand Old Party in the image of the Great Emancipator?


Steven Spielberg's historical drama, as well as the biography upon which it is based, Doris Kearns Goodwin's "Team of Rivals: The Political Genius of Abraham Lincoln," both remind today's Americans that Lincoln was not only a moral leader but also a practical politician. The political identity that Lincoln forged for the fledgling Republican Party -- uniting the nation while defending individual rights -- was a winning formula for half a century, with the GOP winning 11 of 13 presidential elections from 1860 through 1908.



Wade Henderson

Wade Henderson



Moreover, support for civil rights persisted in the party throughout the last century. Among the Republican presidents of the 20th century, Theodore Roosevelt famously hosted Booker T. Washington at the White House. Dwight Eisenhower ordered federal troops to Little Rock, Arkansas, to enforce school desegregation. Richard Nixon expanded affirmative action. And George H. W. Bush signed the Americans with Disabilities Act into law.


Brazile: A turning point for freedom in America, 150 years later




In the U.S. Senate, such prominent Republicans as Edward Brooke of Massachusetts (the first African-American senator since Reconstruction), Jacob Javits of New York and Everett Dirksen of Illinois were strong supporters of civil rights, as were governors such as Nelson Rockefeller in New York, George Romney in Massachusetts and William Scranton in Pennsylvania.


Former California Gov. Earl Warren served as chief justice when the Supreme Court issued its decision in Brown v. Board of Education, ordering the desegregation of the nation's schools. As recently as 1996, the Republican national ticket consisted of two strong civil rights advocates, former Kansas Sen. Bob Dole and former New York Rep. Jack Kemp.



Unfortunately, by 2012, the Republican Party had veered far from its heritage as the party of Lincoln. Prominent Republicans supported statewide voter suppression laws that hit hardest at vulnerable minorities or called for the "self-deportation" of immigrants and their families.


While some Republican senatorial nominees needlessly offended women, leading moderates such as Maine Sen. Olympia Snowe and Ohio Rep. Steven LaTourette opted for retirement. In what I hope was rock bottom, 38 Senate Republicans rebuffed their former presidential nominee Bob Dole -- a wheelchair-bound war hero -- to block an international civil and human rights treaty for people with disabilities.


Not surprisingly, the GOP in the presidential race lost the black vote by 87 points, the Asian-American vote by 47 points, the Latino vote by 44 points and the women's vote by 11 points, according to CNN exit polls. As Republicans reflect on their path forward with minority voters and persuadable whites, there are opportunities to advance civil rights.










While the GOP has increasingly promoted diverse candidates, it has not yet begun to reflect the values of our diverse nation. Fiscally conservative officeholders can fight for civil and human rights.


Just a few years ago, Alabama Sen. Jeff Sessions championed a reduction in the sentencing disparity between people charged with possession of crack and powder cocaine. These are two forms of the same drug, but crack cocaine is used more by minorities and carried much harsher punishments for possession. Working with Sessions, civil rights advocates pushed to reduce this disparity significantly -- among the greatest advances in criminal justice reform in decades.


Looking toward to the 113th Congress, several civil rights initiatives would fit conservative values. They need congressional champions. Conservative lobbyist Grover Norquist and conservative strategist Richard Viguerie have called for criminal justice reforms that would reduce the number of prisoners in U.S. prisons.


The U.S. Chamber of Commerce has joined the civil rights coalition's call for federal initiatives to narrow the educational achievement gap between minority and white students. And more Republicans are joining Jeb Bush's support for comprehensive immigration reform that provides a pathway to citizenship for long-term, law-abiding residents.


Most importantly, the GOP must embrace one of Lincoln's most enduring legacies, the 15th Amendment, which guaranteed the right to vote regardless of race. The GOP must stop trying to suppress voters and begin to champion electoral reform that shortens lines and helps more people to vote.


I don't expect another Abraham Lincoln or Frederick Douglass from the modern Republican Party -- I'll settle for a few more Jeff Sessions. When Republicans consider the consequences for their party's narrow appeal, they'll try to return to their roots.


I'm happy to help.


Follow @CNNOpinion on Twitter


Join us at Facebook/CNNOpinion


The opinions expressed in this commentary are solely those of Wade Henderson.






Read More..

LA photographer killed while shooting Bieber’s car






LOS ANGELES (AP) — Police say a paparazzo was hit by a car and killed after taking photos of Justin Bieber‘s white Ferrari on a Los Angeles street.


Los Angeles police Officer James Stoughton says the photographer, who was not identified, died at a hospital shortly after the crash Tuesday evening. Stoughton says Bieber was not in the Ferrari at the time.






The sports car was parked on the side of Sepulveda Boulevard near Getty Center Drive after a traffic stop. The photographer was struck as he walked across the boulevard after taking pictures.


Stoughton says no charges are expected to be filed against the motorist who hit the man.


A call to a spokesperson for the singer was not immediately returned Tuesday night.


Entertainment News Headlines – Yahoo! News





Title Post: LA photographer killed while shooting Bieber’s car
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

World stocks jump as US staves off ‘fiscal cliff’






BANGKOK (AP) — World markets registered relief Wednesday over the U.S. congressional vote to stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world’s biggest economy into recession.


Benchmarks in Australia and Hong Kong boomeranged on the first trading day of the year, just before Congress passed an emergency measure to avert much of the impact of tax-and-spending changes that were so steep they were dubbed the “fiscal cliff.” Asian markets had slipped on Monday, fearing that negotiations over the measure might collapse.






Economists have been warning that the tax increases and spending cuts could take a chunk out of the U.S. economy; some experts predicted financial markets would plunge unless a clear-cut deal was reached.


Instead, markets in Asia and Europe blessed the stopgap measure approved late Tuesday in Washington to retroactively counter some of the “fiscal cliff” effects. The bill Congress passed awaits President Barack Obama‘s signature.


Hong Kong’s Hang Seng index shot up 2.9 percent to close at 23,311.89, its highest finish since June 1, 2011. Australia‘s S&P/ASX 200 surged 1.2 percent to close at 4,705.90, its strongest finish in 19 months. South Korea’s Kospi jumped 1.7 percent to 2,031.10.


European stocks jumped shortly after opening. Britain’s FTSE 100 rose 1.6 percent to 5,989.24. Germany’s DAX advanced 1.7 percent to 7,740.12 and France’s CAC-40 also gained 1.7 percent at 3,701.90.


“People are very relieved this morning because the U.S. is very likely to fix its own problems in the next few days, so investors in Hong Kong are pretty optimistic,” said Jackson Wong, vice president of Tanrich Securities in Hong Kong.


But some analysts said that expectations for a compromise were so low that any deal was viewed as positive.


“Among business leaders, I’m gonna say this deal isn’t enough to move the needle on confidence. It may improve consumer confidence a little, investors obviously are celebrating a tentative deal but you know how transitory investor confidence can become,” said Jack Ablin, chief investment officer at BMO Group.


