European shares edge higher, euro flat ahead German data

LONDON (Reuters) - European shares edged higher and the euro was steady on Tuesday ahead of German economic sentiment data, while the yen rose after Japanese ministers played down talk the Bank of Japan might buy foreign bonds to loosen credit.


Following last week's GDP figures showing that the euro zone saw a weaker end to 2012 than expected, forecasters see a pick-up in Germany's ZEW survey of investors and analysts at 1000 GMT, which may point to rebound in the bloc's biggest economy.


European stock markets, which have lost around 1.5 percent since the end of January, bounced backed from Monday's weak session in early trading, with the FTSEurofirst 300 <.fteu3> up 0.4 percent led by 0.7 and 0.5 percent gains on Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi>.


Underscoring the drag Europe's economic sluggishness is creating, new figures showed car firms had their weakest January since the records of the Association of European Carmakers began in 1990, with sales dropping 8.5 percent.


Berkeley Futures associate director Richard Griffiths said the Euro STOXX 50 and German DAX <.gdaxi> equity index could fall by between 3 and 4 percent over the coming month as economic weakness acts to cap investor sentiment.


"Any inroads to the upside will be hard to come by," he said. "We're in for a period of consolidation, with the risk more to the downside."


In the bond market, benchmark German Bunds edged up as demand for low-risk debt was also supported by concerns over the possibility of an inconclusive outcome to the Italian parliamentary election on Sunday and Monday, though gains were capped ahead of the German sentiment data.


The euro was little changed against the dollar at $1.3345 by 0900 GMT after European Central Bank President Mario Draghi reiterated on Monday that the bank would continue to monitor whether the currency's recent strength was likely to push inflation below its comfort zone.


The yen rose after Japanese ministers played down talk of foreign-bond buying by the country's central bank, a day after Prime Minister Shinzo Abe said such a policy could be one option for monetary easing.


Finance Minister Taro Aso told a news conference that he was not considering foreign-bond purchases as a part of monetary easing, while Economy Minister Akira Amari said Abe's comments on Monday simply referred to policy options countries have in general.


Their comments sent the dollar down to 93.39 yen. The euro eased 0.6 percent to 124.70 yen, well below its peak since April 2010 of 127.71 yen touched on February 6.


(Reporting by Marc Jones; Editing by Alastair Macdonald)



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Danica Patrick wins pole for NASCAR's Daytona 500


DAYTONA BEACH, Fla. (AP) — Danica Patrick is at her best in the spotlight.


Good thing, too, because she's going to be there all week.


Patrick won the Daytona 500 pole Sunday, becoming the first woman to secure the top spot for any race in NASCAR's premier circuit. It's by far the biggest achievement of her stock-car career. She's braced for the attention that will follow.


"I think when pressure's on and when the spotlight's on, I feel like it ultimately ends up becoming some of my better moments and my better races and better results," Patrick said. "I just understand that if you put the hard work in before you go out there that you can have a little peace and a little peace of mind knowing that you've done everything you can and just let it happen."


Patrick, who taped interviews Sunday with CNN, ESPN and Good Morning America, was the first woman to lead laps in the Indianapolis 500. She finished third in 2009, the highest finish in that illustrious race for a woman. And she became the only woman to win an IndyCar race when she did it in Japan in 2008.


Her latest stamp in the history books came with a lap at 196.434 mph around Daytona International Speedway. Patrick went out eighth in the qualifying session, then had to wait about two hours as 37 fellow drivers tried to take her spot.


Only four-time Cup champion Jeff Gordon even came close to knocking her off the pole. Gordon was the only other driver who topped 196 mph in qualifying. He locked up the other guaranteed spot in next week's season-opening Daytona 500.


"It's great to be a part of history with Danica being on the pole," said Gordon, who joked that at least he was the fastest guy. "I think we all know how popular she is, what this will do for our sport. Congratulations to her. Proud to be on there with her."


The rest of the field will be set in duel qualifying races Thursday.


However the lineup unfolds, all drivers — including boyfriend Ricky Stenhouse Jr. — will line up behind Patrick's No. 10 Chevrolet SS.


"I was brought up to be the fastest driver, not the fastest girl," she said. "That was instilled in me from very young, from the beginning. Then I feel like thriving in those moments, where the pressure's on, has also been a help for me. I also feel like I've been lucky in my career to be with good teams and have good people around me. I don't think any of it would have been possible without that.


"For those reasons, I've been lucky enough to make history, be the first woman to do many things. I really just hope that I don't stop doing that. We have a lot more history to make. We are excited to do it."


Even before her fast lap, Patrick had been the talk of Speedweeks. Not only did she open up about her budding romance with Stenhouse — Patrick officially filed to end her seven-year marriage to 47-year-old Paul Hospenthal in January — but she was considered the front-runner for the pole after leading practice sessions Saturday.


Now, she will garner even more hype.


