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New Egyptian Facebook Page Created to Expose Sexual Harassers

A new Facebook page has been created to expose sexual harassers in Egypt by calling on women to post photos of men caught in the act. Its the latest effort by campaigners to end gender-based violence and intimidation. The Arabic-language page, called “Embarrass a Harasser, The Public Record of Harassers,” was set up five days ago by a group of girls in Egypt and has attracted more than 9,000 followers so far. “Can’t hit him? Can’t catch him? Photograph and expose him!” reads the page’s description. One photo, uploaded on March 15, shows a young man on a subway car. He’s sitting in a female only-carriage and annoying women with his stares, according to the caption. In another image, an older man grabs the buttocks of a veiled woman. The caption says its a misconception that clothing has anything to do with a woman becoming a victim of harassment or not. Women have long complained of daily sexual harassment in Egypt. In the two years since the 2011 revolution ousted Hosni Mubarak , the issue has come under the spotlight, with victims defying cultural norms to speak out publicly about attacks and activists increasingly using new media to get out their message. The “anti-harassment movement” Facebook page was set up in August 2012 and has more than 32,000 followers. It says it’s aiming to have sexual harassment made a criminal offense. The government-backed National Council for Women began drafting a law after at least 29 women were assaulted by a mob on Jan. 25. Harassmap , a website that charts country-wide incidents from catcalls to ogling, stalking and rape, was set up in 2010. A study by the Egyptian Center for Women’s Rights in 2008 said that 62 percent of men surveyed admitted to sexually harassing women and 53 percent said women bring such offenses on themselves. To contact the reporter on this story: Nadine Marroushi in Cairo at [email protected] To contact the editor responsible for this story: Andrew J. Barden at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

U.S. Companies Reporting Lower Quarterly EPS, Feb. 9

The following U.S. companies reported lower earnings per share for their latest quarter (end date of the quarter is noted in the last column). Earnings estimates provided by Bloomberg. To contact the reporter on this story: Wendy Soong in New York at at [email protected]. To contact the editor responsible for this story: Alex Tanzi at at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Serbia’s Ambassador to NATO Kills Self in Brussels, Blic Says

Branislav Milinkovic, Serbia ’s ambassador to the North Atlantic Treaty Organization, committed suicide at Brussels’ airport late yesterday, Blic newspaper reported, citing a diplomatic official it didn’t name. Milinkovic, 52, “died tragically” in Brussels, the Foreign Ministry said in an e-mailed statement without elaborating. The diplomat who represented Serbia at NATO since 2009 and previously at the Vienna-based Organization for Security and Cooperation in Europe , jumped off a parking building, according to the Belgrade-based newspaper. To contact the reporter on this story: Misha Savic in Belgrade at [email protected] To contact the editor responsible for this story: James M. Gomez at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Clariant Puts Leather Chemicals Up for Sale to Help Boost Profit

Clariant AG (CLN) added leather chemicals to a list of units slated for disposal because they no longer meet standards needed to reach a company profit goal. Clariant will begin the sale of its leather chemicals and detergents and intermediates business units in the first quarter of next year, Kai Rolker a spokesman for the Swiss company, said today. Clariant had said in March that the leather-chemicals unit was under review. “It’s a good business, but it doesn’t match the requirements we have set ourselves,” Rolker said. The unit, which had revenue of 265 million Swiss francs ($280.4 million) last year, does not support Clariant’s plans to achieve a margin of earnings before interest, taxes, depreciation and amortization on sales of 17 percent by 2015, he said. Chief Executive Officer Hariolf Kottmann is expanding his list of assets for sale amid slowing demand for chemicals in Europe which caused the company to cut a full-year sales target on Oct. 30. Kottmann has said he will sell some units by the end of next year to make space for less-cyclical businesses like catalysts and chemicals for the oil and mining industries. The sale of leather chemicals is the second wave of a divestment program. A first round including the sale of paper-, textile-, and emulsions-chemicals units kicked off earlier this year. Clariant has no specific plans to carve out more divisions or for a third wave of disposals, Rolker said. Clariant shares gained as much as 1 percent and traded 0.2 percent higher at 12:37 a.m. in Zurich.Finanz & Wirtschaft reported earlier today than Clariant will sell its leather chemicals business. To contact the reporter on this story: Patrick Winters in Zurich at [email protected] To contact the editor responsible for this story: Benedikt Kammel at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Euro’s Rally Against Pound Seen Reversing: Technical Analysis

The euro’s rally against the pound during the past month may be set to reverse after the currency failed to break through a key level of so-called resistance, Commerzbank AG said, citing trading patterns. The 17-nation shared currency, which reached a six-week high against the pound yesterday, may fall as much as 0.5 percent after failing to break through its 55-week moving average of 81.48 pence, Karen Jones , head of foreign-exchange, fixed-income and commodities technical analysis in London, wrote in an e-mailed note. The currency may drop to 80.73 pence, a so- called near-term support level, she wrote. The 55-week moving average represents “a pivotal resistance,” Jones wrote. “We should see a slide back to the near-term support line.” The euro was little changed at 81.15 pence at 10:08 a.m. London time after advancing to 81.48 pence yesterday, the strongest since Oct. 24. The currency has gained 1.8 percent against the pound since Nov. 8. Resistance refers to an area on a price graph where analysts anticipate orders to sell a security will be clustered. Support is where buy orders may be grouped. In technical analysis , investors study charts of trading patterns and prices to predict changes in a security, currency or index. To contact the reporter on this story: David Goodman in London at [email protected] To contact the editor responsible for this story: Paul Dobson at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Ex-Juror Arrested, Forced to Testify in Bid for New Tax Shelter Case Trial

A juror who helped convict four defendants in a 10-year tax shelter scheme said she lied about her background to make herself “more marketable” to serve on the panel. Catherine Conrad, who was Juror No. 1 in the trial of Paul Daugerdas, a former lawyer at the defunct law firm Jenkens & Gilchrist , and three others, testified in a hearing in Manhattan federal court today that she failed to disclose that she’s an alcoholic and a suspended attorney with numerous arrests for crimes including shoplifting and driving under the influence of alcohol. Daugerdas and the other defendants convicted in May at the end of a 10-week trial have asked U.S. District Judge William Pauley to order a new trial based on Conrad’s lies and omissions about her past during jury selection. Pauley ordered her arrested this morning after she telephoned a judge’s clerk in Manhattan federal court to say she wasn’t going to obey a court subpoena requiring her to testify today. “I know I served and I know I did my civic duty,” Conrad told Pauley near the end of her testimony today. “I know my disclosures would definitely not have allowed me to serve as a juror.” Two-Day Hearing Pauley is holding a two-day hearing to determine whether to throw out the convictions and order a new trial. Conrad was granted immunity for her testimony today, after invoking her constitutional right not to incriminate herself. Pauley released Conrad at the end of 3 1/2 hours on the stand. Jurors convicted Daugerdas on more than 20 criminal counts, including conspiracy, multiple counts of tax evasion and attempting to impede the Internal Revenue Service. He faces more than 20 years in prison. The defendants claim Conrad wouldn’t have been permitted to serve on the jury if she’d told the truth about her background. Her presence on the panel deprived them of a fair trial, they said. Frequently during her testimony today, Conrad defended the verdict reached by her and the other jurors in the case, which she called “fair and just and unbiased.” ‘Shocking Disregard’ Conrad, who said her primary practice had been personal injury law, was indefinitely suspended from practicing law in 2007 after a panel of judges found her behavior showed “a shocking disregard for the judicial system.” She told Pauley that part of her motivation to be on the jury was that she missed being in the courtroom and was eager for the intellectual challenge of the case. During jury selection, Conrad said she lived in Bronxville, New York, in her father’s home, rather than an apartment in the Bronx that defense lawyers claim is her real residence. And Conrad testified today that she lied about owning her home, rather than renting. “I thought that would seem more juror-marketable,” she said. The jury also returned guilty verdicts for Denis Field, the former chief executive officer at accounting firm BDO Seidman LLP; Donna Guerin, a Jenkens & Gilchrist lawyer; and David Parse, who worked for Deutsche Bank AG (DBK) unit Alex. Brown Inc. a second former Alex. Brown accountant, Robert Craig Brubaker, was acquitted. Letter to Prosecutor Defense lawyers asked for a new trial after Conrad sent a May 25 letter to Assistant U.S. Attorney Stanley Okula praising the prosecution team and discussing the jury’s deliberations. In the letter, Conrad described herself as “the nerdy person with the ‘Susan Brune’ glasses, I was always head down taking notes!” Susan Brune is a lawyer who represented Parse in the case. Conrad wrote that she “held out for two days” to convict Parse of a conspiracy charge, then “had to throw in the towel.” Conrad denied Gair’s suggestion today that the letter to Okula was “flirtatious” and said she hadn’t specially chosen a “Love” stamp for the postage. Under Gair’s questioning, Conrad said she had stolen a bag of shrimp from a convenience store while drunk. On another occasion she punched a police officer in the stomach as he arrested her for drunk driving. At the time of the Daugerdas trial, there was an outstanding warrant for her arrest issued in Winslow, Arizona , after she was arrested for an altercation with her husband and failed to appear in court. Conrad didn’t disclose any of those incidents in response to juror questions asking about arrests and convictions, she said. ‘Career Criminal’ Conrad also admitted she didn’t tell the judge that her husband had been convicted of crimes including check fraud, weapons possession, harassment and burglary. He served seven years and seven months in prison for auto theft, Conrad testified. “Your husband is a career criminal, isn’t he,” Gair asked Conrad. “So are most attorneys,” she answered, prompting laughter from some in the courtroom. The case is U.S. v. Daugerdas, 09-CR-581, U.S. District Court, Southern District of New York (Manhattan). To contact the reporter on this story: Bob Van Voris in New York at [email protected]. To contact the editor responsible for this story: Michael Hytha at [email protected] .

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Alcatel, EDF, Societe Generale, Unibail: French Equity Preview

The following is a list of companies whose shares may have unusual price changes in Paris. Stock symbols are in parentheses after company names and prices are from the last close. France’s benchmark CAC 40 Index (CAC) declined 3.6 percent to 3,148.53 points on Sept. 2, the biggest decline in 11 days. The broader SBF120 Index fell 3.4 percent to 2,415.82. Alcatel-Lucent (ALU FP): Permira Advisers LLP is in talks to buy Alcatel-Lucent’s Genesys software unit after the buyout firm decided against a takeover of the entire enterprise unit, according to a person with direct knowledge of the situation. Alcatel-Lucent shares fell 4.1 percent to 2.545 euros. Electricite de France SA (EDF FP): Italian Industry Minister Paolo Romani said he will meet with EDF Chief Executive Officer Henri Proglio today to discuss ownership reorganization at Edison SpA. The shares declined 3.2 percent to 20.95 euros Renault SA (RNO) : The French auto-maker needs to develop in the premium-car segment to highlight its capabilities and better use the company’s Formula 1 successes, Chief Operating Officer Carlos Tavares told Le Figaro. Renault shares dropped 5.4 percent to 26.475 euros. Societe Generale (GLE) SA: France’s second-largest bank by market value was among 17 lenders sued by the U.S. Federal Housing Finance Agency to recoup $196 billion spent on mortgage- backed securities bought by Fannie Mae and Freddie Mac. Societe Generale shares fell 6.7 percent to 22.165 euros. Unibail-Rodamco SE (UL) : Europe’s largest publicly traded real-estate company will be dropped from the Dutch benchmark AEX Index after the next annual review in March 2012, NYSE Euronext said. Unibail-Rodamco shares fell 2.3 percent to 146.95 euros. To contact the reporter on this story: Rudy Ruitenberg in Paris at [email protected]. To contact the editor responsible for this story: Claudia Carpenter at [email protected] .

