Obama a marker on post-racial path




Donna Brazile says Black History Month is a time to note crossroads the nation has faced.




STORY HIGHLIGHTS


  • Donna Brazile: Black History Month themed crossroads, "tied to two pivotal U.S. events

  • Emancipation Proclamation, March on Washington were crossroads, she says

  • She says crossroad decisions are threaded along U.S. road to post-racial society

  • Brazile: We're not there yet, but re-election of Obama a harbinger




Editor's note: Donna Brazile, a CNN contributor and a Democratic strategist, is vice chairwoman for voter registration and participation at the Democratic National Committee. She is a nationally syndicated columnist, an adjunct professor at Georgetown University and author of "Cooking with Grease." She was manager for the Gore-Lieberman presidential campaign in 2000.


(CNN) -- Politicians and historians love to use the word "crossroads."


It's become as American, and cliched, as "Mom's apple pie." The historian Shelby Foote, wrote, "The Civil War defined us as what we are and it opened us to being what we became, good and bad things. ... It was the crossroads of our being, and it was a hell of a crossroads."


I have been thinking about the word, because this year's Black History Month theme is "At the Crossroads of Freedom and Equality: The Emancipation Proclamation and the March on Washington." Two pivotal events that shaped modern American history.


A "crossroads" is literally the intersection of two or more roads -- two or more paths to get to the same place. Metaphorically, it refers to the place -- the moment -- of a critical decision. Shall we go forward together? Shall we separate? Shall we fight?



Donna Brazile

Donna Brazile



We mark history's crossroads not by road signs but by the documents that identify them. The Declaration of Independence is certainly one. Who has not memorized the opening of the second paragraph? "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty, and the Pursuit of Happiness."


Political philosopher John Locke's original term was, "Life, liberty, and property." Thomas Jefferson borrowed the phrase, changing "property" to "the pursuit of happiness." He understood that "happiness" -- being significant -- was more important than property, and that a "right to property" too often meant a "right" to own someone else, i.e. slavery.


Locke rejected the "divine right of kings." He argued instead that God invested each person with an innate equality -- the right to be on this Earth and to be free -- free to pursue dreams. On the way to his first inauguration, Abraham Lincoln stopped at Independence Hall in Philadelphia to celebrate Washington's birthday. He told the assembled crowd, "I have never had a feeling politically that did not spring from the sentiments embodied in the Declaration of Independence."



Lincoln's issuance of the Emancipation Proclamation in 1863 was another crossroads, one that required Lincoln, and the nation, to walk a long road of personal and national growth. "All men are created equal" had to take on a deeper meaning. Frederick Douglass, one of Lincoln's "guides" on his journey, later said the quality he most admired in Lincoln was his political courage.


Confederate President Jefferson Davis once acknowledged to an Atlantic Monthly writer that Lincoln's Emancipation resulted in the self-liberation of "two millions of our slaves."


A journey of a hundred years brought us to another crossroads -- the 1963 March on Washington. While "property in man" no longer existed, millions of Americans were unable to pursue their dream, or to live with full equality.










James Farmer, a leading civil rights activist who was in jail in my home state of Louisiana, sent a message to the quarter-million in attendance that summer day, saying his people would not be free "until the dogs stop biting us in the South and the rats stop biting us in the North."


Martin Luther King, Jr.'s "I Have a Dream" speech, like the Declaration, resonates. It echoes through the years in the heartbeats of Americans. The "pursuit of happiness" is more than pleasure, for we often take great pains in the pursuit. Rather, the pursuit of happiness is the freedom to pursue our dreams, to make meaning in and find the unique significance of our lives.


That is something we can only do when, in the bonds of fellowship and shared history, we nurture our dreams. The caged bird sings of freedom, but the freed bird sings of dreams. Today, we are 150 years further down the road to realizing the American creed of equality and freedom. We reached a crossroads in 2008 with the election of our first African-American president. We chose to continue on the road to a "post-racial" society.


We're not there yet. But in 2012, when we could have chosen to travel down another road, one that led to further economic inequality, we chose instead to continue the realization of equality and freedom, and to the unfettered pursuit of dreams for each American.


In some ways, the re-election of President Obama is more significant than his election four years ago. I say this not because I'm a Democrat, but because this time, the dog-whistles of racism were called out and condemned by people of faith and goodwill on both sides of the aisle.


During the next four years, we'll come to more crossroads. I pray, and believe, we will take the road to freedom and equality for each child, man and woman in America.