"That's a huge accomplishment," team owner and fellow driver Tony Stewart said. "It's not like it's been 15 or 20 years she's been trying to do this. It's her second trip to Daytona here in a Cup car. She's made history in the sport. That's stuff that we're proud of being a part of with her. It's something she should have a huge amount of pride in.


"It's never been done. There's only one person that can be the first to do anything. Doesn't matter how many do it after you do, accomplish that same goal. The first one that does always has that little bit more significance to it because you were the first."


The result surely felt good for Patrick, especially considering the former IndyCar driver has mostly struggled in three NASCAR seasons. Her best finish in 10 Cup races is 17th, and she has one top-five in 58 starts in the second-tier Nationwide Series.


She raced part-time in 2010 and 2011 while still driving a full IndyCar slate. She switched solely to stock cars last season and finished 10th in the Nationwide standings.


She made the jump to Sprint Cup this season and will battle Stenhouse for Rookie of the Year honors.


Starting out front in an unpredictable, 500-mile race doesn't guarantee any sort of result, but securing the pole will put her in the limelight for at least the rest of the week.


"I don't think about Danica as a female race-car driver," defending Cup champion Brad Keselowski said. "I think of her as a rookie and someone that hasn't won races or proved that she is competitive."


Patrick won the pole at Daytona for last year's Nationwide race.


But this is considerably different, significantly bigger.


The previous highest female qualifier in a Cup race was Janet Guthrie. She started ninth at Bristol and Talladega in 1977.


"It's obviously a history-making event that will last a long, long time," Guthrie said, praising Patrick's feat. "It's a different era, of course. Different times. I can't imagine what I would do with a spotter or somebody telling me how to drive. It's rather a different sport now. Back then, there was a much greater difference from the front of the field to the back."


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Model: Getting what I don't deserve






STORY HIGHLIGHTS


  • Model Cameron Russell's TED Talk has been viewed more than a million times

  • She says, as winner of "genetic lottery," she has been able to have a modeling career

  • Her looks fit a narrow definition of beauty, she says

  • Russell: I work hard but my modeling career gives my views undeserved attention




Editor's note: Cameron Russell has been a model for brands such as Victoria's Secret, Calvin Klein, Ralph Lauren and Benetton and has appeared in the pages of Vogue, Harpers Bazaar and W. She spoke at TEDx MidAtlantic in October. TED is a nonprofit dedicated to "ideas worth spreading" which it makes available through talks posted on its website.


(CNN) -- Last month the TEDx talk I gave was posted online. Now it has been viewed over a million times. The talk itself is nothing groundbreaking. It's a couple of stories and observations about working as a model for the last decade.


I gave the talk because I wanted to tell an honest personal narrative of what privilege means.


I wanted to answer questions like how did I become a model. I always just say, " I was scouted," but that means nothing.


The real way that I became a model is that I won a genetic lottery, and I am the recipient of a legacy. What do I mean by legacy? Well, for the past few centuries we have defined beauty not just as health and youth and symmetry that we're biologically programmed to admire, but also as tall, slender figures, and femininity and white skin. And this is a legacy that was built for me, and it's a legacy that I've been cashing in on.


Some fashionistas may think, "Wait. Naomi. Tyra. Joan Smalls. Liu Wen." But the truth is that in 2007 when an inspired NYU Ph.D. student counted all the models on the runway, of the 677 models hired, only 27, or less than four percent, were non-white.


Usually TED only invites the most accomplished and famous people in the world to give talks. I hoped telling a simple story -- where my only qualification was life experience (not a degree, award, successful business or book) -- could encourage those of us who make media to elevate other personal narratives: the stories of someone like Trayvon Martin, the undocumented worker, the candidate without money for press.



Instead my talk reinforced the observations I highlighted in it: that beauty and femininity and race have made me the candy of mass media, the "once you pop you just can't stop" of news.


In particular it is the barrage of media requests I've had that confirm that how I look and what I do for a living attracts enormous undeserved attention.


Do I want a TV show? Do I want to write a book? Do I want to appear in a movie? Do I want to speak to CNN, NBC, NPR, the Times of India, Cosmo, this blogger and that journal? Do I want to speak at this high school, at that college, at Harvard Law School or at other conferences?


TED.com: A teen just trying to figure it out



I am not a uniquely accomplished 25-year-old. I've modeled for 10 years and I took six years to finish my undergraduate degree part-time, graduating this past June with honors from Columbia University. If I ever had needed to put together a CV it would be quite short. Like many young people I'd highlight my desire to work hard.


But hard work is not why I have been successful as a model. I'm not saying I'm lazy. But the most important part of my job is to show up with a 23-inch waist, looking young, feminine and white. This shouldn't really shock anyone. Models are chosen solely based on looks. But what was shocking to me is that when I spoke, the way I look catapulted what I had to say on to the front page.


Even if I did give a good talk, is what I have to say more important and interesting than what Colin Powell said? (He spoke at the same event and his talk has about a quarter of the view count.)