Benchmarks in Singapore, Taiwan, India, the Philippines, Thailand and Indonesia posted solid gains. Markets in Japan and mainland China reopen Friday.


Uncertainty about the outcome of negotiations drove down Asian regional stocks Monday, the last trading day of 2012.


Australia’s S&P/ASX 200 fell 0.5 percent to close at 4,648.90, as investors sold off stocks to lock in profits. Hong Kong’s Hang Seng closed marginally lower. Singapore, New Zealand and India also declined. Japan and South Korea were closed.


The bill that Congress approved calls for higher taxes on incomes over $ 400,000 for individuals and $ 450,000 for couples, a victory for Obama. Earnings above those amounts would be taxed at a rate of 39.6 percent, up from the current 35 percent. It also delays for two months $ 109 billion worth of across-the-board spending cuts that had been set to start affecting the Pentagon and domestic agencies this week.


Lorraine Tan, director at Standard & Poor’s equity research in Singapore, said she believes U.S. growth in 2013 will be able to offset the impact of the tax increases and that companies would feel freer to spend now that the U.S. has taken a step back from the edge of the cliff.


Companies “can start to move ahead with any expansion plans they may have,” Tan said. “You’ll see some of that pent-up spending in 2013. And I think there’s a lot of relief related to that.”


Even if Washington bypasses the fiscal cliff, the next crisis is just around the corner, in late February or early March, when the government reaches a $ 16.4 trillion ceiling on the amount of money it can borrow.


Republicans say they won’t go along with raising the limit on government borrowing unless the increase is matched by spending cuts to help attack long-term debt. Failing to raise the debt ceiling could lead to a first-ever U.S. default that could roil financial markets and shake worldwide confidence in the United States.


“Republicans vow not to raise the limit without sharp cuts in spending and Obama vows not to cut spending without further tax hikes. Two more months of shenanigans and waffling / seasick markets? It certainly looks that way,” analysts at DBS Bank Ltd. in Singapore said in a market commentary.


U.S. stocks shot higher Monday on the belief that lawmakers would work out a deal. The Dow Jones industrial average rose 1.3 percent to 13,104.14. The Standard & Poor’s 500 rose 1.7 percent to 1,426.19. The Nasdaq composite index rose 2 percent to 3,019.51.


Political gridlock has been rattling U.S. markets and shaking consumer and business confidence the past two years.


To end a 2011 standoff over raising the federal debt limit, lawmakers agreed to a Jan. 1, 2013 deadline to reach a deal over taxes and spending. If there was no agreement, more than $ 500 billion in tax increases would hit the economy in 2013 alone, along with $ 109 billion in cuts from the military and domestic spending programs — hence the fiscal cliff.


After a fight over raising the debt limit last year, the credit rating agency Standard & Poor’s took the unprecedented step of lowering the U.S. government’s AAA bond rating because of the lack of a credible plan to reduce the federal government’s debt.


___


Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson


Economy News Headlines – Yahoo! News





Title Post: World stocks jump as US staves off ‘fiscal cliff’
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Stocks poised for rally after fiscal deal






PARIS (Reuters) – Stocks were poised to rally on Wednesday in their first session of the new year after lawmakers passed a bill preventing huge tax hikes and spending cuts that threatened to jeopardize economic growth.


The House of Representatives voted for a bill passed on Monday by the Senate that will raise taxes on wealthy individuals and families and preserve certain benefits. Together, these measures will soften some of the blow that would have resulted without a deal to avoid a fiscal crunch.






The vote averted immediate pain like tax hikes for almost all U.S. households, although it did nothing to resolve other political showdowns on the budget that loom in coming months. Spending cuts of $ 109 billion in military and domestic programs were only delayed for two months.


European shares surged, with the FTSEurofirst 300 (.FTEU3) rising 1.4 percent and the euro zone’s blue chip Euro STOXX 50 <.STOXX50E> index climbing 1.8 percent, while the safe-haven dollar and German government bonds fell.


Asian shares also rallied, with The MSCI Asia Pacific ex-Japan index of stocks <.MIAPJ0000PUS> gaining 2.1 percent. Japanese markets were closed on Wednesday for a holiday.


U.S. stocks ended 2012 with their strongest day in more than a month, putting the S&P 500 up 13.4 percent for the year, compared with a flat performance in 20111, as lawmakers in Washington closed in on a resolution to the fiscal negotiations.


The Dow Jones industrial average (^DJI) gained 166.03 points, or 1.28 percent, to end at 13,104.14. The Standard & Poor’s 500 Index (^GSPC) gained 23.76 points, or 1.69 percent, to finish at 1,426.19. The Nasdaq Composite Index (^IXIC) gained 59.20 points, or 2.00 percent, to close at 3,019.51.


The Dow rose 7.3 percent in 2012 and the Nasdaq climbed 15.9 percent.


(Reporting by Blaise Robinson; editing by Stephen Nisbet)


Yahoo! Finance – Personal Finance





Title Post: Stocks poised for rally after fiscal deal
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

United States avoids calamity in "fiscal cliff" drama


WASHINGTON (Reuters) - The United States averted economic calamity on Tuesday when lawmakers approved a deal to prevent huge tax hikes and spending cuts that would have pushed the world's largest economy off a "fiscal cliff" and into recession.


The agreement hands a clear victory to President Barack Obama, who won re-election on a promise to address budget woes in part by raising taxes on the wealthiest Americans. His Republican antagonists were forced to vote against a core tenet of their anti-tax conservative faith.


The deal also resolves, for now, the question of whether Washington can overcome deep ideological differences to avoid harming an economy that is only now beginning to pick up steam after the deepest recession in 80 years.


Consumers, businesses and financial markets have been rattled by the months of budget brinkmanship. The crisis ended when dozens of Republicans in the House of Representatives buckled and backed tax hikes approved by the Democratic-controlled Senate.


Asian stocks hit a five-month high and the dollar fell as markets welcomed the news. China's state news agency Xinhua took a more severe view, warning the United States must get to grips with a budget deficit that threatened not a "fiscal cliff" but a "fiscal abyss". Most of China's $3.3 trillion foreign exchange reserves are held in dollars.


The vote averted immediate pain like tax hikes for almost all U.S. households, but did nothing to resolve other political showdowns on the budget that loom in coming months. Spending cuts of $109 billion in military and domestic programs were only delayed for two months.


Obama urged "a little less drama" when the Congress and White House next address thorny fiscal issues like the government's rapidly mounting $16 trillion debt load.


There was plenty of drama on the first day of 2013 as lawmakers scrambled to avert the "fiscal cliff" of across-the-board tax hikes and spending cuts that would have punched a $600 billion hole in the economy this year.


As the rest of the country celebrated New Year's Day with parties and college football games, the Senate stayed up past 2 a.m. on Tuesday and passed the bill by an overwhelming margin of 89 to 8.


