Euro, shares stall as investors turn cautious


LONDON (Reuters) - Rallies in European shares and the single currency stalled on Monday after strong gains last week as investors awaited confirmation that financial market conditions and the outlook for the euro area have improved.


Investor sentiment rose strongly on Friday after data showed European banks would repay more than expected of the emergency loans they borrowed from the European Central Bank (ECB) and that business sentiment in Germany was improving sharply.


A solid start to the corporate earnings season has also helped send many equity indexes to pre-financial crisis highs, with the Standard & Poor's 500 index closing last week at its highest level in over five years.


In the equity markets Europe's FTSEurofirst 300 index <.fteu3> shed 0.1 percent in early trade to 1,173.87 points, leveling off near its highest level for almost two years, though traders said there was still strong underlying demand.


"All European benchmarks are at their 2012-2013 highs. Every time there's even a slight pull-back, the buying pressure comes in," Aurel BGC chartist Gerard Sagnier said.


The market's cautious mood on Monday also followed a weaker session in Asia, where falls in technology companies saw the MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> drop 0.4 percent.


The euro held near an 11-month high against the dollar $1.3440

Meanwhile, German government bond futures, a key gauge of investor sentiment, continued to ease, slipping a further 7 ticks to 142.40 on Monday, and gold is languishing near a two-week low as hopes for an economic recovery worldwide dampen the metal's appeal as a safe haven.


Investors are keenly awaiting the ECB's monthly data on bank lending to companies and consumers, due later, for confirmation that growth is returning to the economy. Italy will also provide a test of investor sentiment when it auctions almost 7 billion euros ($9.4 billion) of 2-year and 5-year bonds.


However, the main focus for investors this week will be on the U.S., where the Federal Reserve's Open Market Committee meets on Tuesday and Wednesday, and where the nonfarm payrolls report is due out on Friday.


Oil prices were being held in check by the events coming up in the U.S., with Brent crude unchanged at $113.28 a barrel, while U.S. crude rose 17 cents to $96.05 after seven straight weekly gains - the longest such streak since early 2009.


($1 = 0.7421 euros)


(Reporting by Richard Hubbard; Editing by Will Waterman)



Read More..

In New Orleans, an unwelcome mat for Goodell


NEW ORLEANS (AP) — An effigy of NFL Commissioner Roger Goodell dangles from the front porch of a New Orleans home that is otherwise festively decorated with Saints paraphernalia.


With restaurants and bars gearing up for an influx of Super Bowl XLVII visitors, the "Refuse to Serve Roger Goodell" page on Facebook had 107 likes as of Friday.


A portrait of Goodell covers the bull's-eye on the dart board at Parkview Tavern.


And floats in the unabashedly lowbrow Krewe du Vieux parade in the French Quarter last weekend displayed larger-than-life likenesses of Goodell in acts that defy polite description.


New Orleans is celebrating the return of Saints coach Sean Payton after a season of NFL banishment as a result of the "bountygate" scandal — when the team ran a pay-for-hits program. But Goodell, who suspended Payton and other current and former Saints players and coaches last year for their roles in the system, is being ridiculed here with a vehemence usually reserved for the city's scandal-scarred politicians.


"They believe he completely used the Saints as an example of something that was going on league-wide," said Pauline Patterson, co-owner of Finn McCool's, an Irish Bar in the Mid-City neighborhood where the words "Go To Hell Goodell" are visible over the fireplace.


Some of Goodell's critics say the disarray resulting from what they believe were unfair suspensions led to the Saints' 7-9 performance this year — and a missed chance to make history.


"We had a real shot of being the first team in history to host the Super Bowl in our own stadium," Parkview Tavern owner Kathy Anderson said. "He can't give that back to us."


Goodell suspended the coaches and players after an investigation found the Saints had a performance pool offering cash rewards for key plays, including big hits. The player suspensions eventually were overturned, but the coaches served their punishments.


Mayor Mitch Landrieu is among those saying that people in this city, known for its hospitality and history, should mind their manners and remember the not-too-distant past.


"Roger Goodell has been a great friend to New Orleans, and it's a fact that he's one of the people instrumental to making sure that the Saints stayed here after Hurricane Katrina," Landrieu said in a statement. It was a reference to the days after the storm, when 80 percent of the city was underwater and the damaged Superdome became a shelter for thousands of the displaced.


