Israeli-Palestinian drama ‘The Other Son’ wins Tokyo Film Fest

























LOS ANGELES (TheWrap.com) – Lorraine Levy‘s Palestinian/Israeli drama, “The Other Son,” won the Tokyo Sakura Grand Prix, the top award at the 25th Tokyo International Film Festival, on Sunday night. Levy also took home the best director honors at the festival, which marks the final go-round for festival chairman, Tom Yoda.


The special jury prize went to Kang Yi-kwan’s “Juvenile Offender.” Seo Young-joo, who stars in the film, was awarded the best actor prize. The best actress award went to Neslihan Atagul for “Araf – Somewhere in Between.” Tetsuaki Matsui‘s “Flashback Memories 3D,” about a Japanese didgeridoo player who loses his memory, took home the audience award. The Toyota Earth Grand Prix for the best nature-themed fiction or documentary was given to Valerie Berteau’s “Himself He Cooks.”





















“All the films were excellent,” said Roger Corman, president of the international competition jury. “They each demonstrate the glory and power of cinema to entertain, inform, and teach us.”


For the first time this year, TIFFCOM, the market arm of the festival took place in Odaiba, a man-made island in Tokyo Bay. At TIFFCOM, there were 227 exhibiting companies from 25 countries and regions, up from last year’s 20 countries, with 111 of those entities were new exhibitors.


At the close of the festival, Yoda reflected back on his five years as chairman.


“It is the fifth year since the introduction of the Green Carpet and the Toyota Earth Grand Prix. It is also the 25th memorable year for us. On such as special year, I am very happy to have had the world respected Roger Corman leading the member of the jury,” he said.


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NYU Medical Center Evacuated

























Paramedics and other medical workers began to evacuate patients from New York University Langone Medical Center due to a power outage caused by Tropical Storm Sandy, followed by a failure of backup generators at the hospital, New York City officials said Monday night.


About 200 patients, roughly 45 of whom are critical care patients, were moved out of NYU via private ambulance with the assistance of the New York Fire Department, city officials said. ABC News’ Chris Murphey reported a long line of ambulances outside of NYU Langone waiting to transport patients to other hospitals in the city.





















The hospital had a total of 800 patients two days ago, some patients were discharged before tonight’s evacuation, which was described by emergency management officials as “a total evacuation.”




NYU Medical Center Forced to Evacuate Over 200 Patients Watch Video



According to ABC’s Josh Haskell, 24 ambulances lined the street, waiting to be waved in to pick up patients from NYU Langone Medical Center. “Every 4 minutes a patient comes out and an empty ambulance pulls up. The lobby of the Medical Center is full of hospital personnel, family members, and patients,” Haskell reports.


The patients were moved to a number of area hospitals and according to officials at NYU, the receiving hospitals would notify family members.


Sloan Kettering Hospital spokesman Chris Hickey confirmed to ABC News’ Gitika Ahuja that it is receiving 26 adult patients from NYU, at their request. Hickey said she didn’t know whether they had been admitted yet or what their conditions were.


NewYork-Presbyterian Hospital spokesman Wade Bryan Dotson said it is also accepting patients from NYU at both campuses, Columbia and Weill Cornell.


Meanwhile, ABC News affiliate WABC captured footage of patients being evacuated; among the first patients brought out of the hospital on gurneys was a mother and her newborn child.


On Monday morning, NYU Langone Medical Center had issued a press release that indicated the hospital’s emergency preparedness plan had been activated and that there were “no plans to evacuate” at the time.


Shortly after the reports of an evacuation at NYU Langone, city officials reported that a second major New York City hospital, Bellevue Hospital, was about to lose backup power due to a generator failure.


Requests for more information from NYU Langone Medical Center spokespeople were not immediately returned.


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TSX may open lower; volumes seen down on storm

























(Reuters) – Canada‘s main stock index looked set to open lower on Monday, hurt by uncertainty prevailing over Spanish bailout and lackluster global corporate earnings.


Trading volumes are expected to be thin with U.S. stock markets closed because of the huge and potentially damaging hurricane expected to hit the U.S. East Coast later in the day.





















A spokeswoman for TMX Group Ltd said the Canadian stock markets it operates would remain open.


TOP STORIES


* Progress Energy Resources Corp. : Malaysian state oil firm Petronas will renew a bid for the gas producer, Petronas sources said, seeking to assure the Canadian government that the C$ 5.17 billion deal will benefit the country.


* Hurricane Sandy, a mammoth storm menacing the East Coast, took aim at the most densely populated U.S. region on Monday, forcing hundreds of thousands to seek higher ground, halting public transport and closing schools, businesses and government departments.