When they arrived at the Capitol at noon, House Republicans were forced to decide whether to accept a $620 billion tax hike over 10 years on the wealthiest or shoulder the blame for letting the country slip into budget chaos.


The Republicans mounted an effort to add hundreds of billions of dollars in spending cuts to the package and spark a confrontation with the Senate.


RELUCTANT REPUBLICANS


For a few hours, it looked like Washington would send the country over the fiscal cliff after all, until Republican leaders determined that they did not have the votes for spending cuts.


In the end, they reluctantly approved the Senate bill by a bipartisan vote of 257 to 167 and sent it on to Obama to sign into law.


"We are ensuring that taxes aren't increased on 99 percent of our fellow Americans," said Republican Representative David Dreier of California.


The vote underlined the precarious position of House Speaker John Boehner, who will ask his Republicans to re-elect him speaker on Thursday when a new Congress is sworn in. Boehner backed the bill but most House Republicans, including his top lieutenants, voted against it.


The speaker had sought to negotiate a "grand bargain" with Obama to overhaul the U.S. tax code and rein in health and retirement programs that are due to balloon in coming decades as the population ages. But Boehner could not unite his members behind an alternative to Obama's tax measures.


Income tax rates will now rise on families earning more than $450,000 per year and the amount of deductions they can take to lower their tax bill will be limited.


Low temporary rates that have been in place for the past decade will be made permanent for less-affluent taxpayers, along with a range of targeted tax breaks put in place to fight the 2009 economic downturn.


However, workers will see up to $2,000 more taken out of their paychecks annually with the expiration of a temporary payroll tax cut.


The non-partisan Congressional Budget Office said the bill will increase budget deficits by nearly $4 trillion over the coming 10 years, compared to the budget savings that would occur if the extreme measures of the cliff were to kick in.


But the measure will actually save $650 billion during that time period when measured against the tax and spending policies that were in effect on Monday, according to the Committee for a Responsible Federal Budget, an independent group that has pushed for more aggressive deficit savings.


(Additional reporting by Rachelle Younglai, Thomas Ferraro, Mark Felsenthal, David Lawder; Writing by Andy Sullivan; Editing by Alistair Bell and Eric Beech)



Read More..

Reid among 7 NFL coaches sacked in firing frenzy


Andy Reid is the winningest coach in the history of the Philadelphia Eagles. Lovie Smith led the Chicago Bears to the 2007 Super Bowl.


Now they're looking for work.


Seven coaches and five general managers were fired Monday in a flurry of pink slips that were delivered the day after the regular-season ended.


Ken Whisenhunt is out after helping Arizona reach the Super Bowl following the 2008 season. Also gone: Norv Turner in San Diego, Pat Shurmur in Cleveland, Romeo Crennel in Kansas City and Chan Gailey in Buffalo.


Three teams made it a clean sweep, saying goodbye to the GM along with the coach — San Diego, Cleveland, Arizona. General managers also were fired in Jacksonville and New York, where Rex Ryan held onto his coaching job with the Jets despite a losing record.


Reid was the longest tenured of the coaches, removed after 14 seasons and a Super Bowl appearance in 2005 — a loss to New England. Smith spent nine seasons with the Bears.


Turner has now been fired as head coach by three teams. San Diego won the AFC West from 2006-09, but didn't make the postseason the last three years under Turner and GM A.J. Smith.


"Both Norv and A.J. are consummate NFL professionals, and they understand that in this league, the bottom line is winning," Chargers President Dean Spanos said in a statement.


Whisenhunt was fired after six seasons. He had more wins than any other coach in Cardinals history, going 45-51, and has one year worth about $5.5 million left on his contract. GM Rod Graves had been with Arizona for 16 years, nine in his current position. A 5-11 record after a 4-0 start cost him and Whisenhunt their jobs.


Gailey was dumped after three seasons with the Bills; Shurmur after two; and Crennel had one full season with the Chiefs.


Reid took over a 3-13 Eagles team in 1999, drafted Donovan McNabb with the No. 2 overall pick and quickly turned the franchise into a title contender.


But the team hasn't won a playoff game since 2008 and after last season's 8-8 finish, owner Jeffrey Lurie said he was looking for improvement this year. Instead, it was even worse. The Eagles finished 4-12.


"When you have a season like that, it's embarrassing. It's personally crushing to me and it's terrible," Lurie said at a news conference. He said he respects Reid and plans to stay friends with him, "but, it is time for the Eagles to move in a new direction."


Shurmur went 9-23 in his two seasons with the Browns, who will embark on yet another offseason of change — the only constant in more than a decade of futility. Cleveland has lost at least 11 games in each of the past five seasons and made the playoffs just once since returning to the NFL as an expansion team in 1999.


"Ultimately our objective is to put together an organization that will be the best at everything we do," Browns CEO Joe Banner said. "On the field, our only goal is trying to win championships."


Crennel took over with three games left in the 2011 season after GM Scott Pioli fired Todd Haley. Kansas City will have the No. 1 pick in the NFL draft as a result of having one of the worst seasons in its 53-year history. The only other time the Chiefs finished 2-14 was 2008, the year before Pioli was hired.


"I am embarrassed by the poor product we gave our fans this season, and I believe we have no choice but to move the franchise in a different direction," Chiefs chairman Clark Hunt said in a statement.


Gailey, the former Dallas Cowboys coach, compiled a 16-32 record in his three seasons in Buffalo, never doing better than 6-10.


"This will probably be, and I say probably, but I think it will be the first place that's ever fired me that I'll pull for," Gailey said.


Smith and the Bears went 10-6 this season and just missed a playoff spot. But Chicago started 7-1 and has struggled to put together a productive offense throughout Smith's tenure. His record was 81-63 with the Bears, and he took them to one Super Bowl loss and to one NFC championship game defeat.


Receiver and kick return standout Devin Hester was bitter about Smith's firing.


"The media, the false fans, you all got what you all wanted," Hester said as he cleared out his locker. "The majority of you all wanted him out. As players we wanted him in. I guess the fans — the false fans — outruled us. I thought he was a great coach, probably one of the best coaches I've ever been around."


The fired GMs included Mike Tannenbaum of the Jets; Gene Smith of the Jaguars; Tom Heckert of the Browns; Smith of the Chargers and Graves of Arizona.


"You hope that those guys that obviously were victims of black Monday land on their feet," Rams coach Jeff Fisher said. "You've got guys that have been to Super Bowls and won championship games and all of a sudden they've forgot how to coach, I guess."


___


Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL


Read More..

13 key stories to watch for in 2013




Among the few virtual certainties of 2013 is the ongoing anguish of Syria and the decline of its president, Bashar al-Assad.