Then-Commissioner Paul Tagliabue and his second-in-command, Goodell, are credited with working to keep the team from abandoning New Orleans for San Antonio.


"If not for Roger Goodell, we would not have this Super Bowl," Landrieu added. "And we will need him since we want to host another one."


Saints quarterback Drew Brees said the game is validation of everything the city's gone through to rebuild after Hurricane Katrina.


"There's no question, yeah. And I think people will see that when they come down, as soon as people come down that haven't been there in a while," Brees said Friday while in Hawaii for the Pro Bowl. "The city knows how to entertain, knows how to treat people right. The tourism industry's huge, so we're excited to host this big game. Obviously it's the biggest sporting event in the world, and the city will be ready for it."


But some are in no mood to back off when it comes to Goodell.


Anderson said she understands city leaders' desire to put their best foot forward, but that it also is important for Saints fans to be able to vent.


"Whether I have Roger Goodell's face on my dart board is not going to change anybody's mind about the Super Bowl," Anderson said.


People should not take the barbs too seriously, said Lynda Woolard, a Saints fan who has been tracking some of the barbs on social media. "Nobody's saying there should be violence against the man," Woolard said.


"It's tongue-in-cheek," Patterson agreed.


Still, some diehards are ready to put it all behind them.


Patrick Brower, owner and manager of the Dirty Coast T-shirt shop, said Friday that he's pushing black-and-gold wear at his shop, choosing to unify Saints fans without bashing the commissioner.


"We've got to look forward here," Brower said. "The more time we spend in the past, it's just not beneficial."


Read More..

Can sanctions deter North Korea?


























Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military





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STORY HIGHLIGHTS


  • N. Korea said Thursday it plans to carry out new nuclear test and more long-range rocket launches

  • It said they are part of new phase of confrontation with United States

  • George A. Lopez says North Korea's aim is to be recognized as a 'new nuclear nation by fait accompli'

  • The Security Council sanctions aim to deteriorate and disrupt N. Korea's programs, says Lopez




Editor's note: George A. Lopez holds the Hesburgh Chair in Peace Studies at the Kroc Institute, University of Notre Dame. He is a former member, UN Panel of Experts on DPRK.


Indiana, U.S. (CNN) -- North Korea has responded to new Security Council sanctions condemning its December 12 rocket launch with a declaration that it plans a third nuclear test and more missile launches. Politically, it has made unambiguous that its "aim" is its enemy, the United States.


In this rapid reaction to U.N. sanctions, the young government of Kim Jong Un underscores what Security Council members have long known anticipated from the DPRK. Their end-game is to create a vibrant, integrated missile and nuclear weapons program that will result - as in the cases of Pakistan and India - in their being recognized as a new nuclear nation by fait accompli.


Read more: North Korea says new nuclear test will be part of fight against U.S.


In light of DPRK defiance - and a soon to occur nuclear test - the Security Council's first set of sanctions on North Korea since 2009 may seem absurd and irrelevant. These sanctions will certainly not prevent a new DPRK nuclear test. Rather, the new sanctions resolution mobilizes regional neighbors and global actors to enforce sanctions that can weaken future DPRK programs and actions.










Read more: U.N. Security Council slams North Korea, expands sanctions


The utility, if not the necessity, of these Security Council sanctions are to deteriorate and disrupt the networks that sustain North Korea's programs. Chances of this degradation of DPRK capabilities have increased as the new sanctions both embolden and empower the member states who regularly observe - but do nothing about - suspicious vessels in their adjacent waterways.


The resolution provides new guidance to states regarding ship interdiction, cargo inspections, and the seizure and disposal of prohibited materials. Regarding nuclear and missile development the sanctions expand the list of material banned for trade to DPRK, including high tech, dual-use goods which might aid missile industries.


Read more: South Korean officials: North Korean rocket could hit U.S. mainland


These new measures provide a better structure for more effective sanctions, by naming new entities, such as a bank and trading companies, as well as individuals involved in the illicit financing of prohibited materials, to the sanctions list. To the surprise of many in the diplomatic community - the Council authorizes states to expose and confiscate North Korea's rather mobile "bulk cash." Such currency stocks have been used in many regions to facilitate purchases of luxury goods and other banned items that sustain the DPRK elites.