* Drugmaker Pfizer Inc and power companies Entergy Corp and NRG Energy Inc said they would postpone releasing quarterly earnings results because of the hurricane approaching the U.S. Northeast.


* TransCanada Corp has formed a joint venture with Phoenix Energy Holdings Ltd to develop a C$ 3 billion pipeline project in Northern Alberta.


* European Union governments will debate a cut of at least 50 billion euros this week as the starting point for negotiations on the bloc’s proposed 1 trillion-euro long-term budget, a source familiar with the issue said.


* Swiss bank UBS AG is expected to cut up to 10,000 jobs, or 16 percent of its workforce, as it contends with shrinking revenue and rising capital requirements, a source familiar with the matter said, in what would be one of the largest layoffs by a bank since the financial crisis.


MARKET SNAPSHOT


* Canada stock futures traded down 0.81 percent


* U.S. stock futures,, were down around 0.68 percent to 0.88 percent <.N>


* European shares <.FTEU3>, <.STOXX> were down <.EU>


COMMODITY PRICE MOVES


* Thomson Reuters-Jefferies CRB Index <.TRJCRBTR>: 296.90; fell 0.12 percent


* Gold futures: $ 1,709; fell 0.11 percent


* US crude: $ 85.55; fell 0.85 percent


* Brent crude: $ 109.28; fell 0.25 percent


* LME 3-month copper: $ 7,703; fell 1.5 percent


CANADIAN STOCKS TO WATCH


* Inmet Mining Corp. : Gold miner Petaquilla Minerals Ltd rejected the company’s revised buyout offer of C$ 130 million and said it continues to explore other strategic alternatives, including discussions with third parties regarding a potential deal. The offer was revised from its from C$ 109 million offer in September.


* Patheon Inc.: The contract drugmaker said it will buy Banner Pharmacaps, a specialty pharmaceutical business, for $ 255 million to expand its oral dosage development and manufacturing services. It also raised it revenue forecast for the year to between $ 740 million and $ 745 million.


* Wescast Industries Inc. : 75 unionized workers at a plant in Strathroy, Ontario, have gone on strike, the Canadian Auto Workers union and the auto parts maker said on Saturday. The company in a brief statement said that it had put plans in place to ensure continued supply of parts to customers.


ANALYST RECOMMENDATIONS


Following is a summary of research actions on Canadian companies reported by Reuters.


* Alamos Gold Inc. : CIBC raises price target to C$ 23 from C$ 21 on the miner’s strong cost control, production growth and increased cash flow for next year.


* DHX Media Ltd. : Canaccord Genuity starts with buy rating and sets target price of C$ 2.15 on the advantages that accrue from the acquisition of Cookie Jar which may result in more tangible growth potential.


* MacDonald Dewttwiler and Associated Ltd. : CIBC raises to sector outperformer from sector performer and raises price target to C$ 66 from C$ 54.50 after the company received anti-trust approval for the acquisition of Space Systems/Loral Inc from Loral Space and Communications Inc.


* Rogers Communications Inc. : National Bank Financial cuts to sector perform from outperform on company’s overstretched valuations following the rally after the second and third-quarter results beat.


ON THE CALENDAR


* No major Canadian economic data scheduled for release


* Major U.S. events and data includes personal income and consumption and core PCE price index


($ 1= $ 1 Canadian)


(Reporting by Chandrashekhar Modi; With additional reporting by Alastair Sharp; Editing by Jeffrey Hodgson)


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More than ever, Barca more than club for Catalans

























BARCELONA, Spain (AP) — Nearly 20 minutes into the latest clash between Spain’s most popular football teams, Barcelona‘s 98,000-seat Camp Nou stadium erupted into a deafening roar. Tens of thousands of Catalans in the city at the heart of their separatist movement chanted in unison: “Independence!”


More than ever, FC Barcelona, known affectionately as Barca, is living up to its motto of being “more than a club” for this wealthy northeastern region where Spain’s economic crisis is fueling separatist sentiment.





















Lifelong Barca club member Enric Pujol was at Camp Nou for this month’s game against Real Madrid, the team of Spain’s capital. Wearing his burgundy-and-blue Barca jersey, Pujol also held one of the hundreds of pro-independence “estelada” flags, featuring a white star in a blue triangle, which bristled throughout the stands.


“It was a beautiful emotion to see Camp Nou like that,” said Pujol. “Barca is more than a club because of the values it transmits. It is linked to Catalan culture. In this sense it is a club and a social institution that acts like our flag.”


Barca has been seen as a bastion of Catalan identity dating back to the three decades of dictatorship when Catalans could not openly speak, teach or publish in their native Catalan language. Barcelona writer Manuel Vazquez Montalban famously called the football team “Catalonia‘s unarmed symbolic army.”


