Shares, euro extend losses as Europe recovery hopes dim

LONDON (Reuters) - European shares and the single currency fell sharply on Thursday when surprisingly weak euro zone economic data dashed hopes of an early recovery for the recession-hit region this year.

Economists had forecast the euro zone purchasing managers' indexes (PMIs), based on surveys of business activity, would add to tentative signs a recovery was under way, but instead they pointed to a first-quarter contraction of up to 0.3 percent.

"The expectation was the trend of improvement for the euro zone as a whole would continue and it hasn't, so that is a disappointment," said BNP Paribas economist Ken Wattret.

The euro tumbled to a fresh six-week low below $1.32 on the news, having already suffered at the hands of a resurgent greenback following signals from the U.S. Federal Reserve on Wednesday that it was considering an end to monetary stimulus.

Signs that Fed policymakers were becoming increasingly reluctant to continue aggressive monetary easing, revealed in the minutes of the last policy meeting, had sparked a worldwide selloff in riskier asset markets.

MSCI's world equity index <.miwd00000pus>, already down 0.5 percent on the doubts about future Fed policy, took another step down after the PMI data to be one percent lower for the day, having touched its best levels since mid-2008 on Wednesday.

Europe's Eurofirst 300 index <.fteu3> shed 1.25 percent, on track for its second biggest daily loss of the year. London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were all down as much as 1.8 percent lower.

SAFETY PLAYS WELL

In the fixed income market, German bonds, considered a safe haven, hit their best levels for a month with the main Bund futures contract up 91 ticks to 143.33. The move reversed a fall seen on Wednesday and was also being supported by the approach of an Italian general election this weekend.

"Investors are becoming more and more cautious ahead of the weekend ... and altogether people decided here to pull the trigger and go risk-off," said Christian Lenk, a strategist at DZ Bank.

The dollar, another safety play, followed up its big gains on Wednesday adding a further 0.45 percent on an index value that includes most major currencies <.dxy>, although it slipped against the yen to 93.35.

The Markit composite PMI for the euro zone, which combines both services and manufacturing surveys, fell to 47.3 in February from 48.6. It had been expected to rise to 49.0.

The data also showed a growing gap between Germany and France - the two biggest economies in the euro zone - which could have implications for the European Central Bank's future monetary policy.

The survey found firms in Germany are enjoying a healthy rate of growth, while French service sector companies are in the midst of their worst slump since the financial crisis was at a peak in early 2009.

"The theme is still the very substantial divergence between France and Germany and that is going continue to be the case for much of the year," said Wattret of BNP Paribas.

"On the margins this is going to resonate with the dovish tone from the ECB at its last meeting, but I think the real swing factor for the ECB will be exchange rate factor and the tightening impact it is having."

The strength of the euro has been holding back exports.

In commodity markets, the prospect of weakening demand from Europe and a possible early end to the Fed's policy of quantitative easing sent all markets lower.

London copper struck its lowest in nearly two months, at $7,870 a tonne, while oil dropped below $114.50 a barrel for the first time this month having seen its biggest daily fall of the year on Wednesday.

Growth-attuned precious metal platinum fell 3 percent to hit a five-week low. Traditional safe haven gold popped higher, to $1,568 an ounce, after the Fed minutes had pushed it to a seven-month low.

"Long-position holders have been looking to sell for profit-taking," said Yusuke Seta, a commodity sales manager at Newedge Japan. "I guess this is a good time to sell."

(Additional reporting by Marc Jones.; Editing by Alastair Macdonald)

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Police oppose bail for Pistorius

PRETORIA, South Africa (AP) — Killing suspect Oscar Pistorius is a flight risk and should not be granted bail, South African police argued in court Wednesday.

Pistorius is charged with premeditated murder for the Valentine's Day shooting death of girlfriend Reeva Steenkamp with a 9 mm pistol.

Pistorius asserted in a court affidavit Tuesday that the shooting was accidental and he thought the model was an intruder in his home.

Police officer Hilton Botha said in the star athlete's bail hearing Wednesday that Pistorius illegally possessed .38-caliber ammunition in a safe in his bedroom. The policeman testified that Pistorius did not have a license for a .38-caliber weapon and consequently possession of that ammunition was illegal.

The detective said that all Pistorius would say after the shooting was "he thought it was a burglar."