Finally, the Security Council frees the Sanctions Committee to act more independently and in a timely manner to add entities to the list of sanctioned actors when evidence shows them to be sanctions violators. This is an extensive hunting license for states in the region that can multiply the costs of sanctions to the DPRK over time.


Read more: North Korea's rocket launches cost $1.3 billion


Whatever their initial limitations, the new round of U.N. sanctions serve as a springboard to more robust measures by various regional and global powers which may lead back to serious negotiations with DPRK.


Despite its bluster and short-term action plan, Pyongyang recognizes that the wide space of operation for its policies it assumed it had a week ago, is now closed considerably. To get this kind of slap-down via this Security Council resolution - when the launch was a month ago - predicts that any nuke test or missile launch from Pyongyang will bring a new round of stronger and more targeted sanctions.


Read more: North Korea silences doubters, raises fears with rocket launch


Although dangerous - a new game is on regarding DPRK. Tougher U.N. measures imposed on the North generated a predictable response and likely new, prohibited action. While DPRK may be enraged, these sanctions have the P5 nations, most notably China, newly engaged. A forthcoming test or launch will no doubt increase tensions on both sides.


But this may be precisely the shock needed to restart the Six Party Talks. Without this institutional framework there is little chance of influencing DPRK actions. And in the meantime, the chances of greater degrading of DPRK capabilities via sanctions, are a sensible next best action.


Read more: Huge crowds gather in North Korean capital to celebrate rocket launch


The opinions expressed in this commentary are solely those of George A. Lopez.






Read More..

Italy central bank approves Monte Paschi bailout request






ROME/MILAN (Reuters) – Italy‘s central bank on Saturday gave its approval to a request by scandal hit bank Monte dei Paschi di Siena for 3.9 billion euros ($ 5.3 billion) of state loans, the latest step in the battle to revive the ailing bank.


The Bank of Italy‘s backing was the final stage required to free up the financial help for Italy’s third biggest lender, which this week revealed loss-making derivatives trades that could cost it about 720 million euros.






After a meeting that lasted most of Saturday, the central bank issued a brief statement to say its board had given “a favorable opinion” on the bailout. It gave no further details.


The scandal surrounding Italy’s oldest bank has hit its share price and prompted questions about how the risky deals could have been hidden from regulators.


The issue has shot to the center of the campaign for a February 24-25 national election and politicians have blamed the Bank of Italy (BOI), led by current European Central Bank President Mario Draghi at the time of the deals, for failing to spot them.


At Saturday’s meeting the BOI’s four member board, chaired by Governor Ignazio Visco, had to judge whether the bank’s current and future capital adequacy and stability were sufficient to receive the loans.


The Tuscan bank was forced to seek state aid last year for the second time since 2009 after becoming one of just four European lenders that failed to meet tougher capital requirements set by regulators.


Under the loan scheme the bank will issue 3.9 billion euros of bonds to the Italian Treasury, with just under half of these replacing 1.9 billion euros of existing state help.


The lender’s new management, appointed last year to turn it around, said on Friday the situation was “completely under control”.


The bank will pay a hefty 9 percent coupon on the bonds, which are worth more than its current market capitalization of 3 billion euros. The coupon will increase by 0.5 percentage point every two years up to a maximum of 15 percent.


At a stormy meeting at Monte Paschi‘s Siena headquarters on Friday, shareholders approved two capital increases for 6.5 billion euros to be carried out if needed in the next five years, which are a condition of the state bailout.


That raises the prospect of possible nationalization, because if the bank cannot repay the state bonds or the coupons attached to them, it will have to issue shares to the Treasury.


Prime Minister Mario Monti said late on Friday he considered nationalization a “remote hypothesis”.


TAXPAYERS’ MONEY


Monti, bidding for a second term in the election, defended his government’s decision to rescue it with taxpayers’ money. “It’s a loan, with a high interest rate,” he said.


At the World Economic Forum in Davos on Friday Visco sought to deflect accusations the BOI had not done its job properly.


“It is wrong to insinuate that there was a lack of supervision by the Bank of Italy,” he said, adding the BOI would cooperate with prosecutors investigating the lender.


