Friday, November 4, 2011

MF Global Sify says trading normal in India operations (Reuters)

REUTERS ? MF Global Sify Securities India Pvt Securities, an Indian firm that is 70 percent-held by collapsed U.S. futures broker MF Global, is functioning normally, its head told a local television channel on Tuesday.

Vineet Bhatnagar, managing director, told CNBC-TV18 that he was not aware of any discussion to sell MF Global's stake to its partner Satyam Infoway, which holds the remaining 30 percent.

"I would only submit that under the shareholders agreement that is presently there between MF Global and Sify Securities, Sify of course has the flexibility to weigh all its options," he said.

MF Global, run by ex-Goldman Sachs chief executive Jon Corzine, filed for bankruptcy protection on Monday following bad bets on euro zone debt.

The brokerage's meltdown in less than a week made it the biggest U.S. casualty of Europe's debt crisis, and the seventh-largest bankruptcy by assets in U.S. history.

The London Metal Exchange said in a statement on Tuesday it had suspended MF Global from trading with immediate effect, following a similar move by the CME Group, which operates the Chicago Mercantile Exchange, Chicago Board of Trade and New York Mercantile Exchange.

Bhatnagar described MF Global's 70 percent stake in the Indian venture as a portfolio holding for the U.S. firm.

"If there is a situation where the receivership in the U.S. results in a process where this 70 percent in India asset comes for a change of hands, I would imagine this is a very well supervised process in the U.S.," Bhatnagar said.

"We are a pure agency broker in India, we don't have any outstanding proprietary positions and we also do not have asset under management," said Bhatnagar.

In India, MF Global is a trading and clearing member on the Bombay Stock Exchange, National Stock Exchange, and is also a depositary participant on the Multi Commodity Exchange and National Commodity and Derivatives Exchange.

The company has a capital base of $14.5 million, as per information on its website. MF Global Sify offers online and offline equity and derivatives trading for retail customers as well as execution and clearing services for financial institutions.

(Reporting by Siddesh Mayenkar in MUMBAI; Editing by Subhadip Sircar)

Source: http://us.rd.yahoo.com/dailynews/rss/india/*http%3A//news.yahoo.com/s/nm/20111101/india_nm/india602382

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Thursday, November 3, 2011

Mugger returns victim's cell phone, bus pass

A Chicago mugging victim feared for his life when, after being beaten and robbed, one of his attackers came back to find him.

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"I thought maybe they came back with some weapons and they were going to shoot me this time," Sidney Tyson told the Chicago Tribune on Wednesday.

The violent confrontation happened at about 8:20 p.m. Tuesday at a South Shore bus stop. Tyson told the newspaper he was attacked from behind by five or six young men who punched him and knocked him to the ground as they grabbed his phone.

For some inexplicable reason, Tyson said the youths never went for his cash. Though outnumbered, the 63-year-old told the Chicago Tribune he was able to fight back, using his cane. The former investigator for the state's Department of Financial and Professional Regulation has used a cane since suffering a series of strokes, he told the newspaper.

"I was able to get my cane and start hitting on him," he told the newspaper in a video.

The group then ran off down the street with Tyson following behind until one of the robbers yelled they "had something" for him, according to the Chicago Tribune report. Tyson said he feared more violence.

"I thought they were coming back to jump on me again," he said.

Instead, one of the youths returned with his phone and bus pass, giving him a "wild story" that he couldn't understand.

Tyson said he's grateful for the quick response by police who, a short time later, arrested three suspects after another reported mugging, the Tribune reported.

He was taken to South Shore Hospital, where he was treated and released: ?I just got a good, old-fashioned butt whuppin?," he told the newspaper.

The Chicago Tribune and WGN-TV contributed to this report.

Source: http://www.msnbc.msn.com/id/45136245/ns/us_news-crime_and_courts/

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Wednesday, November 2, 2011

Analyst: Health insurance overhaul law needs a hard look by ...

PORTLAND, Maine ? The head of the Maine Center for Economic Policy said state lawmakers are due for a ?gut check? on the controversial health care law passed during the last session.

Garrett Martin, executive director of the left-leaning think tank, dueled with Joel Allumbaugh, health insurance expert with the right-leaning Maine Heritage Policy Center, Monday in a debate held in Portland at the University of Maine School of Law. In that setting, Martin said legislators will need to summon the political will necessary to reopen the health insurance law and make changes during the upcoming session, in part, to control rates.

