Euro zone strikes deal on second Greek package (Reuters)

BRUSSELS (Reuters) ? Euro zone leaders struck a deal with private banks and insurers on Thursday for them to accept a 50 percent loss on holdings of Greek government bonds as part of a plan to lower Greece's debt burden and try to contain the two-year-old euro zone crisis.

In an agreement reached after more than eight hours of sometimes harsh negotiations, the private sector said it would voluntarily accept a nominal 50 percent cut in its investments to reduce Greece's debt burden by 100 billion euros, cutting its debts to 120 percent of GDP by 2020, from 160 percent now.

At the same time, the euro zone will offer "credit enhancements" or sweeteners to the private sector totaling 30 billion euros. The aim is to complete negotiations on the package by the end of the year, so that Greece has a full, second financial aid program in place before 2012.

The value of that package, EU sources said, would be 130 billion euros -- up from 109 billion euros when a deal was last struck in July, an agreement that subsequently unraveled.

"The summit allowed us to adopt the components of a global response, of an ambitious response, of a credible response to the crisis that is sweeping across the euro zone," French President Nicolas Sarkozy told reporters afterwards.

As well as the deal on deeper private sector participation in Greece -- which emerged after Sarkozy and German Chancellor Angela Merkel personally engaged in the negotiations with bankers -- euro zone leaders also agreed to scale up the European Financial Stability Facility, their 440 billion euro ($600 billion) bailout fund set up last year.

The fund has already been used to provide help to Ireland, Portugal and Greece, leaving around 290 billion euros available. Around 250 billion of that will be leveraged 4-5 times, producing a headline figure of around 1.0 trillion euros, which will be deployed in a variety of ways.

Leaders hope that will be enough to stave off any worsening of the debt problems in Italy and Spain, the region's third and fourth largest economies respectively.

The EFSF will be leveraged in two ways, either by offering insurance, or first-loss guarantees, to purchasers of euro zone debt in the primary market, or via a special purpose investment vehicle that will be set up in the coming weeks and which is aimed at attracting investment from China and Brazil.

The methods could be combined, giving the EFSF greater flexibility, the euro zone leaders said.

"The leverage could be up to one trillion (euros) under certain assumptions about market conditions and investors' responsiveness in view of economic policies," said Herman Van Rompuy, the president of the European Council.

"There is nothing secret in all this, it is not easy to explain but we are going to more with our available money, it is not that spectacular. Banks have been doing this for centuries, it has been their core business, with certain limits."

PROOF OF THE PUDDING WITH MARKETS

As with the July 21 agreement, which quickly broke down when it became difficult to secure sufficient private sector involvement and market conditions rapidly worsened, the concern is that Thursday's deal will only work if the fine print can be promptly agreed with the private sector, represented by the Institute of International Finance.

Charles Dallara, the managing director of the IIF, said those he represented were committed to making the deal work.

"On behalf of the private investor community, the IIF agrees to work with Greece, euro area authorities and the IMF to develop a concrete voluntary agreement on the firm basis of a nominal discount of 50 percent on notional Greek debt held by private investors with the support of a 30 billion euro official ... package," he said in a statement.

"The specific terms and conditions of the voluntary PSI (private sector involvement) will be agreed by all relevant parties in the coming period and implemented with immediacy and force. The structure of the new Greek claims will need to be based on terms and conditions that ensure (net present value)loss for investors fully consistent with a voluntary agreement."

Euro zone leaders will be hoping the agreement, which will also be accompanied by a recapitalization of the European banking sector by around 106 billion euros, will finally draw a line under a crisis that has roiled financial markets and threatened to tear apart the euro single currency project.

As with previous deals that have come unstuck, the test will be how financial markets respond once they have digested the details and picked apart the seams of the agreement.

"This is broadly what the market was expecting and I do not see any downside surprise here. Still we have to wait and see more details," said Dan Dorrow, director of research at Faros Trading in Stamford, Connecticut, speaking before the final deal was reached but after some details had emerged.

"They have good intentions and are going in the right direction. This represent a few steps away from the cliff. However, we have to wait for more concrete details but this obviously does not disappoint."

Jose Manuel Barroso, the president of the European Commission, said the final details on the Greek package, which follows a program of 110 billion euros of loans granted to the country last year, would only be worked out by year-end.

And EU finance ministers are not expected to agree on the nitty-gritty elements of how the scaled up EFSF will work until some time in November, with the exact date not fixed.

As part of efforts to attract investors into the special purpose vehicle attached to the EFSF, Sarkozy said he would talk to Chinese President Hu Jintao in the coming days. Beijing has so far been a big buyer of bonds issued by the EFSF, which is triple-A rated by credit agencies.

Earlier, U.S. stocks rallied after news emerged of the intention to boost the power of the EFSF fund, while the euro fell as investors awaited details that are unlikely to be forthcoming until next month.

ITALIAN INTENT

As well as the three-way package to strengthen their crisis fighting powers and try to resolve the situation in Greece, euro zone leaders called on Italy to take more rapid action on pension reforms and other structural measures to try to avoid the economy heading the same way as Greece.

Prime Minister Silvio Berlusconi has promised to raise the retirement age to 67 by 2026, and pursue other adjustments to the country's economic model, steps the EU praised but said would only be positive if they were implemented.

"The key is implementation. This is the key. It is not enough to make commitments, it is necessary now to check if they are really implementing," said Barroso.

Leaving the summit venue at 4.30 a.m., Jean-Claude Trichet, the outgoing head of the European Central Bank, said he was cautiously optimistic that the deal could help stabilize the unrest in European financial markets and economies.

"What I heard in this European Council was the expression of the will of the heads. That is in my opinion extremely important," he told reporters. "What is backing this orientation is the will, the collegial will, if I may, of the heads of state and government that are behind it. But again no complacency -- very hard work, very hard work."

(Additional reporting by Julien Toyer, Jan Strupczewski, Yann Le Guernigou, David Brunnstrom, Robin Emmott, Harry Papachristou and John O'Donnell in Brussels, Annika Breidthardt and Sarah Marsh in Berlin, Daniel Flynn in Athens, Barry Moody in Rome; Writing by Luke Baker and Mike Peacock; editing by Janet McBride)

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/nm/20111027/bs_nm/us_eurozone

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Will the Flip-Flop Label Stick to Mitt Romney? (The Atlantic Wire)

Mitt Romney has stepped in it again, this time in Ohio where he appeared to back off his support for?a?controversial?anti-union bill, then quickly pivoted again say he's for it "110 percent."

Related: Romney and the Republican Rodeo

Naturally, both Democrats and his GOP rivals are targeting Mitt Romney with the dreaded "flip-flopper" tag since he was unequivocally in support of a state?initiative?that would strip collective bargaining rights from workers. But unlike a lot of typical political attacks this one actually has the chance to do him in.

Related: Romney Leads in Latest Iowa Poll

Flip-flopper was a common charge leveled at John Kerry in 2004 and ? next to the swift boating ? may have been the biggest anchor around his neck. Kerry's "I?voted for it before I voted against" remark, while accurate, was an all-time classic of political double-speak.?Ever since then it's become a standard attack against any politician who has ever changed their mind about anything.