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The opinions expressed in this commentary are solely those of Donna Brazile.






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In the Debate Over French Labor, Everyone Is Wrong






Maurice Taylor Jr., the blunt-talking chairman and chief executive officer of U.S. tiremaker Titan International (TWI), has outraged France by claiming that the country’s “so-called workers” fritter away their working days with breaks and chitchat.


In a letter to French Industry Minister Arnaud Montebourg, Taylor said Titan had no interest in taking over a factory in the city of Amiens that Goodyear Tire & Rubber (GT) plans to close. “I have visited the factory a couple of times,” he wrote. “The French workforce gets paid high wages but works only three hours. They get one hour for breaks and lunch, talk for three and work for three. I told the French union workers this to their faces. They told me that’s the French way!”






Montebourg on Feb. 20 fired back with a letter blasting Taylor for his “perfect ignorance of our country” and extolling what he described as France’s “globally recognized attractiveness” for business investment.


Taylor and Montebourg are both dead wrong.


Even allowing some room for exaggeration—would Goodyear really pay employees for a full day when they worked only three hours?—Taylor is mistaken that French workers are lazy and overpaid.


France’s productivity—total economic output divided by the number of hours worked—is among the highest in the developed world, higher even than Germany’s. Nor are French paychecks lavish. Average after-tax incomes in France are about one-third lower than in the U.S., and trail those in many Western European nations as well. You can’t really blame French unions, either. Union membership in France is much lower than in Germany.


Why, then, are French labor costs so high? On average it costs a French employer €34 ($ 44.89) an hour to keep a worker on the payroll, more than in any euro-zone country except Belgium.


The answer—and this is where Monsieur Montebourg gets it wrong—is that the government burdens employers with payroll taxes and regulations that drive costs through the roof. That explains why France has lost more industrial jobs than any European country during the past decade. Tens of thousands more, including some 1,173 positions at Goodyear’s Amiens plant, are at risk.


Recent government initiatives, including temporary credits to offset payroll taxes, don’t appear to be helping much, as unemployment claims are at a 15-year high. And the government hasn’t had much success in finding buyers for ailing factories. Titan, based in Quincy, Ill., is one of several that have walked away from such deals in recent months.


Even some unions now agree that France needs to overhaul its stifling 3,200-page labor code that imposes costly job protections and benefits, which cause employers to avoid hiring workers on permanent contracts. Then there’s the maximum 35-hour workweek, imposed by a previous Socialist government in 2000. It’s been watered down since then but still adds significantly to business costs.


Still another factor are the charges piled on employers to support French government spending, which accounts for a staggering 56 percent of the economy. Mandatory employer contributions toward pensions, unemployment insurance, health care, and other benefits can add 50 percent to an employee’s base salary.


True, French workers benefit from those programs, which help offset their relatively modest wages. It’s a safe bet, though, that most of the country’s 3 million unemployed would rather be working than on the dole. Otherwise, why would employees be fighting so hard to save their jobs at Goodyear, Peugeot (UG), ArcelorMittal (MT), and other companies that are downsizing their French operations?


Yet despite all these problems, French labor is among the most productive in the world. How can that be? Weird as it may seem, the 35-hour work week and chronically high unemployment have actually helped improve productivity, says Renaud Bourlès, an economist who has studied the phenomenon. “When you have a longer working day, at some point because you’re becoming tired, it decreases your productivity,” says Bourlès, who works at the Aix-Marseille School of Economics and the École Centrale Marseille. And when unemployment is high, companies tend to hire and retain the best-qualified and most-productive workers, he says.


Whether they’re productive or not, Taylor has made it clear he has no interest in French workers. The combative 68-year-old CEO—whose nickname is “The Grizz,” and who sought the Republican presidential nomination on a platform that included eliminating sick pay for government workers—told Montebourg he’ll invest elsewhere.


“Titan is going to buy a Chinese tire company or an Indian one, pay less than one euro per hour wage, and ship all the tires France needs,” he wrote. “You can keep the so-called workers.”


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Genetic Technologies Announces Financial Results for Half-Year Ended 31 December 2012






MELBOURNE, AUSTRALIA–(Marketwire – Feb 22, 2013) – Genetic Technologies Limited ( ASX : GTG ) ( NASDAQ : GENE )


  • Increases in BREVAGen™ samples received demonstrate clear market traction

  • Encouraging early results achieved in the new molecular diagnostics reimbursement environment

  • Increased licensing revenues show renewed success from global assertion programs

Genetic Technologies Limited ( ASX : GTG ) ( NASDAQ : GENE ) today announced its financial results for the first half of the Company’s fiscal year ending 30 June 2013. The Company reported a total comprehensive loss of $ 3.7 million for the period, which compares to a loss of $ 3.3 million for the corresponding prior period. The Company’s cash position as of 31 December 2012 totalled $ 5.9 million.