Both men said lawmakers and stakeholders should take care to ensure the conversation about how to improve health care access, affordability and insurance is not derailed by partisan politics.

During the forum Monday, Martin revealed skepticism it will be when state lawmakers reconvene in January. He said LD 1333, Maine?s recently passed health insurance overhaul law, needs a hard look.

?The Legislature has a chance to revisit this proposal and improve it,? Martin told a room full of law students and members of the public. ?The question is, will they??

The Legislative Council, made up of party leaders in the House and Senate, met Monday to decide which bills to allow for consideration in the session that begins in January. Several addressed changes to the recently passed health care reform package but not all made it through the council.

Martin and Allumbaugh agreed Monday that major work remains both in-state and nationwide as policymakers tackle rising health care costs, which in turn drive up insurance prices in an economy when many Americans can least afford it.

They disagreed on the impact of LD 1333, however.

?You have to separate our health care challenges with our health insurance industry,? said Allumbaugh, a two-time board president of the Maine Association of Health Underwriters. ?We need to make our health care system affordable and accessible no matter where you live, but [increasing] our insurance regulations are not how we get there.

?I agree that this [law] doesn?t solve the bigger problem,? he said, ?but I disagree in that [I feel] this is a huge step forward in stabilizing the insurance market.?

Martin argued that the law?s elimination of insurance rate reviews and the Advisory Council on Health Systems Development forfeit much of the state?s oversight of health insurance companies, while the highly touted provision allowing Mainers to shop across state lines for insurance is a political ?red herring,? a strong talking point that won?t drive down prices through increased competition as promised.

Martin said that in the upcoming legislative session lawmakers should reinstate the advisory council and rate review process, which he said proved its value when it held Anthem Blue Cross and Blue Shield of Maine to a 5.2 percent rate increase earlier this year in the face of a proposed 9.7 percent rate hike.

He also said the law?s reinsurance program, which uses a monthly $4 fee charged to Mainers with private insurance plans to create a subsidy offsetting the cost of higher-risk clients to the insurance companies, should be extended to small group buyers. Currently, only high-risk individual buyers benefit from the subsidy. Martin also said the Maine Bureau of Insurance should be charged with collecting data on the health insurance law and reporting back to the Legislature.

During the debate, Allumbaugh defended the law, saying previous in-state rate limits restricting insurers from charging their oldest and most rural clients any more than 1.5 times what they charge their youngest and least expensive clients effectively drove away younger, healthier insurance buyers. Instead of keeping costs down for elderly and rural buyers, he said, it drove costs up for younger, urban customers.

The new law allows insurance companies to charge rates three times as expensive for older, higher-risk clients as for younger, lower-risk ones ? and the law includes an additional 1.5 multiplier based on geography and access to medical care. By allowing the gap between highest-risk and lowest-risk customers to grow, lowering prices for younger and healthier buyers, Allumbaugh argued the law promises to attract those buyers back into the pool and help stabilize rates for everyone.

Anthem, the state?s largest health insurance carrier, reports having less than 300 customers between the ages of 18 and 24 in the state of Maine, Allumbaugh said. The company has nearly 1,800 from the same age group in New Hampshire, where rates gaps are less restrictive.

He also lauded the law for provisions creating a tax credit for businesses promoting employee wellness, saying long-term solutions for controlling health care costs ? and by extension, insurance costs ? should create incentives for individuals to reduce hospital trips by living healthier.

Source: http://bangordailynews.com/2011/10/31/health/analyst-health-insurance-overhaul-law-needs-a-hard-look-by-legislature/

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Various '7 billionth' babies celebrated worldwide (AP)

MANILA, Philippines ? She came into the world at two minutes before midnight, a tiny, wrinkled girl born into a struggling Manila family. On Monday, she became a symbol of the world's population reaching 7 billion people and all the worries that entails for the planet's future.

Danica May Camacho, born in a crowded public hospital, was welcomed with a chocolate cake marked "7B Philippines" and a gift certificate for free shoes. There were bursts of photographers' flashes, and speeches by local officials.

The celebrations, though, reflected symbolism more than demography.

Amid the millions of births and deaths around the world each day, it is impossible to pinpoint the arrival of the globe's 7 billionth occupant. But the U.N. chose Monday to mark the day with a string of festivities worldwide, and a series of symbolic 7-billionth babies being born.