TED.com: Isaac Mizrahi on fashion and creativity


Like many young people I believe I have potential to make a positive impact in the world. But if I speak from a platform that relies on how I look, I worry that I will not have made room for anyone else to come after me. I will have reinforced that beauty and race and privilege get you a news story. The schoolteacher without adequate support, the domestic worker without rights, they won't be up there with me.


So what do I do? I am being handed press when good press for important issues is hard to come by. These outlets are the same outlets that spent two years not reporting a new drone base in Saudi Arabia while press in the UK covered it.


They are the same organizations that have forgotten New Orleans and forgotten to follow up on contractors who aren't fulfilling their responsibilities there -- important not only for the people of NOLA, but also for setting a precedent for the victims of Sandy, and of the many storms to come whose frequency and severity will rise as our climate changes.


TED. com: Amy Tan on where creativity hides


Should I tell stories like these instead of my own? I don't feel like I have the authority or experience to do so.


How can we change this cycle? The rise of the Internet and the camera phone have started to change what stories are accessible. And we now have the ability to build more participatory media structures. The Internet often comes up with good answers to difficult questions. So I ask: How can we build media platforms accessible to a diversity of content creators?


On a personal note, what should I talk about? Do I refuse these offers outright because of my lack of experience, because I'm not the right person to tell the stories that are missing from the media? Can I figure out a way to leverage my access to bring new voices into the conversation? Right now I'm cautiously accepting a few requests and figuring out what it all means.


I'm listening, tweet me @cameroncrussell


Follow @CNNOpinion on Twitter.


Join us at Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of Cameron Russell.






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Japan shares up on weaker yen hopes







Continue reading the main story






Japanese shares have risen after finance ministers of the G20 group of nations avoided singling out Japan for criticism over the recent yen weakness.


The yen has dipped nearly 15% against the US dollar since November amid Japan’s efforts to stoke inflation.


There were concerns that a criticism from G20 may prompt Japan to alter its aggressive stance. The fears were that it would result in the yen rising again and hurt Japan’s plans to spur growth.


Japan’s Nikkei 225 index rose 2%.


Meanwhile, the Japanese currency continued to weaken. It fell 0.6% to 94.12 yen against the US dollar.


It also dipped 0.5% to 125.50 yen against the euro in early Asian trade.


“At the G20 meeting, there wasn’t as much criticism from emerging countries about the recent yen’s weakness as feared. That spurred yen selling,” said Kyoya Okazawa, head of global equities at BNP Paribas.


Further weakness?


Analysts say the G20 communique at the end of its meeting in Moscow on Saturday was an endorsement for Japan’s recent monetary moves.


The policies have seen Japan’s central bank, the Bank of Japan, double its inflation target to 2% in attempt to spur domestic consumption.


The central bank has also expanded a key stimulus measure aimed at keeping long term interest rates low.


Analysts say that as Japan continues to pursue these policies, the yen is likely to weaken further.


Continue reading the main story


“With Japan, as yet, using various measures to ease monetary conditions domestically, we do not expect a large international backlash against its efforts and look for the Japanese yen to continue to decline gradually as the easier monetary conditions feed through,” Barclays Capital said in a note.


A weak yen bodes well for the Japanese exporters and its economy on various fronts.


To begin with, it makes their goods more affordable to foreign buyers. It also helps boost the exporters’ profits when they repatriate their foreign earnings back home.


And as firms see their profits rise, they are likely to have a bigger cash pile to invest in research and development or expansion of their facilities.


Investment in research helps the firms become more competitive as they develop new products. Meanwhile, increased capital investment helps boost Japan’s overall economic growth.


BBC News – Business





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Take advantage of the sales tax deduction






Taxes » Tax Deductions » Take Advantage Of The Sales Tax Deduction


Most states and cities get a good portion of their operating revenue from sales taxes tagged onto just about everything you buy. But on the federal level, Uncle Sam lets taxpayers use those taxes to help reduce their IRS bills.






The sales tax deduction is particularly welcomed by taxpayers in states that do not collect income taxes but do levy state sales taxes. It also could benefit taxpayers who face substantial local sales taxes. Even some residents of states with both types of taxes might find the sales tax deduction is more valuable to them than the income tax write-off.


Most people typically pay more in state income taxes than in state and local sales taxes. But double check just in case. Depending on your state’s income tax rate and how much you made (and paid), your sales tax amount could be greater. You can only deduct income or sales taxes, but not both.


But regardless of your state’s tax collection practices, to take full advantage of the sales tax deduction, you have to know exactly how to file for it and just which taxes you can claim.


Choosing your tax deduction method


The process begins with your answers to two filing questions. First, do you plan to itemize? If so, then which write-off — sales taxes or income taxes — will give you the biggest break?


Deciding whether to itemize deductions or claim the standard amount is always a key tax-time choice. The Internal Revenue Service says that most people take the standard deduction. It’s easy to claim; there are no forms or work sheets to fill out and each year the standard deduction increases, thanks to inflation adjustments.