STORY HIGHLIGHTS


  • Look for more unrest amid power transitions in the Middle East

  • Disputes and economic worries will keep China, Japan, North Korea in the news

  • Europe's economy will stay on a rough road, but the outlook for it is brighter

  • Events are likely to draw attention to cyber warfare and climate change




(CNN) -- Forecasting the major international stories for the year ahead is a time-honored pastime, but the world has a habit of springing surprises. In late 1988, no one was predicting Tiananmen Square or the fall of the Berlin Wall. On the eve of 2001, the 9/11 attacks and the subsequent invasion of Afghanistan were unimaginable. So with that substantial disclaimer, let's peer into the misty looking glass for 2013.


More turmoil for Syria and its neighbors


If anything can be guaranteed, it is that Syria's gradual and brutal disintegration will continue, sending aftershocks far beyond its borders. Most analysts do not believe that President Bashar al-Assad can hang on for another year. The more capable units of the Syrian armed forces are overstretched; large tracts of north and eastern Syria are beyond the regime's control; the economy is in dire straits; and the war is getting closer to the heart of the capital with every passing week. Russian support for al-Assad, once insistent, is now lukewarm.


Amid the battle, a refugee crisis of epic proportions threatens to become a catastrophe as winter sets in. The United Nations refugee agency says more than 4 million Syrians are in desperate need, most of them in squalid camps on Syria's borders, where tents are no match for the cold and torrential rain. Inside Syria, diseases like tuberculosis are spreading, according to aid agencies, and there is a danger that hunger will become malnutrition in places like Aleppo.


The question is whether the conflict will culminate Tripoli-style, with Damascus overrun by rebel units; or whether a political solution can be found that involves al-Assad's departure and a broadly based transitional government taking his place. U.N. envoy Lakhdar Brahimi has not been explicit about al-Assad's exit as part of the transition, but during his most recent visit to Damascus, he hinted that it has to be.









2012: The year in pictures










































































HIDE CAPTION





<<


<





1




2




3




4




5




6




7




8




9




10




11




12




13




14




15




16




17




18




19




20
























































>


>>












"Syria and the Syrian people need, want and look forward to real change. And the meaning of this is clear to all," he said.


The international community still seems as far as ever from meaningful military intervention, even as limited as a no fly-zone. Nor is there any sign of concerted diplomacy to push all sides in Syria toward the sort of deal that ended the war in Bosnia. In those days, the United States and Russia were able to find common ground. In Syria, they have yet to do so, and regional actors such as Turkey, Qatar, Saudi Arabia and Iran also have irons in the fire.


Failing an unlikely breakthrough that would bring the regime and its opponents to a Syrian version of the Dayton Accords that ended the Bosnian war, the greatest risk is that a desperate regime may turn to its chemical weapons, troublesome friends (Hezbollah in Lebanon and the Kurdish PKK in Turkey) and seek to export unrest to Lebanon, Iraq and Jordan.


The Syrian regime has already hinted that it can retaliate against Turkey's support for the rebels -- not by lobbing Scud missiles into Turkey, but by playing the "Kurdish" card. That might involve direct support for the PKK or space for its Syrian ally, the Democratic Union Party. By some estimates, Syrians make up one-third of the PKK's fighting strength.


To the Turkish government, the idea that Syria's Kurds might carve out an autonomous zone and get cozy with Iraq's Kurds is a nightmare in the making. Nearly 800 people have been killed in Turkey since the PKK stepped up its attacks in mid-2011, but with three different sets of elections in Turkey in 2013, a historic bargain between Ankara and the Kurds that make up 18% of Turkey's population looks far from likely.


Many commentators expect Lebanon to become more volatile in 2013 because it duplicates so many of the dynamics at work in Syria. The assassination in October of Lebanese intelligence chief Brig. Gen. Wissam al-Hassan -- as he investigated a pro-Syrian politician accused of obtaining explosives from the Syrian regime -- was an ominous portent.


Victory for the overwhelmingly Sunni rebels in Syria would tilt the fragile sectarian balance next door, threatening confrontation between Lebanon's Sunnis and Hezbollah. The emergence of militant Salafist groups like al-Nusra in Syria is already playing into the hands of militants in Lebanon.


Iraq, too, is not immune from Syria's turmoil. Sunni tribes in Anbar and Ramadi provinces would be heartened should Assad be replaced by their brethren across the border. It would give them leverage in an ever more tense relationship with the Shia-dominated government in Baghdad. The poor health of one of the few conciliators in Iraqi politics, President Jalal Talabani, and renewed disputes between Iraq's Kurds and the government over boundaries in the oil-rich north, augur for a troublesome 2013 in Iraq.


More worries about Iran's nuclear program


Syria's predicament will probably feature throughout 2013, as will the behavior of its only friend in the region: Iran. Intelligence sources say Iran continues to supply the Assad regime with money, weapons and expertise; and military officers who defected from the Syrian army say Iranian technicians work in Syria's chemical weapons program. Al-Assad's continued viability is important for Iran, as his only Arab ally. They also share sponsorship of Hezbollah in Lebanon, which, with its vast supply of rockets and even some ballistic missiles, might be a valuable proxy in the event of an Israeli strike against Iran's nuclear program.


Speaking of which, there are likely to be several more episodes in the behind-closed-doors drama of negotiations on Iran's nuclear sites. Russia is trying to arrange the next round for January. But in public, at least, Iran maintains it has every right to continue enriching uranium for civilian purposes, such as helping in the treatment of more than 1 million Iranians with cancer.


Iran "will not suspend 20% uranium enrichment because of the demands of others," Fereydoun Abbasi-Davani, head of Iran's Atomic Energy Organization, said this month.


International experts say the amount of 20% enriched uranium (estimated by the International Atomic Energy Agency in November at 297 pounds) is more than needed for civilian purposes, and the installation of hundreds more centrifuges could cut the time needed to enrich uranium to weapons-grade. The question is whether Iran will agree to intrusive inspections that would reassure the international community -- and Israel specifically -- that it can't and won't develop a nuclear weapon.


This raises another question: Will it take bilateral U.S.-Iranian talks -- and the prospect of an end to the crippling sanctions regime -- to find a breakthrough? And will Iran's own presidential election in June change the equation?


For now, Israel appears to be prepared to give negotiation (and sanctions) time to bring Iran to the table. For now.


Egypt to deal with new power, economic troubles


Given the turmoil swirling through the Middle East, Israel could probably do without trying to bomb Iran's nuclear program into submission. Besides Syria and Lebanon, it is already grappling with a very different Egypt, where a once-jailed Islamist leader is now president and Salafist/jihadi groups, especially in undergoverned areas like Sinai, have a lease on life unimaginable in the Mubarak era.



The U.S. has an awkward relationship with President Mohamed Morsy, needing his help in mediating with Hamas in Gaza but concerned that his accumulation of power is fast weakening democracy and by his bouts of anti-Western rhetoric. (He has demanded the release from a U.S. jail of Sheikh Omar Abdel Rahman, convicted of involvement in the first bombing of the World Trade Center in 1993.)