Related: Romney Advisers Helped the White House Draft Health Care Reform

Those "Washington as usual" tactics often fly over the heads of a lot of voters, but in Romney's case it might actually stick. His biggest weakness in the GOP primary is the perception that he's an inauthentic robot candidate, and his greatest challenge against President Obama (should he get that far) is that his number one policy idea is to repeal a law that was a carbon copy of his own promoted as a Governor. So even the slightest bit of wavering plays right into that hand and gives the unconvinced Republican faithful a reason to throw him overboard.

Related: Romney's Job-Creation Plan: Cut Taxes and Punish China

Playing to expectations ? especially your opponents' ? is rarely a good thing. On the other hand, it is unfortunate that a politician can never change their mind without being attacked as weak-willed. Perhaps Romney should try the opposite tactic: embrace it. Say that it's better to be inconsistent than inflexible and that a true leader knows that sometimes you have to change horse midstream. It?would both subvert the conventional wisdom about him ("He's a fighter!") and give him cover to change his mind about almost anything. Imagine flip flopping as a political strength!?

Related: Chart: Some People Have Forgotten Who Mitt Romney Is

Of course, then he wouldn't be able to use that charge against anyone else. Then where would he be?

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/atlantic/20111027/pl_atlantic/willflipfloplabelstickmittromney44197

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Visa 4Q profit rises 14 percent on heavy card use (AP)

NEW YORK ? Increased use of debit and credit cards throughout the world pushed Visa Inc.'s fiscal fourth-quarter profit up 14 percent.

But its quarterly revenue came in shy of Wall Street expectations, in part because because the company has been cutting deals with merchants to hold onto or attract business as it tries to cope with new regulations.

The San Francisco-based company said Wednesday that it earned $880 million, or $1.27 per share, for the three months that ended Sept. 30. That compared with $774 million, or $1.06 per share, in the year-earlier period.

Revenue rose 13 percent to $2.38 billion, up from $2.12 billion last year.

After the company repurchased shares, there were 5 percent fewer outstanding, which also boosted earnings per share.

Analysts, on average, expected profit of $1.25 per share, on revenue of $2.4 billion, according to data from FactSet.

The rare revenue shortfall pushed Visa's stock down about 2 percent, or $2.20, to $90 in extended trading following the release of the earnings report. It had ended regular trading up $1.34 at $92.02.

Visa processed 13 billion transactions during the quarter, up 9 percent from last year. Card holders spent $970 trillion, with debit card use outpacing credit. That total was up 13 percent from the previous year.

The company said 65 percent of the quarter's revenue growth came from outside the United States, and revenue from abroad amounted to about 45 percent of the company's total. The growth abroad is important for Visa, which has stated a goal of generating at least 50 percent of its revenue from overseas by 2015.

"I think we're going to see them hit that target well before 2015," said Edward Jones analyst Shannon Stemm. She noted the prime areas for revenue growth were the emerging economies in Asia and Latin America, and not Europe.

Spending on Visa credit cards in the U.S. rose 15 percent to $228 billion, the seventh-straight quarter of growth after a sharp drop during the height of the recession. That increase came even as the number of outstanding accounts fell another 5 percent.

"While the growth is encouraging, much of this volume over the past year has been driven by affluent cardholders," said Chief Financial Officer Byron Pollitt. There has been no sign of higher use for the broader population, he added although Visa expects credit use to pick up as the economy improves.

Debit card use in the U.S. also continued to increase. U.S. consumers made $288 billion in purchases using debit cards, and accounts numbers continued to rise, adding 5 percent to 309 million.

CEO Joseph Saunders said there has been no sign of debit card use slackening because of the fees some banks are beginning to charge for using them.

Pollitt said it was "way too early" to comment on whether there are signs of changes in debit use related to new rules that took effect Oct. 1, which limit the fees that banks and networks like Visa can collect for processing transactions.

Also new is the option for retailers to choose which networks handle their transactions. To address the potential for lost business, Visa has been offering deals to merchants to get them to stick with or choose its system. The cost of such incentives shot up 37 percent during the quarter to $576 million.

That increase was bigger than many analysts expected, and the main reason Visa's revenue fell short of forecasts. But analyst Glenn Fodor of Morgan Stanley said Visa's aggressive deal signing with merchants "is an important dynamic," though the costs were slightly higher than even Visa forecast.

Bernstein analyst Rod Bourgeois said the increase reflects a long-term worry about Visa, because the regulations create pressure to offer deals that can drag revenue.

For the full fiscal year, Visa earned $3.65 billion, or $5.18 per share, up from $2.97 billion, or $4.03 per share, for its fiscal 2010.

The company said it continues to expect fiscal 2012 earnings-per-share growth in the mid-to-high teens range, and net revenue growth in the high single- to low double-digit range.

Wall Street is expecting earnings of $5.73 per share for next year, on revenue of $10.12 billion in revenue.

Visa also plans to keep buying its shares back. Last week, the company said its board approved another $1 billion share buyback program. For the full fiscal year, Visa spent $3.2 billion to repurchase 43 million shares at an average price of $74.94.

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20111027/ap_on_bi_ge/us_earns_visa

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Indian 'Who Wants To Be A Millionaire': Poor Clerk First To Win Million, Like 'Slumdog Millionaire'

NEW DELHI ? A poor government clerk from a desolate region of eastern India has become the first person ever to win $1 million on an Indian game show.

Sushil Kumar's staggering win on the popular Indian version of "Who Wants to Be a Millionaire" has transformed him into a role model for millions of aspiring youth yearning to escape from lives of poverty and find a role in India's burgeoning economy.

Kumar's win echoes the plot of the 2008 Oscar-winning film "Slumdog Millionaire," whose impoverished protagonist won the grand prize on the show.

Kumar and his wife of five months wept when Indian movie legend Amitabh Bachchan, the show's host, handed them a check for 50 million rupees (just over $1 million) after the contestant gave all the right answers on the show.

"You have created history. Your grit and determination has made you come so far in this show," Bachchan said.

Before Kumar went on the program, which was taped Tuesday and will air next week, he earned $120 a month as a government office worker and supplemented his income by working as a private tutor in the small town of Motihari in the eastern state of Bihar.

Kumar, 26, told viewers his family was so poor they couldn't afford a television set, forcing him to go to a neighbor's home to watch the quiz show. Watching him tick off correct answer after correct answer, his neighbors persuaded him to try out for the show, he said.

The trip to the Mumbai studio where the show is taped was his first ride in a plane and his first visit to a big city, he said.

Kumar had clear, if modest, plans for the money.

He said he will use some to pay for a preparatory course so he can take India's tough civil service exam, which could lead to a secure and prestigious lifetime job.

He said he will also buy a new home for his wife, pay off his parents' debts and give his brothers startup cash so they can set up small businesses.

And he plans to build a library in Motihari so the children of his village will have access to the books and knowledge he so desperately craved, he said.