Of particular note during the period, the Company saw a marked improvement in the number of samples received for BREVAGen™, its flagship non-familial breast cancer risk assessment test. The 2013 half-year delivered 546 samples for testing, representing an increase of nearly 240% over the corresponding prior period and more than 30% over the number received for the entire previous twelve-month period, demonstrating increasing traction in the market. Further, the Company noted a significant improvement in the number of samples received in the December quarter (368), more than double those received in the preceding September quarter (178).


The achievement of “Out of State Licensure” for the key states of Florida and California during the period was a milestone achievement, enabling access to significant new markets for the test. The Company expects to receive approval to launch the test in New York State during the fourth quarter of 2013. Once achieved, BREVAGen™ will be approved for sale in all 50 U.S. States.


1 January 2013 marked a material change in the U.S. reimbursement environment for molecular diagnostics, resulting in the removal of the CPT code stack system for insurance claims. In response, the Company has initiated strategies to maintain the positive performance of the reimbursement program achieved to date.


“We are very pleased with the increased traction for BREVAGen™ that has been demonstrated through refinements in messaging and sales channel management since the appointment of Mark Ostrowski as Senior VP Sales and Marketing in September,” said Alison Mew, Chief Executive Officer of Genetic Technologies. ”Mark brings to the Company a wealth of experience from his time at Myriad Genetics and he has already applied a number of important initiatives to enhance the BREVAGen™ selling process and maximize our market effectiveness. In response to recent changes made to reimbursement guidelines in the U.S., I am pleased that the initiatives we have put in place to address levels of reimbursement received and timeline of claims adjudication have delivered encouraging results thus far.”


Revenues generated by the Company’s global out-licensing program for the half-year under review were more than doubled those of the half-year period ended 31 December 2011, and materially exceeded the revenues generated by the program for the full 2012 financial year. Importantly, recent changes to the program have streamlined the Company’s operations and established new arrangements under which the Company’s share of future licensing revenues will increase. It is anticipated that this renewed momentum will continue into the second half of the current financial year resulting in additional licenses to the Company’s non-coding technology being granted.


About BREVAGen™
The BREVAGen™ breast cancer risk stratification test is a novel genetic test panel that examines a patient’s DNA to detect the absence or presence of certain common genetic variations (SNPs) associated with an increased risk for developing breast cancer. The test is designed to help physicians assess aggregate breast cancer risk from these genetic markers, plus factors from a standard clinical assessment based on a patient’s family and personal history, thus giving a clearer picture of an individual woman’s risk of developing breast cancer. The BREVAGen™ test may be especially useful for women predisposed to hormone dependant breast cancer, including those who have undergone breast biopsies, as the test will provide information that can help physicians recommend alternative courses of action, such as more vigilant, targeted surveillance or preventive therapy, on a personalized patient-by-patient basis.


About Genetic Technologies Limited
Genetic Technologies was an early pioneer in recognizing important new applications for “non-coding” DNA (Deoxyribonucleic Acid). The Company has since been granted patents in 24 countries around the world, securing intellectual property rights for particular uses of non-coding DNA in genetic analysis and gene mapping across all genes in all species. Its business strategy is the global commercialization of its patents through an active out-licensing program and the global expansion of its oncology and cancer management diagnostics portfolio. Genetic Technologies is an ASX and NASDAQ listed company with operations in the USA and Australia. For more information, please visit www.gtglabs.com.


Safe Harbor Statement
Any statements in this press release that relate to the Company’s expectations are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act. The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Since this information may involve risks and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. Additional risks associated with Genetic Technologies’ business can be found in its periodic filings with the SEC.


Marketwire News Archive – Yahoo! Finance




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Stock index futures signal a rebound

LONDON (Reuters) - Stock index futures pointed to a higher open on Wall Street on Friday, rebounding after the S&P 500 <.spx> posted its worst two-day loss since November.


Futures for the S&P 500, the Dow Jones and the Nasdaq 100 were up 0.2-0.3 percent at 0958 GMT.


European shares rose and German Bund futures fell on Friday after a better-than-expected German Ifo survey.