The approval of the constitution removes one uncertainty, even if the opposition National Salvation Front says it cements Islamist power. But as much as the result, the turnout -- about one-third of eligible voters -- indicates that Egyptians are tired of turmoil, and more concerned about a deepening economic crisis.


Morsy imposed and then scrapped new taxes, and the long-expected $4.8 billion loan from the International Monetary Fund is still not agreed on. Egypt's foreign reserves were down to $15 billion by the end of the year, enough to cover less than three months of imports. Tourism revenues are one-third of what they were before street protests erupted early in 2011. Egypt's crisis in 2013 may be more about its economy than its politics.


Libya threatens to spawn more unrest in North Africa


Libya's revolution, if not as seismic as anything Syria may produce, is still reverberating far and wide. As Moammar Gadhafi's rule crumbled, his regime's weapons found their way into an arms bazaar, turning up in Mali and Sinai, even being intercepted off the Lebanese coast.


The Libyan government, such as it is, seems no closer to stamping its authority on the country, with Islamist brigades holding sway in the east, tribal unrest in the Sahara and militias engaged in turf wars. The danger is that Libya, a vast country where civic institutions were stifled for four decades, will become the incubator for a new generation of jihadists, able to spread their influence throughout the Sahel. They will have plenty of room and very little in the way of opposition from security forces.


The emergence of the Islamist group Ansar Dine in Mali is just one example. In this traditionally moderate Muslim country, Ansar's fighters and Tuareg rebels have ejected government forces from an area of northern Mali the size of Spain and begun implementing Sharia law, amputations and floggings included. Foreign fighters have begun arriving to join the latest front in global jihad; and terrorism analysts are seeing signs that al Qaeda in the Islamic Maghreb (AQIM) and groups like Boko Haram in Nigeria are beginning to work together.


There are plans for an international force to help Mali's depleted military take back the north, but one European envoy said it was unlikely to materialize before (wait for it) ... September 2013. Some terrorism analysts see North Africa as becoming the next destination of choice for international jihad, as brigades and camps sprout across a vast area of desert.


A bumpy troop transition for Afghanistan


The U.S. and its allies want to prevent Afghanistan from becoming another haven for terror groups. As the troop drawdown gathers pace, 2013 will be a critical year in standing up Afghan security forces (the numbers are there, their competence unproven), improving civil institutions and working toward a post-Karzai succession.



In November, the International Crisis Group said the outlook was far from assuring.


"Demonstrating at least will to ensure clean elections (in Afghanistan in 2014) could forge a degree of national consensus and boost popular confidence, but steps toward a stable transition must begin now to prevent a precipitous slide toward state collapse. Time is running out," the group said.


Critics have also voiced concerns that the publicly announced date of 2014 for withdrawing combat forces only lets the Taliban know how long they must hold out before taking on the Kabul government.


U.S. officials insist the word is "transitioning" rather than "withdrawal," but the shape and role of any military presence in 2014 and beyond are yet to be settled. Let's just say the United States continues to build up and integrate its special operations forces.


The other part of the puzzle is whether the 'good' Taliban can be coaxed into negotiations, and whether Pakistan, which has considerable influence over the Taliban leadership, will play honest broker.


Private meetings in Paris before Christmas that involved Taliban envoys and Afghan officials ended with positive vibes, with the Taliban suggesting they were open to working with other political groups and would not resist girls' education. There was also renewed discussion about opening a Taliban office in Qatar, but we've been here before. The Taliban are riven by internal dissent and may be talking the talk while allowing facts on the ground to work to their advantage.


Where will North Korea turn its focus?


On the subject of nuclear states that the U.S.-wishes-were-not, the succession in North Korea has provided no sign that the regime is ready to restrain its ambitious program to test nuclear devices and the means to deliver them.



Back in May 2012, Peter Brookes of the American Foreign Policy Council said that "North Korea is a wild card -- and a dangerous one at that." He predicted that the inexperienced Kim Jong Un would want to appear "large and in charge," for internal and external consumption. In December, Pyongyang launched a long-range ballistic missile -- one that South Korean scientists later said had the range to reach the U.S. West Coast. Unlike the failure of the previous missile launch in 2009, it managed to put a satellite into orbit.


The last two such launches have been followed by nuclear weapons tests -- in 2006 and 2009. Recent satellite images of the weapons test site analyzed by the group 38 North show continued activity there.


So the decision becomes a political one. Does Kim continue to appear "large and in charge" by ordering another test? Or have the extensive reshuffles and demotions of the past year already consolidated his position, allowing him to focus on the country's dire economic situation?


China-Japan island dispute to simmer


It's been a while since East Asia has thrown up multiple security challenges, but suddenly North Korea's missile and nuclear programs are not the only concern in the region. There's growing rancor between China and Japan over disputed islands in the East China Sea, which may be aggravated by the return to power in Japan of Shinzo Abe as prime minister.


Abe has long been concerned that Japan is vulnerable to China's growing power and its willingness to project that power. Throughout 2012, Japan and China were locked in a war of words over the Senkaku or Diaoyu islands, with fishing and Coast Guard boats deployed to support claims of sovereignty.


In the days before Japanese went to the polls, Beijing also sent a surveillance plane over the area, marking the first time since 1958, according to Japanese officials, that Bejing had intruded into "Japanese airspace." Japan scrambled F-15 jets in response.


The islands are uninhabited, but the seas around them may be rich in oil and gas. There is also a Falklands factor at play here. Not giving in to the other side is a matter of national pride. There's plenty of history between China and Japan -- not much of it good.


As China has built up its ability to project military power, Japan's navy has also expanded. Even a low-level incident could lead to an escalation. And as the islands are currently administered by Japan, the U.S. would have an obligation to help the Japanese defend them.


Few analysts expect conflict to erupt, and both sides have plenty to lose. For Japan, China is a critical market, but Japanese investment there has fallen sharply in the past year. Just one in a raft of problems for Abe. His prescription for dragging Japan out of its fourth recession since 2000 is a vast stimulus program to fund construction and other public works and a looser monetary policy.


The trouble is that Japan's debt is already about 240% of its GDP, a much higher ratio than even Greece. And Japan's banks hold a huge amount of that debt. Add a shrinking and aging population, and at some point the markets might decide that the yield on Japan's 10-year sovereign bond ought to be higher than the current 0.77%.


Economic uncertainty in U.S., growth in China


So the world's third-largest economy may not help much in reviving global growth, which in 2012 was an anemic 2.2%, according to United Nations data. The parts of Europe not mired in recession hover close to it, and growth in India and Brazil has weakened. Which leaves the U.S. and China.


At the time of writing, the White House and congressional leadership are still peering over the fiscal cliff. Should they lose their footing, the Congressional Budget Office expects the arbitrary spending cuts and tax increases to be triggered will push the economy into recession and send unemployment above 9%.



A stopgap measure, rather than a long-term foundation for reducing the federal deficit, looks politically more likely. But to companies looking for predictable economic policy, it may not be enough to unlock billions in investment. Why spend heavily if there's a recession around the corner, or if another fight looms over raising the federal debt ceiling?