Danica was the first, arriving at Manila's Jose Fabella Memorial Hospital at two minutes before midnight Sunday ? but doctors say that was close enough to count for a Monday birthday.

"She looks so lovely," the mother, Camille Galura, whispered as she cradled the 2.5-kilo (5.5-pound) baby, who was born about a month premature.

The baby was the second for Galura and her partner, Florante Camacho, a driver who supports the family on a tiny salary driving a 'jeepney,' ubiquitous four-wheel drive vehicles used by many poor and working-class Filipinos.

Dr. Eric Tayag of the Philippines' Department of Health said later that the birth came with a warning.

"Seven billion is a number we should think about deeply," he said.

"We should really focus on the question of whether there will be food, clean water, shelter, education and a decent life for every child," he said. "If the answer is 'no,' it would be better for people to look at easing this population explosion."

In the Philippines, much of the population question revolves around birth control. The government backs a program that includes artificial birth control. The powerful Roman Catholic church, though, vehemently opposes contraception.

Camacho, a Catholic like her husband, said she was aware of the church's position but had decided to begin using a birth control device.

"The number of homeless children I see on the streets keeps multiplying," Camacho said. "When I see them, I'm bothered because I eat and maybe they don't."

Demographers say it took until 1804 for the world to reach its first billion people, and a century more until it hit 2 billion in 1927. The twentieth century, though, saw things begin to cascade: 3 billion in 1959; 4 billion in 1974; 5 billion in 1987; 6 billion in 1998.

The U.N. estimates the world's population will reach 8 billion by 2025 and 10 billion by 2083. But the numbers could vary widely, depending on everything from life expectancy to access to birth control to infant mortality rates.

In Uttar Pradesh, India ? the most populous state in the world's second-most populous country ? officials said Monday they would be appointing seven girls born Monday to symbolize the 7 billion.

India, which struggles with a deeply held preference for sons and a skewed sex ratio because of millions of aborted female fetuses, is using the day to highlight that issue.

"It would be a fitting moment if the 7 billionth baby is a girl born in rural India," said Dr Madhu Gupta, an Uttar Pradesh gynecologist. "It would help in bringing the global focus back on girls, who are subject to inequality and bias."

According to U.S. government estimates, India has 893 girls for every 1,000 boys at birth, compared with 955 girls per 1,000 boys in the United States.

On Monday, the chosen Indian babies were being born at the government-run Community Health Center in the town of Mall, on the outskirts of the Uttar Pradesh capital of Lucknow.

Six babies were born from midnight to 8 a.m. Monday. Four were boys.

Meanwhile China, which at 1.34 billion people is the world's most populous nation, said it would stand by its one-child policy, a set of restrictions launched three decades ago limiting most urban families to one child and most rural families to two.

"Overpopulation remains one of the major challenges to social and economic development," Li Bin, director of the State Population and Family Planning Commission, told the official Xinhua News Agency. He said the population of China would hit 1.45 billion in 2020.

While the Beijing government says its strict family planning policy has helped propel the country's rapidly growing economy, it has also brought many problems. Soon, demographers say, there won't be enough young Chinese to support its enormous elderly population. China, like India, also has a highly skewed sex ratio, with aid groups saying sex-selective abortions have resulted in an estimated 43 million fewer girls than there should be, given the overall population.

India, with 1.2 billion people, is expected to overtake China around 2030 when the Indian population reaches an estimated 1.6 billion.

___

Sullivan reported from New Delhi. Associated Press writer Biswajeet Banerjee in Lucknow, India, contributed to this report.

(This version Corrects the name of the Indian town to 'Mall' instead of 'Lall' in the 20th paragraph.)

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20111031/ap_on_re_as/as7_billion_people

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Tuesday, November 1, 2011

Police begin investigating Terry racism claim

John Terry

updated 3:13 p.m. ET Nov. 1, 2011

LONDON - Police have begun an investigation into allegations that Chelsea and England captain John Terry taunted an opponent with a racial slur.

Terry is accused of directing the slur at Queens Park Rangers defender Anton Ferdinand during Chelsea's 1-0 Premier League loss Oct. 23.

The Metropolitan Police said Tuesday "this is currently being investigated" after previously saying the case was under assessment.

Terry has said his comments were taken out of context, and denies allegations of racial abuse.

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


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Donovan rips 'cheap' Red Bulls

Landon Donovan said the New York Red Bulls were the most unsporting team he had played against in Major League Soccer after a post-match melee on the field Sunday.