In an additional revelation Wednesday, police said they found two boxes of testosterone and needles in the Pistorius' bedroom.

Pistorius' defense lawyer, Barry Roux, said the substance found in the bedroom was a "herbal remedy" not a steroid and not a banned substance.

Prosecutor Gerrie Nel said police are not saying that Pistorius used the substance, simply that it was found in his bedroom.

Pistorius became the first Paralympian runner to compete at the Olympic Games in London last year.

Pistorius, 26, has insisted he shot the 29-year-old Steenkamp by mistake, fearing there was an intruder in his gated and guarded luxury complex in the capital, Pretoria.

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Obama can't kick his legacy down road

By Gloria Borger, CNN Chief Political Analyst

February 19, 2013 -- Updated 2122 GMT (0522 HKT)

President Obama has a small window of opportunity to get Congress to act on his priorities, Gloria Borger says.

STORY HIGHLIGHTS

• Gloria Borger: Prospect of deep budget cuts was designed to compel compromise


• She says the "unthinkable" cuts now have many supporters


• The likelihood that cuts may happen shows new level of D.C. dysfunction, she says


• Borger: President may want a 2014 House victory, but action needed now

(CNN) -- So let's try to recount why we are where we are. In August 2011, Washington was trying to figure out how to raise the debt ceiling -- so the US might continue to pay its bills -- when a stunt was hatched: Kick the can down the road.

And not only kick it down the road, but do it in a way that would eventually force Washington to do its job: Invent a punishment.

Gloria Borger

If the politicians failed to come up with some kind of budget deal, the blunt instrument of across-the-board cuts in every area would await.

Unthinkable! Untenable!

Until now.

In fact, something designed to be worse than any conceivable agreement is now completely acceptable to many.

And not only are these forced budget cuts considered acceptable, they're even applauded. Some Republicans figure they'll never find a way to get 5% across-the-board domestic spending cuts like this again, so go for it. And some liberal Democrats likewise say 8% cuts in military spending are better than anything we might get on our own, so go for it.

The result: A draconian plan designed to force the two sides to get together has now turned out to be too weak to do that.

And what does that tell us? More about the collapse of the political process than it does about the merits of any budget cuts. Official Washington has completely abdicated responsibility, taking its dysfunction to a new level -- which is really saying something.

We've learned since the election that the second-term president is feeling chipper. With re-election came the power to force Republicans to raise taxes on the wealthy in the fiscal cliff negotiations, and good for him. Americans voted, and said that's what they wanted, and so it happened. Even the most sullen Republicans knew that tax fight had been lost.

Points on the board for the White House.

Now the evil "sequester" -- the forced budget cuts -- looms. And the president proposes what he calls a "balanced" approach: closing tax loopholes on the rich and budget cuts. It's something he knows Republicans will never go for. They raised taxes six weeks ago, and they're not going to do it again now. They already gave at the office. And Republicans also say, with some merit, that taxes were never meant to be a part of the discussion of across-the-board cuts. It's about spending.

Here's the problem: The election is over. Obama won, and he doesn't really have to keep telling us -- or showing us, via staged campaign-style events like the one Tuesday in which he used police officers as props while he opposed the forced spending cuts.

What we're waiting for is the plan to translate victory into effective governance.

Sure, there's no doubt the president has the upper hand. He's right to believe that GOP calls for austerity do not constitute a cohesive party platform. He knows that the GOP has no singular, effective leader, and that its message is unformed. And he's probably hoping that the next two years can be used effectively to further undermine the GOP and win back a Democratic majority in the House.

Slight problem: There's plenty of real work to be done, on the budget, on tax reform, on immigration, climate change and guns. A second-term president has a small window of opportunity. And a presidential legacy is not something that can be kicked down the road.

Follow @CNNOpinion on Twitter.

Join us at Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of Gloria Borger.

Part of complete coverage on

February 19, 2013 -- Updated 1419 GMT (2219 HKT)

Michael Hayden says the U.S. shouldn't let a lack of consensus at home drive policies on drones, cyber attacks.

February 19, 2013 -- Updated 1719 GMT (0119 HKT)

Apple is getting pushed around these days and its coolness factor seems to be fading. But John Abell says don't be too quick to count Apple out.