In September, Moody's said it would downgrade the U.S. sovereign rating from its "AAA" rating without "specific policies that produce a stabilization and then downward trend in the ratio of federal debt to GDP over the medium term." In other words, it wants action beyond kicking the proverbial can.


Should the cliff be dodged, most forecasts see the U.S. economy expanding by about 2% in 2013. That's not enough to make up for stagnation elsewhere, so a great deal depends on China avoiding the proverbial hard landing.


Until now, Chinese growth has been powered by exports and infrastructure spending, but there are signs that China's maturing middle class is also becoming an economic force to be reckoned with. Consultants PwC expect retail sales in China to increase by 10.5% next year -- with China overtaking the U.S. as the world's largest retail market by 2016.


Europe's economic outlook a little better


No one expects Europe to become an economic powerhouse in 2013, but at least the horizon looks a little less dark than it did a year ago. The "PIGS' " (Portugal, Ireland/Italy, Greece, Spain) borrowing costs have eased; there is at least rhetorical progress toward a new economic and fiscal union; and the European Central Bank has talked tough on defending the Eurozone.


Mario Draghi, president of the European Central Bank, fended off the dragons with the declaration in July that "Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough."



Draghi has promised the bank has unlimited liquidity to buy sovereign debt, as long as governments (most likely Spain) submit to reforms designed to balance their budgets. But in 2013, the markets will want more than brave talk, including real progress toward banking and fiscal union that will leave behind what Draghi likes to call Europe's "fairy world" of unsustainable debt and collapsing banks. Nothing can be done without the say-so of German Chancellor Angela Merkel, renowned for a step-by-step approach that's likely to be even more cautious in a year when she faces re-election.


Elections in Italy in February may be more important -- pitching technocrat Prime Minister Mario Monti against the maverick he replaced, 76-year old Silvio Berlusconi. After the collapse of Berlusconi's coalition 13 months ago, Monti reined in spending, raised the retirement age and raised taxes to bring Italy back from the brink of insolvency. Now he will lead a coalition of centrist parties into the election. But polls suggest that Italians are tired of Monti's austerity program, and Berlusconi plans a populist campaign against the man he calls "Germano-centric."


The other tripwire in Europe may be Greece. More cuts in spending -- required to qualify for an EU/IMF bailout -- are likely to deepen an already savage recession, threatening more social unrest and the future of a fragile coalition. A 'Grexit' from the eurozone is still possible, and that's according to the Greek finance minister, Yannis Stournaras.


Expect to see more evidence of climate change


Hurricane Sandy, which struck the U.S. East Coast in November, was the latest indicator of changing and more severe weather patterns. Even if not repeated in 2013, extreme weather is beginning to have an effect -- on where people live, on politicians and on the insurance industry.


After Sandy, New York Gov. Andrew Cuomo said that after "the last few years, I don't think anyone can sit back anymore and say, 'Well, I'm shocked at that weather pattern.' " The storm of the century has become the storm of every decade or so, said Michael Oppenheimer, professor of geosciences at Princeton.


"Climate change will probably increase storm intensity and size simultaneously, resulting in a significant intensification of storm surges," he and colleagues wrote in Nature.


In the U.S., government exposure to storm-related losses in coastal states has risen more than 15-fold since 1990, to $885 billion in 2011, according to the Insurance Information Institute. The Munich RE insurance group says North America has seen higher losses from extreme weather than any other part of the world in recent decades.


"A main loss driver is the concentration of people and assets on the coast combined with high and possibly growing vulnerabilities," it says.


Risk Management Solutions, which models catastrophic risks, recently updated its scenarios, anticipating an increase of 40% in insurance losses on the Gulf Coast, Florida and the Southeast over the next five years, and 25% to 30% for the mid-Atlantic and Northeastern states. Those calculations were done before Sandy.



Inland, eyes will be trained on the heavens for signs of rain -- after the worst drought in 50 years across the Midwest. Climatologists say that extended periods of drought -- from the U.S. Midwest to Ukraine -- may be "the new normal." Jennifer Francis at the Institute of Marine and Coastal Sciences at Rutgers University has shown that a warmer Arctic tends to slow the jet stream, causing it to meander and, in turn, prolong weather patterns. It's called Arctic amplification, and it is probably aggravating drought in the Northwest United States and leading to warmer summers in the Northern Hemisphere, where 2012 was the hottest year on record.


It is a double-edged sword: Warmer temperatures may make it possible to begin cultivating in places like Siberia, but drier weather in traditional breadbaskets would be very disruptive. The U.N. Food and Agriculture Organization reports that stocks of key cereals have tightened, contributing to volatile world markets. Poor weather in Argentina, the world's second-largest exporter of corn, may compound the problem.


More cyber warfare


What will be the 2013 equivalents of Flame, Gauss and Shamoon? They were some of the most damaging computer viruses of 2012. The size and versatility of Flame was unlike nothing seen before, according to anti-virus firm Kaspersky Lab.



Gauss stole online banking information in the Middle East. Then came Shamoon, a virus that wiped the hard drives of about 30,000 computers at the Saudi oil company Aramco, making them useless. The Saudi government declared it an attack on the country's economy; debate continues on whether it was state-sponsored.


Kaspersky predicts that in 2013, we will see "new examples of cyber-warfare operations, increasing targeted attacks on businesses and new, sophisticated mobile threats."


Computer security firm McAfee also expects more malware to be developed to attack mobile devices and apps in 2013.


U.S. Defense Secretary Leon Panetta is more concerned about highly sophisticated attacks on infrastructure that "could be as destructive as the terrorist attack on 9/11."


"We know that foreign cyber actors are probing America's critical infrastructure networks. They are targeting the computer control systems that operate chemical, electricity and water plants and those that guide transportation throughout this country," he said in October.


Intellectual property can be stolen, bought or demanded as a quid pro quo for market access. The U.S. intelligence community believes China or Chinese interests are employing all three methods in an effort to close the technology gap.


In the waning days of 2012, the interagency Committee on Foreign Investment in the United States said "there is likely a coordinated strategy among one or more foreign governments or companies to acquire U.S. companies involved in research, development, or production of critical technologies."


It did not name the country in its unclassified report but separately noted a growing number of attempts by Chinese entities to buy U.S. companies.


Who will be soccer's next 'perfect machine'?



There's room for two less serious challenges in 2013. One is whether any football team, in Spain or beyond, can beat Barcelona and its inspirational goal machine Lionel Messi, who demolished a record that had stood since 1972 for the number of goals scored in a calendar year. (Before Glasgow Celtic fans start complaining, let's acknowledge their famous win against the Spanish champions in November.)