Barca-Real Madrid matches have a nickname: “el clasico” — the classic — and they are one of the world’s most-watched sporting events, seen by 400 million people in 30 countries. But local passions run high. In Spain, where football has deep political and cultural connotations, many see the clashes of Spain’s most successful teams as a proxy battle between wealthy Catalonia and the central government in Madrid. If Barca is a symbol of Catalan nationalism, Real Madrid is an emblem of a unified Spain.


“Look, the truth is that ever since the Civil War there has always been tension in Spain,” said Pujol. “Having traveled in Spain, they always look at us as Catalans.”


Ahead of kickoff before any “clasico,” Camp Nou traditionally greets Real Madrid players with a huge mosaic of Barcelona’s burgundy-and-blue made up of colored cards. This year, for the first time, they held up cards forming the red-and-yellow striped Catalan “senyera” flag — an explicit nationalist message. (Barca says it can neither confirm nor deny reports that its away uniform next season will be modeled on the senyera.)


Then came the crowd’s collective shout for independence at 1714 hours — in reference to the year 1714 when Barcelona fell to the troops of Philip V in the War of Spanish Succession. It was organized by a pro-independence group through social media.


Barca fan David Fort sees his team as a vehicle to show the world that Catalonia has its own language and culture, which is distinct from what he called the “bulls and flamenco” associated with Spain.


“We have this love for Barca because we have the chance to be represented around the world,” said Fort, a 38-year-old architect from the southern Catalan town of Tarragona. “When we travel and they ask me if I am Spanish, I say not exactly, but when I mention Barca they say ‘Ah! The Catalan team’, and of course since they are champions you feel proud.”


Barca, like every institution in Spain, was marked by the Spanish Civil War of the late 1930s and resulting right-wing dictatorship that ended after Franco’s death in 1975.


Franco’s soldiers killed Barca’s club president in 1936, and the club was forced to change its name from a Catalan to a Spanish version. And while Real Madrid was identified with the regime, Barca, for many, came to represent Catalan anti-fascist resistance.


“Under Franco, people could not shout ‘Long Live Catalonia!,’ but they could shout ‘Long Live Barca!’ (¡Visca Barca!)” in Catalan, said Ernest Folch, a newspaper columnist who writes about Barca for El Periodico. The chant became a kind of code for expressing Catalan pride.


“Barca is an anomaly. There is no other club with its particular history,” said Folch. “It survived the Franco dictatorship, and has always been a focal point for protest and ferment where sport has mixed with politics.”


And politics is a very hot topic these days in Catalonia.


Voters will go to the polls on Nov. 25 in regional elections sure to be judged as a litmus test of the strength of the pro-independence movement that brought 1.5 million people to the streets of Barcelona on Sept. 11 in the largest rally since the 1970s.


Catalonia is heavily in debt and has in fact asked Spain for a euros 5.9 billion ($ 75 billion) bailout. Even so, regional lawmakers voted on Sept. 27 to hold a referendum on self-determination at a date still to be determined. And although it is still unclear that a “Yes” vote would win, Spain’s central government has called such a referendum unconstitutional and will surely try to stop it from taking place.


That all puts Catalonia, and therefore Barca, in the midst of Spain’s struggles to deal with consequences of back-to-back recessions, 25 percent unemployment, and high public debt that has drawn it into the euro crisis along with already bailed-out Greece, Ireland and Portugal.


Barca’s appeal, of course, transcends its regional identity. The team is beloved throughout the world, and a poll last year found that it had displaced Real Madrid as Spain’s most popular team. Barca has 546 fan clubs in Catalonia, and 841 in the rest of Spain. Some of these fans— even in Catalonia — disagree with what they perceive as the political turn the club has taken in recent years.


“It’s surreal to talk to talk about these ideas related to independence,” said fan Jamie Easton, 27, a Spaniard born in Barcelona to a British father and a mother of Catalan descent. “Barca is a Catalan and Spanish club because Barcelona is part of Spain, and fans can feel however they want.”


The upswing in separatist sentiment in Catalonia has forced both the club and its players— many of whom form the backbone of Spain’s world champion national side — to try a difficult balancing act between supporting their most fervent pro-independence fans without alienating the millions of others who are not.


“We are Barca. We represent Catalonia and we will support whatever Catalans want,” said Barca and Spain midfielder Xavi Hernandez. But he added: “We try to isolate ourselves from everything outside the game. We know the political issue is there, and the people have the right to express themselves however they wish, but we are here to play football and make sure people have fun.”