Draghi, also in Davos, took no questions from reporters.


Visco’s task was made more difficult by a report in the Corriere della Sera daily which included excerpts of a document drafted by six BOI inspectors expressing concerns over the two main trades under scrutiny as long ago as 2010.


That document would have been sent to the BOI’s head of bank supervision at the time, Anna Maria Tarantola, who has since left the bank to become president of state broadcaster RAI.


Visco sidestepped questions about whether Draghi knew about the 2008-09 derivatives trades, which involved Japanese bank Nomura and Deutsche Bank.


Internal auditors at Monte Paschi had detected anomalies at the bank’s finance department responsible for derivative trades three years ago, daily Il Sole 24 Ore said on Saturday.


Monte Paschi was already under investigation over its 9-billion-euro cash acquisition of smaller lender Antonveneta from Spain’s Santander in 2007.


Santander had bought Antonveneta for 6.6 billion euros in a three-way break-up bid for Dutch bank ABN AMRO, and almost immediately sold it on to Monte dei Paschi netting a hefty gain.


(Additional reporting by Danilo Masoni; Editing by Andrew Heavens and Jason Neely)


Business News Headlines – Yahoo! News





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Fraser and Neave adviser says Thai tycoon’s raised offer is “fair”






SINGAPORE (Reuters) – Fraser and Neave Ltd’s (F99.SI) independent financial adviser JP Morgan said on Sunday Thai billionaire Charoen Sirivadhanabhakdi’s new offer of S$ 9.55 ($ 7.74) per share for the Singapore property and drinks conglomerate is “fair”.


Directors who hold F&N shares, including chairman Lee Hsien Yang, intend to accept Charoen’s revised offer, the company said in a statement.






Charoen is now set to take over F&N in Southeast Asia’s biggest-ever acquisition. He had declared his S$ 9.55-per-share offer, which values the Singapore company at around S$ 13.75 billion ($ 11.2 billion), as final.


Thailand’s third-richest man raised his offer for F&N last week to S$ 9.55 a share, 7.5 percent higher than his previous offer of S$ 8.88, to fend off a rival bid by a group led by Singapore-listed property firm Overseas Union Enterprise Ltd (LJ3.SI).


The Overseas Union group decided not to raise its S$ 9.08-per-share offer, saying such a move was no longer attractive after recent measures taken by the Singapore government to cool the city-state’s property market.


F&N shares have been trading at Charoen’s offer price of S$ 9.55 since the Overseas Union group bowed out of the two-month battle with the Thai tycoon, indicating that the market does not expect a new bidder to emerge.


Charoen currently has a 45.32 percent stake in F&N, held through Thai Beverage PCL (Y92.SI) and TCC Assets Ltd. The company has property assets worth more than S$ 8 billion as well as soft drinks, dairy and publishing businesses.


Analysts say Charoen is likely to tap F&N’s network in Singapore and Malaysia to distribute Chang Beer, brewed by Thai Beverage, as well as spirits, energy drinks and instant coffee. In Thailand, where he already has an edge, Charoen may in turn market F&N’s brands.


(Reporting by Eveline Danubrata; Editing by Paul Tait)


Business & Finance News – Yahoo! Finance





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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.


Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.


The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.


The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.


"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."


The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.


The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.


That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.


MUTUAL FUND INVESTORS COME BACK


All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.


Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.


More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.


"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.


The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.


Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.


"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.


The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.


JOBS DATA MAY TEST THE RALLY


In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.


Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.


The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.


"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."


A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .


On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.


Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.


"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."


For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.


(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)



Read More..

Armstrong meeting with USADA appears unlikely


AUSTIN, Texas (AP) — Lance Armstrong's lawyers say the cyclist will talk more about drug use in the sport, just likely not to the U.S. Anti-Doping Agency that led the effort to strip him of his Tour de France titles.


In a testy exchange of letters and statements revealing the gulf between the two sides, USADA urged Armstrong to testify under oath to help "clean up cycling."


Armstrong's attorneys responded that the cyclist would rather take his information where it could do more good — namely to cycling's governing body and World Anti-Doping Agency officials.


USADA's response to that: "The time for excuses is over."