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Source: http://www.huffingtonpost.com/2011/10/27/indian-who-wants-to-be-a-millionaire_n_1034593.html

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Defense to highlight positives of Jackson doctor

Dr. Conrad Murray listens to testimony during his involuntary manslaughter trial in Los Angeles on Tuesday, Oct. 25, 2011. Murray has pleaded not guilty and faces four years in prison and the loss of his medical licenses if convicted of involuntary manslaughter in Michael Jackson's death. (AP Photo/Paul Buck, Pool)

Dr. Conrad Murray listens to testimony during his involuntary manslaughter trial in Los Angeles on Tuesday, Oct. 25, 2011. Murray has pleaded not guilty and faces four years in prison and the loss of his medical licenses if convicted of involuntary manslaughter in Michael Jackson's death. (AP Photo/Paul Buck, Pool)

Cherilyn Lee, Michael Jackson's former nurse practitioner, testifies during testimony at the Conrad Murray involuntary manslaughter trial in Los Angeles, Tuesday, Oct. 25, 2011. Murray has pleaded not guilty and faces four years in prison and the loss of his medical licenses if convicted of involuntary manslaughter in Michael Jackson's death. (AP Photo/Paul Buck, Pool)

Dr. Conrad Murray, right, looks over at his attorney Ed Chernoff, not seen, during witness testimony at his involuntary manslaughter trial in Los Angeles on Tuesday, Oct. 25, 2011. Murray has pleaded not guilty and faces four years in prison and the loss of his medical licenses if convicted of involuntary manslaughter in Michael Jackson's death. (AP Photo/Paul Buck, Pool)

Randy Phillips, Chief Executive of AEG Live and promoter of Michael Jackson's 'This Is It' concert tour testifies at the Conrad Murray involuntary manslaughter trial in Los Angeles on Tuesday, Oct. 25, 2011. Murray has pleaded not guilty and faces four years in prison and the loss of his medical licenses if convicted of involuntary manslaughter in Michael Jackson's death. (AP Photo/Paul Buck, Pool)

LOS ANGELES (AP) ? After weeks of hearing prosecutors and witnesses cast the physician charged in Michael Jackson's death as a bad doctor, defense attorneys will shift the case to some of Dr. Conrad Murray's positive traits as the case nears its close.

Murray's defense team plans to call up to five character witnesses Wednesday who will likely speak about the Houston-based cardiologist's care and life-saving abilities. The attorneys did not name the witnesses, but they are expected to be Murray's patients.

The flurry of character witnesses come as defense attorneys wind down their case. They told a judge Tuesday that after the character witnesses, they will only call two experts to try to counter prosecution experts who said Murray acted recklessly by giving Jackson the anesthetic propofol as a sleep aid.

Defense attorneys could rest their case Thursday. They have already called nine witnesses, including a doctor and nurse practitioner who treated Jackson but refused his requests to help him obtain either an intravenous sleep aid or propofol.

Murray, 58, has pleaded not guilty to involuntary manslaughter. He faces up to four years behind bars and the loss of his medical license if convicted.

His attorneys contend Jackson was desperate for sleep and gave himself the fatal dose of propofol when his doctor left the room. They attempted to argue that Jackson would have been indebted to concert promoter AEG Live for nearly $40 million if his shows were canceled, but a judge blocked any mention of the figure to the jury Tuesday.

Instead, jurors heard from two witnesses who knew Jackson and described their interactions with the singer in the months before his death.

Nurse Cherilyn Lee testified about trying to help Jackson gain more energy in early 2009 to prepare for rehearsals for his planned series of comeback concerts. She said the singer complained he couldn't sleep, and on Easter Sunday asked her to help him obtain Diprivan, a brand name for propofol.

Lee, at times tearful, said she initially didn't know about the drug. But after asking a doctor about it and reading a reference guide, Lee said she tried to convince Jackson it was too dangerous to use in his bedroom.

"He told me that doctors have told him it was safe," Lee testified of Jackson's request for the anesthetic. "I said no doctor is going to do this in your house."

The singer, however, insisted that he would be safe as long as someone monitored him, she said.

By Murray's own admission, he left Jackson's bedside on the morning of his death. When he returned, Jackson was unresponsive, according to his interview with police two days after Jackson's death on June 25, 2009.

The physician said he only left Jackson's bedside for two minutes, although his own attorneys have suggested it might have been longer. Phone records show Murray made or received several calls in the hour before Murray summoned help.

Lee acknowledged that she told detectives that she had told Jackson, "No one who cared or had your best interest at heart would give you this."

After refusing to help Jackson obtain propofol, she never saw the singer again.

Another defense witness, AEG Live President and CEO Randy Phillips, said Jackson appeared to have total confidence in Murray during meetings in early June, just a weeks before the "This Is It" concerts were to debut in London.

Jackson had missed some rehearsals and there were complaints from the show's choreographer that the singer didn't seem focused. A meeting was convened to discuss Jackson's health, and Murray reassured Phillips and others that the singer was healthy and would be able to perform.

"It was very obvious that Michael had great trust" in Murray, Phillips said.

Phillips said he attended Jackson's final rehearsal and was impressed.

"I had goose bumps," he said, adding that wasn't a typical reaction. "I am as cynical as you can be about this business."

After the rehearsal, Phillips said he walked Jackson to his vehicle, which was waiting to take him to the rented mansion. "He said, 'You got me here. Now I'm ready. I can take it from here,'" Phillips recounted.

By the time Jackson and security arrived at the home, Murray had already arrived at the house and was waiting to help the singer get to sleep.

___

AP Special Correspondent Linda Deutsch contributed to this report. Anthony McCartney can be reached at http://twitter.com/mccartneyAP.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/4e67281c3f754d0696fbfdee0f3f1469/Article_2011-10-26-US-Michael-Jackson-Doctor/id-921c03a151cb445397f04f11fd1855d8

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Women who are CEOs of Fortune 500 companies (AP)

When Virginia "Ginni" Rometty becomes CEO of IBM Corp. and Heather Bresch the CEO of Mylan Inc. in January, they join 16 other female CEOs in the Fortune 500:

Archer Daniels Midland Co., Patricia A. Woertz

Avon Products Inc., Andrea Jung

BJ's Wholesale Club, Laura Sen

Campbell Soup Co., Denise M. Morrison

DuPont., Ellen J. Kullman

Gannett Co., Gracia C. Martore

Guardian Life Insurance Company Of America, Deanna M. Mulligan

Hewlett-Packard Co., Margaret Whitman

KeyCorp., Beth Mooney

Kraft Foods Inc., Irene B. Rosenfeld

PepsiCo Inc., Indra K. Nooyi

Sempra Energy, Debra L. Reed

Sunoco Inc., Lynn L. Elsenhans

TJX Cos., Carol Meyrowitz

WellPoint Inc., Angela F. Braly

Xerox Corp., Ursula M. Burns

Source: Fortune magazine

Fortune post on female tech CEOs:

http://postcards.blogs.fortune.cnn.com/2011/10/25/new-ibm-ceo-rometty-tech-women/

Source: http://us.rd.yahoo.com/dailynews/rss/enterprise/*http%3A//news.yahoo.com/s/ap/20111026/ap_on_hi_te/us_tec_ibm_ceo_female_ceos_list

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Extra vitamin E linked to prostate cancer, but diet still merits study ...

UCSF researcher remains optimistic about identifying dietary, lifestyle interventions that prove beneficial to health.

June Chan, UC San Francisco

Taking vitamin E supplements appears to increase a man?s risk of prostate cancer, according to a study that appears in the Oct. 12 issue of the Journal of the American Medical Association.

A multi-institutional team of researchers reported findings from the Selenium and Vitamin E Cancer Prevention Trial (SELECT), a study begun in 2001. They found that men age 50 and older who took 400 units of vitamin E daily were diagnosed with prostate cancer at a 17 percent higher rate than men who popped placebos.