The glaring exception to the moderate tone is former coach Pep Guardiola, a hugely popular figure in Catalonia, who appeared in a video during the Sept. 11 march saying: “Here you have my vote for independence.”


Two weeks after the politically charged “clasico,” Barca president Sandro Rosell made his first official visit to southern Spain to cool tensions at a meeting of Barca fan clubs.


“I don’t know what information you are receiving here, but I preferred to come here and say on behalf of the club that Barca will never get mixed up in political issues,” Rosell told the 1,000 Spanish fans, promising that Barca would never display a mosaic of the separatist “estelada” flag at Camp Nou.


“This doesn’t mean that this isn’t a Catalan club and that of course we will defend our roots and origins, but one thing shouldn’t be mixed with the other. One thing is politics and the other is identity. Barca unites us all.”


___


AP Writer Jorge Sainz contributed to this report from Madrid.


Europe News Headlines – Yahoo! News



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European fashion buyers look to Nigeria

























LAGOS, Nigeria (AP) — A model struts the runway wearing a flowing newspaper print gown in this African megacity where international high-end fashion buyers are looking beyond the country’s bleak headlines to uncover the next new thing.


There have been steady efforts to turn Lagos, a city with a fearsome reputation, into a fashion destination. They reached new heights at the MTN Lagos Fashion & Design Week that ran from Oct. 24 to 27 and drew European high-fashion brands such as the United Kingdom’s Selfridges & Co. and Munich-based MyTheresa.com to Nigeria for the first time.





















Ituen Basi’s newspaper inspired Spring/Summer 2013 collection was among 39 collections spotlighted at the city’s latest major fashion week. The Nigerian’s collection evoked fun and glamour through its use of print and color — characteristics which have come to define the vibrant local fashion scene.


With local brands seeking wider platforms and international retailers hungry for novelty, designers and buyers see opportunities for collaboration.


“There’s something about the fresh, the unknown, the possibility of seeing a new brand springing forth into the limelight. … These are becoming interesting to people outside Nigeria,” said Omoyemi Akerele, the fashion week’s founder and creative director.


An encouraging response to African-inspired designs by top Western labels gives buyers confidence that designs straight from the continent will also sell.


“Over the past few seasons, there’s been a strong trend for print,” said Bruno Barba, the brand public relations manager at Selfridges. “If you look at the collection of Burberry inspired by Africa last year; there was also Vivienne Westwood, Paul Smith. … They’ve made that inspiration quite mainstream now. So, for us, it was interesting to take that trend and take it from its roots in Africa.”


Online retailer MyTheresa.com, which ships top designers’ clothes including Miu Miu, Givenchy, Lanvin and Isabel Meron to clients in 120 different countries, is also looking for products in Nigeria that will sell well. The company hopes that will set it apart from the competition in a fast-paced industry.


“For me, Nigeria represents a fun individualism,” the company’s buying director Justin O’Shea said. He also said that MyTheresa.com was looking to work closely with designers and adapt products for their clientele if needed.


Previously, several Nigerian designers have helped put the West African nation on the global fashion map.


Deola Sagoe has gained recognition from U.S. Vogue editor Andre Leon Talley and Oprah Winfrey. London-based Duro Olowu is considered one of Michelle Obama’s favorite designers. Maki Oh has dressed American singer Solange Knowles and Hollywood actress Leelee Sobieski from her Lagos workshop. Jewel By Lisa, who has also dressed celebrities, designed limited edition BlackBerry mobile phone skins and jeweled cases for Canadian manufacturer Research In Motion Ltd.


While looking to Nigeria could bring much-needed novelty to clothes targeted to Western audiences, it could also endear a Nigerian clientele. Though the majority of the nation lives on less than $ 2 a day, the nation’s wealthy elite — including upstart business owners, oil industry executives and corrupt politicians — have a growing appetite for top-shelf brands. Luxury goods stores are increasingly opening in a country where seemingly gratuitous displays of wealth are the norm.


“Nigerians are part of our Top 10 highest-spending foreign customers,” Barba said. “It felt right for us to try and find a response that would appeal to them, excite them and be over and above what they already buy, almost as a recognition that they’re an important part of our consumer base.”


___


Online:


Lagos Fashion & Design Week: www.lagosfashionanddesignweek.com


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Analysis: U.S. foreign bribery penalties for drugmakers may lack bite

























NEW YORK (Reuters) – Global drugmakers are paying tens of millions of dollars to settle U.S. allegations that they bribed their way across emerging markets, but harsher penalties may be needed to deter the practice in untapped regions where billions are at stake.


Federal authorities have cast a wide net to weed out suspected gift-giving and kickbacks to foreign doctors and government officials to gain a foothold in burgeoning new markets in Asia, Eastern Europe and Latin America.





