The letters, obtained Friday by The Associated Press, underscore the continuing feud between Armstrong and USADA CEO Travis Tygart, the man who spearheaded the investigation that uncovered a complex doping scheme on Armstrong's U.S. Postal Service teams.


Armstrong's seven Tour de France victories were taken away last year and he was banned for life from the sport.


In an interview with Oprah Winfrey last week, Armstrong admitted doping, said he owed a long list of apologies and that he would like to see his lifetime ban reduced so he can compete again.


His most realistic avenue toward that might be telling USADA everything he knows in a series of interviews the agency wants started no later than Feb. 6.


That seems unlikely.


Armstrong attorney Tim Herman responded to USADA's first letter, sent Wednesday, by saying his client's schedule is already full, and besides, "in order to achieve the goal of 'cleaning up cycling,' it must be WADA and the (International Cycling Union) who have overall authority to do so."


By Friday night, Herman strongly suggested Armstrong won't meet with USADA at all but intends to appear before the UCI's planned "truth and reconciliation" commission.


"Why would we cooperate (with USADA)?" Herman said in a telephone interview. "USADA isn't interested in cleaning up cycling. Lance has said, 'I'll be the first guy in the chair when cycling is on trial, truthfully, under oath, in every gory detail.' I think he's going testify where it could actually do some good: With the body that's charged with cleaning up cycling," Herman said.


In its last letter to Armstrong, sent Friday evening, USADA attorney William Bock said his agency and WADA work hand-in-hand in that effort.


"Regardless, and with or without Mr. Armstrong's help, we will move forward with our investigation for the good of clean athletes and the future of sport," Bock's letter reads.


The letters confirm a Dec. 14 meeting in Denver involving Armstrong, Tygart and their respective attorneys, which is when, in Tygart's words, Armstrong should have started thinking about a possible meeting with USADA.


"He has been given a deadline of February 6th to determine whether he plans to come in and be part of the solution," Tygart said in a statement. "Either way, USADA is moving forward with our investigation on behalf of clean athletes."


The letters were sent to the AP after details about a Tygart interview with "60 Minutes," being aired Sunday, were made public.


Among Tygart's claims: Armstrong is lying when he says he didn't dope during his 2009-10 comeback.


Tygart said USADA's report on Armstrong's doping included evidence Armstrong was still cheating in those years.


"His comeback was totally clean," Herman said. "It's pretty fashionable to kick Lance Armstrong around right now."


Tygart also reiterated that an Armstrong associate offered USADA a donation of more than $200,000. Armstrong denied that in his interview with Winfrey, too.


In advancing his claim that USADA is only a bit player in the investigation, Herman noted in his letter, sent to USADA on Friday, that most cycling teams are based in Europe.


"I'm pretty sick of people trying to blame a European cycling culture that goes back to the 1920s on one guy," Herman said.


Bock's response to that: "Your suggestion that there is some other body with which Lance should coordinate is misguided," he said in his final letter.


___


AP National Writer Eddie Pells contributed to this report.


Read More..

Can sanctions deter North Korea?


























Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military





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STORY HIGHLIGHTS


  • N. Korea said Thursday it plans to carry out new nuclear test and more long-range rocket launches

  • It said they are part of new phase of confrontation with United States

  • George A. Lopez says North Korea's aim is to be recognized as a 'new nuclear nation by fait accompli'

  • The Security Council sanctions aim to deteriorate and disrupt N. Korea's programs, says Lopez




Editor's note: George A. Lopez holds the Hesburgh Chair in Peace Studies at the Kroc Institute, University of Notre Dame. He is a former member, UN Panel of Experts on DPRK.


Indiana, U.S. (CNN) -- North Korea has responded to new Security Council sanctions condemning its December 12 rocket launch with a declaration that it plans a third nuclear test and more missile launches. Politically, it has made unambiguous that its "aim" is its enemy, the United States.


In this rapid reaction to U.N. sanctions, the young government of Kim Jong Un underscores what Security Council members have long known anticipated from the DPRK. Their end-game is to create a vibrant, integrated missile and nuclear weapons program that will result - as in the cases of Pakistan and India - in their being recognized as a new nuclear nation by fait accompli.


Read more: North Korea says new nuclear test will be part of fight against U.S.