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Czech Government Says No Reason for Concern About Nuclear Safety

The Czech government sees no reason for concern about the safety of the country’s two nuclear plants, Prime Minister Petr Necas said. “There is absolutely no reason for switching off Temelin and Dukovany,” Necas said today at a press conference in Prague. “It would provoke an economic collapse.” CEZ AS (CEZ) , the state-controlled utility, will go ahead with plans to expand the Temelin plant, Necas said. To contact the editor responsible for this story: Ladka Bauerova at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Twin Bombings Kill 73 People in Pakistan’s Charsadda, Injuring 68 Others

Twin bombings in Pakistan ’s northwestern city of Charsadda left 73 people dead and 68 were injured, Zia Ullah, a police officer, said by telephone. One bomb was planted in a motorcycle, Jahanzeb Khan, a police inspector told reporters in Charsadda. The bombs exploded as cadets from the Frontier Constabulary, a paramilitary force, were going home after their graduation ceremony, GEO television reported. To contact the reporter on this story: Khurrum Anis in Karachi at [email protected] To contact the editor responsible for this story: Naween Mangi at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

South Korean Economy to Forecast Grow 3.7% in 2012, Bank of Korea Says

South Korea ’s growth is set to slow and inflation may ease next year, the Bank of Korea said a day after leaving borrowing costs unchanged on concern Europe ’s debt crisis poses risks to Asia ’s fourth-biggest economy. Gross domestic product is likely to expand 3.7 percent in 2012 and 4.2 percent in 2013, compared with 3.8 percent this year, the central bank forecast in a statement released in Seoul today. Consumer prices may increase 3.3 percent next year after a 4 percent gain in 2011, it said. Governor Kim Choong Soo left the seven-day repurchase rate at 3.25 percent for a sixth month yesterday, the longest pause since tightening began in July 2010. Downside risks to growth are “high” because of the European turmoil, possible slumps in major economies and unrest in international financial markets, the central bank said in its statement yesterday. “The BOK will likely use a rate cut as the last resort only when the economy faces a risk of recession,” Kong Dong Rak, a fixed-income analyst at Taurus Investment & Securities Co. in Seoul , said before the release. “It will likely stay pat well into the first half of next year, opting to wait for a clearer picture in Europe.” The won fell 0.7 percent to 1,138.90 per dollar as of 9:46 a.m. in Seoul, according to data compiled by Bloomberg. The Kospi stock index dropped 2 percent. Growth Forecast Cut The Bank of Korea may have to cut its forecast for 2012 GDP again if the crisis in Europe worsens beyond the first quarter of next year, which seems unlikely at the moment, Lee Sang Woo, director-general of the Bank of Korea’s research department, told reporters in Seoul today. Quarterly economic growth may slow to 0.7 percent in the first quarter before rebounding to 0.9 percent in the second and 1.1 percent each in the third and fourth, Lee said. He projected 1 percent growth for this quarter from the previous. The central bank in July projected economic expansion of 4.6 percent and 3.4 percent inflation for next year. Consumer price s rose 4.2 percent in November compared with a year ago, breaching the bank’s target limit of 4 percent. Producer prices climbed 5.1 percent in November from a year earlier, the slowest pace in a year, as vegetable and fruit prices declined on increased output amid warm weather, according to a central bank report today. The central bank today forecast that the jobless rate will drop to 3.4 percent next year from 3.5 percent this year. The nation’s current-account surplus is expected to narrow to $13 billion in 2012 from $27.2 billion this year. To contact the reporter on this story: Eunkyung Seo in Seoul at [email protected] To contact the editor responsible for this story: Paul Panckhurst at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Palm Advances to Five-Week High on Rising Demand Before Ramadan

Palm oil climbed to the highest level in more than five weeks on speculation that an increase in demand before the Muslim fasting month of Ramadan may cut stockpiles in Malaysia, the second-largest producer. The contract for August delivery rose as much as 1.2 percent to 2,363 ringgit ($783) a metric ton on the Bursa Malaysia Derivatives, the highest price for most-active futures since April 12, before trading at 2,362 ringgit at 4:14 p.m. in Kuala Lumpur. The world’s most used edible oil may advance next month as demand grows ahead of Ramadan, before resuming a decline, Dorab Mistry, director at Godrej International Ltd., said yesterday. Purchases from the Middle East and South Asia usually climb before Ramadan, which begins in July this year, when communal meals boost total consumption. “The strong demand will be from Ramadan stock-up and also strong demand from the Northern Hemisphere because of warmer weather,” said Alan Lim Seong Chun, an analyst at Kenanga Investment Bank Bhd., referring to Europe and the U.S. where demand drops in winter as palm oil clouds in cooler temperatures. “Inventory will still decline in May.” Stockpiles may drop for a fifth month to 1.84 million tons in May as demand will outpace supply, said Lim. Reserves declined 11 percent to 1.93 million tons last month, according to the Malaysian Palm Oil Board. Refined palm oil for September delivery advanced 0.9 percent to close at 6,104 yuan ($995) a ton on the Dalian Commodity Exchange , while soybean oil climbed 1.3 percent to end at 7,536 yuan. On the Chicago Board of Trade, soybeans for July delivery were little changed at $14.7875 a bushel and soybean oil for the same month rose 0.3 percent to 49.61 cents a pound. To contact the reporter on this story: Ranjeetha Pakiam in Kuala Lumpur at [email protected] To contact the editor responsible for this story: James Poole at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

USDA Boxed Beef Cutout Closing Prices for April 18

April 18 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 3:00 p.m. U.S. central time. Prices are determined from cuts in dollars a hundredweight and vary between higher-quality choice cuts and select beef cuts for sale f.o.b. Omaha, Nebraska. CHOICE SELECT 600-900 600-900 ------------------------------------------------------------------------------- Current Cutout Values: 186.88 183.38 Change from prior day: 0.45 (0.59) ------------------------------------------------------------------------------- Choice/Select spread: 3.50 Total Load Count (Cuts, Trimmings, Grids): 238 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 269.93 263.14 Primal Chuck 153.80 153.47 Primal Round 163.14 161.96 Primal Loin 256.86 245.10 Primal Brisket 121.91 122.09 Primal Short Plate 139.78 142.03 Primal Flank 112.64 111.07 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/15 104 47 7 43 201 186.43 183.97 04/14 120 47 16 23 206 187.96 184.33 04/13 188 76 29 42 334 189.53 185.34 04/12 100 65 16 35 216 190.42 185.89 04/11 86 37 11 34 168 190.10 185.50 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 188.89 185.01 -------------------------------------------------------------------------------- NATIONAL BOXED BEEF CUTS - NEGOTIATED SALES FOB Plant basis negotiated sales for delivery within 0-21 day period. Prior days sales after 1:30pm are included. CURRENT VOLUME - (one load equals 40,000 pounds) Choice Cuts 132.58 loads 5,303,007 pounds Select Cuts 49.35 loads 1,974,080 pounds Trimmings 9.23 loads 369,036 pounds Coarse Grinds 47.12 load 1,884,975 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 IMPS/FL Sub-Primal # of Total Price Weighted rades Pounds Range Average ------------------------------------------------------------------------------- 109A 1 Rib, roast-ready, heavy 109E 1 Rib, ribeye, lip-on, bn-in 33 145,323 514.75 554.00 529.93 112A 3 Rib, ribeye, bnls, light 9 42,624 525.41 607.00 543.69 112A 3 Rib, ribeye, bnls, heavy 13 10,336 572.00 605.10 588.02 113A 1 Chuck, square-cut, 2 piece 0 0 113C 1 Chuck, semi-bnls, neck/off 7 106,152 182.00 199.35 190.59 113C 3 Chuck, semi-bnls, neck/off 3 Chuck, semi-bnls n/o sh-cut 114 1 Chuck, shoulder clod 8 43,599 190.78 202.00 192.67 114A 3 Chuck, shoulder clod, trmd 32 203,394 196.75 224.75 201.98 114D 3 Chuck, clod, top blade 5 15,935 273.90 295.50 287.73 114E 3 Chuck, clod, arm roast 11 11,908 228.50 249.50 233.17 114F 5 Chuck, clod tender 8 15,585 340.50 392.00 370.18 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 49 656,937 198.00 225.00 204.91 116B 1 Chuck, chuck tender 32 156,551 199.00 220.00 205.56 3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 57 392,345 165.00 183.00 169.73 120A 3 Brisket, point/off, bnls 12 15,555 290.00 340.80 313.23 123A 3 Short Plate, short rib 13 25,580 277.00 360.00 315.89 130 4 Chuck, short rib 20 112,428 194.00 224.00 203.21 160 1 Round, bone-in 161 1 Round, boneless 6 6,600 201.73 208.25 204.38 3 Round, bnls/peeled heel-out 167 1 Round, knuckle 0 0 167A 4 Round, knuckle, peeled 51 175,268 210.35 239.75 221.47 168 1 Round, top inside round 45 662,145 195.00 216.41 199.49 168 3 Round, top inside round 33 378,370 207.00 237.00 210.91 169 5 Round, top inside, denuded 22 108,586 243.00 260.60 254.55 3 Round, top inside, side off 170 1 Round, bottom gooseneck 9 10,942 195.00 206.00 199.36 171B 3 Round, outside round 51 697,664 190.78 219.00 200.16 171C 3 Round, eye of round 43 84,473 222.00 237.30 228.50 3 Round, flat/eye, heel-out 0 0 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 36,802 573.50 630.00 592.77 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 1 Loin, strip loin bnls. 1x1 7 4,765 530.00 585.00 545.55 180 3 Loin, strip, bnls, 0x1 21 134,431 580.00 615.00 599.12 184 1 Loin, top butt, bnls, heavy 5 6,186 256.11 279.35 267.74 184 3 Loin, top butt, boneless 43 389,285 281.00 310.00 291.07 185A 4 Loin, bottom sirloin, flap 17 38,166 349.00 395.00 368.30 185B 1 Loin, ball-tip, bnls, heavy 16 28,407 300.00 330.00 308.44 185C 1 Loin, sirloin, tri-tip 15 64,807 266.15 310.00 271.29 185D 4 Loin, sirloin, tri-tip, pld 3 1,244 402.00 419.90 405.25 189A 4 Loin, tndrloin, trmd, heavy 32 74,710 820.00 915.00 850.52 191A 4 Loin, butt tender, trimmed 11 18,972 796.00 866.00 823.11 193 4 Flank, flank steak 18 27,428 386.00 430.00 397.44 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 IMPS/FL Sub-Primal # of Total Price Weighted Trades Pounds Range Average ------------------------------------------------------------------------------- 109A 1 Rib, roast-ready, heavy 0 0 109E 1 Rib, ribeye, lip-on, bn-in 11 44,866 473.00 526.50 499.50 112A 3 Rib, ribeye, bnls, light 7 35,554 540.00 558.76 542.97 112A 3 Rib, ribeye, bnls, heavy 12 44,458 539.75 575.00 552.74 113A 1 Chuck, square-cut, 2 piece 113C 1 Chuck, semi-bnls, neck/off 5 13,610 187.00 188.50 187.66 113C 3 Chuck, semi-bnls, neck/off 0 0 3 Chuck, semi-bnls n/o sh-cut 114 1 Chuck, shoulder clod 7 15,111 194.50 208.00 198.98 114A 3 Chuck, shoulder clod, trmd 15 78,104 199.26 220.00 204.72 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender 7 3,783 292.00 345.00 334.02 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 26 427,450 198.00 227.00 202.45 116B 1 Chuck, chuck tender 13 96,985 199.00 227.00 207.20 3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 23 233,096 168.00 172.35 170.42 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 6 6,223 268.76 320.00 283.83 130 4 Chuck, short rib 5 22,160 205.00 208.79 206.74 160 1 Round, bone-in 161 1 Round, boneless 3 Round, bnls/peeled heel-out 0 0 167 1 Round, knuckle 167A 4 Round, knuckle, peeled 6 31,708 218.00 228.00 220.16 168 1 Round, top inside round 11 104,050 195.00 205.00 202.33 168 3 Round, top inside round 15 207,883 207.00 220.00 208.44 169 5 Round, top inside, denuded 3 Round, top Inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 17 99,900 198.00 221.00 203.84 171C 3 Round, eye of round 10 17,394 211.00 233.80 219.54 3 Round, flat/eye, heel-out 0 0 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 9 23,999 492.83 549.75 502.67 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 5 2,902 530.00 565.00 550.89 184 1 Loin, top butt, bnls, heavy 6 12,723 239.00 251.00 245.98 184 3 Loin, top butt, boneless 11 95,889 251.11 285.00 269.08 185A 4 Loin, bottom sirloin, flap 9 13,227 353.96 387.00 366.64 185B 1 Loin, ball-tip, bnls, heavy 5 10,678 298.76 330.00 318.23 185C 1 Loin, sirloin, tri-tip 6 5,911 270.66 280.25 275.04 185D 4 Loin, sirloin, tri-tip, pld 189A 4 Loin, tndrloin, trmd, heavy 11 11,538 815.00 845.30 825.97 191A 4 Loin, butt tender, trimmed 4 2,285 785.00 792.50 788.94 193 4 Flank, flank steak 10 7,588 363.00 446.50 393.91 ------------------------------------------------------------------------------- CHOICE AND SELECT CUTS, Fat Limitatins (FL) 1-6 ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 11 104,966 118.22 151.00 123.89 121D 4 Plate, Inside Skirt 29 149,350 337.45 369.68 346.05 121C 4 Plate, Outside Skirt 9 12,974 365.00 431.00 410.03 121E 6 Plate, Outside Skirt, pld 14 29,567 585.00 622.20 595.44 Cap & Wedge Meat 23 51,249 231.00 251.50 243.73 Pectoral Meat 24 127,767 228.63 251.25 236.06 ------------------------------------------------------------------------------- GROUND BEEF - STEER and HEIFER SOURC -- 10 Pound Chub Basis ------------------------------------------------------------------------------- Ground Beef 73% 21 315,671 172.30 193.00 181.26 Ground Beef 75% Ground Beef 81% 18 150,329 195.00 214.00 201.76 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 15 44,384 230.00 239.82 231.59 Ground Beef Chuck 45 766,163 196.00 218.00 201.10 Ground Beef Round 10 38,939 208.49 213.00 210.93 Ground Beef Sirloin -------------------------------------------------------------------------------- BLENDED GROUND BEEF - STEER, HEIFER and COW SOURCE -- 10 Pound Chub Basis -------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% Blended Ground Beef 81% 27 284,222 195.20 212.00 200.01 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck Blended Ground Beef Round Blended Ground Beef Sirloin -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER and HEIFER SOURCE -------------------------------------------------------------------------------- Fresh 50% lean trimmings 13 369,036 101.00 108.00 105.00 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- FAT LIMITATIONS (FL) DESCRIPTION Maximum Average Fat Thickness Maximum Fat at any point 1. 3/4" (19mm) 1.0" 2. 1/4" (6mm) 1/2" 3. 1/8" (3mm) 1/4" 4. Practically free (75% surface lean exposed) 1/8" 5. Peeled/Denuded 1/8" 6. Peeled/Denuded, surface membrane removed 1/8" -------------------------------------------------------------------------------- Items that have no entries indicate there were trades but not reportable because they did not meet the daily 3/70/20 guideline. Please refer to weekly LM_XB 459 as the item may qualify. -------------------------------------------------------------------------------- A cutout value is an average of the prices tallied for cuts of beef from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds. Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts. Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor.