At least eight of the world’s top 10 drugmakers, including Bristol-Myers Squibb Co, Pfizer Inc and Johnson &, have disclosed U.S. probes under the 1977 Foreign Corrupt Practices Act (FCPA).


Pfizer agreed to pay $ 60 million this year to settle FCPA charges and J&J reached a $ 70 million settlement last year. Pfizer is on track to record $ 10 billion in sales from emerging markets this year, while J&J said Brazil, Russia, India and China accounted for just under 10 percent of the $ 65 billion in sales it reported last year.


With so much at stake outside of established markets in the United States and Europe, some experts say fines like these are hardly a deterrent.


“The $ 60 million fine for Pfizer to a lay person sounds like quite a bit of money, but in perspective it took less than two days of Lipitor sales during its peak. It’s really just chump change for them,” said Michael Leibfried, a senior analyst with market research consulting firm GlobalData. The cholesterol pill at its height was a $ 13 billion a year cash cow for Pfizer.


Kara Brockmeyer, chief of FCPA investigations within the Securities and Exchange Commission’s enforcement division, said the SEC and Department of Justice make a considerable effort to ensure penalties are appropriate and a deterrent. And there has yet to be a repeat FCPA prosecution.


The SEC relies on legal provisions that call for disgorgement of profits based on ill-gotten gains plus penalties. Companies that report violations and cooperate with authorities are often rewarded with penalty reductions.


“I would hate to think the companies view enforcement actions as the cost of doing business,” Brockmeyer told Reuters. “If we find that out, it will certainly increase the size of the penalty,” she said.


The law firm Shearman & Sterling, which puts out a semi-annual report tracking FCPA enforcement, found that penalties across all industries have averaged less than $ 20 million.


In 2009 Danish insulin maker Novo Nordisk paid $ 9 million for FCPA violations, while medical device maker Smith & Nephew this year agreed to $ 22 million in fines and profit disgorgement. The largest FCPA penalty on record was $ 800 million paid in 2008 by Germany-based Siemens.


The industry’s FCPA payments pale in comparison to billion-dollar settlements over allegations drugmakers promoted medications for unapproved uses in the United States. These penalties often involve how much federal Medicare and Medicaid programs spent on the so-called off-label prescriptions.


“I’m not terribly surprised that dollar settlements (for FCPA violations) are strikingly lower because the government isn’t directly being harmed,” said Boston University law professor Kevin Outterson.


PLAYING THE RIGHT WAY


Pfizer’s settlement covered infractions dating back to 2004, including some attributed to drugmaker Wyeth, which it bought in 2009. The company lightened its penalty by voluntarily providing information about kickbacks and bribes in Bulgaria, Croatia, Kazakhstan, Russia, China, the Czech Republic, Italy, Serbia, Indonesia, Pakistan and Saudi Arabia.


“Pfizer subsidiaries in several countries had bribery so entwined in their sales culture that they offered points and bonus programs to improperly reward foreign officials who proved to be their best customers,” Brockmeyer said in a statement at the time the settlement was announced.


Pfizer executives say their emerging market operations will not repeat those practices. It has introduced an anti-corruption audit program, closer monitoring of relationships with non-U.S. healthcare providers and government officials, a mandatory global training program for appropriate employees and enhanced due diligence to make sure buyout targets follow the rules.


J&J said it has enacted similar anti-corruption initiatives.


“We’re not out there to play the game that’s been played before,” said Adele Gulfo, head of Latin America for Pfizer’s emerging markets unit. “We’re either going to win by playing the right way or we’re going to find another place to go.”


Asked if there is still an expectation of payoffs for business in some Latin American circles, Gulfo said: “I’m sure it exists. I’d be naive to say it doesn’t exist.”


Latin American business practices were cited in August as the reason No. 1 generic drugmaker Teva Pharmaceutical Industries was targeted for an FCPA investigation.


J&J also voluntarily reported violations by foreign subsidiaries going back to 2007. Its settlement covered allegations of bribes and kickbacks to win business in Greece, Iraq, Poland and Romania.


DOJ spokeswoman Rebekah Carmichael said the penalties have already had a ripple effect in the industry, forcing companies to “make real, lasting changes to their operations that have altered the way they engage with foreign countries.”


BEYOND THE PENALTIES


The U.S. government sees vast potential for abuse in the drug industry’s business model, said Andy Spalding, assistant law professor at the University of Richmond and a senior editor for The FCPA Blog, which closely follows such cases.


“So much of their research and development, their marketing, their pricing and distribution and sales are occurring in foreign countries,” Spalding said. “And often they are occurring through a big chain of subsidiaries and other operations that make compliance challenging.”


