Abu Dhabi firm backtracks on Guggenheim contract

FILE - In this Sunday, May 17, 2009 file photo laborers work on a newly constructed housing village for construction workers that is expected to open in July 2009 on Saadiyat Island the location of the new Guggenheim Museum in Abu Dhabi, United Arab Emirates. The Abu Dhabi company building a branch of the Guggenheim museum in the Emirati capital said Sunday it has temporarily dropped plans to award a major construction contract, raising questions about the future of the high-profile project. (AP Photo/Andrew Parsons, File)

FILE - In this Sunday, May 17, 2009 file photo laborers work on a newly constructed housing village for construction workers that is expected to open in July 2009 on Saadiyat Island the location of the new Guggenheim Museum in Abu Dhabi, United Arab Emirates. The Abu Dhabi company building a branch of the Guggenheim museum in the Emirati capital said Sunday it has temporarily dropped plans to award a major construction contract, raising questions about the future of the high-profile project. (AP Photo/Andrew Parsons, File)

FILE - In this taken Sunday, May 17, 2009 file photo a newly constructed housing village for construction workers is seen on Saadiyat Island the location of the new Guggenheim Museum in Abu Dhabi, United Arab Emirates. The Abu Dhabi company building a branch of the Guggenheim museum in the Emirati capital said Sunday Oct 23 2011 it has temporarily dropped plans to award a major construction contract, raising questions about the future of the high-profile project. (AP Photo/Andrew Parsons, File)

FILE- In this filephoto dated Saturday July 8, 2006, American architect Frank Gehry, center, and Sheik Sultan bin Tahnoon Al Nahyan, who heads the Abu Dhabi tourism authority, left, speak to journalists as they announce plans to design a new branch of the Guggenheim's modern and contemporary art museum in Abu Dhabi, United Arab Emirates. The Abu Dhabi company building a branch of the Guggenheim museum in the Emirati capital said Sunday it has temporarily dropped plans to award a major construction contract, raising questions about the future of the high profile project. (AP Photo/Kamran Jebreili-FILE)

DUBAI, United Arab Emirates (AP) ? The Abu Dhabi company building a branch of the Guggenheim museum in the Emirati capital said Sunday it has temporarily dropped plans to award a major construction contract, raising questions about the future of the high profile project.

The state-run Tourism Development and Investment Co. said it recalled the tender for concrete work on the Frank Gehry-designed museum because it is reviewing its strategy for handing out jobs to contractors. It didn't say when it would again seek bids.

The Guggenheim is one of the showcase museums TDIC is building on Abu Dhabi's Saadiyat Island, a planned cultural district overlooking the Persian Gulf. The island is also slated to contain a national museum, performing arts center and a branch of the Louvre.

A spokeswoman insisted Sunday that the Guggenheim project is still moving ahead, but didn't provide details.

TDIC has previously said it would open the museum by 2013.

Some preliminary groundwork for the 450,000-square-foot museum has been completed. The construction contract now on hold would have involved major work on the museum's base and other parts of the building.

TDIC has not released the value of that deal.

TDIC is one of several companies set up by Abu Dhabi to diversify the economy and drive development in the emirate, which borders Dubai to the south.

The money-losing company relies heavily on direct cash infusions from the oil-rich Abu Dhabi government, but it also has turned to banks to fund some of its operations.

TDIC executives traveled to Europe and Asia over the summer to meet with potential investors about the possibility of issuing new bonds, but then put off those fundraising plans.

The Guggenheim project has been a flashpoint for controversy.

In March, more than 130 international artists and writers promised to boycott the museum unless authorities do more to protect workers' rights at the site. That followed an earlier report by Human Rights Watch that outlined alleged abuses against migrant workers on the project.

TDIC has said it is committed to protecting workers' rights and has taken on board many of Human Rights Watch's recommendations.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-10-23-ML-Abu-Dhabi-Guggenheim/id-76d76a3cbf2e4f6085a2b482e60d7687

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Japan Sept exports beat forecasts despite strong yen (Reuters)

TOKYO (Reuters) ? Japan's exports rose at a faster pace than expected in the year to September, suggesting that resilience in exports is underpinning the economic recovery despite a global slowdown and the strong yen.

Finance Ministry data published on Monday bodes well for the Bank of Japan which has stuck to its forecast of a moderate recovery, driven by the strength of emerging markets and rebuilding from a devastating March earthquake and tsunami.