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Sweating Bangladesh Surveyor Races to Avoid Next Tragedy

Amid an international outcry and promises by retailers to improve worker safety, Bangladesh is struggling to conduct even a crude assessment of the country’s garment factories. To appreciate the Sisyphean task, spend a day with Mohammed Helal Ahmed, a 42-year-old-civil engineer in the Dhaka city government, as he struggles through cursory factory inspections. His day starts with a decrepit government car that breaks down and a list of misspelled factory names with partial addresses. Factory owners deny him entry to their buildings and stall for time. He encounters blocked fire exits, roofs sagging under heavy water tanks, and former apartment buildings that have been joined haphazardly. Workers whisper about cracks in walls, only to be shushed by security guards. “It is completely unbelievable,” Ahmed said at sundown, sweat pouring off his forehead and his back aching after surveying four of the seven factories that had been on the day’s agenda. “So much work is needed immediately. Real action is needed.” Until such action is taken, Ahmed and his 50 colleagues at the Dhaka Development Authority are mostly compiling data in a superficial survey of the city’s factories. Even this basic step is hobbled by shortages of cars, engineers, money and information, emphasizing that efforts to oversee improvements cannot depend on the Bangladeshi government’s limited resources. Instead, any attempt to improve safety conditions for Bangladesh’s 3 million or so garment workers will live and die on a coalition including retailers and unions that was cobbled together in the weeks after the horror of Rana Plaza. No-Man’s Land Ahmed’s surveys are a first round in the process still being hammered out to improve safety in the hope of avoiding disasters like the one at Rana Plaza, the factory building that collapsed and killed 1,127 people a month ago. In two weeks, Ahmed and his colleagues at the Dhaka Development Authority have surveyed about 300 of more than 3,500 factories in the sprawling capital of 18 million people. Close to 90 percent of those visited evoked serious concerns, warranting immediate repairs or demolitions, said Emdadul Islam, chief engineer at the authority, formally known as the Rajdhani Unnayun Kartripakkha , or Rajuk to locals. About 1,500 more factories outside the city lie in a no-man’s land of jurisdictional confusion, he added. Retail Pledge The surveys are supposed to be followed by real inspections, including tests of steel beams and concrete, and then finally plans for remediation, if resources can be found. For now, all that the local officials are trying to do is build a database that includes every factory, to collect photocopies of building plans and approvals, and to eye the situation. “For evaluation we need experts,” said Tarek Uddin Mohammed, a professor of civil engineering at the University of Asia Pacific in Dhaka. “The government doesn’t have the necessary workforce.” Discussions continue far from Dhaka, in places like Geneva and Frankfurt , among union leaders and retailers over the best methods for distributing money, and for working with local officials. A group of more than 39 retailers, mostly European, have pledged as much as $500,000 each for five straight years in one major fire and safety monitoring agreement. They’ve also agreed to pay for upgrades with suppliers. At a May 23 meeting in Geneva, the International Labor Organization together with retailers discussed the hiring of a safety inspector and team, and pinpointed factories with urgent needs under that agreement, which will cover 2,000 factories, according to Christy Hoffman, deputy general secretary of UNI Global Union. Cost of Upgrades “We want to get moving very quickly,” Hoffman said by phone. Though unlikely to start in June, inspections will begin in the coming months, she said. Five years of renovations and retrofits could cost western retailers and Bangladesh owners as much as $600,000 a factory, or $3 billion over the next five years, according to an estimate by the Workers Right Consortium of Washington. So far, retailers have promised just $2.5 million each for fire safety training and inspections, with the cost of any upgrades to be thrashed out between each factory and the retailers. Determining the most urgent needs may not be easy either. Until two weeks ago, the Dhaka authority had no idea how many factories fell under its jurisdiction, let alone their condition. Islam, the chief engineer, borrowed a membership list from the industry lobby. He was surprised to discover 3,500 or so factories, he said in an interview in his office, sitting under a yellowing, map of Dhaka at least 60 years old. Mountains of Documents The surveys were begun independent of the retailers’ accord and are being supplemented by other documents. Factory owners are submitting structural drawings and soil samples to the development authority as well. To sort through the mountain of paperwork, the authority has sought help from professors at the Bangladesh University of Engineering and Technology, said Mohammed Mujibur Rahman, head of the department of civil engineering. “We are kind of overburdened at this stage, because we have to find time to do this in addition to our academic program,” Rahman said. “We are trying to prioritize some of the buildings that are reported to be most at risk and are visiting those first.” A preliminary inspection can take as long as a week. Testing concrete samples, running simulations on models and checking the foundations of buildings can take a month. A 30-member team of structural experts has raced through 100 analyzes in two weeks, while hundreds more pile up. Fixing the Car Before arriving at the first factory for a survey, Ahmed runs into a more basic obstacle. His government-issue, 18-year-old Toyota Hi-Lux, scarred from 266,537 kilometers (166,000 miles) on the road, stalls. He and his colleagues are a half-hour from their destination in Ashulia, a northern suburb bristling with factories. Out comes a hammer, a quart of oil. As the sun climbs higher into the sky, Ahmed crosses off factory names -- he had wanted to visit at least seven. Repairs made, Ahmed’s team bounces down a rutted, muddy road to a four-story building called Neyath Solim Plaza. Shops on the ground floor sell televisions and mobile phones, and a back entrance leads up to Ratul Fabrics Ltd., where about 650 workers are packed into two floors, making clothes for Australia ’s Kmart discount department store, a unit of Wesfarmers Ltd. (WES) , according to Anwarul Islam, the managing director. Cracked Walls Ahmed asks for documents showing the building plans, the engineers who designed the factory and soil samples. Officials hem and haw, produce some documents and promise to send the rest to his office. Ahmed tours the factory, walking past piles of green sweatshirts emblazoned with I Heart NY graphics, and stops under a long crack running along the east wall. He looks worried, and repeats his request for the engineer’s name and firm. On the opposite wall, a long crack runs from floor to ceiling. The windows have metal grills, which means that in a fire, workers wouldn’t be able to jump out, and be forced to use one of three fire exits, two leading to indoor stairwells and one to an external metal staircase. His colleague steps on the metal staircase outside and reaches for balance as it wobbles under his weight. “Problems, problems, lots of problems,” says Ahmed as he exits the building. “Half the paperwork is missing. The staircase is not safe.” Workers Evacuated Kmart ceased production at the factory earlier this month and evacuated workers after being informed by the government inspector that the building was unsafe, Tracie Walker, general manager of Kmart Corporate Affairs and Sustainability, said in an e-mail today. A civil engineer sent in by Ratul Fabrics found that cracks in the building walls were non-structural, Walker said. Checks made for Kmart by Intertek Group Plc had the same findings, and two separate reports based on inspections by engineers found the factory is safe and production has resumed, she also said. The retailer said it had previously decided not to place more orders with Ratul Fabrics because the factory is above a marketplace, which contravenes its own recently revised Ethical Sourcing Policy, though final orders will be completed. Union Support Quick action is needed for the industry, said Kalpona Akter, director of the Bangladesh Center for Worker Solidarity , a nongovernmental organization founded by two former child garment workers to promote safer factories. “There are so many factories that are unsafe, and we need to move faster to ensure the safety of the workers,” she said in an interview in her office in Dhaka. “Workers here have waited too long, and paid with their lives for delays.” Under the fire and safety accord, whose supporters include Hennes & Mauritz AB (HMB) and Inditex SA (ITX) , the two largest clothing retailers, there will be safety inspections and fire safety training at about 2,000 participating factories. Any upgrade spurred by inspections will be mandatory with the burden resting on the factory owner. Retailers will negotiate “commercial terms with their suppliers which ensure that it is financially feasible,” including joint investments, loans, business incentives or paying directly for renovations, according to the terms of the accord. The deal also requires retailers to continue their orders with the factories for at least two years, ensuring the upgrades are made. ‘No Value’ “There is no value in doing the inspection and then not repairing the factory,” UNI’s Hoffman said. “You can’t squeeze money from a stone, and some of these factories don’t have the resources, so the prices will have to reflect the real cost of doing business in a safe environment.” At the next factory, Ahmed faces a wall of opposition. Located on the second floor of Shamsher Plaza, a building packed with bank ATMs, restaurants, cigarette shops and clothing stores, Anzir Apparels Ltd.’s security guards stop him from entering the factory. Phone calls are made. ID cards brandished. Voices raised. Finally, Mustafa Arif, the administrative director of the factory, lets Ahmed’s team in. Cartons of sweaters stacked six-feet high block passageways leading to the fire exits. Stairwells are half occupied by more cartons. Arif pulls out file after file as Ahmed takes note. Customers include Clayton, which is based in Lagos, Nigeria, and has a U.K. website, and a Bangladeshi sourcing company called HRM Sourcing Ltd. Pools of Water Since January 2010, Anzir Apparels has sent shipments to American companies including Wet Seal Inc. (WTSL) and Cherry Stix, and New York-based Intertex Apparel, according to shipping data provider Import Genius. Clayton never had any dealing with Anzir Apparel, said Peter Adeleye, a director reached by phone. Wet Seal, based in Foothill Ranch , California , did not respond to messages, nor did Intertex. Cherry Stix, based in New York , declined to comment. One report, by a local engineering firm, Ilhans Engineers, gives Ahmed pause. It points out that load-bearing columns for the factory, called Unit II, are at the upper-end of their capacity. The engineers recommend that storage of materials be kept to a minimum and that no more than a single water tank of 3,000 liters be placed on the roof, which should be kept clear of stagnant water. Ahmed finds the roof weighed down with six tanks of water - - three of 3,000 liters and three of 1,500 liters, about the weight of three elephants. Pools of water have eaten through the roof, showing in large spots on the ceiling of the floor below. Blocked by Boxes Down the road, at Unit I of Anzir Apparels, Ahmed is even more concerned. As he steps around a pile of 26.99-euro ($34.85) Calliope brand sweaters, he notices cracks on major load-bearing columns. Boxes are stacked so closely together that he has to squeeze through a tiny space near a fire exit leading to a basement factory. A worker grabs him and points to a recent paint job, under which a long crack is still visible. Immediately, a security guard rushes over and hisses at the worker, telling him in Bengali to shut up. On the roof, as the Muslim workers take a break to pray, Ahmed points out the remnants of a heavy, iron and steel cellphone tower. “They’re scared now, so they are willing to give up thousands of dollars of free rent from the towers,” he said. “Earlier, they would have left them up.” ‘Bloody T-Shirt’ For all his exertion, Ahmed is mostly collecting design data. What is not visible is also of concern. Local construction crews tend to use cheaper ingredients to make concrete, and that in turn weakens the resulting structure. Bangladeshi authorities may receive some help with their inspections as the retailers’ accord takes effect, said Jyrki Raina, general secretary of IndustriALL global union who organized the accord, by phone from Geneva. “Our team will be working hand-in-hand with Bangladeshi government, the suppliers, the Bangladesh Garment Manufacturers and Exporters Association and the unions,” he said, with the goal being to avoid overlaps. “The retailers and brands just have to pay more -- the price of a t-shirt today is that of a bloody t-shirt, it’s not a sustainably-made t-shirt.” Toward the end of his day, Ahmed discovers some factory construction in Dhaka was never even approved by the city. By a quirk of local politics, the boundaries of Dhaka shifted in 2010, swallowing up a neighboring suburb called Savar. Overnight, the Dhaka city government became responsible for Savar’s factories. Rana Plaza Rana Plaza, which collapsed April 24, was one of them. Its construction had been approved by local officials in Savar, and it had not been inspected by Dhaka officials after the 2010 shift, according to interviews with Sheikh Mamman, a member of the planning committee of Rajuk, the Dhaka Development Authority, and Islam, the chief engineer at Rajuk. On this day, Ahmed stands in front of a seven-story building that was redistricted to Dhaka in 2010. It’s actually two adjacent apartment buildings that have been joined at the third floor by putting in concrete slabs and removing walls. “It was designed as an apartment building, and now it’s a factory,” he said. “It’s a huge issue.” The factory, Dica Tex Ltd., makes clothes for a few European brands, including infant clothing for Dimo Tex, and t-shirts for Fashion Point and Camel Active, according to labels on clothing seen by Bloomberg News. The two German companies, Dimo Tex, based in Wenden, and Camel Active, didn’t respond to messages, nor did Fashion Point, which is based in Istanbul. A box containing a single fire blanket hangs by a fire extinguisher near the entrance to each floor, with a warning that the fire blanket is not meant for adults. One Day’s Work The owner, Muhammed Mushoraf, declined to comment when contacted later on his cell phone. Dirk Huette, identified by a factory manager as the managing director of the company, did not return calls to his cell phone. A director of the company, Abu Ansab Rubel, did not return calls either. Ahmed makes copious notes in a small, black notebook. He asks for photocopies of the building plan, which still show a residential design, with bedrooms, kitchens, living rooms and verandas. He walks around the building, shaking his head, as darkness settles. It’s time to return to Dhaka, more than two hours away in traffic. Workers gather at the grilled windows of the onetime apartment building. Ahmed waves from the truck and drives off. Four factories down, some 3,200 left to go. To contact the reporters on this story: Mehul Srivastava in New Delhi at [email protected] ; Sarah Shannon in London at [email protected] To contact the editor responsible for this story: Heather Harris at [email protected]