Legal experts noted that any company subject to an FCPA probe is already spending a great deal to investigate the charges internally, and that the final cost can run into hundreds of millions of dollars.


“Overall expense vastly dwarfs the penalty,” said Philip Urofsky, head of Shearman & Sterling’s FCPA practice who previously worked on FCPA cases for the DOJ.


Drugmakers can have a tough time tracking kickbacks to local officials. Such payments, while widespread, are typically smaller than in other industries.


“In pharma there are thousands of daily interactions with government officials. There are always going to be people that step over the line,” Urofsky said.


Since FCPA investigations typically take years to come to a head, Outterson said the jury is still out on whether the current strategy is working.


“Whether they’re taking aggressive enough action to end it is a question we’ll know in five more years … when we see the cases refer to 2012.”


(Editing by Michele Gershberg and David Gregorio)


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Why the Yuan Is Rising

























China’s currency hit a 19-year high against the U.S. dollar on Friday. Not coincidentally, on the same day the yuan rose to 6.238 against the greenback, disgraced former Politburo member Bo Xilai suffered his latest indignity, with the official Xinhua News Agency announcing his removal from the National People’s Congress, China’s rubber-stamp legislature. “According to the law on deputies to the NPC and to local people’s congresses,” the NPC Standing Committee said in a statement, as reported by Xinhua, “his post was terminated.”


The latest setback for Bo comes a month after he got booted from the Communist Party and is another sign China is back on track for the leadership transition set for early next month.





















The yuan’s rise is related to Bo’s downfall because the uncertainty surrounding Chinese politics during the past six months has been one factor contributing to the currency’s weakness. It wasn’t that long ago that the significant pressure on the yuan was for it to go down, not up. Over the summer, China’s leaders were distracted by the Bo Xilai scandal. Vice President Xi Jinping, the heir apparent to President Hu Jintao, disappeared from public view for two weeks last month. That only added to worries that China’s leadership was too distracted to focus on economic issues.


Confusion about China’s politics came at a time when the economy was struggling and China’s exporters were feeling the heat from the global slowdown. Given that combination, “many people in the market expected significant RMB depreciation,” Lu Ting, chief China economist at Bank of America (BAC), told Bloomberg Television on Oct. 18.


Now, with the trial of Bo’s wife concluded, there’s less reason to worry about what might happen when China’s leaders gather for the Communist Party congress, which is scheduled to begin on Nov. 8. It’s likely everything will now proceed as scripted, with Xi taking over as president and Vice Premier Li Keqiang replacing Wen Jiabao as premier.


Meanwhile, the Chinese economy is showing signs of recovery. Recent numbers for industrial production, fixed-asset investment, and retail sales have all surprised on the upside, leading some economists to say the worst is over for the world’s No. 2 economy. Growth in factory output will pick up in the final quarter of the year, putting the country on track to meet its target of 7.5 percent, Zhu Hongren, chief engineer at the Industry and Information Technology Ministry, said on Thursday.


With the political uncertainty reduced and the economic picture improving, the yuan is on the rise again. The currency has strengthened more than 2 percent against the dollar over the past two months. “Earlier this year, people’s worries about China’s economy increased, which caused a decline in yuan demand,” Steven Bell, a fund manager at London-based hedge fund GLC, told Bloomberg News on Thursday. “The trend of outflows has now reversed, and China will probably attract more inflows.”


There’s another reason the Chinese currency is on the upswing. China’s leaders know both Democrats and Republicans in the U.S. have been hammering China over its currency, which they say is undervalued and hurting American exporters. Republican Mitt Romney says he would declare China a currency manipulator on Day One of a Romney administration.


Allowing the yuan to strengthen to a two-decade high against the greenback might be the Chinese government’s way to show the Americans they aren’t ignoring those concerns. The yuan’s rise “helps China head off criticism ahead of November’s U.S. presidential election,” Barclays (BCS) analysts Nick Verdi, Olivier Desbarres, and Hamish Pepper wrote in an Oct. 19 note.


Eswar Prasad, a Cornell professor and former IMF China head, argues the Chinese government has not been depressing the value of the yuan: “Right now it’s hard to make the case that China is manipulating its currency,” he told Bloomberg TV on Oct. 23. “The RMB has appreciated, and they have allowed for more flexibility.” If Romney wins, Prasad expects him not to follow through on his threat to go after China’s yuan policy on Day One of his presidency. “The currency manipulation charge is something Romney is going to have to walk back from if he is elected,” said Prasad.


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New York police officer charged with plan to cook, eat women

























NEW YORK (Reuters) – A New York City police officer was charged on Thursday with conspiring to kidnap, torture, cook and eat women whose names he listed in his computer.