Despite the ill health of club coach Tito Vilanova, "Barca" sits imperiously at the top of La Liga in Spain and is the favorite to win the world's most prestigious club trophy, the European Champions League, in 2013. AC Milan is its next opponent in a match-up that pits two of Europe's most storied clubs against each other. But as Milan sporting director Umberto Gandini acknowledges, "We face a perfect machine."


Will Gangnam give it up to something sillier?



Finally, can something -- anything -- displace Gangnam Style as the most watched video in YouTube's short history? As of 2:16 p.m. ET on December 26, it had garnered 1,054,969,395 views and an even more alarming 6,351,871 "likes."


Perhaps in 2013 the YouTube audience will be entranced by squirrels playing table tennis, an octopus that spins plates or Cistercian nuns dancing the Macarena. Or maybe Gangnam will get to 2 billion with a duet with Justin Bieber.







Read More..

Insight: How Colombian drug traffickers used HSBC to launder money






(Reuters) – When several Colombian men were indicted in January 2010 on money-laundering charges, the case in Brooklyn federal court drew little attention.


It looked like a bust of another nexus of drug traffickers and money launderers, with mainly small-time operatives paying the price for their crimes.






One of the men was Julio Chaparro, a 48-year-old father of four who owned three factories that made children’s clothing in Colombia.


But to U.S. authorities the case was anything but ordinary. Chaparro, prosecutors alleged, helped run a money-laundering ring for drug traffickers that took advantage of lax controls at UK-based international banking group HSBC Holdings Plc. It was one of the most important leads for U.S. investigators pursuing a case against the bank that eventually led to a $ 1.9 billion settlement on December 11.


Chaparro was “basically putting the orchestra together” and investigators saw “him as a major player in terms of cleaning a lot of money,” said James Hayes, special agent in charge of Homeland Security Investigations at U.S. Immigration and Customs Enforcement in New York. Known as ICE, the agency and its task force led the probe.


The Colombian’s lawyer, Ephraim Savitt, said Chaparro was a middleman in the operation, but disputed the extent of his client’s role, saying he was the “page turner of sheet music for the conductor.”


Chaparro, who was arrested in Colombia in 2010 and extradited to the United States in 2011, pleaded guilty to a money-laundering conspiracy count in May and is awaiting sentencing in 2013.


An HSBC spokesman declined comment.


Much about the trail that drug traffickers used to move U.S. dollars – the proceeds from drug sales – through HSBC and other banks remains unclear. By design, the process is layered to evade detection.


But a review of confidential investigative records that originate from two U.S. Attorney office probes and federal court filings in New York and California, as well as interviews with senior law-enforcement officials, shows how investigators tracing the activities of people who allegedly worked with Chaparro were able to expose large-scale money laundering at one of the world’s biggest banks.


The federal law-enforcement task force – named after El Dorado, the mythical city of gold in South America – used wire taps, email and computer searches, information from at least one inside source, and old-fashioned surveillance, to piece together the ring’s operations.


SMUGGLED ACROSS BORDER


Drug cartels sold narcotics in the United States and routed the cash to Mexico, often using couriers to smuggle it across the border. That cash would then be put into bank accounts at HSBC‘s Mexico unit, where large deposits could be made without arousing suspicion, according to U.S. Department of Justice documents.


In one filing, U.S. prosecutors said, Chaparro and others allegedly utilized accounts at HSBC Mexico to deposit “drug dollars and then wire those funds to … businesses located in the United States and elsewhere. The funds were then used to purchase consumer goods, which were exported to South America and resold to generate ‘clean’ cash.”


In a typical transaction, a middleman in a drug cartel would offer to deliver consumer goods, such as computers or washing machines, to Colombian businesses on favorable terms. Another person in the United States would buy the goods from firms using funds from drug trafficking, and fulfill those orders.


Money launderers exploited the laxness of HSBC in policing shadowy money flows, the Department of Justice said earlier this month. Failures included not conducting due diligence on customers, not adequately monitoring wire transfers or cash shipments and not having enough employees to run anti-money laundering systems. U.S. Assistant Attorney General Lanny Breuer called the lapses “stunning failures of oversight.”


The situation was so bad, according to the Department of Justice, that in 2008, the head of HSBC‘s Mexican operations was told by Mexican regulators that a local drug lord described the bank as “the place to launder money.”


The Chaparro probe, led by ICE and the Justice Department, converged over the past two years with two other investigations – led by federal prosecutors and investigators in West Virginia and by the Manhattan district attorney – resulting in this month’s settlement with HSBC.


HSBC and its employees avoided criminal indictments, as the bank agreed instead to a deferred-prosecution deal that forces it to strengthen controls and accept a compliance monitor.


Today, Chaparro sits in a federal detention center in Brooklyn, reading the Bible and awaiting sentencing, said Savitt, a former U.S. prosecutor in Brooklyn, who submitted a list of questions to Chaparro for Reuters.


“He is contrite, regretful and ashamed about his crimes,” Savitt said. “He wants to serve his time and rejoin his family. He understands that a prison term could prevent that from happening for many years.”


Under federal guidelines, he could face 15 to 18 years in prison.


ON CHAPARRO’S TRAIL


The El Dorado federal task force, based in a building on the west side of Manhattan near Chelsea Piers, serves as an umbrella organization for some 250 law-enforcement officials from state, local and federal agencies.


One of the task-force supervisors is Lieutenant Frank DiGregorio, a former New York detective who spent years tracking the so-called Black Market Peso Exchange, which is used to convert dollars to Colombian pesos through trading in goods. DiGregorio along with two younger investigators – Graham Klein and Carmelo Lana – led the HSBC case.


The overall probe began in 2007 when investigators analyzed how courier companies ferried cash through airports in Miami and Houston, a person familiar with the case said. They ultimately tracked that to HSBC‘s operations in Mexico and then connected it to funds moving through New York.


A tipping point in the investigation came in 2009 when El Dorado agents arrested a man named Fernando Sanclemente. Two sources familiar with the case say Sanclemente was an operative in Chaparro’s network.


Sanclemente, who was charged with allegedly conducting financial transactions tied to narcotics trafficking, is free on bail with a $ 200,000 bond, according to the latest court docket entry, which dates to January 2012. His lawyer, James Neville, declined to discuss the status of the case.


According to a criminal complaint filed against him by Lana, the El Dorado agent, on June 30, 2009, task force agents followed Sanclemente for more than two hours as he drove around Queens in New York to ferry cash from drug sales.


Sanclemente first met with a person for about “30 seconds” on one street corner, and left with a yellow plastic bag. Later that night, he drove to a Dunkin’ Donuts near LaGuardia Airport, where a black livery cab pulled up and the driver handed him a black bag.


The El Dorado team followed Sanclemente to Laurel Hollow, New York, some 40 minutes away, where the investigators stopped and searched him, finding about $ 153,000 in the two bags. At Sanclemente’s apartment, investigators said they found ledgers and documents consistent with money laundering.