But if you use the standard deduction, you can’t take the sales tax break. To claim the sales taxes you paid, you must itemize.


If sales taxes are your only deductible expense, then it’s not worth it to itemize. This one itemized deduction will likely be much less than your standard deduction, and you always want to take the largest tax deduction amount you’re allowed.


Taxpayers who itemize expenses will have to decide which option — deducting sales taxes or income taxes — will give them the biggest break.


Writing off the right amount


Then there’s the issue of just how much in sales taxes you can claim. If you have the documentation, there is no limit on the deduction amount.


Even if you don’t have all your receipts, you still might be able to recreate many of your sales tax payments. William Abrams, a partner in the law firm Abrams Garfinkel Margolis Bergson LLP, with offices in California and New York, notes that many types of records, such as credit card statements, are available online. By accessing them, he says, taxpayers could improve the accuracy of their annual sales-tax computations.


The actual receipt calculation might be worthwhile if you made a lot of purchases last year. Scenarios involving costly and taxable expenditures include:


  • You bought a lot of electronic equipment.

  • You moved to your first or a new home and furnished it.

  • You bought expensive jewelry, such as an engagement ring.

  • You paid for the wedding that followed that ring purchase.

“You’re more likely to have kept receipts for these items for insurance purposes or because they were mind-boggling,” says Bob D. Scharin, senior tax analyst from the Tax and Accounting business of Thomson Reuters. “Basically, you’re looking for spending that’s disproportionate to your income.”


Most filers, however, will claim the amount that the IRS has figured for them in special sales-tax tables; one for each applicable state. The deduction amounts are based on the average consumption by taxpayers, taking into account filing status, number of dependents, adjusted gross income and rates of state and local general sales taxation.


The IRS tables with standard sales tax deduction amounts can be found in the Schedule A instructions. The IRS also offers an online sales tax deduction calculator.


Counting all your income


But even with the tables, it’s not quite that simple. In using the data, you need to keep a couple of things in mind to get the biggest deduction.


First, don’t rely solely on your 1040 information when you read the table. The figure you enter on your federal return is taxable income, but Scharin says that the sales tax table amounts are based on total income, not just your adjusted, taxable income. You should take nontaxable income amounts into account for sales tax deduction purposes, he says, because the larger your total income, the larger your sales tax deduction.


These other types of income include municipal bond or other tax-exempt interest, workers’ compensation, nontaxable combat pay, the nontaxable portion of Social Security and other retirement benefits, as well as the nontaxable parts of an IRA, including a Roth IRA distribution.


Also, most of the tables only cover the state rates. “If you have a local sales tax, which many people don’t realize, you could be sacrificing some of the deduction if you use only the table amount,” says Scharin.


To account for local sales taxes, you’re going to have to do some extra calculating. If you’re not using tax software, a work sheet, also in the Schedule A instructions, will help you determine the correct number.


You also could have some extra math to do if you lived in different states that collected sales taxes. In this case, you must determine each state’s sales tax amount to arrive at your appropriate, combined deduction.


Sales taxes you paid on the purchase of motor vehicles, boats, aircraft and, in some cases, building materials for a substantial addition to or renovation of an existing structure also can be counted on top of your sales tax table and local tax amounts. These additional amounts will be accounted for in the previously mentioned sales tax work sheet.


While all these considerations will definitely mean more work for some taxpayers, Scharin says, “If you went this far and you’re itemizing, you might as well get your full deduction.”


More From Bankrate.com


Yahoo! Finance – Personal Finance





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Euro, dollar up after G20, stocks ease on growth concern

LONDON (Reuters) - The euro and the dollar rose against the yen on Monday after the G20 decided not to criticize Japan for its expansionist policies, but shares eased as Europe's weak growth outlook weighed on sentiment.


Financial leaders from the world's 20 biggest economies promised on Saturday not to devalue their currencies to boost exports, aiming to defuse talk of currency wars that had been roiling the markets.


The euro gained 0.2 percent to 125.32 yen, edging up toward a 34-month high of 127.71 yen hit earlier this month, while the dollar rose 0.6 percent to 94 yen, closer to its highest level since May 2010 of 94.46 hit on February 11.


"Future yen direction will continue to be driven by domestic monetary policy from the Bank of Japan and improving international investor confidence, which are both driving the yen weaker," said Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi UFJ.


Japanese Prime Minister Shinzo Abe is poised to nominate a new BOJ governor. Sources told Reuters that former financial bureaucrat Toshiro Muto, considered likely to be less radical than other candidates, was leading the field.


Abe said on Monday that buying foreign bonds was a future option for the Bank of Japan, which would entail selling of the yen by the central bank.


The euro was also rising against the dollar, gaining 0.1 percent to $1.3375 ahead of address by European Central Bank president Mario Draghi to the region's parliament which may touch on the outlook for the single currency after the G20 meeting.