In a criminal complaint unsealed in Manhattan federal court, Gilberto Valle III, 28, of Forest Hills, Queens, was charged with conspiring to cross state lines to kidnap the women and with illegally accessing a federal database.





















The charges carry a maximum sentence of life in prison.


Investigators uncovered a file on Valle’s computer containing the names and pictures of at least 100 women, and the addresses and physical descriptions of some of them, according to the complaint. It said he had undertaken surveillance of some of the women at their places of employment and their homes.


Magistrate Judge Henry Pitman, in denying Valle bail at a hearing on Thursday evening, said: “the allegations in the complaint are profoundly disturbing. I have never seen allegations similar to this in 16 years on the bench.”


Valle’s court-appointed attorney, Julia Gatto, had vigorously argued to the judge that her client, a 6-1/2 year NYPD veteran who appeared before the judge in a red T-shirt and jeans, was all talk and deserved to be released on bail.


“The best this complaint alleges is talk, just idle talk,” Gatto said. “There is no actual crossing the line from fantasy to reality, your honor.”


In an excerpt of a July online conversation with an unnamed co-conspirator, Valle is quoted in the complaint as saying:


“I can just show up at her home unannounced. It will not alert her, and I can knock her out, wait until dark and kidnap her right out of her home.”


“I was thinking of tying her body onto some kind of apparatus … cook her over a low heat, keep her alive as long as possible,” he said. The woman in question is identified only as “Victim 1.”


ONLINE FANTASY GAME?


A Manhattan federal prosecutor, Hadassa Waxman, told the judge on Thursday that Valle was as “close as he could possibly come,” short of “kidnapping a woman, drugging her, cooking her and actually eating her.”


Federal prosecutors, in announcing the charges, said Valle had created a document called “Abducting and Cooking: A Blueprint.” Valle also told an unnamed co-conspirator he would kidnap another woman for $ 5,000, they said.


“This case is all the more disturbing when you consider Valle’s position as a New York City police officer and his sworn duty to serve and protect,” Manhattan U.S. Attorney Preet Bharara said in a statement.


Valle, who an official said had no prior criminal record, was not charged with carrying out any of his suspected plans.


A law enforcement official involved in the investigation characterized Valle’s actions as an online “fantasy game.”


“He was titillated by it,” said the official, who is not authorized to discuss the case publicly. “It looks like he was having these fantasy conversations with people he’s talking to in foreign countries.”


Valle’s attorney, Gatto, agreed. “This was a fantasy, a sexually deviant world where people talk about unreal things,” she said.


Valle’s estranged wife contacted the FBI after discovering pornography on his computer, according to the law enforcement official, who said the couple is separated. Valle was arrested Wednesday by the FBI. He is due back in court on November7.


A spokesman for the Police Department could not be reached for comment.


(Additional Reporting by Chris Francescani; Editing by Paul Thomasch, Vicki Allen and Todd Eastham)


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Facebook More Irresistible Than Sex?

























Reported by Dr. Julielynn Wong:


You may want to ask your date to turn off his or her phone. A new study suggests Facebook and email trump sex in terms of sheer irresistibility.





















The German study used smartphone-based surveys to probe the daily desires of 205 men and women, most of whom were college age. For one week the phones, provided by the researchers, buzzed seven times daily, alerting study subjects to take a quick survey on the type, strength and timing of their desires, as well as their ability to resist them.


While the desire for sex was stronger, the study subjects were more likely to cave into the desire to use media, including email and social networking platforms like Facebook and Twitter, according to the study.


“Media desires, such as social networking, checking emails, surfing the Web or watching television might be hard to resist in light of the constant availability, huge appeal, and apparent low costs of these activities,” said study author Wilhelm Hofmann, an assistant professor of behavioral science at the University of Chicago Booth School of Business.


The subjects were paid $ 28 at the start of the study and were eligible for extra incentives if they filled out more than 80 percent of the surveys. It’s no small wonder that more than 10,000 surveys were completed.


The urge to check social media was so strong that subjects gave in up to 42 percent of the time, according to the study published in the journal Psychological Science. One explanation is that it’s much more convenient to check email or Facebook than it is to have sex.


“The sex drive is much stronger but it’s also much more situational,” said Karen North, director of the Annenberg Program on Online Communities at the University of Southern California in Los Angeles, who was not involved with the study. “We’re training ourselves to check our messages every couple minutes.”


“People are constantly looking down to check their phones,” North added. “They can’t stop.”


One drawback of this study is that it failed to address whether the subjects had sexual partners.  So while some subjects might have been single, all of them had smartphones, North said. It’s also unclear whether the findings can be generalized to the general population.