The central bank meets on Thursday and will probably cut its economic forecasts because of slowing global growth, but keep monetary policy unchanged unless European debt crisis talks disappoint and trigger market upheaval.

"The pace of recovery in exports is clearly slowing, and I'm not too optimistic about the outlook. The impact from slowing global growth will be felt more strongly, as well as the effect of yen rises," said Yoshiki Shinke, chief economist at Dai-Ichi Life Research Institute.

"The Bank of Japan will likely stand pat this week. If it were to ease, it would be in response to sharp yen rises."

The yen's persistent strength against the dollar continues to cloud the outlook for the world's No. 3 economy, which relies on exports as its main growth engine.

The dollar fell as low as 75.78 yen on trading platform EBS on Friday, surpassing its previous record low of 75.94 set in August and prompting a warning from Finance Minister Jun Azumi that Tokyo was ready to act in the markets.

"The dollar/yen rate fell sharply, to between 75 and 76 yen, in a short time. This is an utterly speculative move and not reflecting the economic fundamentals at all. This is regrettable," Azumi told reporters.

"If this move becomes excessive, we have to take decisive action. I have already instructed officials on Saturday to be prepared to take action."

Exports rose 2.4 percent in September from a year earlier, compared with a median forecast for a 1.0 percent increase, and followed a 2.8 percent climb in the year to August.

Imports increased 12.1 percent in September, against a forecast of a 12.6 percent rise.

The trade balance turned to a surplus of 300.4 billion yen ($3.95 billion) following the previous month's deficit. That compared with a median forecast of a 198.8 billion yen surplus.

Exports to Asia, which account for more than half of Japan's total exports, edged up 0.2 percent from a year earlier, with China taking in 2.7 percent more Japanese goods than a year ago while exports to the United States were up 0.4 percent.

The Japanese economy probably rebounded in the third quarter from the damage caused by the March 11 disaster but is expected to slow to a crawl in the final quarter due to an intensifying euro zone debt crisis that threatens to drag down the world economy, according to a Reuters poll.

Euro zone leaders are striving to agree on new steps to reduce Greece's debt, strengthen the capital of banks with exposure to troubled euro zone sovereigns and leverage the euro zone's rescue fund to stem contagion to bigger economies.

(Editing by Tomasz Janowski and Edmund Klamann)

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/nm/20111024/bs_nm/us_japan_economy

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Moderates stall rise of Swiss nationalists

Election officials counting votes at the parish hall in Appenzell , Switzerland Sunday Oct. 23, 2011. Swiss citizens voting in national elections Sunday were poised to hand nationalists an unprecedented 30 percent voice, following voting dominated by concerns about immigration, nuclear power and the economy. (AP Photo/Keystone/Ennio Leanza)

Election officials counting votes at the parish hall in Appenzell , Switzerland Sunday Oct. 23, 2011. Swiss citizens voting in national elections Sunday were poised to hand nationalists an unprecedented 30 percent voice, following voting dominated by concerns about immigration, nuclear power and the economy. (AP Photo/Keystone/Ennio Leanza)

Election officials counting votes at the parish hall in Appenzell , Switzerland Sunday Oct. 23, 2011. Swiss citizens voting in national elections Sunday were poised to hand nationalists an unprecedented 30 percent voice, following voting dominated by concerns about immigration, nuclear power and the economy. (AP Photo/Keystone/Ennio Leanza)

Helpers empty ballot-boxes in a polling station during the Swiss elections in Wolfenschiessen , Switzerland Sunday Oct. 23, 2011. Swiss citizens voting in national elections Sunday were poised to hand nationalists an unprecedented 30 percent voice, following voting dominated by concerns about immigration, nuclear power and the economy. (AP Photo/Keystone/Urs Flueeler)

Swiss residents fill out their election papers outside a polling booth at a polling station in the center of Geneva, Switzerland, Sunday, Oct 23, 2011. Swiss citizens voting in national elections Sunday were poised to hand nationalists an unprecedented 30 percent voice, following voting dominated by concerns about immigration, nuclear power and the economy.Word in French at left reads : Push. (AP Photo/Anja Niedringhaus)

A Swiss woman leaves a polling booth at a polling station in the center of Geneva, Switzerland, Sunday, Oct 23, 2011. Swiss citizens voting in national elections Sunday were poised to hand nationalists an unprecedented 30 percent voice, following voting dominated by concerns about immigration, nuclear power and the economy.Word in French reads : Push. (AP Photo/Anja Niedringhaus)

(AP) ? Swiss voters backed moderate forces in a general election Sunday in which nationalists failed in their effort to break through the 30 percent barrier with a campaign heavy on anti-immigrant sentiment.