February 20, 2013 -- Updated 0100 GMT (0900 HKT)

Actor/producer Jesse Williams says Quentin Tarantino's film "Django Unchained" subordinates black characters and fails to illuminate the history of slavery.

February 19, 2013 -- Updated 1933 GMT (0333 HKT)

Ruben Navarrette believes that it's the guest workers program that will make or break the prospects for immigration reform.

February 19, 2013 -- Updated 1219 GMT (2019 HKT)

Howard Kurtz says lesser news stories eclipsed the follow up coverage that Obama's State of the Union deserved.

February 19, 2013 -- Updated 0024 GMT (0824 HKT)

President Obama may not have the votes to pass gun legislation, but David Frum says the government could do a lot to increase gun safety anyway.

February 19, 2013 -- Updated 0047 GMT (0847 HKT)

Since Canada will not tolerate an influx of zombies, we have to get ready and secure our borders, says Dean Obeidallah.

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Pablo Spiller says consumers will likely get more choices and improved quality of service.

February 18, 2013 -- Updated 1629 GMT (0029 HKT)

Convincing Congress to take on climate change will be an uphill battle, unless there's strong grass roots support, says Julian Zelizer.

February 17, 2013 -- Updated 1337 GMT (2137 HKT)

Bob Greene says the stories of former slaves, compiled in 1930s, tell of families torn apart, people deprived of basic freedoms

February 18, 2013 -- Updated 0028 GMT (0828 HKT)

Cameron Russell says her looks fit a narrow definition of beauty and her career as a model gives her views undeserved attention

February 19, 2013 -- Updated 0116 GMT (0916 HKT)

Meg Urry says the likelihood that a meteor hits and an asteroid passes close by Earth on the same day is quite improbable, yet the two events happened on Friday

February 19, 2013 -- Updated 1728 GMT (0128 HKT)

Frida Ghitis says the murder of Reeva Steenkamp allegedly by Oscar Pistorius is a reminder that we have to do more to protect women.

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Amazon Hits a Snag in Germany Over Alleged Worker Abuse

Online retailer Amazon.com (AMZN) is under attack in Germany for alleged mistreatment of its workers after a television documentary showed immigrant employees living in cramped housing under surveillance by security guards in neo-Nazi garb.

Amazon on Feb. 18 said it had canceled a contract with a security company whose guards were accused of harassing workers, searching their rooms, and frisking them to make sure they had not taken food from the dining room. “The criticized security service is not used any longer,” a Munich-based Amazon spokeswoman said in an e-mail. “Amazon has zero tolerance for discrimination and intimidation.”

In the documentary, aired last week on the public ARD network, employees from Eastern Europe and Spain said they had been recruited in their home countries for short-term jobs during the pre-Christmas season at an Amazon logistics center in Bad Hersfeld, about 100 miles northeast of Frankfurt.

The workers said they were informed shortly before going to Germany that they would be employed by a temporary-services agency, rather than by Amazon. Upon arrival, they said, they learned they would be paid only €8.52  ($ 11.37) per hour, compared to €9.69 promised earlier. They were housed in an overcrowded resort complex and bused daily to the Amazon facility. “The people are stuffed in little huts, seven of them, and fed in the cellar of the restaurant like pigs,” one of the bus drivers told an interviewer on the TV show. Like most of those interviewed, he did not give his name.

Amazon’s German press service did not immediately respond to questions on Tuesday from Bloomberg Businessweek about the recruitment and housing of immigrant workers. A telephone message left at Amazon’s Seattle headquarters was not immediately returned.

Some of the most sensational footage showed security guards on duty at the resort complex. The guards had military-style haircuts and wore black hoodies made by Thor Steinar, a company that produces similar garb worn by neo-Nazi groups. Because of that association, Thor Steinar apparel is banned at some German soccer stadiums, and Amazon’s German site has refused to sell the brand since 2009. Adding to the shock value, the guards’ apparel were emblazoned with the letters HESS—representing Hensel European Security Services, the now-fired security company—but also reminiscent of Rudolf Hess, a top deputy to Adolf Hitler.

The security guards “go into our housing when the people are not there, or are sleeping, or taking a shower,” a worker who identified herself only as Selvina told interviewers on the documentary. A second worker, who said her name was Maria, said security guards intimidated her after she complained about housing conditions, and the next day she was fired.