While social media can help people stay connected, Hofmann said overuse can be damaging.


“Media desires distract us from getting work done,” he said. “People underestimate how much time they consume and the distractions they produce and that can be harmful.”


The study surprised media expert Bob Larose, a professor in the department of telecommunications, information studies, and media at Michigan State University, East Lansing, Mich.


“It’s surprising that self-regulation fails so much more often for media use than for sex, alcohol or food,” said Larose, who was not involved with the study. ”That speaks to the power of the instantly available, 24/7 media environment to disrupt our lives… Our failure to control media use can deplete our ability to control other aspects of our lives.”


For those who fear social media is taking over their personal or professional lives, there is hope.  North offers some tips.


“If it is interfering with social/business relationships, work, or school performance, then people should try to scale back and control or limit the behavior,” she said, describing how self-imposed “rules,” like no social media at the dinner table, can help curb the constant urge to check Facebook.


“People can use a self monitoring technique, such as charting when they use social media as a means of reducing it,” North added. “Some people find it helpful to set rewards for staying within use standards that they set for themselves.”


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Moody’s warns may downgrade five big Canadian banks
















NEW YORK/TORONTO (Reuters) – Moody’s Investors Service warned on Friday it could cut its ratings on five top Canadian banks on concerns about a softening economy and volatile capital markets, a blow to a banking system named the soundest in the world four years in a row.


But the outlook for the sector is no longer as rosy, Moody’s said, because of the risks presented by the macroeconomic environment and a business mix that leans heavily on domestic mortgages and other consumer lending.












Canadian consumer debt has risen to record highs in recent months, a situation reminiscent of the United States before its 2008 housing crisis. The household debt-to-income ratio jumped to 163.4 percent in the second quarter from 161.8 percent in the first quarter, Statistics Canada said a week ago.


Meanwhile, Canada’s housing market appears to be cooling after several years of red-hot gains.


“Domestically, we’re concerned about the high and increasing levels of consumer indebtedness and elevated housing prices, and we feel that they may tend to leave the Canadian banks more vulnerable to downside risks to the economy than they have been in the past,” David Beattie, Moody’s vice president and senior credit officer, told Reuters.


The warning applies to long-term debt ratings for Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada. It also applies to Caisse Centrale Desjardins, Canada‘s largest association of credit unions.


The ratings agency said any cuts would likely be only one notch. The sector’s ratings are still among the highest in the world.


“We continue to believe that the Canadian banks rank among the strongest in the world, and this review is based on concerns about system-wide and bank-specific risks that aren’t fully captured in their current ratings,” said Beattie.


The only bank not put on credit watch on Friday was Royal Bank of Canada, the country’s largest. That’s because Moody’s lowered RBC’s ratings by two notches in June as part of a review of 17 global banks.


Moody’s did place RBC’s supported subordinated debt ratings on review for downgrade, while affirming its other ratings.


CAPITAL MARKETS EXPOSURE


Moody’s also cited the sizable capital markets exposure of Scotiabank, BMO, CIBC and National Bank as reasons for the warning. Exposure to capital markets was the main reason behind RBC’s ratings cut earlier this year.


For TD, the highest-rated Canadian bank, Moody’s cited concern with its “less-strong” U.S. subsidiary. TD has about 1,300 branches in the United States, outnumbering its branch count in Canada.


TD’s long-term credit rating is currently Aaa, which is the highest rating. Scotiabank and Desjardins are rated Aa1, the next level down, while BMO, CIBC, and National Bank are rated Aa2.


Desjardins was cited because of its more “concentrated” franchise than its Canadian peers, which Moody’s said leaves it less flexibility to respond to profit pressures.


Desjardins has a dominant retail bank presence in the province of Quebec, but lacks the geographic diversity and business mix of the big banks.


Canada’s banks, which had held up much better than their peers during the global economic crisis, were named soundest in the world for four straight years by the World Economic Forum.


The second major debt rating agency, Standard & Poor’s, made a similar move in July, putting RBC, TD, Scotiabank and National Bank on “negative outlook” citing rising consumer debt and elevated housing prices.


Shares of the Canadian banks did not appear to be affected by the Moody’s report, which was released about an hour before markets closed on Friday.


Of the banks placed on review, only TD declined, slipping 0.1 percent to C$ 81.17 on the Toronto Stock Exchange.


CIBC would not comment on the review, while a TD spokesman said the bank “continues to be well capitalized and remains one of the safest and strongest banks in the world.”


The other lenders did not immediately respond to a request for comment.


(Additional reporting by Daniel Bases and Caryn Trokie; Editing by Leslie Adler and Tim Dobbyn)


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