Shares in Hewlett-Packard rose 2.9 percent in after-market trade as the computer maker's quarterly revenue and forecasts beat Wall Street expectations.


Chipmaker Texas Instruments Inc raised its quarterly dividend by a third and said it will buy back an additional $5 billion in stock. TI shares rose 2 percent in after-market trading after closing at $32.48 on the Nasdaq.


Fellow chipmaker Marvell Technology Group Ltd forecast results this quarter largely above analysts' expectations as it gained market share in hard-disk drive and flash storage businesses, sending its shares up 5 percent after the closing bell.


Insurer American International Group Inc reported fourth-quarter results that beat Wall Street expectations, helping its shares rise 4.2 percent in after hours trade.


Citigroup Inc said on Thursday it has overhauled an executive pay plan that shareholders rejected last year as overly generous, revising it to tie bonus payments more closely to stock performance and profitability.


Newmont Mining Corp , the No. 1 U.S. gold producer, said on Thursday that a more disciplined approach to spending and cost cuts is its top priority as leadership of the company shifts to Gary Goldberg, who takes over as chief executive on March 1.


Private equity firm KKR & Co LP has submitted an offer of $75 per share for Gardner Denver Inc GDI.N, valuing the industrial machinery maker at close to $3.7 billion, two people familiar with the matter said on Thursday.


Interpublic Group, the second-biggest U.S. advertising and marketing group, is expected to follow larger rival Omnicom in reporting upbeat quarterly results, with earnings per shares seen up $0.03 year on year to $0.53 on higher revenue from the United States.


The Dow Jones industrial average <.dji> fell 46.92 points, or 0.34 percent, to 13,880.62 on Thursday. The Standard & Poor's 500 Index <.spx> lost 9.53 points, or 0.63 percent, to 1,502.42. The Nasdaq Composite Index <.ixic> dropped 32.92 points, or 1.04 percent, to close at 3,131.49.


(Reporting By Francesco Canepa/editing by Chris Pizzey, London MPG Desk, +44 (0)207 542-4441)



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Prosecutors: Detective should be dropped from case


PRETORIA, South Africa (AP) — South Africa's National Prosecuting Authority acknowledged that the timing of attempted murder charges against a police detective leading the investigation into Oscar Pistorius is "totally weird" and that he should dropped from the case against the world-famous athlete.


Bulewa Makeke, spokeswoman for the NPA, said Thursday that detective Hilton Botha should be replaced, but that it's a decision for police and not prosecutors.


Police said Thursday that Botha, who gave testimony Wednesday opposing Pistorius' application for bail, faces attempted murder charges in connection with a 2011 shooting incident.


Police said Botha and two other police officers had fired at a minibus and will appear in court in May to face seven counts of attempted murder.


Pistorius is charged with premeditated murder in the Valentine's Day shooting of his girlfriend.


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How secure is the papal election?




The Conclave of Cardinals that will elect a new pope will meet in the Sistine Chapel in Vatican City.




STORY HIGHLIGHTS


  • Bruce Schneier: Rules for picking a new pope are very detailed

  • He says elaborate precautions are taken to prevent election fraud

  • Every step of the election process is observed by people who know each other

  • Schneier: Vatican's procedures, centuries in the making, are very secure




Editor's note: Bruce Schneier is a security technologist and author of "Liars and Outliers: Enabling the Trust Society Needs to Survive." In 2005, before the conclave that elected Pope Benedict XVI, Schneier wrote a piece on his blog about the process. This essay is an updated version, reflecting new information and analysis.


(CNN) -- As the College of Cardinals prepares to elect a new pope, security people like me wonder about the process. How does it work, and just how hard would it be to hack the vote?


The rules for papal elections are steeped in tradition. John Paul II last codified them in 1996, and Benedict XVI left the rules largely untouched. The "Universi Dominici Gregis on the Vacancy of the Apostolic See and the Election of the Roman Pontiff" is surprisingly detailed.


Every cardinal younger than 80 is eligible to vote. We expect 117 to be voting. The election takes place in the Sistine Chapel, directed by the church chamberlain. The ballot is entirely paper-based, and all ballot counting is done by hand. Votes are secret, but everything else is open.



Bruce Schneier

Bruce Schneier



First, there's the "pre-scrutiny" phase.


"At least two or three" paper ballots are given to each cardinal, presumably so that a cardinal has extras in case he makes a mistake. Then nine election officials are randomly selected from the cardinals: three "scrutineers," who count the votes; three "revisers," who verify the results of the scrutineers; and three "infirmarii," who collect the votes from those too sick to be in the chapel. Different sets of officials are chosen randomly for each ballot.