In European markets, attention was also switching to the release of euro area Purchasing Managers' Indexes for February and German sentiment indices due later in the week, and the upcoming general elections in Italy.


Analysts expect Thursday's euro area flash PMI indices, which point to economic activity around six months out, to show growth stabilizing across the recession-hit region, leaving hopes for a recovery in the second half of the year intact.


Concerns over an inconclusive outcome in Italian elections at the end of the week added to the weaker sentiment as a fragmented parliament could hamper a future government's reform efforts.


The worries about the outlook for Italy were encouraging investors back into safe have German government bonds on Monday, with 10-year Bund yields easing 3.6 basis points to be around 1.63 percent.


"Political uncertainty will keep Bunds well bid this week," ING rate strategist Alessandro Giansanti said, adding that only better than expected economic data could create selling pressure on German debt near term.


EARNINGS HIT


European equity markets were taking their lead from corporate earnings reports which have been reflecting the sluggish economic conditions across the region.


Danish brewer Carlsberg , which generates just over 60 percent of its sales in western Europe, became the latest company to report a weaker-than-expected quarterly profit, sending its shares to lowest level in nearly a month.


The 5 percent drop in price for shares in the world's fourth biggest brewery helped send the FTSEurofirst 300 index <.fteu3> of top European shares down 0.4 percent in morning trade. Germany's DAX <.gdaxi>, the UK FTSE <.ftse> and France's CAC-40 <.fchi> were all also slightly weaker. <.l><.eu/>


Earlier, the effect of the G20 statement and the comments from Abe indicating a renewed drive to stimulate the economy lifted the Nikkei stock index <.n225> by 2.1 percent, near to its highest level since September 2008.


U.S. stock futures were barely changed and are expected to stay little changed as Wall Street will be closed on Monday for the Presidents' Day holiday. <.n/>


MSCI's world equity index <.miwd00000pus> was flat as markets extended two-week period of consolidation that has followed the big run up in January when demand was buoyed by the efforts of global central banks to stimulate the world economy.


Data from EPFR Global, a US-based firm that tracks the flows and allocations of funds globally, shows investors pulled $3.62 billion from U.S. stock funds in the latest week, the most in 10 weeks after taking a neutral stance the prior week.


But demand for emerging market equities remained strong, with investors putting $1.81 billion in new cash into stock funds, the fund-tracking firm said.


CHINA RETURN


In the commodity markets traders played catch up after a week-long holiday last week in China, the world's second biggest consumer of many raw materials, had kept activity subdued, with worries about the euro zone economy weighing on sentiment.


Copper, for which China is the world's largest consumer, fell 0.8 percent to $8,135 a metric ton (1.1023 tons) on the London futures market.


Gold rebounded by 0.3 percent from a six-month low to be $1,614 an ounce as jewelers in China returned to the physical market after the Lunar New Year holiday.


Crude oil markets were mostly steady after some weak U.S. industrial production data on Friday [ID:nL1N0BF44A] was seen dampening demand, while tensions in the Middle East lent some support.


U.S. crude fell 20 cents to $95.66 a barrel but Brent inched up two cents $117.86.


(Reporting by Richard Hubbard; editing by Philippa Fletcher)



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No. 2 Duke falls to Maryland 83-81


COLLEGE PARK, Md. (AP) — As the final horn sounded and Maryland fans rushed the court to celebrate a rare victory over its bitter rival, weary Duke had just enough energy left to escape the mayhem for the safety of its locker room.


Seth Allen broke a tie by making two free throws with 2.8 seconds left, and the Terrapins stunned the second-ranked Blue Devils 83-81 Saturday night to end a six-game skid in the series.


Coming off a five-day break, Maryland notched its most significant win of the season at the expense of a tired Duke playing its fourth game in 10 days.


The Blue Devils were worn out, and it showed.


Duke was outrebounded 40-20, never led in the second half and got only four points and three rebounds from 6-foot-10 senior center Mason Plumlee.


"This has been an exhausting schedule for our team," coach Mike Krzyzewski said. "We're playing on fumes and I think you could tell that with Mason. I thought he looked exhausted the whole game. He's been great. Obviously not good tonight."


The Terrapins (18-7, 6-6 Atlantic Coast Conference) did not trail after halftime but never could pull away.


Duke (22-3, 9-3) was down by 10 with 3:39 left but pulled even when Rasheed Sulaimon made three foul shots with 16.7 seconds to go. Quinn Cook then fouled Allen as the freshman guard drove through the lane, and Allen made both shots.


After a Duke timeout, Cook's desperation 30-footer bounced off the back rim. Chaos ensued as the fans immediately rushed the court.


"I thought it was in when I got it off," Cook said of his final attempt.


Alex Len had 19 points and nine rebounds for Maryland, and Allen scored 16. The Terrapins had lost 12 of 13 against Duke, including a 20-point embarrassment last month.


"I told our players before the game, there's a lot of pride in Maryland basketball," coach Mark Turgeon said. "There's also a lot of passion about Maryland basketball. We talked about playing with those two things for us and for our fans. Our fans were just tremendous."