The incident casts a shadow over Amazon’s rapid growth in Germany, its second-largest market after the U.S. The company employs about 8,000 workers at eight German logistics centers, five of which have opened since December 2011, according to a list compiled by MWPVL International, a supply chain and logistics consulting company based in Montreal.

A spokeswoman for Germany’s Labor Ministry told Bloomberg News that the government would review the activities of the temporary employment company that recruited the workers and could revoke its license if wrongdoing is found. Amazon has sometimes drawn criticism for working conditions at its other European facilities, which include eight logistics centers in Britain, four in France, and one apiece in Italy and Spain, according to consultant MWPVL.

A report this month in the Financial Times quoted employees at a facility in the British town of Rugeley complaining about grueling work schedules and blisters caused by having to walk long distances in required safety boots. Amazon told the newspaper in a statement: “Some of the positions in our fulfilment centers are indeed physically demanding, and some associates may log between seven and 15 miles walking per shift. We are clear about this in our job postings.”

Workers at Amazon logistics centers in France have staged brief strikes in recent years over complaints, including high injury rates and heavy-handed security measures.

None of the disputes, though, has stirred as much anger as the German documentary. Heiner Reiman, a representative of Germany’s Ver.di labor union who was interviewed on the program, said Amazon was taking advantage of foreigners who are desperate for work. “The foreign temp workers have no voice,” he said. “There is a great fear of being sent back home without having received money. As long as this works, Amazon is going to continue with this practice.”

With reporting by Joseph de Weck of Bloomberg News in Berlin

Businessweek.com — Top News

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The 30-Minute Interview : The 30-Minute Interview: J. Ben Wauford

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Stock index futures signal more gains

LONDON (Reuters) - U.S. stock index futures pointed to a slightly firmer open on Wall Street on Wednesday, with futures for the S&P 500 and Dow Jones 0.1 percent higher at 0936 GMT, while those for the Nasdaq 100 added 0.2 percent.

U.S. producer prices, housing starts and building permits for January are all due at 1330 GMT, with the data expected to show a slight acceleration in factory price pressures alongside a continued recovery in the housing market.

The market focus, though, is likely to be on the minutes from the U.S. Federal Open Market Committee's January meeting, due at 1900 GMT, which will be scanned for clues on how long monetary policy is likely to remain ultra accommodative.

The earnings season continues, with Devon Energy Corp., Fluor Corp. and Newfield Exploration among those due to report.

With the season now three quarters of the way through, 28 percent of S&P 500 companies have missed full-year earnings forecasts, with 41 percent undershooting on revenues, according to Thomson Reuters StarMine data.

Dell Inc : The world's No.3 maker of personal computers reported a 31 percent drop in profit, hurt by a shrinking consumer business, as investors weighed founder Michael Dell's offer to buy out the firm.

Demand Media Inc : The company said it is exploring the separation of its media business from its domain name service, a disclosure that sent its shares up nearly 20 percent in after-hours trading.

Boeing : The aircraft maker has found a way to fix battery problems with its grounded 787 Dreamliner jets which involves increasing the space between cells, a source familiar with the U.S. company's plans told Reuters.

Life Technologies : An $11 billion-plus sale of Life Technologies Corp is looking less likely as a gap in price expectations with the company has left potential buyer Thermo Fisher Scientific Inc skeptical about a deal while buyout firms' offers came up short, people familiar with the matter said this week.

Herbalife : The diet supplements company raised its 2013 earnings forecast late on Tuesday.

Heinz : The FBI is looking into possible insider trading in the options of the ketchup maker before its blockbuster deal last week to be acquired by Warren Buffett and Brazil's 3G Capital.

Sina Corp : The operator of China's largest online portal posted better-than-expected fourth-quarter revenue and profit amid concerns about the slowing growth of Chinese online advertising.

Milennial Media : The mobile advertising firm's fourth-quarter sales missed Wall Street expectations, and the company forecast first-quarter revenue below analysts' estimates, sending its shares down as much as 33 percent after the bell.

Marriott International : The hotel operator reported better-than-expected quarterly results, aided by rising international travel and higher rates, and said it expects per-room revenue to rise further in 2013.

Nabors Industries : The owner of the world's largest onshore drilling rig fleet, reported a 44 percent jump in profit, but revenue fell as its major customers curtailed spending amid the worst slowdown in gas-directed drilling in more than a decade.