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Rupiah Falls on Concern Europe’s Woes to Slow Indonesia Economy

Indonesia ’s rupiah fell, weakening toward a seven-week low, on concern Europe’s credit crisis will slow growth in Southeast Asia’s biggest economy. The Bloomberg-JPMorgan Asia Dollar Index retreated for a second straight day after Standard & Poor’s cut France’s top credit rating and downgraded eight other euro-zone nations last week. The rupiah has lost 0.3 percent since Jan. 12, when Bank Indonesia left its benchmark reference rate unchanged at 6 percent following a monetary-policy review. “There is more risk aversion after the euro-zone downgrades,” said Saktiandi Supaat, head of foreign-exchange research at Malayan Banking Bhd. in Singapore. “Global factors are hurting the overall sentiment.” The rupiah slid 1.1 percent to 9,185 per dollar as of 3:15 p.m. in Jakarta, according to prices from local banks compiled by Bloomberg. The currency touched 9,218 earlier and reached 9,233 on Jan. 9, which was the weakest since Nov. 29. The yield on the government’s 7 percent bonds due May 2022 fell five basis points, or 0.05 percentage point, from the end of last week to 6.13 percent today, according to the midday prices by Inter-Dealer Market Association. To contact the reporter on this story: Khalid Qayum in Singapore at [email protected] To contact the editor responsible for this story: Sandy Hendry at [email protected]

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Ukraine to Export Up to 24 Million Tons of Grain, Noble Says

Ukraine will export as much as 24 million metric tons of grain in the coming marketing year, according to the local unit of commodities supplier Noble Group Ltd. Shipments will come to at least 22 million tons in the year starting July 1, Ivan Myroshnychenko, director of Noble Resources Ukraine, said today at the Grain and Feed Trade Association’s 4th International Grain Conference in Kiev. Ukraine’s wheat harvest may reach 20 million tons if weather is favorable, of which 11.5 million to 12 million tons would be exportable, he said. The country’s barley crop probably will be 8 million to 8.5 million tons, with exports of 3 million to 3.5 million tons assuming favorable weather and free shipments, according to Noble. Corn production “has prospects” to reach as much as 14 million tons, with potential exports of 7 million tons, Myroshnychenko said. China Investment Corp., the Asian nation’s sovereign wealth fund, owns a stake of about 15 percent in Hong Kong-based Noble. To contact the reporter on this story: Kateryna Choursina in Kiev at [email protected] To contact the editor responsible for this story: Claudia Carpenter at [email protected]

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Mas Says He Can Win Support of Catalan Republican Left to Govern

Regional President Artur Mas said he aims to persuade the Catalan Republican Left, known as ERC, to support his government and push jointly for a referendum on independence from Spain. Mas said today he can envisage forming an alliance with ERC after speaking to party leader Oriol Junqueras earlier this week. Junqueras said he sees himself leading the opposition in the regional parliament, Onda Cero radio station reported on its website yesterday. “This could work out,” Mas said at a televised press conference dubbed into Spanish from Barcelona. “My impression was good though it’s not ideal.” Mas is looking to patch together a government to run Spain’s biggest regional economy after losing 12 seats in a Nov. 25 vote that left him short of an outright majority. Junqueras was the biggest winner in the election that Mas called two years early following a wave of support for independence. ERC, the traditional home of Catalan separatist voters, more than doubled its representation. It claimed 21 seats, making it the second-biggest party. Mas said any government would be focussed on two priorities: pushing for a referendum, which Spanish Prime Minister Mariano Rajoy says would be illegal, and pulling Catalonia out of recession while shoring up the social-security system to protect poorer people. “There is a clear call from across society in favor of the right to choose,” Mas said today. To contact the reporter on this story: Ben Sills in Madrid at [email protected] To contact the editor responsible for this story: James Hertling at [email protected]

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Corn, Soybeans May Rise as Price Drop Boosts Feed, Fuel Demand

Corn and soybeans may gain after the biggest weekly declines in at least four months increase demand for the crops to make food, animal feed and fuel. Twenty of 32 traders and analysts surveyed from Tokyo to Chicago on March 11 said corn will rise this week, and 21 respondents said soybeans will gain. Last week on the Chicago Board of Trade, corn futures for May delivery plunged 8.8 percent to $6.6425 a bushel, the biggest weekly drop since Nov. 12. Soybeans futures for May delivery dropped 5.6 percent to $13.345, the largest weekly decline since Oct. 1. Last week’s declines for both commodities were a surprise to the majority of respondents surveyed on March 4. Since 2004, the surveys have been correct 55 percent of the time for corn, and 53 percent for soybeans. Bullish on corn: 20 Bullish on soybeans: 21 Bearish on corn: 12 Bearish on soybeans: 11 To contact the reporter on this story: Jeff Wilson in Chicago at [email protected] To contact the editor responsible for this story: Steve Stroth at [email protected]

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Egyptian Court Overturns Mubarak Sentence, Orders Retrial