The nationalist Swiss People's Party, or SVP, was projected to take 25.3 percent of the vote for the lower house, a drop of more than 3 percent on four years ago, according to public television station SF's latest projections.

On the left, the Greens also sustained a surprising setback, taking 8 percent of the vote, a drop of 1.6 percent. The SVP and Greens were each projected to lose seven seats in Switzerland's lower chamber, the 200-seat National Council.

"We didn't achieve our election goal," People's Party president Toni Brunner conceded as results trickled in.

The SVP remains Switzerland's biggest party. But its diminishment reverses 20 years of steady growth in parliamentary elections, which are held every four years. It drew 11 percent of the vote in 1987, but captured as much as 28.9 percent in 2007.

During that time, support had eroded for two major center-right parties, the Free Democratic Party and Christian Democratic People's Party, from a combined 42.5 percent in 1987 down to 30.3 percent in 2007.

Now, two of the SVP's small centrist competitors are rebounding ? at its expense.

The SVP's rise was stalled by the Conservative Democratic Party whose members split from the SVP in 2007, and the centrist Green Liberal Party, which picks up 9 seats in the National Council successfully riding a wave of anti-nuclear sentiment following the disaster at Japan's Fukushima plant in March.

Both those centrist parties are expected to receive about 5.2 percent of the vote for the National Council. Voters are also deciding on 45 of 46 seats for the upper house, or Council of States.

The panoply of political parties in Switzerland makes for intense haggling after every election, however, as each group demands fair representation in the country's cross-party government.

The result is a unique "magic formula," designed to condense complex electoral results into a seven-member Cabinet capable of governing by consensus in spite of sometimes widely differing views.

Despite its worse-than-expected result, the People's Party retains the biggest share of the vote and immediately laid claim to two Cabinet seats.

The party has built up a strong base of voters with campaigns warning of immigrants spoiling an Alpine nation that's been an oasis of relative stability within stormy Europe.

In its campaign, the People's Party accused foreigners of driving up Switzerland's crime rate, and called for those convicted of crimes to be deported. It also wants to reintroduce quotas on immigration from the 27 countries of the European Union, of which Switzerland isn't a member, illustrating the point with striking posters of black boots stomping on the Swiss flag with the message "Stop Mass Immigration."

The number of foreigners living in Switzerland rose almost 3 percent to 1.7 million over the past year ? mostly Italians, Germans, Portuguese and Serbs. Switzerland, along with Luxembourg and Liechtenstein, has one of the highest proportions of foreign inhabitants in Europe.

They account for one of every five of the country's nearly 7.9 million permanent residents, and mostly live in the large cities of Zurich, Geneva, Basel, Lausanne and Bern.

Many foreigners who work in Switzerland come for jobs for which they're considered highly qualified, but that hasn't stopped the Swiss from worrying that the influx of outsiders in their midst is spurring a rise in crime, house prices and joblessness.

For some voters, however, the People's Party's relentless focus on foreigners went too far.

Pushing a stroller in the capital Bern with his twin 1-year-old sons ? half Swiss, half Sri Lankan ? architect Timo Odoni pointed to one of the nationalists' posters.

"I just can't stand how they do their posters because it reminds me of 60 years before, in Germany, a little bit. And we have to do something about it," Odoni said.

"I certainly will vote the green and left parties," he said. "We have no problem with immigration, really. We have other problems, but not this problem."

___

Frank Jordans contributed to this report from Geneva.

___

Follow John Heilprin at http://www.twitter.com/JohnHeilprin

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2011-10-23-EU-Switzerland-Election/id-b06d9cbe30664e5795382e8417f4d090

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Tebow may face depleted Dolphins

updated 3:58 p.m. ET Oct. 21, 2011

DAVIE, Fla. - Tim Tebow may face an injury-depleted Miami Dolphins secondary Sunday.