Total System Services Inc : The Payment processor said it will buy prepaid debit card provider NetSpend Holdings Inc for about $1.4 billion in cash to expand its presence in the prepaid card market and target new customers.

European shares traded flat on Wednesday, consolidating after the previous session's sharp gains, held back by weak earnings newsflow and as traders cited caution ahead of the minutes to the U.S. Federal Reserve's January policy meeting. <.eu/>

The Dow Jones industrial average <.dji> gained 53.91 points, or 0.39 percent on Tuesday to 14,035.67 points - just 0.9 percent away from its record high. The Standard & Poor's 500 Index <.spx> closed up 0.73 percent at 1,530.94, while the Nasdaq Composite Index <.ixic> added or 0.68 percent to 3,213.59.

(Reporting By Toni Vorobyova; Editing by Susan Fenton)

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Pistorius charged with murdering girlfriend

PRETORIA, South Africa (AP) — Olympian Oscar Pistorius fired into the door of a small bathroom where his girlfriend was cowering after a shouting match on Valentine's Day, hitting her three times, a South African prosecutor said Tuesday as he charged the sports icon with premeditated murder.

The magistrate ruled that Pistorius faces the harshest bail requirements available in South African law. He did not elaborate before a break was called in the session.

Pistorius sobbed softly as his lawyer insisted that Reeva Steenkamp's shooting was an accident.

"She couldn't go anywhere. You can run nowhere," prosecutor Gerrie Nel said at a bail hearing.

The shooting death has shocked South Africans and many around the world who idolized Pistorius for overcoming adversity to become a sports champion, competing in the London Olympics last year in track besides being a Paralympian. Steenkamp, 29, was a model and law graduate who made her debut on a South African reality TV program that was broadcast on Saturday, two days after her death.

Nel said the couple had had a shouting match and Steenkamp fled to the bathroom, down a seven-meter (yard) passage from the bedroom, and locked herself in. He said the 26-year-old Pistorius got up from bed and had to put on his prosthetic legs to reach the toilet door.

Nel told the court the door was broken open after the shots were fired. Pistorius' lawyer insisted there was no evidence to substantiate a murder charge.

"Was it to kill her, or was it to get her out?" defense attorney Barry Roux asked the court, referring to the broken-down door. "We submit it is not even murder. There is no concession this is a murder."

Pistorius, who had appeared grim and solemn at the start of the hearing, broke down and sobbed softly with his head in his hands as his lawyer argued that it was an accidental shooting. It occurred in the early hours of Feb. 14. Neighbors had heard a loud argument and then gunshots, police have said. The couple had been dating for only about three months.

As details emerged at the dramatic court hearing in the capital, Steenkamp's body was being cremated Tuesday at a memorial service in the south-coast port city of Port Elizabeth. The family said members had arrived from around the world. Six pallbearers carried her coffin, draped with a white cloth and covered in white flowers, into the church for the private service.

June Steenkamp, the mother, said the family wants answers.

"Why? Why my little girl? Why did this happen? Why did he do this?" she said in an interview published Monday in The Times newspaper.

Outside the court, several dozen singing women protested against domestic violence and waved placards urging Pistorius be refused bail. "Pistorius must rot in jail," one placard said.

South Africa has some of the world's worst rates of violence against females and the highest rate in the world of women killed by an intimate partner, according to a study by the Medical Research Council. Another council study estimates a child or woman is raped every four minutes. While homicide rates have dropped, the number of women killed by current or former partners has increased, said the council's Professor Rachel Jewkes. At least three women are killed by a partner every day in the country of 50 million, she said.

Steenkamp campaigned actively against domestic violence and had tweeted on Twitter that she planned to join a "Black Friday" protest by wearing black in honor of a 17-year-old girl who was gang-raped and mutilated two weeks ago.

What "she stood for, and the abuse against women, unfortunately it's gone right around and I think the Lord knows that statement is more powerful now," her uncle and the family spokesman Mike Steenkamp said after her memorial.

He said the family had planned a big get-together at Christmas but that had not been possible. "But we are here today as a family and the only one who's missing is Reeva," he said, breaking down and weeping.

At the court, Nel said the killing was premeditated because Pistorius had planned to say that he thought he was shooting an intruder, and had told that story to his sister, Aimee.