An Egyptian appeals court today overturned life sentences handed down against ousted President Hosni Mubarak and his security chief, ordering them retried in connection with the deaths of 850 protesters in 2011. Judge Ahmed Abdel-Rahman also ordered six security officials retried on the same grounds after they had been acquitted by the court that sentenced Mubarak and former Interior Minister Habib El-Adly in June. The decision comes two weeks before the second anniversary of the start of the 2011 revolution. The verdict will put pressure on President Mohamed Mursi to show he’s following through on promises to hold the former regime accountable, said Mohamed Adel, co-founder of the April 6 group, which helped to spearhead the protests that marked the revolt. Egypt has been struggling to revive its economy and secure a measure of political stability amid tensions between secularists and Mursi’s Islamist government. “The ruling will spark popular anger and help mobilize people for mass protests” on the anniversary of the uprising, Adel said today by phone. “When Mursi promised retrials of former regime figures, we thought he meant putting more figures on trial and achieving justice.” Mubarak Supporters Supporters of Mubarak broke out into loud cheers after the verdict was read, chanting “down with the Murshid’s rule,” in reference to the Muslim Brotherhood’s supreme guide. Some of Mubarak’s backers headed to the military hospital where he is currently being held to offer their congratulations, Ahram Gate news website reported. Mursi, who was elected at the end of June, was fielded for the presidency by the Brotherhood and narrowly defeated Mubarak’s last premier, Ahmed Shafik, in a runoff race. In the past few weeks, several of Mubarak’s top advisers and ministers have been acquitted or ordered retried over various cases. His two sons, Alaa and Gamal, were also ordered retried on corruption charges after being acquitted earlier. Because he filed the appeal, Mubarak cannot receive a harsher sentence than life if he is convicted in the new trial, human rights attorney Negad El-Boraie said. Mursi has come under mounting criticism by an opposition of secularists, minority Christians and youth activists who claim he is more intent on advancing the Brotherhood’s goals and securing its power than addressing Egypt ’s challenges. They’ve vowed to hold protests on the second anniversary of the uprising to overturn a constitution approved last month in a referendum. Date to Be Set No date has yet been set for the new hearing. The ruling today was handed down several weeks after a committee investigating the deaths issued a report maintaining Mubarak watched the protests via a closed circuit television feed, disputing arguments by his attorneys he did not know of the killings. Egypt’s foreign reserves have plunged to almost 60 percent below their pre-uprising levels and the central bank has turned to auctioning dollars in a move that has pushed the Egyptian pound to record lows against the U.S. dollar. Officials have resumed a bid to secure a $4.8 billion loan from the International Monetary Fund , and are meeting immediate obligations with donations and deposits by Qatar and Turkey. The court also ordered Mubarak, his sons and a businessman retried in connection with a case dealing with the export of natural gas to Israel. All three had been acquitted in the case and the prosecution had appealed the verdict. Muslim Brotherhood A Muslim Brotherhood spokesman said the group would wait and see the results of the trial before making specific comments on the case. “What really matters is whether the result satisfies the demands of the revolution and ensures justice is met,” Ahmed Aref, a spokesman for the organization, said by phone. During the new trial, the defense will be allowed to present new evidence in support of Mubarak while the prosecution must rely on evidence already submitted, Faisal el-Antieby, head of one of Mubarak’s defense teams, said by phone. Analysts and activists such as Heba Morayef, the Egypt director of the New York-based Human Rights Watch’s Middle East and North Africa division, said the verdict was not surprising given the speed of the last trial and complaints the judges were not weighing all the evidence. ‘Procedural Violations’ “There were procedural violations in the first trial,” Morayef said by phone. The judge’s decision to move to pleadings “without hearing all the defense’s requests was enough of a procedural violation to many legal analysts” to ensure a retrial. The new trial may come at a delicate time for the president, with preparations for parliamentary elections likely to be announced next month. The Brotherhood’s political arm, the Freedom and Justice Party, is seeking to repeat their dominance in the earlier elections after Mubarak’s ouster. Mursi has tried to reassure Egyptians repeatedly that he was a president for “all” and has appointed a new prosecutor general in place of the one under Mubarak. Also, under the new constitution that was passed last month almost half the justices on the country’s Supreme Constitutional Court were sidelined. The judges had been Mubarak appointees as well. “There’s a political will to achieve justice, and Mursi has succeeded in building the right environment for the judiciary to ensure justice is fully served,” said Aref. “We don’t want a president who directly interferes in the judiciary. All he can do is build a healthy and stable environment that allows judges to do their duty.” To contact the reporters on this story: Abdel Latif Wahba in Cairo at [email protected] ; Tarek El-Tablawy in Cairo at [email protected] To contact the editors responsible for this story: Dick Schumacher at [email protected] ; Andrew J. Barden at [email protected]

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Japan Stock Futures Climb as Yen Falls on Stimulus Bets

Japanese stock futures rose, with the Nikkei 225 (NKY) Stock Average poised for a third day of gains, as the yen fell to the lowest level since 2010 amid speculation Prime Minister Shinzo Abe is set to announce more stimulus measures. Australian equities gained. American Depositary Receipts of Nissan Motor Co. and Honda Motor Co., which both generate around 80 percent of their sales from overseas, climbed 2.1 percent and 1.9 percent respectively. Canon Inc., the world’s biggest camera maker, increased 2.3 percent. Futures on Japan’s Nikkei 225 Stock Average expiring in March closed at 10,775 in Chicago yesterday, up from 10,660 at the close in Osaka, Japan. They were bid in the pre-market at 10,790 in Osaka at 8:05 a.m. local time. Australia’s S&P/ASX 200 Index rose 0.2 percent and New Zealand’s NZX 50 Index was little changed. “There is significant scope for the equity market to outperform in 2013 if Abe’s promised reforms are undertaken,” said Sean Darby , chief global equity strategist at Jefferies Group Inc. in Hong Kong. “A weaker yen would be beneficial for export-led sectors such as the automobile, electronics and machinery sectors.” The yen slid to the weakest level since July 2010 against the dollar today after a Nikkei report quoted Abe as saying the central bank should include maximum employment among its goals. Stimulus Measures The government will announce around 12 trillion yen ($136 billion) in fiscal stimulus measures to boost the nation’s shrinking economy, Japanese media reported on Jan 7. Japan’s Economy Minister Akira Amari told reporters in Tokyo on Jan. 8 that the size of economic stimulus would be significant. The Nikkei 225 has risen 23 percent from Nov. 14 when Japanese elections were announced, driving the measure into a bull market , on expectations Abe’s new government would call for more stimulus. The yen weakened today to 88.78 per dollar. The MSCI Asia Pacific Index (MXAP) rose to a 17-month high yesterday as Chinese export data beat forecasts. The gauge capped seven straight weeks of gains last week as the U.S. Congress approved a budget deal. Futures on the S&P 500 Index increased 0.2 percent today. The benchmark index for U.S. equities yesterday advanced to the highest level in five years, led by a rally in financial shares. The gauge traded at 14.1 times estimated earnings, compared with 13.3 times for the Standard & Poor’s 500 Index and a multiple of 12 for the Stoxx Europe 600 Index, according to data compiled by The Bloomberg China-US Equity Index (CH55BN) of the most-traded Chinese shares in the U.S. rose 1.7 percent to 102.47 yesterday in New York. To contact the reporters on this story: Sarah Jones in London at [email protected] ; Adam Haigh in Sydney at [email protected] To contact the editor responsible for this story: Nick Gentle at [email protected]

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Wheat Yields May Rise in Central Kansas, Tour Samples Show

Yields from hard-red winter wheat fields in central and eastern Kansas may be larger than last year, based on random samples taken in three counties today by participants in the annual Wheat Quality Council crop tour. Yields may average 51.8 bushels an acre, based on observations from eight fields collected in the morning on the third day of the tour, by participants traveling in three separate groups. In 2010, the estimated yield in the areas surveyed on the third day was 46.4 bushels, based on 27 observations, council data show. Today, samples ranged from 77.1 bushels per acre in a field in Marion County, to 44.5 bushels in a location in Chase County. In the two previous days, the tour estimated yields in central and western Kansas at 36.7 bushels, based on findings in 531 fields. That was the lowest for that area since 2004, and compares with 40.3 bushels last year on 428 fields. “This crop in the east part of the state is better, and that’s normal,” said Ben Handcock, the executive vice president of the Wheat Quality Council. “It’s a higher rainfall area. Even though it’s short of rain here, they apparently had more than they did out west.” The tour will end today in Kansas City. To contact the reporter on this story: Whitney McFerron in Chase County, Kansas at [email protected] To contact the editor responsible for this story: Steve Stroth at [email protected]

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Rubber Likely to Stabilize at $3 a Kilo in Next Two Months, Group Says

Rubber prices in the top three producing countries will probably “steady” for the next two months, supported by strong demand and supply “tightness,” according to the International Rubber Consortium Ltd. “Prices should be steady around $3 a kilogram through the next two months,” Abdul Rasip Latiff, chief executive officer of the consortium, which represents growers and exporters in Thailand, Indonesia and Malaysia, said in an interview today. “The European crisis may slow the economic recovery, but the demand is still there. Auto sales and tire sales are still up,” he said. Supply has not improved as much as expected after the annual February-to-April low-production period because dry weather has reduced latex output, he said. “There is tightness in supply, especially from Thailand and northern Malaysia,” Rasip said. China’s automobile output this year may grow by as much as 15 percent, expanding from a record to 15 million units, Gu Xianghua, deputy general secretary of the China Association of Automobile Manufacturers said May 29. Vehicle sales surged 46 percent to 13.6 million units last year, overtaking the U.S. as the world’s biggest auto market, fueling demand for the commodity used to make tires. Key rubber producers in Southeast Asia should establish a regional market to minimize the impacts of “excessive speculation” on prices, Hamzah Zainudin, Malaysia’s deputy minister of Plantation Industries and Commodities, said in a speech in Kuala Lumpur today. Market ‘Timely’ “With excessive speculation, it’s timely for major producing countries including Thailand, Indonesia and Malaysia to consider setting up an Asean regional rubber market to stabilize rubber prices, guided by supply and demand,” he said. Rubber futures in Tokyo have slumped about 19 percent since advancing to a 21-month high on April 16 on optimism that economic expansion in Asia and record auto production in China will drive demand. November-delivery rubber was little changed at 275.2 yen a kilogram ($3,027 a metric ton) at 12:19 p.m. local time on the Tokyo Commodity Exchange today after losing as much as 1.1 percent earlier. To contact the reporter on this story: Supunnabul Suwannakij in Kuala Lumpur at [email protected]

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China Stocks Fall on Tightening Concerns; Health, Consumer Shares Advance