UCSF?s June Chan, Sc.D., is no stranger to studies of dietary supplements and cancer that turn out to be a bust, including studies of vitamin E.

Earlier, as a graduate student, Chan investigated vitamin E. Working with Harvard epidemiologist Walter Willet, she found no epidemiological evidence that vitamin E prevented prostate cancer in men generally. However, the researchers did see a trend toward fewer prostate cancers in smokers.

Chan remains optimistic about identifying dietary and lifestyle interventions that prove beneficial to health.

?Healthy eating habits, regular physical activity, not smoking, and avoiding overweight and obesity remain important tools for us to prevent several major chronic diseases,? she says.

Supplements, despite promising signs from earlier epidemiological studies, have fared poorly in controlled clinical trials, in which participants are randomly assigned to different treatment arms. These controlled clinical trials remain the gold standard by which to evaluate any health claims.

An early disappointing milestone in anti-oxidant supplement research was a 1994 study of vitamin E and beta-carotene as a means to lower lung cancer risks among smokers. Daily supplementation with 50 units of Vitamin E had no benefit, while beta-carotene was associated with an increased risk for lung cancer.

However, in that same clinical trial researchers observed that there were more than 30 percent fewer cases of prostate cancer and prostate cancer deaths among the men who took the vitamin E supplements. This association spurred interest in launching the SELECT trial, focused specifically on prostate cancer.

Although there were more cancers among men in SELECT who took supplements, it?s too soon to say whether Vitamin E or selenium supplementation will lead to more prostate cancer deaths among the study participants, Chan says. More cancers does not necessarily mean more deadly cancers.

?The majority of these cancers were earlier-stage disease detected by PSA screening. It is likely that a fair proportion of these are indolent tumors ? meaning cancers that would not cause morbidity or mortality if left undiagnosed.?

The study is another reminder that more is not always better, Chan says. ?Supplements are not the same as eating a healthy diet,? she adds.

Read more

Source: http://health.universityofcalifornia.edu/2011/10/25/extra-vitamin-e-linked-to-prostate-cancer-but-diet-still-merits-study/

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Turkish PM faults shoddy construction (AP)

ERCIS, Turkey ? A television report says Turkish rescuers have pulled a 25-year old school teacher out of a ruined building three days after a devastating earthquake that struck eastern Turkey.

NTV television said Seniye Erdem was pulled out on Wednesday around the same time that rescue workers also freed another teacher.

The report said the woman told rescuers she was thirsty and asked about her husband ? who had died.

Erdem was the third person to be removed alive from the wreckage caused by the 7.2-magnitude quake on Wednesday.

The temblor has killed at least 461 people.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

ERCIS, Turkey (AP) ? Turkey's leader said Wednesday that shoddy construction contributed to the high casualty toll in Turkey's earthquake, and he compared the alleged negligence of some officials and builders to murder.

Three days after the devastating quake in eastern Turkey, a teacher and a university student were rescued from ruined buildings, but searchers said hopes of finding anyone else alive were diminishing. Excavators began clearing debris from some collapsed buildings in Ercis after searchers removed bodies and determined there were no other survivors.

In the capital, Ankara, Prime Minister Recep Tayyip Erdogan said Turkey had not learned enough from past earthquakes that toppled poorly constructed buildings, trapping people inside. The 7.2-magnitude quake on Sunday killed at least 460 people.

"When we look at the wreckage, we see how the material used is of bad quality," Erdogan said. "We see that people pay the price for concrete that virtually turned to sand, or for weakened concrete blocks on the ground floors. Municipalities, constructors and supervisors should now see that their negligence amounts to murder."

He said: "Despite all previous disasters, we see that the appeals were not heeded."

Desperate survivors fought over aid and blocked aid shipments while a powerful aftershock on Tuesday ignited widespread panic that triggered a prison riot in a nearby provincial city. Health officials warned of increase in cases of diarrhea, especially among children.

"At the moment, we don't have any other sign of life," said rescuer Riza Birkan. "We are concentrating on recovering bodies."

Gozde Bahar, a 27-year-old English-language teacher was pulled out of a ruined building on Wednesday with injuries nearly three days after the 7.2-magnitude quake. Her mother watched the rescue operation in tears. The state-run Anatolia news agency said her heart stopped at a field hospital but doctors managed to revive her.

Earlier on Wednesday, rescuers also pulled out 18-year old university student Eyup Erdem, using tiny cameras mounted on sticks to locate him. They broke into applause as he emerged from the wreckage.

The two, both rescued in Ercis ? the worst hit area in the temblor that also rattled Iran and Armenia ? were the last to be pulled alive.

Health Ministry official Seraceddin Com said some 40 people were pulled out alive from collapsed buildings on Tuesday.

They included a 2-week-old baby girl brought out half-naked but alive from the wreckage of an apartment building two days after the quake. Her mother and grandmother were also rescued, but her father was missing.

The pockets of jubilation were however, tempered by many more discoveries of bodies by thousands of aid workers.

Gerald Rockenshaub, disaster response manager at the World Health Organization, said the first 48 to 72 hours are crucial for rescues and the chances of finding survivors decrease significantly after that. People can survive without food for a week or so, but having access to water is critical, especially for the elderly and infants, he said.

On Wednesday, health officials said they had detected an increase in diarrhea cases, especially among the children, and urged survivors to drink bottled water until authorities can determine whether the tap water may be contaminated.

With thousands left homeless or too afraid to return to damaged houses, Turkey said it would accept international aid offers, even from Israel, with which it has had strained relations. The country said it would need prefabricated homes to house survivors during the winter. Israel offered assistance despite a rift between the two countries over last year's Israeli raid on a Gaza-bound flotilla that killed nine Turkish activists.

Some 2,000 buildings collapsed and some 1,350 people were injured. The fact that the quake hit in daytime, when many people were out of their homes, averted an even worse disaster. Some 800 students at a school in Ercis ? that crumbled, leaving only its near-intact roof flat on the ground ? were probably saved because the quake hit on a Sunday.

Close to 500 aftershocks have rattled the area, according to Turkey's Kandilli seismology center. A strong aftershock on Tuesday sent residents rushing into the streets in panic while sparking a riot that lasted several hours by prisoners in the city of Van, 55 miles (90 kilometers) south of Ercis. The U.S. Geological Survey put that temblor at a magnitude of 5.7.

On Wednesday, authorities transferred some 350 of the inmates to jails in other cities after prisoners, demanding to let out, set bedding on fire and the revolt spread inside the 1,000-bed prison, NTV television reported.

The region is mostly-Kurdish populated and an area where Kurdish rebels are waging an armed campaign for autonomy from Turkey. The conflict, which has killed tens of thousands since 1984, continued despite the quake. Suspected Kurdish rebels detonated a roadside bomb as a military vehicle was traveling on a road some 80 kilometers from Van on Monday ? a day after the quake, the Dogan news agency reported.

Turkey lies in one of the world's most active seismic zones and is crossed by numerous fault lines. In 1999, two earthquakes with a magnitude of more than 7 struck northwestern Turkey, killing about 18,000 people.

Istanbul, the country's largest city with more than 12 million people, lies in northwestern Turkey near a major fault line, and experts say tens of thousands could be killed if a major quake struck there.