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'Goosing'?

Iran's soccer federation suspended two players from the top team involved in an "inappropriate" goal celebration.

Source: http://nbcsports.msnbc.com/id/45122626/ns/sports-soccer/

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Perry to GOP: I could handle Obama in debate (AP)

WASHINGTON ? Rick Perry on Sunday sought to reassure GOP primary voters concerned about his wobbly presidential debate performances, saying he would draw sharp distinctions with the Democratic incumbent in televised showdowns next year.

"I'm not worried a bit that I'll be able to stand on the stage with Barack Obama and draw a very bright line," Perry said.

The Texas governor, driving for front-runner status as the most viable conservative in the wide-open field, offered up samples of the scathing rhetoric he uses against the president, from the economy to war policy and personal credibility.

Perry also defended his voluntary flat-tax proposal and the notion that it could bring in trillions of dollars less in revenue than the current tax code.

"There's nothing wrong with lower revenue," he said. "I don't want more revenue in Washington, D.C.'s hands. I want more revenue in the private sector job creators' hands."

The tough talk came as Perry manages the fallout from his debate performances and all of the GOP candidates fight to lead the pack in Iowa just two months before the first voting of 2012 begins there.

There is no clear leader in that contest. A Des Moines Register poll on Saturday showed former Godfather's Pizza CEO Herman Cain at the head of the pack, with the support of 23 percent of respondents. Ex-Massachusetts Gov. Mitt Romney was next with 22 percent.

Perry, who rated just 7 percent in that survey, has taken a particularly steep fall since announcing his candidacy in August, struggling through parts of five debates and dogged especially by Romney.

How, he was asked on "Fox News Sunday," would he perform against the erudite Obama in a general election next year?

What counts, Perry said, is how a candidate would govern.

"We got a great debater, a smooth politician in the White House right now, that's not working really good for America," Perry said.

Perry plans to attend of the debates now scheduled in November as well as a December one. "With as many debates as we got coming up, I may end up being a pretty good debater before it's all been said and done," he said.

On Iraq and Afghanistan, Perry accused Obama of pursuing an "aimless foreign policy" by making big decisions without adequately considering the advice of his commanders. He said the president has endangered Americans on the ground by announcing that U.S. troops would leave Iraq by year's end.

"He has lost his standing from the standpoint of being a commander in chief who has any idea about what's going on in those theaters," Perry said.

On the leading domestic issue, Perry said the president has "taken an experiment with the American economy and turned it into absolute Frankenstein experience."

Cain piled on the president, too.

"A responsible commander in chief" would have done more to seek out the counsel of the military's ground commanders before agreeing to pull all troops out of Iraq, Cain said. Doing that leaves a "power vacuum," he added.

"It also leaves it unclear as to how we are going to deal with other nations," Cain said on CBS' "Face the Nation."

The U.S. deadline to pull troops out by the end of 2011 was originally set by President George W. Bush. Obama decided to move ahead with the plan after Washington and Baghdad couldn't agree on the conditions for keeping a small contingent of U.S. troops behind to train Iraqi forces.

For his part, the president has mostly stayed out of the GOP nomination fight.

"I'm going to wait until everyone is voted off the island," he told "Tonight Show" host Jay Leno earlier in the week.

But a top adviser, David Plouffe, went after Romney, the early front-runner in the race. Plouffe, who managed Obama's 2008 campaign, said Romney has "moved all over the place" on issues from abortion to gay marriage over his career and might not have firm enough convictions to make the tough decisions as president.

"You get the sense with Mitt Romney that if he thought it was good to say the sky was green and the grass was blue, to win an election, he'd say it," Plouffe said on NBC's "Meet the Press."

It's not yet clear which of the Republicans might survive the nomination fight. While Cain "seems to have tapped into something," Plouffe said he found it interesting that "Romney continues to have 75, 80 percent of his party looking somewhere else, and so it'll be interesting to see if he can turn that around."

The Romney campaign shot back by saying Obama "can't run on his abysmal economic record and he is desperate to distract from the historic loss of middle-class jobs that has occurred on his watch. Americans won't be fooled by false and negative attacks."

Republicans in Iowa aren't leaning toward any one candidate, even though Romney's essentially been running for president since losing in the state in 2008.

Despite his showing in the Iowa poll, Cain trails both Romney and Perry in fundraising by the millions.