With the arrest, investigators gained insight into Chaparro’s alleged transactions. At one point, investigators set up undercover bank accounts where they were able to get Chaparro’s network to wire proceeds that could be traced back to HSBC‘s Mexico operations, according to people familiar with the situation and a Department of Justice filing in the HSBC case.


Federal agents would ultimately home in on $ 500 million that had moved from HSBC Mexico to HSBC‘s operations in the United States, according to the confidential investigative records.


Between October 6, 2008 and April 13, 2009, Chaparro and others conducted money laundering transactions totaling $ 1.1 million tied to narcotics trafficking, the indictment against Chaparro alleged.


(Reporting By Carrick Mollenkamp and Brett Wolf of the Compliance Complete service of Thomson Reuters Accelus; Additional reporting by Tomas Sarmiento Cordero in Mexico City and Aruna Viswanatha in Washington; Editing by Paritosh Bansal and Martin Howell)


Business News Headlines – Yahoo! News





Title Post: Insight: How Colombian drug traffickers used HSBC to launder money
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Sunridge Energy Ltd.-Announces Closing of Private Placement






CALGARY, ALBERTA–(Marketwire – Dec 31, 2012) – Sunridge Energy Corp. (TSX VENTURE:SRG) (“Sunridge” or the “Corporation”) announces closing of the first tranche of its previously announced private placement. The Corporation issued an aggregate of 1,472,000 common shares for gross proceeds of $ 342,780. 1,001,000 common shares were issued on a flow-though basis at a price of $ 0.15 per share, and the balance of 471,000 shares were issued as ordinary common shares at a price of $ 0.13 per share. The Corporation paid commissions and finders” fees totaling $ 23,273 and issued broker warrants entitling the holders to acquire an aggregate of 41,626 common shares at a price of $ 0.13 per share, for a period of one year.


The Corporation plans to resume its financing efforts in the first quarter of the new year.






ABOUT SUNRIDGE 


Sunridge Energy Ltd. is an Alberta-based exploration and production Corporation focused on cost effective, sustainable oil development projects.


On behalf of the board,


Dwayne Tyrkalo, Chief Executive Officer


FORWARD-LOOKING STATEMENTS


Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management”s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Sunridge cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Sunridge”s control. Actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Sunridge undertakes no obligation to publicly update or revise forward-looking information.


Marketwire News Archive – Yahoo! Finance





Title Post: Sunridge Energy Ltd.-Announces Closing of Private Placement
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Senate approves 'fiscal cliff' deal, crisis eased


WASHINGTON (Reuters) - The Senate moved the U.S. economy back from the edge of a "fiscal cliff" on Tuesday, voting to avoid imminent tax hikes and spending cuts in a bipartisan deal that could still face stiff challenges in the House of Representatives.


In a rare New Year's session at around 2 a.m. EST (0700 GMT), senators voted 89-8 to raise some taxes on the wealthy while making permanent low tax rates on the middle class that have been in place for a decade.


But the measure did little to rein in huge annual budget deficits that have helped push the U.S. debt to $16.4 trillion.


The agreement came too late for Congress to meet its own deadline of New Year's Eve for passing laws to halt $600 billion in tax hikes and spending cuts which strictly speaking came into force on Tuesday.


But with the New Year's Day holiday, there was no real world impact and Congress still had time to draw up legislation, approve it and backdate it to avoid the harsh fiscal measures.


That will need the backing of the House where many of the Republicans who control the chamber complain that President Barack Obama has shown little interest in cutting government spending and is too concerned with raising taxes.


All eyes are now on the House which is to hold a session on Tuesday starting at noon (1700 GMT).


Obama called for the House to act quickly and follow the Senate's lead.


"While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay," he said in a statement.


"There's more work to do to reduce our deficits, and I'm willing to do it. But tonight's agreement ensures that, going forward, we will continue to reduce the deficit through a combination of new spending cuts and new revenues from the wealthiest Americans," Obama said.


Members were thankful that financial markets were closed, giving them a second chance to return to try to head off the fiscal cliff.


But if lawmakers cannot pass legislation in the coming days, markets are likely to turn sour. The U.S. economy, still recovering from the 2008/2009 downturn, could stall again if Congress fails to fix the budget mess.


"If we do nothing, the threat of a recession is very real. Passing this agreement does not mean negotiations halt, far from it. We can all agree there is more work to be done," Majority Leader Harry Reid, a Democrat, told the Senate floor.


A new, informal deadline for Congress to legislate is now Wednesday when the current body expires and it is replaced by a new Congress chosen at last November's election.


The Senate bill, worked out after long negotiations on New Year's Eve between Vice President Joe Biden and Senate Republican Minority Leader Mitch McConnell, also postpones for two months a $109 billion "sequester" of sweeping spending cuts on military and domestic programs.


It extends unemployment insurance to 2 million people for a year and makes permanent the alternative minimum tax "patch" that was set to expire, protecting middle-income Americans from being taxed as if they were rich.


'IMPERFECT SOLUTION'


The tax hikes do not sit easy with Republicans but conservative senators held their noses and voted to raise rates for the rich because not to do so would have meant increases for almost all working Americans.


"It took an imperfect solution to prevent our constituents from a very real financial pain, but in my view, it was worth the effort," McConnell said.


House Speaker John Boehner - the top Republican in Congress - said the House would consider the Senate deal. But he left open the possibility of the House amending the Senate bill, which would spark another round of legislating.


"The House will honor its commitment to consider the Senate agreement if it is passed. Decisions about whether the House will seek to accept or promptly amend the measure will not be made until House members ... have been able to review the legislation," Boehner and other House Republican leaders said in a statement.


Boehner has struggled for two years to get control over a group of several dozen Tea Party fiscal conservatives in his caucus who strongly oppose tax increases and demand that he force Obama to make savings in the Medicare and Social Security healthcare and retirement programs.


A campaign-style event held by Obama in the White House as negotiations with Senate leaders were taking place on Monday may have made it more difficult for Republicans to back the deal. In remarks to a group of supporters that resembled a victory lap, the president noted that his rivals were coming around to his way of seeing things.


"Keep in mind that just last month Republicans in Congress said they would never agree to raise tax rates on the wealthiest Americans. Obviously, the agreement that's currently being discussed would raise those rates and raise them permanently," he said to applause before the Senate deal was sealed.


Obama's words and tone annoyed Republican lawmakers who seemed to feel that the Democrat was gloating.


"That's not the way presidents should lead," said Republican Senator John McCain, Obama's rival in the 2008 election.


A deal with the House on Tuesday, while uncertain, would not mark the end of congressional budget fights. The "sequester" spending cuts will come up again in February as will the contentious "debt ceiling," which caps how much debt the federal government can hold.


Republicans may see those two issues as their best chance to try to rein in government spending and clip Obama's wings at the start of his second term.


(Additional reporting by Richard Cowan, Mark Felsenthal, Rachelle Younglai, Kim Dixon and Jeff Mason; Writing by Alistair Bell; Editing by Eric Walsh)



Read More..