Each cardinal, including the nine officials, writes his selection for pope on a rectangular ballot paper "as far as possible in handwriting that cannot be identified as his." He then folds the paper lengthwise and holds it aloft for everyone to see.


When everyone has written his vote, the "scrutiny" phase of the election begins. The cardinals proceed to the altar one by one. On the altar is a large chalice with a paten -- the shallow metal plate used to hold communion wafers during Mass -- resting on top of it. Each cardinal places his folded ballot on the paten. Then he picks up the paten and slides his ballot into the chalice.


Pope may change rules to allow earlier election


If a cardinal cannot walk to the altar, one of the scrutineers -- in full view of everyone -- does this for him.










If any cardinals are too sick to be in the chapel, the scrutineers give the infirmarii a locked empty box with a slot, and the three infirmarii together collect those votes. If a cardinal is too sick to write, he asks one of the infirmarii to do it for him. The box is opened, and the ballots are placed onto the paten and into the chalice, one at a time.


When all the ballots are in the chalice, the first scrutineer shakes it several times to mix them. Then the third scrutineer transfers the ballots, one by one, from one chalice to another, counting them in the process. If the total number of ballots is not correct, the ballots are burned and everyone votes again.


To count the votes, each ballot is opened, and the vote is read by each scrutineer in turn, the third one aloud. Each scrutineer writes the vote on a tally sheet. This is all done in full view of the cardinals.


The total number of votes cast for each person is written on a separate sheet of paper. Ballots with more than one name (overvotes) are void, and I assume the same is true for ballots with no name written on them (undervotes). Illegible or ambiguous ballots are much more likely, and I presume they are discarded as well.


Then there's the "post-scrutiny" phase. The scrutineers tally the votes and determine whether there's a winner. We're not done yet, though.


The revisers verify the entire process: ballots, tallies, everything. And then the ballots are burned. That's where the smoke comes from: white if a pope has been elected, black if not -- the black smoke is created by adding water or a special chemical to the ballots.



Being elected pope requires a two-thirds plus one vote majority. This is where Pope Benedict made a change. Traditionally a two-thirds majority had been required for election. Pope John Paul II changed the rules so that after roughly 12 days of fruitless votes, a simple majority was enough to elect a pope. Benedict reversed this rule.


How hard would this be to hack?


First, the system is entirely manual, making it immune to the sorts of technological attacks that make modern voting systems so risky.


Second, the small group of voters -- all of whom know each other -- makes it impossible for an outsider to affect the voting in any way. The chapel is cleared and locked before voting. No one is going to dress up as a cardinal and sneak into the Sistine Chapel. In short, the voter verification process is about as good as you're ever going to find.


A cardinal can't stuff ballots when he votes. The complicated paten-and-chalice ritual ensures that each cardinal votes once -- his ballot is visible -- and also keeps his hand out of the chalice holding the other votes. Not that they haven't thought about this: The cardinals are in "choir dress" during the voting, which has translucent lace sleeves under a short red cape, making sleight-of-hand tricks much harder. Additionally, the total would be wrong.


The rules anticipate this in another way: "If during the opening of the ballots the scrutineers should discover two ballots folded in such a way that they appear to have been completed by one elector, if these ballots bear the same name, they are counted as one vote; if however they bear two different names, neither vote will be valid; however, in neither of the two cases is the voting session annulled." This surprises me, as if it seems more likely to happen by accident and result in two cardinals' votes not being counted.


Ballots from previous votes are burned, which makes it harder to use one to stuff the ballot box. But there's one wrinkle: "If however a second vote is to take place immediately, the ballots from the first vote will be burned only at the end, together with those from the second vote." I assume that's done so there's only one plume of smoke for the two elections, but it would be more secure to burn each set of ballots before the next round of voting.


The scrutineers are in the best position to modify votes, but it's difficult. The counting is conducted in public, and there are multiple people checking every step. It'd be possible for the first scrutineer, if he were good at sleight of hand, to swap one ballot paper for another before recording it. Or for the third scrutineer to swap ballots during the counting process. Making the ballots large would make these attacks harder. So would controlling the blank ballots better, and only distributing one to each cardinal per vote. Presumably cardinals change their mind more often during the voting process, so distributing extra blank ballots makes sense.