Safety Reshad Jones is doubtful and cornerback Vontae Davis and safety Chris Clemons are questionable for the game against Tebow and the Denver Broncos. All are hampered by hamstring injuries, as is cornerback Nolan Carroll, who is probable.

Receiver Brandon Marshall (quadriceps), linebacker Cameron Wake (hamstring) and running backs Reggie Bush (groin) and Daniel Thomas (hamstring) were listed as probable Friday.

Tebow will make his first start of the season for the Broncos.

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


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Split decisions for Week 7

PFT's picks: San Diego-New York got a lot more interesting with the Rex Ryan-Norv Turner spat, and we're split on Tim Tebow, too.

Source: http://nbcsports.msnbc.com/id/44992911/ns/sports-nfl/

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After criticism, Cain clarifies his abortion views

Republican presidential candidate Herman Cain delivers a keynote address during the Western Republican Leadership Conference Wednesday, Oct. 19, 2011, in Las Vegas. (AP Photo/Isaac Brekken)

Republican presidential candidate Herman Cain delivers a keynote address during the Western Republican Leadership Conference Wednesday, Oct. 19, 2011, in Las Vegas. (AP Photo/Isaac Brekken)

(AP) ? Republican presidential candidate Herman Cain clarified his position on abortion Thursday, a day after saying he opposed the procedure but didn't believe the government or other people should have a role in the decision to terminate a pregnancy.

Cain issued the statement after rival Republican candidate Rick Santorum accused the Georgia businessman of holding a view common to supporters of abortion rights and said Cain was not a true conservative. It was the third time in less than a week that Cain had made a statement only to take it back after facing criticism.

In an interview Wednesday with CNN, Cain said he believes life begins at conception. "And abortion under no circumstances," he added. But Cain also said "it's not the government's role or anybody else's role to make that decision."

Asked whether his personal views would become a "directive to the nation," should he become president, Cain said they wouldn't.

"I can have an opinion on an issue without it being a directive on the nation," he said. "The government shouldn't be trying to tell people everything to do, especially when it comes to social decisions that they need to make."

Campaigning in New Hampshire on Thursday, Santorum accused Cain of misleading voters about his conservative credentials.

"It's basically the position that just about every pro-choice politician has in America," Santorum told The Associated Press. "I don't know too many pro-choice politicians who are for abortion, who want more abortions ... but they say the decision is a choice the government shouldn't be involved in."

Santorum added: "That is Herman Cain's position, which does not make him pro-life. That is the quintessential pro-choice position on abortion."

In a statement released in the wake of Santorum's remarks, Cain said he thought he was being asked on CNN whether he would, as president, "order" people to not seek abortions.

"My answer was focused on the role of the president. The president has no constitutional authority to order any such action by anyone. That was the point I was trying to convey," he said. "As to my political policy view on abortion, I am 100 percent pro-life. End of story."

Cain said he would do "everything that a president can do, consistent with his constitutional role, to advance the culture of life."

Cain has walked back two other statements recently. A day after saying that he wanted a potentially deadly electrified fence to keep out illegal immigrants, he told NBC on Sunday that he had been joking. On Tuesday, hours before a GOP candidate debate, Cain told CNN that as president he would negotiate for the release of American hostages held by al-Qaida in exchange for all prisoners at the Guantanamo Bay facility in Cuba. He later said he had misunderstood the question and that he would not negotiate with the terrorist group.

Santorum, a former U.S. senator from Pennsylvania, has been campaigning aggressively in early voting Iowa, where he gets high marks from conservative activists but registers little support in public polls. Cain, meanwhile, has been rising in the polls, both in New Hampshire and nationally.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2011-10-20-US-Santorum-Cain-Abortion/id-f776ae4a1d9a496eaa5727c2f453b85f

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Yahoo "cross talk" ban jolts bidders (Reuters)

NEW YORK (Reuters) ? Some potential buyers of Yahoo Inc are balking at the Internet company's demands for confidentiality that would prevent them from discussing joint bids, according to several people close to the situation.

Yahoo advisers Goldman Sachs and Allen & Co informed interested parties this week of a "no cross talk" provision, part of a non-disclosure agreement that must be signed to gain access to Yahoo's sensitive financial data, the sources said.

The provision has irked several potential buyers, including private equity firms that had planned to jointly bid for Yahoo.