In light of DPRK defiance - and a soon to occur nuclear test - the Security Council's first set of sanctions on North Korea since 2009 may seem absurd and irrelevant. These sanctions will certainly not prevent a new DPRK nuclear test. Rather, the new sanctions resolution mobilizes regional neighbors and global actors to enforce sanctions that can weaken future DPRK programs and actions.










Read more: U.N. Security Council slams North Korea, expands sanctions


The utility, if not the necessity, of these Security Council sanctions are to deteriorate and disrupt the networks that sustain North Korea's programs. Chances of this degradation of DPRK capabilities have increased as the new sanctions both embolden and empower the member states who regularly observe - but do nothing about - suspicious vessels in their adjacent waterways.


The resolution provides new guidance to states regarding ship interdiction, cargo inspections, and the seizure and disposal of prohibited materials. Regarding nuclear and missile development the sanctions expand the list of material banned for trade to DPRK, including high tech, dual-use goods which might aid missile industries.


Read more: South Korean officials: North Korean rocket could hit U.S. mainland


These new measures provide a better structure for more effective sanctions, by naming new entities, such as a bank and trading companies, as well as individuals involved in the illicit financing of prohibited materials, to the sanctions list. To the surprise of many in the diplomatic community - the Council authorizes states to expose and confiscate North Korea's rather mobile "bulk cash." Such currency stocks have been used in many regions to facilitate purchases of luxury goods and other banned items that sustain the DPRK elites.


Finally, the Security Council frees the Sanctions Committee to act more independently and in a timely manner to add entities to the list of sanctioned actors when evidence shows them to be sanctions violators. This is an extensive hunting license for states in the region that can multiply the costs of sanctions to the DPRK over time.


Read more: North Korea's rocket launches cost $1.3 billion


Whatever their initial limitations, the new round of U.N. sanctions serve as a springboard to more robust measures by various regional and global powers which may lead back to serious negotiations with DPRK.


Despite its bluster and short-term action plan, Pyongyang recognizes that the wide space of operation for its policies it assumed it had a week ago, is now closed considerably. To get this kind of slap-down via this Security Council resolution - when the launch was a month ago - predicts that any nuke test or missile launch from Pyongyang will bring a new round of stronger and more targeted sanctions.


Read more: North Korea silences doubters, raises fears with rocket launch


Although dangerous - a new game is on regarding DPRK. Tougher U.N. measures imposed on the North generated a predictable response and likely new, prohibited action. While DPRK may be enraged, these sanctions have the P5 nations, most notably China, newly engaged. A forthcoming test or launch will no doubt increase tensions on both sides.


But this may be precisely the shock needed to restart the Six Party Talks. Without this institutional framework there is little chance of influencing DPRK actions. And in the meantime, the chances of greater degrading of DPRK capabilities via sanctions, are a sensible next best action.


Read more: Huge crowds gather in North Korean capital to celebrate rocket launch


The opinions expressed in this commentary are solely those of George A. Lopez.






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The Woman Who Is Making Chicago Greener






0ef61  design gang05  01  304x407 The Woman Who Is Making Chicago GreenerPhotograph by Roger Deckker for Bloomberg Businessweek


Studio Gang Architects—run by Jeanne Gang, 48, and her husband, Mark Schendel—moved into the gritty Chicago neighborhood of Wicker Park in 2002. Initially, they shared their floor, above an Aldo shoe store, with a personal injury lawyer, a communist bookstore, and a poetry group. As these neighbors moved on and Gang’s reputation grew—she won a MacArthur Fellow “genius” grant in 2011—Studio Gang took over. Inside, research specimens line several of the orderly studio’s walls and windowsills: mushrooms, rocks, bent baseball cards, and various samples of wood. “A lot of the stuff we do involves testing materials or making big, giant mock-ups,” says Gang, who is slim with light gray eyes, a wavy chestnut bob, and an uninhibited laugh. “There’s a lot of craftsmen out here, people who fabricate things for us. It’s almost like a whole ecology.”






Among Gang’s intentions is to invite a “more wild version” of nature into cities, using what she refers to as “green infrastructure” to support and enhance urban landscapes. “Nature as we see it in cities is created, it’s man-made, it’s redesigned in a certain sense,” says Gang. “I think it’s important not for romantic reasons, but for practical and experiential reasons, to extend biodiversity within the ecosystem.”