There's so much checking and rechecking that it's just not possible for a scrutineer to misrecord the votes. And since they're chosen randomly for each ballot, the probability of a cabal being selected is extremely low. More interesting would be to try to attack the system of selecting scrutineers, which isn't well-defined in the document. Influencing the selection of scrutineers and revisers seems a necessary first step toward influencing the election.


If there's a weak step, it's the counting of the ballots.


There's no real reason to do a precount, and it gives the scrutineer doing the transfer a chance to swap legitimate ballots with others he previously stuffed up his sleeve. Shaking the chalice to randomize the ballots is smart, but putting the ballots in a wire cage and spinning it around would be more secure -- albeit less reverent.


I would also add some kind of white-glove treatment to prevent a scrutineer from hiding a pencil lead or pen tip under his fingernails. Although the requirement to write out the candidate's name in full provides some resistance against this sort of attack.


Probably the biggest risk is complacency. What might seem beautiful in its tradition and ritual during the first ballot could easily become cumbersome and annoying after the twentieth ballot, and there will be a temptation to cut corners to save time. If the Cardinals do that, the election process becomes more vulnerable.


A 1996 change in the process lets the cardinals go back and forth from the chapel to their dorm rooms, instead of being locked in the chapel the whole time, as was done previously. This makes the process slightly less secure but a lot more comfortable.


Of course, one of the infirmarii could do what he wanted when transcribing the vote of an infirm cardinal. There's no way to prevent that. If the infirm cardinal were concerned about that but not privacy, he could ask all three infirmarii to witness the ballot.


There are also enormous social -- religious, actually -- disincentives to hacking the vote. The election takes place in a chapel and at an altar. The cardinals swear an oath as they are casting their ballot -- further discouragement. The chalice and paten are the implements used to celebrate the Eucharist, the holiest act of the Catholic Church. And the scrutineers are explicitly exhorted not to form any sort of cabal or make any plans to sway the election, under pain of excommunication.


The other major security risk in the process is eavesdropping from the outside world. The election is supposed to be a completely closed process, with nothing communicated to the world except a winner. In today's high-tech world, this is very difficult. The rules explicitly state that the chapel is to be checked for recording and transmission devices "with the help of trustworthy individuals of proven technical ability." That was a lot easier in 2005 than it will be in 2013.


What are the lessons here?


First, open systems conducted within a known group make voting fraud much harder. Every step of the election process is observed by everyone, and everyone knows everyone, which makes it harder for someone to get away with anything.


Second, small and simple elections are easier to secure. This kind of process works to elect a pope or a club president, but quickly becomes unwieldy for a large-scale election. The only way manual systems could work for a larger group would be through a pyramid-like mechanism, with small groups reporting their manually obtained results up the chain to more central tabulating authorities.


And third: When an election process is left to develop over the course of a couple of thousand years, you end up with something surprisingly good.


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The opinions expressed in this commentary are solely those of Bruce Schneier.






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Sony Seeks an Extra Life in the New PlayStation 4






Trinitron. Betamax. Walkman. CD. MiniDisc. PlayStation. Blu-ray.


All of those things have come from Sony (SNE). Only one of them remains at all relevant. (I’ll give you a hint: It’s not the MiniDisc.)






Wednesday, Sony introduced its new PlayStation 4 gaming console to the world. The last time Sony had such a major upgrade to its gaming system was November 2006, which seems like eons ago. Think about it: When the PlayStation 3 was introduced:


  • There were no iPhones.

  • There was no Android.

  • There was no iPad, nor any modern tablets.

  • There was no Angry Birds.

  • Netflix could send video directly to your home—by mail.

This isn’t just a walk down memory lane. All of these developments have, in different ways, upended the traditional structure of console gaming, and none of them came from Sony.


Today we play games on mobile devices with abandon. Smartphones and tablets may not provide the experience that harder-core gamers look for, but they certainly satisfy the much larger group of occasional players. We’re accustomed to deviceless services now—streaming Netflix (NFLX) requires a commoditized piece of hardware that’s as unobtrusive as a drinks coaster.


Sony has a proud tradition of making great hardware. Maybe too proud: The company continues to develop new technologies, only to misjudge what consumers want. Sony was the first major manufacturer of an e-book reader, long before the Kindle, but the device was bogged down with a clumsy syncing process and a limited library of titles.


The PS4 is not at all the same: It’s the fourth generation of a franchise that has been, at times, the only bright spot in Sony’s constellation of products. But developing a new console—even an extremely capable one—seems somewhat out of step at a time when the idea of the console itself is in question.


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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

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







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