"It was all part of the preplanning. Why would a burglar lock himself inside the bathroom?" Nel asked. The shooting happened at Pistorius' home in a guarded and gated community in a luxury suburb of Pretoria.

Roux, in arguing that Pistorius should be freed on bail, he said there were no other charges outstanding against the double-amputee who last year became the first double-amputee track athlete to run at the Olympics.

Legal experts say it could take months for the case to be tried.

Pistorius, in a gray suit and tie, nodded after the chief magistrate asked if he was well. And he nodded his appreciation when his brother, Carl, pressed his shoulder in support. Journalists jammed into the courtroom, which was full with almost 100 people, including Pistorius' father, Henke, and sister Aimee.

In an email to The Associated Press on Monday, Pistorius' longtime track coach — who was yet to comment — said he believes the killing was an accident.

"I pray that we can all, in time, come through this challenging situation following the accident and I am looking forward to the day I can get my boy back on the track," Ampie Louw wrote in his statement. "I am still in shock following the heart-breaking events that occurred last week and my thoughts and prayers are with both of the families involved."

---

Associated Press writer Michelle Faul contributed from Johannesburg and AP photographer Schalk van Zuydam from Port Elizabeth.

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Time to respect Chavez's merits?

By Samuel Moncada, Special to CNN

February 18, 2013 -- Updated 1218 GMT (2018 HKT)

One Venezuelan official says the reforms enacted in Hugo Chavez's 14-year tenure deserve respect.

STORY HIGHLIGHTS

• Despite perceptions, Hugo Chavez has brought social progress to Venezuela


• Moncada: Venezuela's critics have engineered a false narrative of impending disaster


• Venezuela has used its vast oil reserves to transform lives of ordinary people


• Ambassador says Chavez's most significant achievement is his empowerment of the majority

Editor's note: Samuel Moncada has been the Ambassador of Venezuela to the United Kingdom since 2007 and holds a PhD in Modern History from Oxford University. He is solely responsible for the content of this analysis.

(CNN) -- Reading the international press, one would be forgiven for thinking that Venezuela is on the verge of collapse.

Over the past decade, all sorts of predictions have been made, ranging from catastrophic election defeats to the implosion of the Venezuelan economy. But the fact these predictions have failed to materialize has not deterred many of Venezuela's most fervent critics in their quest to engineer a constant and misleading narrative of impending disaster.

More: Chavez returns after Cuba cancer treatment

The reality is that ever since President Hugo Chavez was first elected, Venezuela has defied these negative predictions and brought unprecedented social progress to the country over the last 14 years. Since 2004 poverty has been reduced by half and extreme poverty has been cut by 70%. University enrolment has doubled, entitlement to public pensions has tripled, and access to health care and all levels of education have been dramatically expanded.

Venezuela now has the lowest levels of economic inequality of any Latin American country as measured by the Gini coefficient. Our country has already achieved many of the Millennium Development Goals, and is well on target to achieve all eight by the 2015 deadline.

This progress has been achieved by using Venezuela's vast oil revenues to transform the lives of ordinary people. The sheer scale of our oil reserves -- the world's largest -- guarantees the complete sustainability of the model in which the country's resources are used to stimulate growth in the economy and aid development.

But Chavez's most significant achievement has been to trigger the awakening and empowerment of the majority. A majority of Venezuelans have seen vast improvements in their living standards and, as a consequence, they have continued to defend their interests at the ballot box.

The Venezuelan people are very clear about what they want. President Chavez was re-elected in October 2012 with 54% of the vote in an election that boasted an 81% turnout. The Venezuelan people showed their support for the government again in December 2012 in the gubernatorial elections, which saw Chavez's political party win 20 out of 23 states.

Governments in Europe and other parts of the world could only dream of these levels of support after 14 years in power. This shows that social progress in Venezuela has been consolidated and that there is a desire to further expand this progress.

In the coming years, the Venezuelan government will continue to respond to the needs of the Venezuelan people. Hundreds of thousands of new homes have been built over the last two years which have not only greatly improved living standards but also provided jobs and contributed to a boom in the construction industry. The government is well on its way to meeting its target of building three million new homes by 2019.

While many economies around the world are shrinking, the Venezuelan economy grew by 5.5% in 2012. Against the backdrop of a continuing international financial crisis, commerce in Venezuela grew by 9.2% and communications by 7.2%, manufacturing grew by 2.1% and the oil sector grew by 1.4% -- making Venezuela one of the fastest growing economies in Latin America.