This fall, Chicago broke ground on Gang’s biggest designed wilderness to date: Northerly Island. The plan, devised by Gang in collaboration with the landscape architecture firm SmithGroupJJR, fashions a public park out of Meigs Field, a former airport on a 91-acre man-made peninsula just off the southern tip of downtown Chicago. There will be beaches, woodlands, wetlands, and a prairie region. An archipelago of islands and reefs will be constructed to protect the peninsula from Lake Michigan’s waves. The arc will enclose a half-mile-long harbor perfect for fish as well as for divers and kayakers.


0ef61  design gang05  01  inline605 The Woman Who Is Making Chicago GreenerStudio Gang ArchitectsPlans for Chicago’s Northerly Island


In forging the plan, Gang assessed every aspect of the peninsula, including soil quality, topography, bird migration, and the changing climate. Debra Mitchell, senior vice president of SmithGroupJJR, says the final plan succeeded because of Gang’s ethos. “She’s less about ‘I am the style, and you must have the style whether it works or not,’ than ‘I want my building or my landscape to function as intended,’ ” says Mitchell. “It’s very unusual for an architect.”


The economic impact of well-designed green space is substantial. Chicago’s Millennium Park, for example, formerly an industrial wasteland close to Northerly, attracts 5 million visitors annually, yielding $ 78 million in tax revenue, according to SmithGroupJJR and the Landscape Architecture Foundation. The park’s completion will fuel an estimated $ 1.4 billion worth of nearby projected residential development by 2015. “If you follow the story of these major, signature urban parks and you look at the real estate benefits of the surrounding area—phenomenal,” says Mitchell.


Not all of Gang’s ideas for Northerly Island went over with the public. One early plan, which involved reshaping the peninsula to spell out the word “Chicago” so it would be visible to airplanes, was panned by architecture critic Blair Kamin, who wrote in the Chicago Tribune that it took “the desire to create an iconic design to a ridiculous extreme.”


0ef61  design gang05  03  inline202 The Woman Who Is Making Chicago GreenerSteve Hall/Hedrich BlessingAqua’s undulating terraces provide shade and views


Gang didn’t mind abandoning her “Chicago” model in favor of the current plan. Still, she insists, “you get these purists who think it should look natural, but it’s not natural.” Without human guidance, she adds, damaged sites can take hundreds of years to flourish. “If you let the field be just weeds, you get species that take over the entire thing,” she says. “And they might not be ones that support animals that are coming in. You have to have knowledge to make it work.”


Gang’s most famous project, the Aqua skyscraper, began with a chance encounter. In 2004, at a Harvard alumni function, Gang chatted with a developer who had built several condominium towers in Illinois. He liked Gang and, despite her lack of experience, commissioned her to design a skyscraper in downtown Chicago. The result is an 82-story apartment tower that, because of its irregular, undulating balconies, looks draped in fluttering fabric. In 2009 the tower, which has been 98 percent occupied since its opening, won the Emporis Skyscraper Award as best of the year. Aqua is also the highest building in the world designed by a woman. “I hope that record is shattered in short order,” says Gang, “and I think it will be. … It’s only 82 stories.”


Aqua fits Gang’s goal of creating compact, vertical, green cities and strengthening communities. Her plan for Chicago’s Lincoln Park Zoo pavilion and its surrounding environment entailed redoing a pond to better drain and hold storm water while also supporting ecological diversity and attracting such wild animals as herons and coyotes. Gang’s SOS Children’s Villages, a light-filled community center on Chicago’s South Side, is made from striated mixtures of concrete intended to highlight the many donations that funded the project. Her design for the Arcus Center for Social Justice Leadership at Kalamazoo College revives an old technique called “wood masonry,” which involves using wood as bricks to create low-carbon, highly insulating walls.


0ef61  design gang05  02  inline202 The Woman Who Is Making Chicago GreenerStudio Gang ArchitectsThe Solar Carve Tower would give 200 extra hours of sunlight to Manhattan’s High Line


Gang’s future projects include a commercial tower that, pending approval, would flank New York’s High Line, the elevated park built on a defunct freight train line on Manhattan’s West Side. The gem-like glass building would cut away from the street at an angle so that 200 extra hours of direct sunlight would hit the High Line each year.