From the end of the Star Spangled Banner to the final buzzer, the crowd never stopped shouting for the Terps, who rewarded their fans with a memorable victory in a rivalry that appears destined to end when Maryland leaves for the Big Ten in 2014.


"I have a great deal of respect for Maryland," Krzyzewski said. "If it was such a rivalry they'd still be in the ACC. Obviously they don't think it's that important or else they wouldn't be in the Big Ten."


Oh, but it's very important to Maryland and its coach.


"This win was for my family and the fans," Turgeon said. "I know what this win means for our fan base, and I really wanted to beat Duke."


The Blue Devils had their six-game winning streak end. Seth Curry scored 25 and Cook added 18. But Plumlee was completely outplayed by the 7-1 Len, who went 6 for 8 from the field and 7 for 8 at the foul line.


"There's so much pressure for Mason to play outstanding," Krzyzewski said. "That wears on you as the season goes on. He just didn't look fresh tonight."


Said Plumlee: "I didn't show up to play today and I let my teammates down. It's all on me."


Maryland committed a whopping 26 turnovers, eight by Allen. The Terrapins shot an impressive 60 percent from the floor and finished with a 40-20 rebounding advantage.


Maryland played without reserve guard Pe'Shon Howard, who was suspended for violating team rules. Despite being demoted from his starting role last month, Howard still leads the Terrapins in assists.


Maryland led 66-63 before Allen scored on a drive. Dez Wells then stole the ball from Cook and went in for a dunk for a seven-point lead with 5:20 left. After the Blue Devils closed to 71-63, James Padgett made a layup for Maryland and Wells made two foul shots for a 10-point cushion.


The crowd increased its volume with every subsequent basket by the Terrapins, whose previous win over Duke came in March 2010, when Greivis Vasquez celebrated Senior Night with a 20-point performance.


In this one, it was 80-72 before Curry made two straight 3-pointers to bring Duke to 80-78 with just under a minute left. After Wells was called for a charge, Curry had a 15-footer bounce in and out of the basket.


It was that kind of night for the Blue Devils.


This score was 39 all before Allen hit a 3-pointer to spark a 10-2 run that included five points from freshman Shaquille Cleare. It was 53-43 before Curry bagged a 3-pointer, Alex Murphy made a layup and Curry drove the lane following Maryland's third turnover in a 60-second span.


That cut the gap to three points, and seconds after a 3-pointer by Cook got the Blue Devils to 55-53.


After the Terrapins went up by six, they committed turnovers on three straight possessions. That enabled Duke to close to 59-57 on a dunk by Murphy, but four straight free throws by Len gave Maryland a 64-59 advantage with 7:20 remaining.


The first half featured two ties, 10 lead changes and ended with the Terrapins up 35-34. Curry (14 points) was one of only four Duke players to score before halftime.


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Afghanistan's future: Five questions






STORY HIGHLIGHTS


  • President Obama has revealed new details about the troop withdrawal in Afghanistan

  • But there are several key issues that still must be resolved in the coming months

  • The Afghan military has its critics, but the U.S. has praised its progress

  • There are fears that Afghanistan's advancements might be at risk after 2014




(CNN) -- In his State of the Union address, President Obama reaffirmed that the country's war in Afghanistan would be over by the end of 2014.


He also laid out more specifics.


Of the approximately 66,000 U.S. troops in Afghanistan now, more than half -- 34,000 -- will come home in the next year, Obama said.


At the same time, Afghan troops will assume most of the responsibility for combat missions.


"This spring, our forces will move into a support role, while Afghan security forces take the lead," Obama said.


It was previously expected that Afghan forces would take the lead in combat missions by the middle of this year. But a U.S. official told CNN that the military transition has accelerated and that Afghans will lead all security operations by March.


What does this news mean for Afghanistan and America's longest war? Here are some key questions that will be asked in the coming months:


1. Are the Afghan troops up to the task?


There are certainly doubts.


A Pentagon review in December claimed that only one of 23 Afghan army brigades was capable of functioning on its own.










Meanwhile, literacy rates are low, desertion rates are high, and many deserters have joined the insurgency. There also have been a troubling number of "green-on-blue" attacks: Afghan troops attacking their American comrades.


But Defense Secretary Leon Panetta has spoken positively about the progress Afghans have made in growing their army, reducing violence and becoming more self-sufficient. Afghan forces now lead nearly 90% of operations across the country.


"We're on the right path to give (Afghanistan) the opportunity to govern itself," Panetta said earlier this month.


Afghan President Hamid Karzai said he welcomes the U.S. troop withdrawal and insists his army can defend the country against the Taliban.


"It is exactly our job to deal with it, and we are capable of dealing with it," Karzai said during an interview with CNN's Christiane Amanpour.


What the army needs now, Karzai says, is more equipment and firepower. He came to the Pentagon last month with a wish list asking for more helicopters, drones and other hardware, according to a senior defense official.