At a time when many countries are attacking the rights of the most vulnerable sectors of society, Venezuela is providing ever greater protection for low-income senior citizens and single-parent families with younger children or disabled dependents.

The failed development models of previous governments condemned millions of Venezuelans to poverty. Before the election of Chavez in 1998, Venezuela suffered years of falling GDP. The country had one of the worst economic records in the world -- a record that led to mass social unrest and violent military crackdowns.

Venezuela will continue on its path of social progress and empowering ordinary citizens. The greatest hope for the future is the people know that they alone hold the power to determine the direction the country will take.

After so many failed predictions, isn't it time to respect Venezuela's democracy and the will of the people?

Part of complete coverage on

February 18, 2013 -- Updated 1218 GMT (2018 HKT)

President Hugo Chavez has used the nation's vast oil reserves to transform the lives of ordinary people, one official says.

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He declared last summer to be a "dream come true." Now Oscar Pistorius has entered what could be one of the darkest periods of his life.

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Lebanese women demand laws to protect them against domestic violence. But local religious courts claim this is a matter of "personal status."

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Lennon's killer, Mark David Chapman wrote letters to the police officer who arrested him, asking him repeatedly to read "The Catcher in the Rye."

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Media reports have described him as a man who hanged himself in an Israeli prison. But details about what happened to him, and why, remain elusive.

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Cameron Russell says her looks fit a narrow definition of beauty and her career as a model gives her views undeserved attention.

It's that time of the year, and the Academy Awards are almost upon us. We want to know your favorite Oscar picks for this year.

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Photography, tablets and big screens are set to dominate Mobile World Congress in Barcelona. What else should you watch out for?

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The Price Tag for Obama’s Antipoverty Moonshot

If there was a moonshot moment in President Obama’s State of the Union speech, it involved global development. The U.S., Obama pledged, “will join with our allies to eradicate extreme poverty in the next two decades.”  Part of that effort would involve saving the world’s children from preventable deaths and “realizing the promise of an AIDS-free generation.”

In one short paragraph, Obama committed the U.S. and its partners to ending absolute poverty planetwide and saving millions of lives each year. Even more astounding is that the goal is plausible—if, that is, the U.S. is willing to spend the same as we did on the original moonshot and ask the rest of the world to do the same.

The goal of eliminating $ 1.25-a-day poverty over the next 20 years may be the most straightforward part of the president’s package. It also demands the least of the American taxpayer. Forecasts of poverty rates from Martin Ravallion of the World Bank and the Center for Global Development suggest that economic growth in developing countries alone will be rapid enough to reduce the number of people in the developing world living below the $ 1.25-a-day line from 20 percent to 3 percent. Even a slight “bending of the curve” through more rapid growth, lower inequality, or (even) transfers from richer countries would get us to zero. This can be accomplished with minimal assistance from the West, if the record of the past 20 years is anything to go by. The decline in the proportion of people in absolute poverty from 43 percent to 21 percent worldwide between 1990 and 2010 was led by China and India, both countries that receive aid worth a fraction of a percent of their GDP.

The health goals pose bigger challenges. We’ve seen immense progress in the fight against child mortality over the past 50 years, for example—and particularly heartening improvement in Africa over the past 10. But we’re still a long way from the level considered necessary to avoid easily preventable deaths. The child mortality rate in developing countries today averages close to 5 percent. In Africa it averages 12 percent. The United Nations forecasts that Africa is likely to continue to see child mortality of 8.5 percent in 2030. Forecasts I created with colleagues at the Center for Global Development last year were more optimistic: We suggested Africa might see a rate of 6.6 percent in 2030. Either way, Obama has called for Africa to reach a rate less than one-third the predicted level within two decades.

That’s not to say it’s impossible—just very, very difficult. We have the technology to keep nearly all kids healthy. Vaccines already prevent 2 million to 3 million deaths a year, and 1.5 million more children could be protected if everyone worldwide got their shots, according to the WHO. Add in a few other techniques, such as breastfeeding, hand washing, access to antibiotics, providing zinc and micronutrient pills, and mixing oral rehydration salts alongside bed nets, and you are close to declaring success. The problem is that all of the above rely on overburdened, underskilled, poorly run health systems in the developing world to provide, regularly and universally, the basic package of care that’s also required. Outside finance is only one small part of the story.