Detecting a signature style is made difficult by the range of Gang’s projects, although one unifying theme is the pursuit of a structure that “has fragility but is superstrong.” In general, she lets each design evolve out of exhaustive research and experimentation. She’s been using the $ 500,000 MacArthur grant mainly to do more research and publish books. These include Reverse Effect: Renewing Chicago’s Waterways, which calls for a barrier between the Great Lakes and Mississippi watersheds to keep Asian carp from entering Lake Michigan.


Gang’s love of structures and wilderness began in childhood. Born and raised in Belvidere, Ill., Gang is the third of four sisters. For vacations, her father, a civil engineer, would pack the family into a Pontiac Grand Safari and drive across the country to visit bridges. Her sisters weren’t wild about the trips, but Gang loved them. “Some of the bridges were superlong or really amazing, but what really excited me was, I think, the landscapes in between,” she says. “Just driving and driving and driving in this big country, and seeing the West and the South and the North, it’s really ingrained in my mind.” Gang’s ever-growing rock collection, early evidence of her obsession with natural materials, also dates to those trips. “There were so many different kinds of rocks,” she says. “I had to take one from every place. My dad would be like, ‘What’s in this suitcase?’ ”


In high school, Gang considered becoming an engineer or a painter, but ultimately decided architecture best merged her cultural, social, design, and math interests. “You feel like you’re part of defining who we are as people,” she says. After finishing at Harvard’s Graduate School of Design in 1993, she worked in Lille, France, for Rem Koolhaas, the Dutch architect and Pritzker Prize winner. It was there she met Schendel, who joined Studio Gang a year after Gang founded it in 1997. “He’s kind of the business side, and she’s the idea side,” says Mitchell of SmithGroupJJR. “He protects her so that she doesn’t have to worry about any of that.”


These days, Studio Gang is collaborating with the Army Corps of Engineers as they begin shifting soil on Northerly to sculpt hills and valleys. Gang returns each month anyway, to walk the windswept terrain. “Every time it’s slightly different,” she says. “Different birds, migrations, behaviors, nests.” The peninsula, she jokes, is becoming a perfect example of green infrastructure: Rather than a private downtown airstrip for the 1 Percent, it’s now a runway for birds.


Businessweek.com — Top News





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Media Advisory: Liberals to Elect New Premier Amid Unprecedented Protest






TORONTO, ONTARIO–(Marketwire – Jan 26, 2013) – Whoever is elected to be the new Premier of Ontario will have to face the largest protest of the party”s eight years in government.


“The Liberals have tried to pretend that their only opposition is from school teachers, but nothing could be further from the truth. Saturday”s rally will be as broad and diverse as the province,” said OFL President Sid Ryan. “The Liberals have betrayed their supporters and alienated voters by pursuing an aggressive austerity agenda of deep cuts to jobs and social programs that are vital to every community. They have shuttered our legislature and shelved our democratic rights. They have put the province in turmoil.”






In total, 131 buses traveling from every corner of the province are expected to join thousands of protesters who will be thronging to the rally by foot, transit and car. More than 100 community groups and labour unions are expected to converge for a massive protest at 1:00 pm on Saturday, during the Ontario Liberal Leadership Convention.


“This rally won”t simply be education workers and labour unions, it will draw thousands of students, parents, seniors, environmentalists, Aboriginal people, anti-poverty activists and everyone in between,” said Ryan. “The new Premier will see the many faces of their opposition – from now and into the next election.”














 EVENT: Rally for Rights and Democracy, followed by march to Ontario Liberal Convention at Maple Leaf Gardens 
 WHERE: Allan Gardens, Toronto (Jarvis St. and Carlton St.) 
 WHEN: 1:00 pm – 3:00 pm on Saturday, January 26, 2013 
 WEB: http://ofl.ca/index.php/campaigns/democraticrights/ 

FOLLOW THE RALLY LIVE ON TWITTER: #J26Rally


The Ontario Federation of Labour (OFL) represents 54 unions and one million workers in Ontario. For information, visit www.OFL.ca and follow the OFL on Facebook and Twitter: @OFLabour and follow OFL President Sid Ryan at @SidRyan_OFL.


Marketwire News Archive – Yahoo! Finance





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