China’s stocks fell, dragging the Shanghai Composite Index lower for a second day, on speculation tighter monetary policies to counter inflation will slow the country’s economic growth. Industrial & Commercial Bank of China Ltd. sank 0.7 percent after the Economic Observer said regulators are assessing data from lenders to finalize new supervisory requirements. Jiangxi Copper Co. lost 2.2 percent amid concern slowing economic growth will curb commodities demand. Shanghai Fosun Pharmaceutical Group Co. led gains by healthcare and consumer-staple stocks on speculation the industries will weather tightening policies. The Shanghai Composite , which tracks the bigger of China’s stock exchanges, fell 5.34, or 0.2 percent, to 2,866.36 at the 3 p.m. close. It declined 0.9 percent on Nov. 26. The CSI 300 Index dropped 0.2 percent to 3,190.05. “Investors remain cautious on speculation of tighter policies including interest rate hikes,” said Wu Kan , a Shanghai-based fund manager at Dazhong Insurance Co., which oversees $285 million. “The fluctuations will continue with downward pressure.” The Shanghai gauge has slumped 9.3 percent since reaching an almost seven-month high on Nov. 8 on concern that accelerated monetary tightening will crimp economic growth. The central bank has ordered banks to set aside larger reserves twice in two weeks after raising interest rates in October, the first increase since 2007. Stocks fell today even after European governments sought to quell market turmoil by agreeing to give debt-strapped Ireland an 85 billion-euro ($113 billion) aid package and diluting proposals to force bondholders to cover a share of future bailouts. The MSCI Asia Pacific Index climbed 0.7 percent, the biggest gain in more than a week. Bank Regulator Industrial & Commercial Bank fell 0.7 percent to 4.29 yuan, the lowest close since Oct. 29, while Agricultural Bank lost 0.4 percent to 2.63 yuan. The banking regulator will require lenders to maintain a minimum overall capital adequacy ratio of 8 percent, plus 2.5 percent of surplus capital and another countercyclical buffer of up to 2.5 percent, the Economic Observer’s report said. Agricultural Bank’s Hong Kong-listed shares were also cut to “neutral” from “overweight” by JPMorgan analysts including Samuel Chen. The analysts also downgraded Bank of China Ltd.’s Hong Kong and Shanghai shares. Bank of China lost 0.3 percent to 3.31 yuan. Commodity Companies Gauges of materials and energy producers in the CSI 300 Index dropped 1.7 percent, the largest declines of 10 industry groups. Jiangxi Copper dropped 2.2 percent to 34.21 yuan, while Aluminum Corp. of China , the listed unit of China’s biggest maker of the lightweight metal, fell 1.4 percent to 10.22 yuan. The Shanghai Futures Exchange said on Nov. 26 that it will increase the proportion of cash that traders must deposit with brokerages on copper, aluminum, steel wire, gold and fuel oil transactions to 10 percent of the total value after the market closes today. It will raise the limit on daily changes in prices to 6 percent, the exchange said as part of a wider government crackdown on commodity speculation and food prices. The government will continue to tighten monetary policy to counter high inflation, BOC International said in a report today. China’s inflation may rise to 5 percent next year, the report said. Government data showed that prices grew by 4.4 percent in October, the fastest pace in two years. “The past weekend was almost a vacuum for news on government policies,” said Dazhong’s Wu. “That added uncertainties regarding the future control measures in the market.” Investor Havens Measures of healthcare and consumer-staples stocks in the CSI 300 advanced 2 percent, the most among the broader index’s groups, as investors bet earnings in the two industries will weather tighter monetary policies. Shanghai Fosun advanced 2.8 percent to 15.14 yuan, the highest close since Nov. 10. Yunnan Baiyao Group Co. , a traditional Chinese medicine maker, rose 1.8 percent to 67 yuan. Anhui Gujing Distillery Co. surged by the 10 percent daily limit to 90.75 yuan, the highest close since it first traded in October 1996. The company plans to raise as much as 1.3 billion yuan from a private placement of as many as 20 million shares, according to a statement from the Chinese liquor maker to Shenzhen’s stock exchange. Kweichow Moutai Co. , China’s biggest producer of baijiu liquor by market value, gained 4.4 percent to 216.43 yuan, the highest close since March 2008. “Healthcare companies’ earnings are stable, regardless of price controls or recession,” said Li Ying, an analyst at Capital Securities Corp. in Shanghai. “Nothing could affect demand for medicines.” To contact the editor responsible for this story: Darren Boey at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Star-Ledger Reaches Agreement to Avoid Newspaper Shutdown

The Newark Star-Ledger , New Jersey ’s largest newspaper, will avoid a shutdown after reaching an agreement with workers last night. “We’re done -- we have a deal,” said Ed Shown, who leads a coalition of unions serving the paper’s staff. The two parties had negotiated through the evening to meet a deadline set for today. Richard Vezza, the newspaper’s publisher, said both sides should be congratulated on the deal. “I’m happy we can keep such an important paper in publishing,” he said. The unions, which still have to vote on the new contract, agreed to the $9 million in cuts that the company had been seeking, Shown said. Earlier this month, the publisher warned it would have to shut down the paper at the end of this year if it didn’t get cost concessions from the unions. The Star-Ledger, owned by billionaire Si Newhouse and his family, has been operating in the red for at least the past two years, according to Vezza. The loss exceeded $19 million last year and the company will probably see a similar deficit this year, he said earlier this week. The paper’s parent company, Advance Publications Inc., has been cutting back on staff and circulation at its other publications amid an industrywide slump. Advertisers and readers are increasingly switching to the Internet, where ad rates are cheaper and the content is largely free. “Both sides should be commended,” Shown said. “And I’d like to thank the Newhouse family for making a deal, because there was no doubt they were going to close this down if they didn’t get what they wanted.” The Star-Ledger has at least 360 employees and is the 15th-largest newspaper in the U.S., with an average weekday circulation of 340,778, according to figures from the Alliance for Audited Media. To contact the reporter on this story: Edmund Lee in New York at [email protected] To contact the editor responsible for this story: Nick Turner at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Zuma’s Son Involved in Afripalm Steel Plant , M&G Reports

South African President Jacob Zuma ’s son, Duduzane, and Tony Gupta, are directors of Afripalm Resources Ltd.’s Afripalm Horizons Ltd., which signed an agreement with Steel Authority of India Ltd. to build a 21 billion-rand steel plant, Mail & Guardian said. Zuma’s son and the Gupta family are also involved in a transaction involving ArcelorMittal South Africa Ltd ., which may cause a conflict of interest as Sail and ArcelorMittal will be direct competitors, the Johannesburg-based newspaper said. Click here for web link To contact the editor responsible for this story: Vernon Wessels at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Status Takes Back Seat as Crisis Favors Dacia Over Ford

Wolfgang Hirschauer, a toolmaker from the Bavarian ski town of Garmisch-Partenkirchen, this year traded in his Renault (RNO) Espace minivan for a Dacia Logan, a budget wagon that retails for a quarter the price. “I was looking for a car for transportation only,” said the 58-year-old father of three. “I liked the low cost and the basic features,” including easy-to-fix mechanics, which made up for the lack of frills like electric windows. Hirschauer’s choice is part of a broad back-to-basics thriftiness in crisis-strapped Europe. While austerity measures have helped accelerate the trend, the rise of budget vehicles reflects a deeper shift in European attitudes as cars lose their importance as a status symbol. “Automobiles are not a show-off item anymore,” said Arnaud Deboeuf, a director at Renault SA, which owns Dacia. “People prefer investing in iPads or smartphones over cars.” After acquiring Dacia in 1998, Renault intended to use the Romanian automaker to attract first-time buyers in Eastern Europe and other emerging markets. Following the Logan’s introduction in 2004, that plan changed as western Europeans began buying the cars in the East and bringing them back home. Backed by a no-discount policy, Dacia’s advance is helping Renault weather Europe’s downturn by providing stable profit margins as the flagship brand comes under pressure, said Erich Hauser, an analyst with Credit Suisse in London. Renault posted an operating profit margin of 2.5 percent in the first half even as mass-market rivals struggle with losses in Europe. Budget Brands Sales of low-cost brands such as Dacia, Volkswagen AG (VOW) ’s Skoda, and Hyundai Motor Co. (005380) ’s Kia have climbed 16 percent since car sales in Europe peaked in 2007. Over the same period, industrywide deliveries have plunged 21 percent, according to researcher IHS Automotive. Budget brands will account for 8.3 percent of the market this year, compared with 5.7 percent five years ago as they nab customers from mid-market nameplates like PSA Peugeot Citroen (UG) , Fiat SpA (F) and General Motors Co. (GM) ’s Opel. “The middle class in Europe is shrinking due to the sovereign-debt crisis, reducing demand for cars in the mid- priced segment,” said Albrecht Denninghoff , analyst at Silvia Quandt Research in Frankfurt. “There are too many carmakers competing in the segment, where capacity needs to be reduced.” To diminish the risk of getting squeezed out of the market, Volkswagen and Ford Motor Co. (F) are mulling new budget models. Family Model VW is considering a no-frills line that would harken back to basic vehicles from the 60s and 70s, before cars were ubiquitous in Europe and families pulled together to buy one. It was a time when “grandma helped pay, so she got a seat in the back,” Chief Executive Officer Martin Winterkorn said at the Sao Paulo Motor Show last month. The new line could be a similar all-round vehicle for “people who want to transport grandpa, grandma and the kids around.” The cars would be about 4 meters (13 feet) long -- roughly the size of the Golf hatchback -- and cost less than 8,000 euros, at least 20 percent cheaper than VW’s current entry-level Up! city car, he said. Ford CEO Alan Mulally said his company is “evaluating a budget car” that might be sold under a separate nameplate. “I am just not sure if we can do that with our Ford brand,” Mulally said at a Nov. 7 industry conference in Berlin. Such a move could help the U.S. automaker shore up its flagging European operations as it prepares to shut 3 of its 13 factories in the region by 2014. Purchasing Power While Ford and VW deliberate, Dacia is revamping its lineup. It introduced new versions of the Sandero hatchback and the Logan in September. The cars boast more rugged frames, side airbags and better sound-proofing. The brand, which promotes its cars as “function over frivolity,” expanded to five vehicles by adding the Lodgy and Dokker vans this year. The primary impetus for the shift is that incomes haven’t grown as fast as the cost of transport. A new car cost an average German worker 16 months’ pay last year, versus 9.4 months in 1980, according to the Center for Automotive Research at the University of Duisburg-Essen. “Cars are now too expensive for many people, a fact that many automakers have ignored,” said Juergen Pieper , analyst at Bankhaus Metzler in Frankfurt. VW’s Skoda, which attempted to shift upscale with the Superb sedan in 2008, is returning to its roots as a value brand. The Czech carmaker, whose motto is “simply clever,” started selling the new Rapid sedan last month at a base price of 13,990 euros, undercutting the similarly sized Renault Fluence by 7,500 euros and the Ford Mondeo by 9,960 euros. ‘Something That Moves’ Still, Skoda can’t compete with Dacia on price. The Renault brand’s cheapest model, the Sandero, starts at 6,790 euros, thanks to its reliance on cheap labor in Romania and Morocco. Skoda claims its quality and features justify the premium, even in this price-sensitive segment. Being cheap hasn’t turned off customers like Tomas Luenser. The 37-year-old industrial mechanic from Berlin swapped his VW Passat (PSAT) for a Dacia Duster sport-utility vehicle in October 2010 because of the price and the ample space for his kids. Image wasn’t part of the equation. “Earlier it was important to drive a VW and show that you had something, but now we just want a vehicle that moves,” said the father of three. “I’ve noticed that Dacia owners spend a lot less time washing their cars. It’s about the utility.” To contact the reporter on this story: Christian Wuestner in Berlin at [email protected] To contact the editor responsible for this story: Chad Thomas at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

BEYONDPV CO LTD November Sales Fall 70.77% (Table) : 4963 TT

BEYONDPV CO LTD (4963) said unconsolidated sales in November fell 70.77% to NT$6,528,000 from NT$22,332,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 11/2011 11/2010 Sales 6,528 22,332 YOY% -70.77% -----------------Year-to-date----------------- Sales 98,585 81,909 YOY% 20.36% =================================================================