"We need an air force. We need air mobility," Karzai told Amanpour. "We need proper mechanized forces. We need, you know, armored vehicles and tanks and all that."


2. What presence will the U.S. have after 2014?


The plan is to withdraw all combat troops but keep a residual force in the country to help train Afghans and carry out counterterrorism operations when needed.


The size of that force is still being discussed.


Gen. John Allen, the former commander of U.S. troops in Afghanistan, recommended between 6,000 and 15,000 troops. But that figure was lowered to a range between 2,500 and 9,000, according to a defense official.


There might not be any U.S. troops at all if the United States cannot come to an agreement over immunity with Afghanistan. There was no American presence in Iraq at the end of that war because the Iraqi government refused to extend legal protections to U.S. troops.


Karzai, who's in favor of a residual force, said he would put the immunity decision in the hands of Afghan elders, and he expressed confidence that he could persuade the elders to see things his way.


Leaving no U.S. troops at all would be a major misstep, said Peter Bergen, CNN's national security analyst. He said the U.S. has abandoned Afghanistan already, in 1989, and the decision left America with little understanding of the power vacuum that led to the Taliban's rise in the first place.


"The current public discussion of zero U.S. troop presence in Afghanistan ... will encourage those hardliner elements of the Taliban who have no interest in a negotiated settlement and believe they can simply wait the Americans out," Bergen wrote in an op-ed for CNN.com. "It also discourages the many millions of Afghans who see a longtime U.S. presence as the best guarantor that the Taliban won't come back in any meaningful way."


3. What's at stake?


The main fear among the Afghan people is that the country could revert to another civil war once the United States withdraws its combat troops. The Taliban are still "resilient and determined," according to a recent Pentagon report, and insurgents continue to carry out attacks and pose a major security threat.


"Some people we've spoken to sort of take it for granted that there's going to be a civil war when the United States leaves," said CNN's Erin Burnett on a recent trip to Afghanistan. "It happened before when the Soviet Union left (in 1989)."










For all the violence Afghanistan has seen in the past decade, it has also seen major advancements in human rights and quality of life.


"During the Taliban, basically there were thousands of girls going to school in Afghanistan. Now you have millions of girls going to school," Burnett said. "So there's been real progress on women's rights. Obviously there remain a lot of problems -- honor killings, forced marriages, domestic violence -- but there has been real progress."


Retired Army Gen. Stanley McChrystal, once America's top commander in Afghanistan, said the Afghan people are "terrified."


"They're terrified because they think they have something to lose," McChrystal said. "There has been progress made. There is a better life. There are girls in school. There are things that are better than they were and opportunities potentially ahead.


"But they're afraid that if we completely abandon them in 2014, as they perceive we did in 1989, (things) would all go back."


And in Washington, there are worries that the wrong move could put the United States right back where it started, with nothing to show for a bloody conflict that started in 2001.


Chairman of the House Armed Services Committee, Rep. Buck McKeon, R-California, expressed concern last week that a hasty withdrawal could be "needlessly fraught with risk."


"Since the president took the commendable step of deploying a surge to Afghanistan in 2009, we have known that our hard-fought gains are fragile and reversible," McKeon said. "That isn't my assessment, but the consistent opinion of experts both military and civilian."


4. Who will lead after Karzai?


Afghanistan's only president of this century won't be in charge for much longer.


Elections are scheduled for April 2014, and Karzai has reached the term limit set by his country's constitution. He told Amanpour it's "absolutely time to go."


"A new president will come to this country. A new government will come to this country. And I'll be a happily retired civil servant," he said.


So while Afghanistan oversees a major military transition, it also will have to make a political transition.


Who will lead the country during this critical moment in its history? Will the vote go smoothly, without violence and without controversy? There were reports of ballot tampering and other violations in the last one.


The answers might be just as important to Afghanistan's security as the readiness of its troops.


"The single biggest challenge for us is the political transition, the elections of 2014," said Saad Mohseni, the media mogul behind Afghanistan's Tolo Television. "(If) we have credible elections, I think we'll be OK for the next five, six years. (If) we don't, there is a real danger that we'll see instability, especially in 2014 as the U.S. troops withdraw."


5. What part will the Taliban play?


Despite the ongoing insurgency, Karzai seems eager to resume stalled peace talks with the Taliban and include them in the political process.


The Taliban pulled out of talks last year, but Karzai said last month they "are very much conveying to us that they want to have peace talks. They're also people. They're also families. They also suffer, like the rest of Afghans are suffering."


Javid Ahmad, a Kabul native now with the Asia Program of the German Marshall Fund of the United States, believes revitalized peace talks are essential to Afghanistan's future and to the legacy of America's war.


"If withdrawing responsibly in 2014 is indeed high on President Obama's agenda, then he has little choice but to prioritize and accelerate the peace talks, negotiate a cease-fire between all sides, and reach a settlement that ensures that the Taliban lay down their weapons," Ahmad wrote in a recent column.