___

Fraser reported from Ankara, Turkey.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20111026/ap_on_re_eu/eu_turkey_quake

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Study explains paradox of insulin resistance genetics

Tuesday, October 25, 2011

Obesity and insulin resistance are almost inevitably associated with increases in lipid accumulation in the liver, a serious disease that can deteriorate to hepatitis and liver failure. A real paradox in understanding insulin resistance is figuring out why insulin-resistant livers make more fat. Insulin resistance occurs when the body does a poor job of lowering blood sugars.

The signals to make lipid after a meal come from hormones - most notably insulin - and the direct effect of nutrients on the liver. In a recent issue of Cell Metabolism, Morris Birnbaum, MD, PhD, professor of Medicine at the Perelman School of Medicine, University of Pennsylvania, describes the pathway that insulin uses to change the levels of gene expression that control lipid metabolism. Birnbaum is also associate director of the Institute of Diabetes, Obesity, and Metabolism at Penn.

Since insulin normally stimulates fat synthesis in the liver, the expectation is that an insulin-resistant liver would not be able to make lipid. Insulin normally shuts off glucose output and during insulin resistance output is too high. This contributes to the high blood sugar of diabetes. In order to treat the lipid accumulation as well as the glucose abnormalities in type 2 diabetes, it is important to understand the pathways that regulate lipid metabolism.

Researchers have suggested that two transcription factors, proteins called FoxA2 and FoxO1, act downstream of, and are negatively regulated by, an enzyme stimulated by insulin called kinase Akt/PKB. Birnbaum had previously shown that this kinase is required for lipid accumulation in the liver. This system is proposed by researchers as a key determinant of liver triglyceride content, one indicator of increased lipids.

In the current study, the team used a technique of introducing mutations into specific genes to show that having these transcriptions factors turned on all the time cannot account for the protection from lipid accumulation in the liver afforded by deleting Akt2 in the liver.

The researchers showed that the major downstream path that insulin uses to regulate these genes converges with the pathways that the body uses to metabolize nutrients. In addition, another arm of insulin signaling (which is probably independent of the nutrient pathway) is also required for the increase in lipid metabolism. Another downstream target turned on by Akt, the mTORC1 protein complex, is required for the body to make lipid. Having multiple pathways is probably a way that the liver makes sure that lipid synthesis is activated only when there is an increase in nutrients and there is a signal from insulin, surmise the researchers.

"Since a therapeutic goal is to prevent this lipid accumulation, any time we identify a novel pathway it raises the hope that there is a previously unknown target out there for a new type of drug," concludes Birnbaum.

###

University of Pennsylvania School of Medicine: http://www.uphs.upenn.edu/news/

Thanks to University of Pennsylvania School of Medicine for this article.

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Source: http://www.labspaces.net/114613/Study_explains_paradox_of_insulin_resistance_genetics

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Taking the pulse of charge-separation processes

Monday, October 24, 2011

The use of organic photovoltaics for the production of electricity from sunlight offers an attractive and promising basis for an innovative and environmentally friendly means of energy supply. They can be manufactured quite economically and, because they are as bendable as plastic wrap, they can be processed flexibly. The problem is that they are yet markedly less efficient than conventional inorganic semiconductor cells. The most crucial process in the conversion of light into electric current is the generation of free charge carriers. In the first step of photoconversion, upon absorption of light one component of the organic solar cell, usually a polymer, releases electrons that are taken up by the second component of the cell - in this case silicon nanoparticles - and can then be transported further.

"The mechanisms and the timescale of charge separation have been the subject of controversial scientific debate for many years," says LMU physics professor Eberhard Riedle. In cooperation with investigators at the Technical University in Munich and at Bayreuth University, Riedle and his group have now been able to dissect the process in detail. To do so, the researchers used a novel hybrid cell type containing both organic and inorganic constituents, in which silicon serves as the electron acceptor. Based on the insights obtained with this system, they developed a processing strategy to improve the structural order of the polymer - and found that this enhances the efficiency of charge separation in organic semiconductors by up to twofold. Their findings provide a new way to optimize the performance of organic solar cells.

The key to this breakthrough lies in a unique, laser-based experimental setup, which combines extremely high temporal resolution of 40 femtoseconds (fs) with a very broadband detection. This allowed the team to follow the ultrafast processes induced by photon absorption in real time as they occur. Instead of the fullerenes used in typical organic cells, the researchers used silicon as the electron acceptor, a choice that has two major advantages.

"First, with these novel hybrid solar cells, we were able to probe the photophysical processes taking place in the polymer with greater precision than ever before, and secondly through the use of silicon, a much larger segment of the solar spectrum can be harnessed for electricity," says Riedle.

It turns out that free charge carriers ? so called polarons ? are not generated immediately upon photoexcitation, but with a delay of about 140 fs. Primary photoexcitation of a polymer molecule first leads to the formation of an excited state, called an exciton. This then dissociates, releasing an electron, which is then transferred to the electron acceptor. The loss of electrons leaves behind positively charged "holes" in the polymer and, as oppositely charged entities are attracted to one another by the Coulomb force, the two have a tendency to recombine.

"In order to obtain free charge carriers, electron and hole must both be sufficiently mobile to overcome the Coulomb force," explains Daniel Herrmann, the first author of the new study. The team was able to show, for the first time, that this is much easier to achieve in polymers with an ordered, regular structure than with polymers that are chaotically arranged. In other words, a high degree of self-organization of the polymer significantly increases the efficiency of charge separation.

"The polymer that we used is one of the few known to have a tendency to self-organize. This tendency can be inhibited, but one can also increase the polymer's intrinsic propensity for self-organization by choosing appropriate processing parameters," Herrmann explains. By cleverly optimizing the processing of the polymer P3HT, the researchers succeeded in doubling the yield of free charge carriers ? and thereby significantly enhancing the efficiency of their experimental solar cells.

###

Ludwig-Maximilians-Universitat Munchen: http://www.uni-muenchen.de

Thanks to Ludwig-Maximilians-Universit?t M?nchen for this article.

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Source: http://www.labspaces.net/114557/Taking_the_pulse_of_charge_separation_processes

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APNewsBreak: Conn. cuts casinos' security costs (Providence Journal)

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Steve Jobs in His Own Words: Life and the Afterlife [Video]

Part of 60 Minutes' terrific interview with Steve Jobs biographer Walter Isaacson fixates, naturally, on mortality. As much as Jobs focused on perfecting the material, he always had an eye on the spiritual. Hear him talk about living and dying. More »

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Asus Zenbook UX31

When we first saw the Asus Zenbook UX31 ($1,099 direct), we knew it would take a top spot in the new laptop ultrabook category, thanks to its well-crafted all-metal construction, superb Bang & Olufsen audio, and a keyboard that rivals the trend-setting Apple MacBook Air 13-inch (Thunderbolt) ($1,299.99 direct, 4 stars) for comfort. And testing in our Labs showed that it provides more than six hours of battery life, as well as more features and better all-around performance than any other slim-bodied laptop we've reviewed. It's our first Editors' Choice for the new category, but with new players coming into the ultrabook space this November, the question is how long will it reign?