They have refused to sign the nondisclosure agreement, and one source went so far as to call the provision a deal-breaker.

With a market value of about $20 billion, Yahoo is likely too big for any one party to swallow, with the exception of possibly Microsoft Corp.

But even Microsoft is considering a team bid, the Wall Street Journal said. It reported in its Deal Journal that Microsoft was working with Silver Lake Partners and the Canada Pension Plan Investment board on a proposal.

"Under the proposal being discussed, Microsoft would put up several billion dollars of funding, with additional financing being arranged by banks," the newspaper said, quoting unnamed sources.

Silver Lake and the Canadian fund would kick in the rest, though this would be less than Microsoft's contribution, the report said.

Bill Cox, a Microsoft spokesman visiting Hong Kong, declined to comment on the report.

Reuters has previously reported Microsoft and Silver Lake Partners, a buy-out firm, were among a host of interested bidders.

Jack Ma, the founder and CEO of Chinese e-commerce giant Alibaba Group, also reiterated his interest in buying Yahoo on Thursday.

"If the board is willing to sell, I'm interested. They've just got to let us know," Ma said at the AllThingsD event in Hong Kong.

If Yahoo insists on the "no cross talk" provision, it could heighten pressure on Yahoo's co-founder and former CEO Jerry Yang, who has been criticized for not acting in the best interest of shareholders.

The prevailing perception is that Yang derailed the Microsoft talks in 2008.

Yang said the company has not ruled out any possibilities.

"There are plenty of options for it to work and there are plenty of options for shareholders to realize that," Yang told the AllThingsD event when asked about the possibility of selling Yahoo.

Yang and Tim Morse, who was appointed interim chief executive after Carol Bartz was fired in September, have been driving the strategic review process, sources said.

Yang is interested in a deal with private equity firms to take Yahoo private in part because he sees that as the best option for preserving his connection to the company, Reuters has reported.

FOR COMPETING BIDS

The "no cross talk" rule is aimed partly at keeping that competitive tension in the bidding process.

"The board is taking action that is not conducive to the process," said the source, who spoke on condition of anonymity.

Implementing a "no cross talk" policy gives Yahoo more control over its strategic review. The company is not opposed to a joint bid, but it wants to encourage competition and avoid all the bidders forming one giant consortium, according to another person familiar with the situation.

"If they can control it, they can pair people up in a way so that you have a couple of consortiums," said the source.

"Whereas if they let everyone talk to everyone, it could very well be -- given the size of the check -- that you end up having only one buyer to bid on and then you have no tension in the auction."

A Yahoo spokesman declined to comment.

Over the last few weeks, private equity firms including Bain Capital, Silver Lake, Providence Equity Partners and Hellman & Friedman LLC have stepped up efforts to partner among themselves or with potential strategic buyers, such as Chinese e-commerce giant Alibaba or Microsoft.

AOL Inc Chief Executive Tim Armstrong is also actively trying to sell investors on a deal with Yahoo, though that is viewed to be a very long shot.

Private equity firm Blackstone Group has also expressed interest in the Internet giant, said one of the sources. A Blackstone spokesman was unavailable for comment.

The Wall Street Journal also reported that some private equity firms were valuing Yahoo between $16 and $18 per share. By comparison, Microsoft offered as much as $33 per share, or $47.5 billion, for Yahoo three years ago.

Yahoo shares rose 3.04 percent to close at $15.94 on the Nasdaq on Wednesday.

Given the poor lending environment and lukewarm interest from strategic buyers, a club deal involving at least two or more private equity firms is seen as necessary to getting a deal done, sources said.

But it would be hard for interested parties to put together an offer without access to detailed information on such things as the contractual agreements between Yahoo and its investment partners Alibaba and Softbank, or details of the search pact with Microsoft.

"The good news is there is a decent amount of information out there on Yahoo, but it is not at the level to do real due diligence," said the second source.

"You need to get under the covers there to peel back and see if the metrics are working in different business lines."

Financial information on Yahoo is expected to be circulated to interested parties this week.

(Additional reporting by Lee Chyen Yee in HONG KONG; Writing by Peter Lauria; Editing by Tiffany Wu, Bernard Orr, Mark Bendeich and Vinu Pilakkott)

Source: http://us.rd.yahoo.com/dailynews/rss/tech/*http%3A//news.yahoo.com/s/nm/20111020/wr_nm/us_yahoo_bidding

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Tiny US phone company C Spire is getting iPhone 4S

(AP) ? Apple says C Spire Wireless, the country's eighth-largest phone company, will start selling the iPhone 4S in a few weeks.