But will the Taliban be willing to cooperate? And if they enter negotiations, how much of an influence would they have on an Afghan society that has seen so many changes in the past decade?


"There have to be some red lines," said Jawed Ludin, Afghanistan's deputy foreign minister for political affairs. "Some of the achievements that we've had in the last 10 years can't be negotiated."


Karzai sounded confident that most of the Taliban would acknowledge this.


"I think there is now a critical mass in Afghanistan of the educated, of the Afghan people who want a future of progress and stability," he said. "And I think also that the Taliban recognize that this corner has been turned, the majority of them. Some may be there among them who would not -- who would remain, you know, in the darkest of the mindset possible. But those are a few."


CNN's Chris Lawrence, Mike Mount and Jake Tapper contributed to this report.






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Al Franken’s Fanciful Post Office Fix






The U.S. Postal Service has another would-be savior: Al Franken, the U.S. senator from Minnesota and former Saturday Night Live cast member. On Thursday, he and seven Democratic colleagues introduced a bill to “modernize” the financially troubled agency, which is losing $ 25 million a day.


By “modernize,” Franken and his allies mean expand the Postal Service’s operations. This is from his press release: “The measure would let the Postal Service look for innovative new ways to generate revenue by allowing post offices to notarize documents, issue hunting and fishing licenses, and allow shipments of wine and beer—all services currently prohibited at post offices.”






There is also vague language about how the legislation would “clear the way for the Postal Service to help customers take advantage of e-mail and Internet services.”


These ideas are worth considering, but there are already plenty of reform proposals floating around Congress. The Senate passed a reform bill last April, only to have it languish in an election year. So presumably, Franken and his allies have already had their say on the matter. There are also competing bills in the House.


What Congress needs to do now is come up with a compromise that can make it though both houses. It will be difficult for Republicans and Democrats to reach such an agreement. Democrats are heavily supported by postal worker unions, which hope to protect the jobs of their members at a time when mail volume is declining. That surely has something to do with Franken’s proposal to increase the duties of clerks in rural areas. It’s job security for them.


House Republicans talk about the need to shrink the federal government. But they haven’t been able to pass an existing bill that would eliminate Saturday delivery, which the public supports to save the USPS.


When it comes down to it, Franken’s new bill is another attempt by Congress to look like it’s doing something to ease the Postal Service’s woes. But it’s really just another distraction.


Businessweek.com — Top News





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Dubai’s Nakheel in talks to extend $2.2 billion loan: report






(Reuters) – Nakheel (NAKHD.UL), builder of man-made islands in the shape of palms, is in talks to extend an 8 billion dirhams ($ 2.18 billion) loan due in 2015, the indebted developer’s chairman was quoted in a local newspaper as saying on Sunday.


Ali Rashid Lootah dismissed concerns over Nakheel’s ability to repay its debts, which also includes a 3.8-billion dirham sukuk, or Islamic bond, due in August 2016, according to Abu Dhabi-based newspaper, The National.






The government-owned developer agreed a $ 16-billion debt restructuring in 2011 and has scaled back grandiose plans, such as building a one-kilometre high tower after it was one of the most high profile corporate casualties of a Dubai property crash that sent house prices tumbling about 60 percent from 2008 peaks.


Debts held by Nakheel, owned at the time by flagship conglomerate Dubai World (DBWLD.UL) helped trigger the emirate’s 2009 debt crisis. A last-minute bailout by Abu Dhabi helped Dubai avert a bond default on a Nakheel bond in December 2009.


“We are talking to financial institutions to restructure our loan, which is a normal part of business because the original tenure is very short,” Lootah was quoted as saying.


“We have time but we are talking to them from now and engaging them from now to get a longer term. We are not worried about the sukuk. Our strategy first will be deal with the lenders. The sukuk is a secondary issue to that.”


Nakheel reported a 57-percent rise in annual profit in January. It also made interest and profit payments of around 800 million dirhams to lenders last year and has now paid around 10 billion dirhams to various trade creditors and contractors since the start of its debt restructuring.


“We have sorted all the old issues, most of the old issues,” Lootah told the newspaper.


But he ruled out re-starting work on Palm Jebel Ali, one of three man-made islands in the shape of palm fronds that Nakheel planned to build off the Dubai coast. Of these, only one – Palm Jumeirah – has been completed.


“Nakheel will grow and grow and grow in a more careful manner and with a more well-studied strategy and plan,” Lootah was quoted as saying. “Tourism is booming in Dubai so people are looking for more options, so we are looking at that.”


Last week, Dubai gave the go-ahead for a new $ 1.6 billion artificial island – not connected to Nakheel – as it again unveils extravagant developments, despite the emirate being littered with stalled or abandoned projects commissioned in the boom years of the previous decade.


(Reporting by Matt Smith; Editing by Amran Abocar)


Business & Finance News – Yahoo! Finance





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