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Greggs Rises After Saying Third-Quarter Sales Increased

Greggs Plc (GRG) , the U.K.’s biggest bakery chain, advanced the most in almost seven months after saying that sales growth accelerated in the fiscal third quarter as it sold more meal deals and breakfast items. Greggs rose 4.8 percent, the most since March, to close at 483.2 pence at 4:30 p.m. in London. Revenue climbed 5.4 percent in the 13 weeks ended Oct. 1, the Newcastle Upon Tyne , England- based company said today in a statement. Sales in shops open at least a year rose 0.8 percent over the same period. Sales on that basis increased 0.6 percent in the 39 weeks to Oct. 1. Britain’s largest supermarket chain Tesco Plc (TSCO) and Mothercare Plc (MTC) reported weaker sales yesterday as consumer spending contracts, while inflation accelerates and wages remain stagnant. U.K. economic growth in the second quarter slowed more than initially estimated, as consumer spending fell 0.8 percent, the Office for National Statistics said yesterday. “Our performance has been resilient in a tough market,” Chief Executive Officer Ken McMeikan said in a telephone interview today. “Most items at Greggs tend to be low-priced.” Consumers are shifting into lower priced baked food such as sausage rolls which are performing well, he said. The company will increase investment in promotional activities, including meal deals and discounts, McMeikan said. Greggs said it plans to open 80 net new stores this year. The baker has added a net 53 shops in the year to date, taking the total number of outlets to 1,540 as of Oct. 1. To contact the reporter on this story: Namitha Jagadeesh at [email protected] To contact the editor responsible for this story: Colin Keatinge at [email protected]

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Los Angeles Gasoline Climbs a Fifth Day on Exxon Crude Unit Work

Spot gasoline in Los Angeles strengthened against futures for a fifth straight day as Exxon Mobil Corp. (XOM) ’s Torrance refinery began shutting equipment, including the crude unit and a coker, for maintenance. The 150,000-barrel-a-day Torrance plant near Los Angeles has halted catalytic hydrodesulfurization and sulfur recovery units for the turnaround, Gesuina Paras, a spokeswoman at the site, said by e-mail today. Work will also be performed on the crude unit, the alkylation unit, a hydrogen plant and one of the cokers, she said. “The overall duration of the maintenance is expected to last several weeks,” Paras said. “Although we anticipate impact to production, ExxonMobil expects to be able to meet its contractual commitments.” California-blend gasoline, or Carbob, in Los Angeles jumped 3 cents to a premium of 30 cents a gallon versus futures traded on the New York Mercantile Exchange at 1:29 p.m., the highest level since Feb. 19, according to data compiled by Bloomberg. The fuel strengthened 16.5 cents a gallon last week, the biggest gain since the seven days ended Jan. 25. Stockpiles of California-blend gasoline are at a record low as scheduled refinery repairs and unplanned unit shutdowns cut production. Inventories declined 11 percent in the week ended April 26 to 4.01 million barrels, data compiled by the state Energy Commission show. Valero Wilmington The fluid catalytic cracker at Valero Energy Corp. (VLO) ’s Wilmington plant has returned to planned rates following a pump upset May 1, Bill Day , a spokesman at company headquarters in San Antonio , said by e-mail today. Carbob in San Francisco dropped 6 cents versus futures to a premium of 22 cents a gallon, the first decline in five days. Chevron’s 240,000-barrel-a-day Richmond refinery, the largest in Northern California, reported flaring last week related to the restart of its crude unit, which had been shut since a fire Aug. 6, Melissa Ritchie, a spokeswoman at the plant, said by e-mail May 3. The refinery is bringing other units at the complex back online, she said. Carbob in San Francisco tumbled 9 cents to a discount of 8 cents a gallon against the fuel in Los Angeles , the lowest level in two months. Conventional gasoline in Portland , Oregon , gained against Nymex futures for the sixth straight day, rising 3 cents to a premium of 42 cents a gallon, the highest level since October. Diesel Prices Low-sulfur diesel in Portland strengthened 0.5 cent to a premium of 4.5 cents a gallon against ultra-low-sulfur diesel futures on the Nymex, a two-week high. California-blend, or CARB, diesel in San Francisco rose 2 cents to a discount of 3.5 cents against ULSD futures. The same fuel in Los Angeles slipped 0.25 cent to 4.75 cents a gallon under futures. The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles widened a fifth day, gaining 85 cents to $22.15 a barrel at 2:50 p.m. New York time. The spread, a rough indicator of refinery margins, is at the highest level in more than a month. To contact the reporter on this story: Lynn Doan in San Francisco at [email protected] To contact the editor responsible for this story: Dan Stets at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Barrick Gold, Gammon Gold, Teck: Canadian Equity Preview

Shares of the following companies may have unusual moves in Canadian trading. Alimentation Couche-Tard Inc. (ATD/B CT): The owner of Mac’s and Circle K convenience stores is scheduled to release second-quarter financial results at 1:30 p.m. in Laval, Quebec. The average profit estimate of seven analysts in a Bloomberg survey is 49 cents a share, excluding certain items. Barrick Gold Corp. (ABX CT): The world’s largest gold miner was rated “overweight” in new coverage at HSBC Holdings Plc, which set a price target of C$65.30. The shares rose 0.7 percent to C$51.08 yesterday. Canadian Apartment Properties Real Estate Investment Trust (CAR-U CT): The owner of residential buildings in six provinces said it will sell at least 7.2 million units at C$17.30 a unit. The units fell 1.1 percent to C$17.50 before the announcement. Gammon Gold Inc. (GAM CT): The miner with operations in Mexico was upgraded to “speculative buy” from “hold” at Canaccord Genuity Corp. Wendell Zerb, the analyst, set a 12- month price target of C$9. The shares slipped 0.2 percent to C$6.77 yesterday. Teck Resources Ltd. (TCK/B CT): Canada’s largest base- metals and coal producer was rated “buy” in new coverage at Deutsche Bank AG. Don Lindsay, its chief executive officer, is scheduled to address the Macquarie Global Metals & Mining Conference at 1 p.m. in New York. To contact the reporter on this story; Matt Walcoff in Toronto at [email protected] To contact the editor responsible for this story: Nick Baker at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Novartis Pregnancy Hormone Seen Lessening Heart Failures

Novartis AG (NOVN) won “breakthrough” status from U.S. regulators for an experimental drug to treat acute heart failure, raising the prospect of faster approval. Serelaxin, a man-made version of a hormone found in pregnant women, reduced death rates by 37 percent in patients with acute heart failure six months after treatment, according to clinical trial results presented last year. Also known as RLX030, The drug is Basel, Switzerland-based Novartis’s second to receive the new designation from the U.S. Food and Drug Administration after the lung-cancer treatment LDK378. Faster approvals of the two drugs would provide a sales boost for Novartis, Europe ’s biggest drugmaker, just as the company’s best-selling products are losing patent protection. “Commonly used medicines for AHF only improve the immediate symptoms, so the additional effect on survival observed with RLX030 offers hope to patients and physicians,” David Epstein , division head of Novartis Pharmaceuticals, said in a statement today. Novartis’s Diovan hypertension drug started to lose patent protection last year. Gleevec, a cancer treatment, will be open to copies starting in 2015. Together, they generated $9.1 billion in sales last year. The company has filed for approval of Serelaxin in the U.S. and the European Union. Other therapies that have received the breakthrough designation since it was established last year include Pfizer’s breast-cancer drug palbociclib and Johnson & Johnson (JNJ) and Pharmacyclics Inc. (PCYC) ’s ibrutinib for certain types of blood cancer. Xalkori was approved in 2011, before the FDA program was introduced. Acute heart failure often occurs in the wake of other ailments such as hypertension, diabetes or coronary artery disease and may strike about one in 10 people over the age of 65. Doctors now use a mix of drugs and devices to help patients feel better, yet half of those hospitalized don’t survive longer than five years. RLX030 is a manufactured copy of relaxin-2, a hormone whose levels rise during pregnancy. To contact the reporter on this story: Phil Serafino in Paris at [email protected] To contact the editor responsible for this story: Phil Serafino at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Japan GDP, U.S. Retail Sales, SAC, Cisco: Week Aug. 10-17

Japan ’s economy probably grew in the April-June period, its third straight quarter of growth, data in the coming week are likely to show. In the U.S., retail sales probably rose for a fourth straight month and industrial production climbed for a second month in July. The euro-area is likely to have exited a recession in the second quarter after a record six quarters of contraction, data may show. Investors in SAC Capital Advisers LP face a deadline to redeem money for the third quarter from founder Steven Cohen’s hedge fund, which has been indicted for perpetrating what the U.S. calls an unprecedented insider-trading scheme. Wal-Mart Stores Inc. (WMT) , Cisco Systems Inc. (CSCO) and A.P. Moeller-Maersk A/S will be among companies releasing results. SATURDAY, AUG. 10 To contact the reporters on this story: Heather Langan in London at [email protected] ; Greg Miles in New York at [email protected] ; Jim McDonald in Tokyo at [email protected] To contact the editor responsible for this story: Dick Schumacher at [email protected]

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Encana Quarterly Profit Falls 80% on Canadian Dollar Decline

Encana Corp. (ECA) , Canada ’s biggest natural-gas producer, said third-quarter profit declined 80 percent as the decline in the Canadian dollar resulted in currency losses. Net income slumped to $120 million, or 16 cents a share, from $606 million, or 80 cents, a year earlier, Calgary-based Encana said today in a statement. Excluding currency losses and gains from contracts used to lock in commodity prices, the company earned 23 cents a share, more than double the 11-cent average of 16 analysts’ estimates compiled by Bloomberg. The Canadian dollar declined 7.8 percent against the U.S. currency in the third quarter. The company had $310 million in cash and cash equivalents at the end of the quarter, down from $1.4 billion a year ago. Sales fell 3 percent to $2.35 billion. “Encana is going to have to have more joint ventures or asset sales next year if they don’t want to take on more debt,” said John Malone , an analyst at Ticonderoga Securities LLC in New York who has a neutral rating and doesn’t own the stock. The company needs to raise about $1 billion from such transactions next year, he said. Encana fell 0.5 percent to C$20.44 at the close in Toronto. The stock, which has eight buy, two sell and 16 hold ratings from analysts, has dropped 30 percent this year. The company is selling assets to fund more profitable operations. It announced agreements this month to sell a portion of its Piceance pipeline system and a stake in the Cabin Gas Plant in British Columbia for about $800 million. Joint Ventures It has also agreed to joint ventures to help fund development. The company expanded an agreement with Korea Gas Corp. for drilling in the Horn River gas area in July. A proposed C$5.4 billion ($5.3 billion) agreement with PetroChina Co. fell apart in June. Gas output rose 5.8 percent to 3.37 billion cubic feet a day in the third quarter from 3.18 billion cubic feet a year earlier. Production of gas liquids, which include ethane, butane and propane, rose 4.2 percent to 24,377 barrels a day and the company said it plans to triple production to about 80,000 barrels by 2015. “We are planning to direct an increasing portion of our investment to grow our oil and natural-gas liquids production,” Chief Executive Officer Randy Eresman said in the statement today. Industry Costs Rise Encana expects industry costs to rise as much as 12 percent this year as competition for drilling and pumping service crews increases, Eresman said in July. The company has been reducing expenses and using financial contracts to fix commodity prices to guard against fluctuations. Gas futures have sold at an average of $4.168 per million British thermal units this year in New York , down from a high of $13.577 in July 2008. Encana and its partners are discussing possible sales agreements with customers in Asia for their liquefied natural gas project in Kitimat, British Columbia. The plant won an export license from Canada’s energy regulator on Oct. 13. To contact the reporter on this story: Jeremy van Loon in Calgary at [email protected] To contact the editor responsible for this story: Susan Warren at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Peru Dollar Bonds Drop as U.S. Retail Gain Damps Stimulus Bets