Perry is starting to focus on Iowa with a new ad, and on Sunday, he hit Romney for being on both sides of debates over gun control, abortion and gay rights.

"I have been a consistent conservative," Perry said. "I don't get confused with just telling the truth."

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/ap/20111030/ap_on_el_ge/us_perry

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Wayne Besen: Herman Cain's Implausible Spin

Earlier this month, Herman Cain told the protesters occupying Wall Street that "if you don't have a job... blame yourself." I hope he takes his own advice and accepts personal responsibility if he loses his job as a presidential candidate. This morning Politico dropped the bombshell that may well derail the surging the Cain Train. The report said that he had been accused of sexually harassing two women while he led the National Restaurant Association from 1996-1999.

Cain and his team initially stonewalled, but belatedly responded to the accusations: "I have never sexually harassed anyone -- anyone," said Cain. "And absolutely these are false allegations."

This may be true, but the manner in which it was handled from the outset makes it appear as if Cain has something to hide. At first Cain's campaign dodged questions by making it appear as if the candidate was unaware of past allegations. Cain spokesperson J.D. Gordon told Politico that the candidate indicated that he was "vaguely familiar" with the charges.

This is just nonsense. If one is unjustly accused of sexual harassment it has to be a jarring experience, not one that is brushed aside or easily forgotten. The only way Cain is "vaguely familiar" with the charges is if he is a serial harasser and has had so many victims that he can't keep track of them.

Cain's next implausible move was to take the "I'm too important and busy to notice" defense. He claimed that he wasn't aware of allegations because he "had thousands of people working for me" over the decades at various enterprises.

Yeah, and I've eaten thousands of meals that I can't remember, but I do recall the few that gave me food poisoning -- in the same way that Cain would remember the two women who accused him of being a sexual menace.

Next, Cain said he could not comment, "Until I see some facts or some concrete evidence." What's with the word parsing from a candidate who promised not to behave like a traditional politician? Why was it so difficult to refrain from equivocating and to simply tell the truth?

The embattled candidate then tried classic denial: "I am not going to comment on that." Finally, an exasperated and heavy breathing Cain glared at a questioning reporter and tried to turn the tables by brazenly asking, "Have you ever been accused of sexual harassment?"

It appears that Herman Cain doesn't understand that it is irrelevant if the reporter was drunk and had just come from a birthday party where cake was consumed off the tan buttocks of a stoned stripper. The reporter isn't an avowed Christian conservative running for president of the United States in the puritanical "family values" party.

Let me put it in simplistic branding language that Cain might comprehend: Don't bill yourself as a pepperoni pizza if you are actually a submarine sandwich. Either you are who you say you are -- or you're just another self-righteous Republican phony.

The fact that he dissembled on such a clear-cut issue and couldn't answer basic questions on whether he sexually harassed employees is a really bad sign.

The other troubling aspect of the situation is that Herman Cain appears completely unaware that both women left the NRA receiving separation packages that were in the five-figure range.

"If the restaurant association did a settlement, I wasn't even aware of it and I hope it wasn't for much," Cain told Fox News. "If there was a settlement, it was handled by some of the other officers at the restaurant association."

I'm sorry, but this man was not a lowly office assistant -- he was the CEO. I have a difficult time believing that the politically ambitious Cain doesn't know more about how these potentially career ending allegations were resolved. While he may not remember the specific dollar amounts of these legal settlements, it is improbable that he did not know that they had occurred. After all, as the man in charge, what did he think happened to the money that disappeared from his budget and landed into the bank accounts of his accusers?

Mr. self-reliance also loses points for playing the "liberal media" card. A statement on Cain's campaign website says "inside-the-Beltway media" and "political trade press" are "casting aspersions on his character and spreading rumors that never stood up as facts."

No, these reporters are just doing their jobs, in much the same way that they grilled Democrats Bill Clinton, John Edwards, Gary Hart and Eliott Spitzer when allegations of sexual impropriety surfaced.

I'm not sure if Cain is innocent or guilty, but I do know he has to do a better job of crisis management. The former Godfather's Pizza executive should know the old axiom: If you can't stand the heat get out of the kitchen.

?

Follow Wayne Besen on Twitter: www.twitter.com/Truthwinsout

Source: http://www.huffingtonpost.com/wayne-besen/herman-cain-sexual-harassment_b_1068493.html

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