The iPhone is eagerly coveted by phone companies. Mississippi-based C Spire is leapfrogging much larger carriers including T-Mobile USA and U.S. Cellular in getting the right to sell it.

Sprint Nextel Corp. began selling Apple Inc.'s phone last week. AT&T Inc. and Verizon Wireless were already selling it.

C Spire was called Cellular South until a month ago. It has about 1 million subscribers.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/495d344a0d10421e9baa8ee77029cfbd/Article_2011-10-19-Apple-iPhone-C%20Spire/id-fd9935dac24f45e0b2c294d993f68bae

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Franco-German split over bailout fund threatens crisis plan (Reuters)

BRUSSELS/BERLIN (Reuters) ? Deep divisions between France and Germany mean they will make scant progress on strengthening the euro zone bailout fund at a summit on Sunday, in a sign that Europe's leaders are still some way from getting a grip on the bloc's debt crisis.

France and Germany said in a joint statement on Thursday that European leaders would discuss a global solution to the crisis on Sunday but no decisions would be adopted before a second meeting to be held by Wednesday at the latest.

The major sticking point is over how to scale up the European Financial Stability Facility (EFSF), a 440 billion euro ($600 billion) fund so far used to bail out Portugal and Ireland.

France and Germany disagree over the best way to bolster the facility, with Paris fearing its triple-A credit rating could come under threat if the wrong method is chosen.

Failure to agree on leveraging the EFSF will further damage confidence in the euro zone's ability to tackle its debt crisis after nearly two years of trying to get on top of a problem that started in Greece and now threatens Italy, Spain and even France.

Underlining the threat the euro zone crisis poses to the broader global economy, U.S. President Barack Obama held a video conference with German Chancellor Angela Merkel and French President Nicolas Sarkozy, reiterating that he hopes a solution will be in place in time for a summit of G20 leaders in France on November3-4.

Merkel and Sarkozy "fully understand the urgency of the issues in the euro zone and are working diligently to develop a comprehensive solution that addresses the challenge and which will be politically sustainable," the White House said.

In their effort to agree a comprehensive resolution plan, euro zone leaders are striving to agree new steps to reduce Greece's debt, strengthen the capital of banks exposed to weak sovereign debt and leverage the EFSF to stem contagion to bigger economies.

The communique, issued after Sarkozy and Merkel spoke by telephone, said Paris and Berlin wanted negotiations to start immediately with the private sector over its contribution to a sustainable plan for Greece's mountainous debt.

The statement from the euro zone's dominant two leaders, who will meet in Brussels for talks on Saturday, suggested little progress had been made in that area either.

Despite the divisions on the EFSF, EU leaders have made headway on another critical element in tackling the crisis -- the recapitalization of European banks -- while a draft statement for Sunday's summit showed euro zone countries will make rules to limit budget deficits and public debt part of national legislation by the end of next year.

EU officials said all 27 member states had agreed that just short of 100 billion euros was required to bolster bank balance sheets, a substantial step forward in attempts to protect the system against the threat of a default in Greece or elsewhere.

"The figure has been discussed with member states. It is now acceptable for everybody," an EU source involved in the discussions said.

Banks will be required to come up with the capital from shareholders first, and if that fails then national governments will provide the support. Only as a last resort will the EFSF be used to recapitalize institutions.

A deal on bank capital clears one hurdle ahead of Sunday, but at least three others remain -- a deal on a revised second bailout package for Greece, the extent of the private sector's involvement in that, and the EFSF's structure.

The International Monetary Fund and the EU also do not see eye-to-eye over the sustainability of Greek debts, with the IMF concerned that EU projections may be too optimistic and that deeper debt reduction is needed, EU sources told Reuters.

Despite the differences of opinion, EU and IMF inspectors are expected to go ahead and approve an 8 billion euro aid payment to Greece next month, the sixth tranche from a 110 billion euro package of EU/IMF loans agreed last May.

Without that payment Greece faces default, possibly dragging the larger economies of Spain and Italy into the mire and sending shockwaves through the European banking system.