Still, more money would surely help save more kids. A recent study in the medical journal The Lancet suggested that for each $ 1 million invested in equity-focused national health programs, 81 deaths of children under age five could be prevented. That implies that reducing the current 7 million child deaths worldwide by two-thirds might cost as much as $ 86 billion a year. Much of that money will come from parents and national governments, but aid accounts for nearly a fifth of health spending in low income countries—a share that would have to rise were such ambitious health targets to be met.

If the U.S. takes on just 10 percent of the likely full additional costs of reducing child mortality by two-thirds, that’s $ 8.6 billion a year. And as a first step toward an AIDS free-generation, UNAIDS estimates we need a little more than $ 7 billion in additional annual spending in low and middle-income countries by 2015. If the U.S. were to keep its current share of overall spending in those countries, budget allocations would need to rise by about $ 1.7 billion—or about 26 percent. Add the two together, and that’s $ 10.4 billion in additional spending on health aid.

So to return to the moonshot analogy: How would the costs of substantially ending deaths from AIDS and preventable childhood diseases stack up against what the U.S. spent to put a dozen men on a lifeless orbiting rock? In total, the Apollo Program amounted to $ 98 billion over 14 years. If the president is serious about his State of the Union pledges, this year’s White House budget proposal should show a commitment on a similar scale—perhaps $ 7 billion in additional health spending this year, rising something more than $ 10 billion (less than 0.3 percent of the federal budget) in the near future.

Anything less, and it might be hard to take his soaring rhetoric seriously.

Kenny is a fellow at the Center for Global Development and the New America Foundation.

Businessweek.com — Top News

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Renowned Washington DC Plastic Surgeon Speaks to Women for Fab Over 50 Event

WASHINGTON, DC–(Marketwire – Feb 19, 2013) – Dr. Mark Richards, a Washington DC plastic surgeon, has received national acclaim for helping women turn back the clock. At Ageless Impressions Plastic Surgery Institute, he offers women a wide range of procedures ranging from breast lift surgery to non-surgical skin treatments in order to assist them in achieving their cosmetic ”natural looking” beauty goals. He has been asked to speak at the Fabulous at Any Age Beauty Bash, an event coordinated by Fab Over 50 and the American Society of Plastic Surgeons (ASPS).

Fab Over 50 is an organization for women over the age of 50 to share lifestyle tips and advice. The event, Fabulous at Any Age Beauty Bash, is being run by Fab Over 50 founder Geri Brin in conjunction with the American Society of Plastic Surgeons (ASPS). Dr. Richards is one of a limited number of board-certified plastic surgeons presenting at the event that will take place at the National Press Club in Washington, DC on Saturday February 23rd.

Dr. Richards will present two 20-minute talks. The first presentation will address cheek lift surgery as the key to rejuvenating the face. A cheek lift, often referred to as a mid-facelift, is a relatively new procedure that addresses an area of the face that traditional facelifts often fail to restore effectively. The benefits of the procedure include:

• More oval-shaped cheeks and face


• Reduced appearance of lines from the nose to the edges of the mouth


• Restored fullness to the upper cheek under the eyes to eliminate the tired appearance of lower eyelids

The second presentation Dr. Richards will deliver addresses bio-identical hormone therapy for women. The benefits of bio-identical hormone therapy include:

• Alleviating the symptoms caused by decreased production of hormones


• Re-establishing the protective benefits provided by higher tissue levels of naturally occurring hormones for the heart, brain, bones, joints, etc.


• The reversal of many of the diseases and difficulties associated with aging

Dr. Richards hopes to educate the participants of Fabulous at Any Age Beauty Bash on two procedures that have had a relatively low public awareness. At Ageless Impressions Plastic Surgery Institute, he hopes to show his Washington DC plastic surgery patients that regardless of age, they have a community of professionals who want to help them continue to look and feel their best.

About Mark E. Richards, MD
Dr. Mark Richards is a graduate of Yale University and earned his medical degree at the School of Medicine at the University of Maryland. He is a board-certified surgeon and has been recognized in the Consumer’s Research Council of America’s Guide to America’s Top Surgeons annually since 2002. Dr. Richards is available for interview upon request.

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