Design
The Zenbook UX31 measures 0.66 by 12.79 by 8.78 inches (HWD), and is roughly the same size as the Apple MacBook Air and Acer Aspire S3 ($899.99 direct, 3.5 stars). The UX31's chassis has a spun finish, with tight concentric circles radiating out from the logo etched into its aluminum lid. Asus has emulated Apple's "unibody" construction with an all-metal "monoshell" chassis. But in contrast Apple's seamless single-piece construction, Asus has sandwiched together the palm rest and the underside of the chassis and bolted the two together. The palm rest has an attractive vertical brushed pattern. There was no perceptible flexing in the screen or chassis, and holds up to a firm palm press on the lid.

Compared with the plastic construction of the Acer Aspire S3, the Zenbook UX31 feels sturdier and much more substantial, even though it tapers down to 0.11 inch thick at its thinnest point and 0.66 inches at its thickest. The UX31 weighs 2.86 pounds, lighter than the MacBook Air (2.9 pounds), Acer Aspire S3 (2.94 pounds), and Samsung Series 9 (NP900X3A) ($1,599 street, 4 stars) (2.9 pounds).

The Zenbook UX31 has a 13.3-inch widescreen that displays in 1,600-by-900 resolution?higher than the 1,366-by-768 display on the Acer S3 and 1,440-by-900 one on the MacBook Air. At 450 nits, it's brighter than the display on the Samsung Series 9 and matches the bright backlit screen of the Acer Aspire S3. The Zenbook UX31 also has wider viewing angles than the Acer S3, making it better suited to sharing the screen with another person. The audio on the UX31 is also impressive, powered by Bang & Olufsen's ICEpower. The resulting sound on the Zenbook is crystal clear and consistent at high volumes?and you can get a surprising amount of volume out of this little laptop. While you can fill a room with sound, you won't be rumbling with bass. For movies and music, you'll definitely want to add a subwoofer to the mix.

The Zenbook UX31 has a chiclet-style keyboard that shares the square tile layout of the MacBook Air 13-inch, but adds a new luxurious element with metal keys. While the keys have the same low height and shallow keystrokes as the MacBook Air, the backlight is sadly absent. The glass-topped touchpad is smooth and expansive, measuring five inches diagonally. The broad touch surface supports multitouch gestures, and though it has distinct right and left mouse buttons, it also features a clickpad. The bottom right and left corners?which serve as nearly silent mouse buttons?click more easily than the clickpad surface, making the use of the clickpad optional for those who want the more familiar experience of a standard trackpad.

Features
The thin-sliced proportions of an ultrabook are achieved, in part, by jettisoning many of the features you would find in a standard mainstream laptop, like the optical drive. Despite the limited space available, Asus has managed to include a few features you won't find on the Acer S3. On the left hand side of the Zenbook UX31, you'll find a USB 2.0 port, a combined headphone and microphone jack, and a built-in card reader (SD/MMC). On the right, there's a USB 3.0 port, a mini VGA connection, and a microHDMI port. Neither the MacBook Air or the Acer Aspire S3 offer USB 3.0, and the microHDMI output can be used on a much broader array of monitors and HDTVs than Apple's Thunderbolt port, though it may require an adapter.

In addition to these on-board ports, Asus includes two additional adapters with the Zenbook?a mini VGA-to-VGA adapter (allowing greater use with monitors and projectors), and a USB-to-Ethernet adapter (allowing a wired LAN connection). The Samsung Series 9 also requires (and included) an Ethernet adapter. Integrated 802.11n Wi-Fi and Bluetooth 4.0 technologies are onboard the UX31. Asus bundles a protective laptop sleeve, an attractive fabric and faux-leather envelope with a soft padded lining, and a small matching case for the dongles themselves.

Asus has made a point of keeping your information secure with several Asus branded tools, including Asus Secure Delete and Asus Face Logon, which combines facial recognition and a built-in webcam to make logging onto the Zenbook UX31 as easy as looking at the screen. Automatic data backup and recovery kicks in whenever the battery level dips below five percent, ensuring that even when left in standby mode for several weeks, your work won't be lost. A 60-day trail of Trend Micro Titanium Internet Security also provides protection, though only for a limited time.

The UX31 is equipped with a 128GB solid-state drive (SSD), and access to Asus's Web Storage which lets you offload storage to the cloud. Asus provides 2GB of free storage space for a year, and unlimited space can be bought for a modest subscription fee?ranging from $8.99 for a three-month subscription to $54.99 for two years. Though the SSD doesn't offer the 320GB offered by the Acer Aspire S3's spinning hard drive?or the lower cost?it does have the benefit of being more durable than traditional spinning drives, and allows practically instant boot-up and resume times. Our own testing confirmed Asus' claims of 15-second cold start and 2-second resume from sleep.

There are a few preinstalled programs. In addition to the aforementioned security software trial for Trend Micro, there's also Microsoft Office Starter 2010, a Bing toolbar, and Nuance PDF reader. There are also several Asus-branded utilities, including Asus Tools, and Asus Vibe 2.0, which includes a multimedia library and games. On the desktop are utilities for toggling Instant-On on and off, and PowerWiz, which gauges your current power usage and provides a running estimate of remaining battery life. Asus covers the Zenbook UX31 with a one-year warranty, which includes accident protection, and a second one-year warranty covering the battery.

Performance
Perhaps the most gratifying aspect of the Zenbook UX31 is its performance. Asus equipped the UX31 with a 1.7GHz Intel Core i5-2557M dual-core ultra low voltage processor and 4GB of RAM, the same components found in the MacBook Air 13-inch. It's also a step up from the processor used in the Acer S3 and the upcoming Lenovo IdeaPad U300 ($1,199, stay tuned for our review), which uses the same Core i5-2467M processor found in the smaller Apple MacBook Air 11-inch (Thunderbolt) ($1,199 direct, 3.5 stars). Despite the similar hardware, the UX31 outperformed the 13-inch MacBook in PCMark 7 (3,531 points) and Cinebench R11.5 (2.19 points)?the 13-inch MacBook Air scored 3,186 points and 2.17 points, respectively. It also produced the best performance in multimedia tasks, with leading scores in both Handbrake (2:08) and Photoshop CS5 (4:37). This performance pulled ahead the MacBook Air (2:09 in Handbrake; 4:55 in CS5), Acer Aspire (2:36 in Handbrake; 5:37 in CS5), and Samsung Series 9 (4:45 in Handbrake; 5:53 in CS5).

Though it outperformed the MacBook Air in processor performance, the MacBook Air produced better graphics scores using the same integrated Intel graphics chipset. In 3DMark 06 the Zenbook UX31 scored 4,023 points at medium detail settings and 1,024-by-768 resolution. With these same settings the MacBook Air scored 4,781 points. The Acer S3 fell behind with 3,530 points. In our Crysis and Lost Planet 2 gaming benchmark tests, the Zenbook UX31 (18.4 frames per second in Crysis; 17.1fps in Lost Planet 2) and MacBook Air were close (18.8 fps in Crysis; 21.2 frames per second in Lost planet 2), but the Acer S3 only scored 16.3fps in Crysis and couldn't run Lost Planet 2.