A German government spokesman said the second meeting would allow the budgetary committee of the German parliament to consider plans for the euro zone rescue fund. The committee has to consider such plans, according to German regulations.

"The president and the chancellor affirmed their complete agreement to provide a global, ambitious response to the crisis currently facing the euro zone," the Franco-German statement said.

HOW TO SCALE UP

The biggest challenge is agreeing on the method of scaling up the EFSF. France has argued the most effective way of leveraging it is to turn it into a bank which could use funding from the European Central Bank, but both the ECB and Berlin oppose this and the proposal appears to be dead.

Instead, there is an initiative to use the EFSF to guarantee a portion of potential losses on new euro zone debt, a way of trying to restore market confidence and convince investors that Italian and Spanish bonds are safe to buy.

By guaranteeing only a portion, perhaps a third or a fifth, of each debt issue, the EFSF's funds would stretch 3-5 times further, increasing it to around 1-1.5 trillion euros.

But analysts are concerned that such a plan could create a two-tier bond market, with bonds that have guarantees trading at a premium to the secondary market -- an outcome that would likely fuel the turmoil markets are already in.

Markets caught up with the downbeat tone. European shares fell and the euro weakened.

"I don't think they can meet expectations. The summit will fall well, well short of the kind of big bang needed to reassure the markets," said Simon Tilford, chief economist at the Center for European Reform in London.

Guidelines for changes to the bailout fund obtained by Reuters confirmed it will be able to buy bonds on the secondary market once a request from a country is approved by ECB and euro zone finance officials.

FORCED BANK LOSSES?

Adding to uncertainty, EU officials said there was growing acceptance among key euro zone member states that further private sector involvement in Greek debt reduction may have to be forced, not voluntary -- an outcome ruled out up to now.

"Let's be serious, everybody knows that a 50 percent haircut, as Germany is asking for, is not a voluntary move," one EU official said. Leaders will also have to agree on a new bailout package for Greece, one that is expected to be at least 110 billion euros, not including the private sector's role.

In July, banks and insurers agreed to contribute 50 billion euros to reducing Greece's debt via a debt buyback and swap agreement, which equated to a 21 percent writedown. That is now seen as insufficient to make Athens' debts sustainable.

Greece remains mired in recession and its overall debt is forecast to climb to 357 billion euros this year, or 162 percent of annual economic output -- a debt pile few economists believe can be paid back.

While Europe's leaders rush to stop a larger writedown of Greek debt infecting others in the euro zone, ordinary Greeks are raging at the prospect of years more pain as the price of help from international lenders.

Clashes between rival groups of protesters broke out in front of the Greek parliament, interrupting a rally by tens of thousands against a tough new package of austerity measures.

Nonetheless, Greek lawmakers gave final approval for the law cutting wages and hiking taxes, crucial for the country to receive a next batch of bailout funds and avoid bankruptcy.

($1 = 0.730 Euros)

(Additional reporting by Andreas Rinke and Madeline Chambers in Berlin, John O'Donnell, Julien Toyer, Jan Strupczewski and Luke Baker in Brussels and Michael Shields in Vienna; Writing by Mike Peacock and Luke Baker; Editing by Jon Boyle)

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/nm/20111020/bs_nm/us_eurozone

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Barack Obama on Keeping Up with the Kardashians Viewing: Really?!?


At home, like in the economic sector, Barack Obama would like to instill a few regulations for the common good. But he doesn't always succeed.

Case in point: Keeping Up with the Kardashians.

Barack Obama at the UNKurvaceous

Even the most loyal Tea Party members might have trouble deciding: Who is worse for this country?

In a new interview with iVillage, Michelle Obama says she and her husband keep an eye on what daughters Sasha and Malia watch on television, but they can't control all programming choices.

"Barack really thinks some of the Kardashians - when they watch that stuff - he doesn't like that as much," the First Lady said, clearly trying to choose her words carefully. "But I sort of feel like... if they're learning the right lessons, like, that was crazy, then I'm like, okay."

In other words: the actions of Kim Kardashian and kompany are crazy! But, hey, even if Tea Party members want you to believe this isn't true with Obama in charge, it's a free country. Watch what you want.

Source: http://www.thehollywoodgossip.com/2011/10/barack-obama-on-keeping-up-with-the-kardashians-viewing-really/

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