One of the defining characteristics of the ultrabook category is long battery life. Though Asus has claimed the 50Wh battery in the UX31 will provide up to eight hours of continuous use, it lasted only 6 hours 32 minutes in MobileMark 2007. However, this test was performed with all battery-extending features turned off, making it possible to eke out more time with power-saving measures in place. So far, the only comparable laptop to break the six-hour mark is the Samsung Series 9 (6:04, capacity not specified), while the Apple MacBook Air lasted 5:46 (with a 50Wh battery) and Acer Aspire S3 lasted 5:20 with a smaller capacity 36Wh battery. Asus also claims that the Zenbook has up to 14 days of standby time, which is considerably shorter than the 30 days claimed by the MacBook Air or 50 days claimed by the Acer Aspire S3. We couldn't test this standby estimate overnight, but you should still feel confident leaving the UX31 in standby mode for days at a time.

The Asus Zenbook UX31 may be early to the ultrabook party, being one of only two on the market, but it tops the spiritual progenitors of the ultrabook category, the Apple MacBook Air 13-inch and the Samsung Series 9. While it may not be as affordable as the Acer Aspire S3, it more than makes up for it in superior construction, a fuller feature set, and stronger performance. With models on the horizon from Toshiba and Lenovo (both coming in November), it may face some stiff competition soon, but for the time being, the Zenbook UX31 is our Editors' Choice and the ultrabook to beat.

BENCHMARK TEST RESULTS:

COMPARISON TABLE
Compare the Asus Zenbook UX31 with several other laptops side by side.

More laptop reviews:
??? Asus Zenbook UX31
??? Dell XPS 14z
??? HP Pavilion g7-1260us
??? Dell Inspiron 14z (i14z-6677DBK)
??? Toshiba Satellite P755-S5320
?? more

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Calif. officer shooting suspect dies in custody

SACRAMENTO, Calif.?? A man suspected of shooting and wounding a northern California police officer died in the custody of Sacramento police, following a foot chase, authorities said Sunday night.

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Tyrone Smith, 32, was unresponsive in the back of a patrol car after being caught late Saturday night some seven hours after the shooting of the Twin Rivers police officer, Sacramento police said in a statement.

Paramedics were called who took Smith to a hospital, where he was declared dead, the statement said.

Police said the cause of death had not been determined, but a preliminary investigation showed no indication it was a result of police actions.

Smith ran from officers and jumped over fences after he was found, then refused to comply when they caught up with him and had to be forced to the ground and handcuffed, the statement said.

He again tried to flee and fell to the ground before he was put in the patrol car, police said.

The Twin Rivers officer, whose name has not been released, was in critical condition after being hit with several bullets, but is expected to have a full recovery after surgery Sunday.

"Doctors are very optimistic," Twin Rivers police spokesman William Cho told the Sacramento Bee.

The shooting occurred when the officer tried to pull over the suspect's vehicle Saturday afternoon, the Sacramento police statement said.

The suspect refused to stop, then after a short car chase got out of his vehicle and fled on foot. As the officer chased him, the suspect fired and hit the officer several times, the statement said.

Detectives believe the suspect got back in his vehicle and fled.

Paramedics who happened to be in the area quickly reached the officer and took him to the hospital, the statement said.

Police did not say why the officer tried to pull over the suspect when the incident began.

Several units of the Sacramento Police Department along with the city's Office of Public Safety and Accountability and the Sacramento County District Attorney's Office are investigating the two shootings.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.msnbc.msn.com/id/45004594/ns/us_news/

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Lang Lang to honor composer Frank Liszt

Fri, Oct 21, 2011 8:44 AM PDT

AP 1:48 | 1,410 views

Classical pianist Lang Lang talks about his concert, with the Philadelphia Orchestra, which celebrates the 200th birthday of composer Frank Liszt, and reveals his unusual musical inspiration. (Oct. 21)

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Tunisians vote in first free election (AP)

TUNIS, Tunisia ? Tunisians began voting Sunday in their first truly free election, the culmination of a popular uprising that ended decades of authoritarian rule and set off similar rebellions across the Middle East.

Voters ? women with headscarves and without, former political prisoners, young people whose Facebook posts helped fuel the revolution ? are electing members of an assembly that will appoint a new government and then write a new constitution. They're definitively turning the page on the 23-year presidency of Zine El-Abidine Ben Ali, who was overthrown by a monthlong uprising on Jan. 14 stirred by anger at unemployment, corruption and repression.

The party expected to come out on top, Ennahda, is a moderate Islamic party whose victory, especially in a comparatively secular society like Tunisia, could have wide implications for similar religious parties in the region.

The unexpected revolution in this quiet Mediterranean country ? cherished by European tourists for its sandy beaches and desert oases ? set off a series of similar uprisings against entrenched leaders, an event now being called the Arab Spring. If Tunisia's election produce an effective new government they will serve as an inspiration to pro-democracy advocates across the region, including in next-door Libya, where longtime dictator Moammar Gadhafi was killed last week by rebel forces.

The campaign season has been marked by controversies over advertising, fears over society's religious polarization and concerns about voter apathy, but in the run-up to the vote a mood of optimism and excitement in the capital was palpable.

Soldiers were stationed in several areas to keep order, but as of mid-morning the election appeared calm.

"It's a historic day, a moment of joy and celebration. Even if I have to stand in line 24 hours, I would not give up the chance to savor this air of freedom," said Touhami Sakouhi, a former political prisoner standing in line at a crowded voting station in the poor Ettadhamen quarter of Tunis.

In the richer Tunis suburb of al-Aouina, 18-year-old language student and former protester Zeinab Souayah said, "I'm going to grow up and think back on these days and tell my children about them."

"It feels great, it's awesome," she added, in English.

The ballot is an extra-large piece of paper bearing the names and symbols of the parties fielding a candidate in each district. It's a cacophony of choice in a country effectively under one-party rule since independence from France in 1956, and where the now-popular Islamist party Ennahda was long banned.

Retired engineer Bahri Mohamed Lebid, 73, said he voted "for my religion," a sentiment common among Ennahda supporters. He described the last time he tried to vote, in 1974, when he said polling officers forced him to cast a ballot for the ruling party despite his objections.

Others expressed concern that despite its moderate public line, Ennahda could reverse some of Tunisia's progressive legislation for women if the party gains power.

"I am looking for someone to protect the place of women in Tunisia," said 34-year-old Amina Helmi, her hair free of the headscarves that some Tunisian women wear. She said she voted for the center-left PDP party, the strongest legal opposition movement under Ben Ali. She said she was "afraid" of Ennahda.

There are 7.5 million potential voters, though only 4.4 million of them, or just under 60 percent, are actually registered. People can vote with their identity cards but only at certain stations, which some fear may cause confusion during the polls.

More than 5,000 foreign observers are monitoring the vote.

Voters in each of the country's 33 districts, six of which are abroad, have a choice of between 40 and 80 electoral lists, consisting of parties and independent candidates.

A proportional representation system will likely mean that no political party will dominate the assembly, which is expected to be divided roughly between the Ennahda party, centrist parties and leftist parties, requiring coalitions and compromises during the writing of the constitution.

"This is the first time in my life I've truly voted. It is something extraordinary," said Turkane Seklani, a 37-year-old casting her ballot in polling station set up in the Bourguiba High School in Tunis. The sun was still rising as she cast her ballot soon after 7 a.m., but the capital was already humming with political activity.

She said she voted for center-left party Ettakatol, because its leader, a doctor who opposed Ben Ali in the years before the uprising, "is a good man and I find him honest and with integrity."

In the 10 months since the uprising, Tunisia's economy and employment, part of the reason for the revolution in the first place, has only become worse as tourists and foreign investors have stayed away.

Many have expressed indifference about the election out of frustration that new jobs have yet to appear and life has not improved since the revolution.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20111023/ap_on_re_mi_ea/ml_tunisia_elections

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Murdoch takes on shareholders at annual meeting

A protestor dressed as News Corp. CEO Rupert Murdock is seen with protestors in front of Fox Studios in Los Angeles on Friday, Oct 21, 2011. A few dozen people showed up to demonstrate outside Fox Studios where News Corp. is holding its annual shareholders meeting. Murdoch is facing shareholders with small stakes in his company for the first time since a phone-hacking scandal broke in July. (AP Photo/Nick Ut)

A protestor dressed as News Corp. CEO Rupert Murdock is seen with protestors in front of Fox Studios in Los Angeles on Friday, Oct 21, 2011. A few dozen people showed up to demonstrate outside Fox Studios where News Corp. is holding its annual shareholders meeting. Murdoch is facing shareholders with small stakes in his company for the first time since a phone-hacking scandal broke in July. (AP Photo/Nick Ut)

LOS ANGELES (AP) ? Rupert Murdoch jousted with disgruntled shareholders Friday as the 80-year-old chairman and CEO of News Corp. defended his handling of a phone hacking scandal in Britain and deflected any notion that he plans to step down soon.

More than 100 protesters gathered outside the 20th Century Fox studio lot where News Corp. held its annual shareholders meeting. Inside, with his sons Lachlan and James seated before him in the front row, Murdoch parried allegations that he had poor oversight of the company, sometimes cutting off speakers to jab in an insult or dispute a fact.

Votes from the shareholders were still being counted in the afternoon but the company said a proposal from the Christian Brothers Investment Services to force the company's chairman to be an independent director had failed. Few had held out any hope they could overcome Murdoch's control of 40 percent of voting shares through a family trust, or the 7 percent stake Saudi Prince Alwaleed bin Talal had almost certainly cast in support of him.

"It was pretty perfunctory," said Rev. Seamus Finn, who attended on behalf of the organization. "It was a nice meeting, but it didn't offer much in terms of how they're going to put this behind them."

Questions and comments from shareholders focused on the phone-hacking scandal, which caused the company this summer to shutter the tabloid News of the World and drop its $12 billion bid for full control of British Sky Broadcasting. Britons and other people worldwide were outraged to learn that a private investigator hired by the paper had hacked into the cellphone voicemail of 13-year-old Milly Dowler, potentially impeding a police investigation and giving false hope to her family. Dowler was later found to be murdered.

The phone hacking scandal has forced the resignation of two of London's top police officers, ousted top executives such as Dow Jones & Co. CEO Les Hinton, and claimed the job of Prime Minister David Cameron's former spin doctor, Andy Coulson, an ex-News of the World editor. The company said in London on Friday that it had agreed to pay 2 million pounds ($3.2 million) to her family and 1 million pounds ($1.6 million) to charities the family will choose.

Friday marked the first time Murdoch faced shareholders with small stakes in the company since the scandal broke in July.

Outside the studio lot, some demonstrators carried anti-Murdoch signs, including one that stated "Fire the Murdoch Mafia." Another read, "Rich media equals poor democracy." Some of the demonstrators were from an organization that has been staging rallies recently to demand good jobs.

Tom Watson, a member of Parliament with Britain's Labour Party, flew to Los Angeles to make a new allegation about covert surveillance techniques by company employees.

Watson asked Murdoch if he was aware that a person who had left prison was hired by News Corp.'s British newspaper unit and hacked into the computer of a former army intelligence officer. He later said the incident happened around 2005 and that evidence of the computer hacking is with London's Metropolitan Police. He said it could lead to the discovery of further victims of computer hacking. Watson said he has made the allegation before but it hasn't been widely reported.

Watson represented nearly 1,700 non-voting shares for labor group AFL-CIO and got up twice and spoke for a few minutes during the 90-minute meeting. He is been a key driver of a 2 ?-year probe into phone hacking and alleged police bribery at the company's British newspaper unit.

Murdoch said he wasn't aware of the allegation, and board director Viet Dinh said the company would look into it.

"I promise you absolutely that we will stop at nothing to get to the bottom of this and put it right," Murdoch said.

Watson evoked private investigator Glenn Mulcaire, who was jailed in 2007 for eavesdropping on the phones of royal staff. He warned that this investigation could mean more problems ahead for the company.

"News Corp. is potentially facing a Mulcaire 2," Watson said. "You haven't told any of your investors about what is to come."

Several shareholders took issue with a chart Murdoch put up showing the stock's upbeat performance compared with most media peers since the beginning of the year and since the beginning of July. They said its performance over 10 years or more lagged its peers. Murdoch said the chart was to address criticism that the company had been hurt by the hacking scandal.

Edward Mason, secretary of the Ethical Investment Advisory Group, which advises the Church of England's investments, began speaking about News Corp.'s shareholder returns when Murdoch butted in, saying "Your investments haven't been that great, but go on."

Stephen Mayne, a journalist and shareholder activist who once worked for News Corp.'s Australian newspapers, protested when Murdoch tried to bring the meeting to a close.

"Never before have you attempted to shut it down quite like this," Mayne said.

Murdoch retorted: "You had a lady friend who shut you down in the past."

Murdoch then got a laugh when he claimed he was being as open and fair as possible in letting critics air their concerns. "We even had Mr. Watson on Fox television this morning," he said. "It's called fair and balanced."

Despite the circus-like atmosphere, several large shareholder groups quietly registered their concerns, including Todd Mattley, investment officer for the California Public Employees' Retirement System, which has some $225 billion in assets.

Mattley said CalPERS voted its 1.4 million voting shares in favor of the Christian Brothers' proposal demanding an independent chairman. Although he said he knew the vote was "symbolic" he said later, "This is something we've said is a governance best practice."

The company also came under renewed fire for its dual-class share system, which allows the Murdochs to control the company despite owning voting shares that account for less than 15 percent of the company's total $44 billion market value.

Dinh said the last time the company voted on the dual-share structure was in 2007, when it passed with 77 percent of the votes.

News Corp.'s non-voting shares are down about 5 percent from when the scandal broke in early July, although they have been buoyed recently by a $5 billion share buyback plan that is about a third complete. On Friday, News Corp.'s stock rose 35 cents, or 2.1 percent, to close at $17.20.

Proxy advisory firm Institutional Shareholder Services had recommended voting out all existing board members, including Murdoch and his sons James and Lachlan. Two other firms, Glass Lewis and Egan-Jones, recommend voting against the sons, among others.

Although the vote count hadn't yet been tallied, the company said all of its director nominees had been elected.

Jay Eisenhofer, co-lead attorney in a shareholder lawsuit against News Corp. on charges of mishandling the affair, said on a conference call with Watson on Thursday that if even 20 percent of votes are cast against the re-election of Murdoch and his two sons, it would be a victory. That's because that would be nearly half the 53 percent of votes unaffiliated with the family, he said.

___

Associated Press video journalist John Mone contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2011-10-21-News%20Corp-Shareholders/id-78576fb0ae2d4f2db41e80c6a4fd12e1

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