Peru’s dollar bonds fell, pushing yields to three-week high, as a report showing U.S. retail sales rose in July more than forecast damped speculation the Federal Reserve will add to its monetary stimulus. The yield on Peru’s benchmark 6.55 percent bond due March 2037 rose nine basis points, or 0.09 percentage point, to 3.82 percent at 12:15 p.m. in Lima, according to data compiled by Bloomberg. The price fell 1.79 cents to 143.25 cents per dollar. The yield fell to a record low 3.60 percent on Aug. 3 as speculation the Fed will step up bond purchases to support the world’s biggest economy spurred demand for emerging-market debt. U.S. retail sales rose in July for the first time in four months and exceeded forecasts, Commerce Department figures showed today in Washington. “The data have been getting better,” said Enrique Alvarez , the head of Latin America fixed-income research at IdeaGlobal in New York. “The bets are still in favor” of another round of bond purchases, “but the odds of it happening have diminished.” The sol was little changed at 2.6168 per U.S. dollar , according to prices compiled by Bloomberg. To contact the reporter on this story: John Quigley in Lima at [email protected] To contact the editor responsible for this story: David Papadopoulos at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

European Stocks Rebound; Basic-Resource, Real Estate Companies Lead Gains

European stocks climbed, snapping the longest losing streak in two months, as Land Securities Group Plc (LAND) led gains in property companies and basic-resource producers rallied with commodities. Land Securities surged the most in almost two years after the U.K.’s largest real-estate investment trust reported earnings that topped estimates. Antofagasta Plc (ANTO) climbed as copper jumped the most in two months in London. Ageas (AGS) led declining shares as benchmark gauges in the euro region’s peripheral countries fell. The Stoxx Europe 600 Index rose 0.3 percent to 278.17 at the 4:30 p.m. close in London. The measure, which fell for the previous four days, is still down 4.5 percent from this year’s high on Feb. 17 as a selloff in commodities and concern the debt crisis will derail the economic recovery overshadowed company profits and government stimulus measures. “Equities will continue to grind higher, but there will be pockets of volatility with geopolitical news flow,” said Kevin Lilley, a London-based fund manager who helps oversee about $2 billion at Royal London Asset Management. “Companies have got strong balance sheets and policy stimulus will only get removed when it’s clear that there is sufficient growth.” National benchmark indexes gained in 12 of the 18 western European markets today. The U.K.’s FTSE 100 rallied 1.1 percent and Germany ’s DAX advanced 0.7 percent. Portugal ’s PSI-20 fell 0.4 percent and Greece’s ASE dropped 1.4 percent as Alpha Bank SA slid 3.6 percent to 3.52 euros. Greek Debt European Central Bank officials today ruled out a Greek debt restructuring, clashing with political leaders over a solution to the sovereign financial crisis. Ministers earlier in the week floated the idea of extending Greece ’s debt-repayment schedule as it struggles to meet the terms of its 110 billion- euro ($156 billion) bailout. Bank of England policy makers voted 6-3 to keep interest rates on hold this month as the majority warned that tightening policy now could damp consumer spending and harm the recovery. The U.S. Federal Reserve was due to release minutes from last month’s policy meeting after the close of European trading. Fed Bank of St. Louis President James Bullard said in a Bloomberg Television interview that the central bank is in a “fairly good position” to pause in its stimulus and that “it is reasonable” to expect policy tightening by the end of 2011. Land Securities Soars Land Securities surged 6.4 percent to 795.5 pence, its biggest gain since August 2009, after reporting a 14 percent increase in annual net income to 1.24 billion pounds ($2 billion) as the value of its properties increased. That beat analysts’ projected profit of about 979 million pounds, according to a Bloomberg survey. British Land Co., the U.K.’s second-biggest REIT, advanced 4.6 percent to 604.5 pence and Hammerson Plc (HMSO) , the third-largest, rallied 3.2 percent to 479.2 pence. A gauge of real-estate companies in the Stoxx 600 had the biggest gain in two months. Antofagasta, the copper producer controlled by Chile’s Luksic family, rose 2.9 percent to 1,208 pence as base metals advanced on the London Metal Exchange. Copper had the biggest increase since March 17. Kazakhmys, Kazakhstan ’s biggest copper company, gained 3.2 percent to 1,256 pence and Vedanta Resources Plc increased 1.8 percent to 2,135 pence. Eurasian Natural Resources Corp. rallied 4.3 percent to 841 pence after Citigroup Inc. upgraded the producer of metals in Kazakhstan to “buy” from “hold.” Yara, SGL Yara International ASA (YAR) rose 2 percent to 305.4 kroner after the price of corn rose for a fifth day in Chicago , the longest winning streak since December. The world’s biggest publicly traded nitrogen-fertilizer maker also announced new season nitrate prices in Europe. SGL Carbon SE (SGL) jumped 6 percent to 35.77 euros after the company’s biggest shareholder, Susanne Klatten, increased her voting rights in the world’s biggest maker of carbon and graphite products to 26.98 percent last week. The German billionaire is the owner of investment company Skion GmBH. Ageas dropped 3.6 percent to 1.95 euros after the majority owner of Belgium’s biggest life insurer said rising bond yields depleted the value of the cushion available to absorb losses in its insurance business. The market value of government and corporate bonds held by Ageas subsidiaries fell about 1.2 billion euros in the quarter, reducing shareholders’ equity by 0.7 percent. Storebrand ASA (STB) , Norway’s largest publicly traded insurer, lost 2.8 percent to 49.42 kroner. To contact the reporter on this story: Sarah Jones in London at [email protected] To contact the editor responsible for this story: Andrew Rummer at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

NYC Budget Overstates Need for Cutting Teachers, Monitor Says

New York City Mayor Michael Bloomberg ’s $65.7 billion budget overstates by more than 1,600 the number of teaching positions that need to be cut, a city budget monitor said. Bloomberg’s plan for the fiscal year beginning July 1 contained no new taxes and would eliminate more than 6,000 teaching jobs. Savings from teachers who retire or resign could be almost $104 million more than the budget assumes, the Independent Budget Office said. City estimates don’t reflect the fact that salaries of teachers who leave voluntarily are likely to be higher than those who are fired, the IBO said. “Savings cited by the mayor and the schools chancellor from these reductions significantly overstate the number of layoffs needed to meet the budget target,” the IBO said on its blog. The IBO’s finding may strengthen the City Council’s hand in negotiations with the mayor over the budget, which must be approved by the council. City lawmakers have pledged to restore some of the proposed teacher and social-service cuts in the budget. Marc LaVorgna , a spokesman for Bloomberg, said the IBO’s calculations were wrong because savings from attrition come from not hiring a new teacher at a lower salary to replace a retiring teacher. “We’re removing the expense of the replacements,” said LaVorgna. “At no point in time in the budget do we have an expense for all these people who are retiring.” Closing Deficit Bloomberg’s budget proposes bridging a $4.6 billion deficit by using $3 billion in surplus, cutting teachers and reducing social services. The cutbacks became necessary because of a $1 billion drop in federal aid and reductions by New York state, which had to close its own $10 billion deficit. Bloomberg’s budget assumes that at least 2,000 teachers will leave voluntarily and 4,166 will be cut. The IBO estimated that the average salary of a teacher who leaves voluntarily is $64,731. The city calculated the savings from attrition by assuming the average salary of a replacement teacher is $54,000. The mayor is founder and majority owner of Bloomberg News parent Bloomberg LP. To contact the reporter on this story: Martin Z. Braun in New York at [email protected]. To contact the editor responsible for this story: Mark Tannenbaum at [email protected]

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Mobius Sees Resilience in Emerging Markets as Faber Predicts U.S. Rebound

Templeton Asset Management’s Mark Mobius said emerging economies are in “better shape” than developed nations amid turmoil roiling global markets. Marc Faber , publisher of the Gloom, Boom & Doom report, expects the U.S. Standard & Poor’s 500 Index to rally about 40-to-50 points. The S&P 500 Index (SPX) slumped 60.27 points, or 4.8 percent yesterday, the biggest percentage drop since February 2009, as concern the global economy is weakening prompted a global rout. The MSCI World (MXWO) Index of global stocks entered a so-called correction yesterday, falling more than 10 percent from this year’s high, amid a seven-day sell-off that wiped out more than $4.4 trillion from market values worldwide. “We’re looking at equities all the time and equities are looking better and better with all this turmoil,” Mobius, who oversees about $50 billion as executive chairman of Templeton's emerging markets group, said in a Bloomberg Television interview today. “The emerging markets are in much better shape than the developed countries. If you look at the gross domestic product levels, foreign exchange reserves, emerging markets are in a very, very sweet spot.” Developing economies may grow 6.6 percent this year, compared with “advanced” nations’ 2.2 percent, according to estimates from the International Monetary Fund in June. Indonesia’s GDP expanded 6.49 percent in the three months to June from a year earlier, the statistics bureau reported today, the third straight quarter that growth has exceeded 6 percent. ‘Extremely Oversold’ The MSCI Emerging Markets Index dropped 3.1 percent as of 2:02 p.m. in Hong Kong , taking its four-day slump to 9.4 percent. While the gauge is set for its biggest four-day decline since November 2008, its decrease today is less than the MSCI Asia Pacific Index’s 4 percent slump, the most since March 15. Markets are “extremely oversold,” Faber, 65, said in a separate Bloomberg Television interview. He expects a “snap- back” rally in the S&P 500 though doesn’t expect new highs for equities in 2011. Chief strategists at 13 banks from Barclays Plc to UBS AG see the S&P 500 surging 17 percent through Dec. 31, the average estimate in a Bloomberg survey. Their projection that the index will reach 1,401 hasn’t budged in four weeks, while mounting concern U.S. growth is slowing drove the S&P 500 down 11 percent since July 22, including yesterday’s tumble. The U.S. gauge closed yesterday at 1,200.07, the lowest level since Nov. 30. Futures on the gauge dropped 0.1 percent to 1,197.30 today. About $1.8 trillion has been erased from American equities as reports on manufacturing and consumer spending showed the world’s largest economy is slowing. Federal Reserve “I don’t see a double-dip situation in the U.S. simply because of the amount of liquidity in the system that could go in with further easing by the central bank,” Mobius, 74, said by phone from Tokyo. U.S. Federal Reserve policymakers meet for one day on Aug. 9. At their last meeting in June, Fed officials decided to keep the central bank’s balance sheet at a record to spur the slowing economy after completing $600 billion of bond purchases. Mobius joined Templeton in 1987 to help oversee emerging market investments, according to a biography posted on the fund company’s website. His Templeton Emerging Markets Fund gained 9.6 percent in the year to yesterday, compared with the MSCI Emerging Markets Index’s 6.1 percent increase. Thailand , Vietnam and Indonesia are of “particular interest” to Templeton, Mobius said. Thailand, where Yingluck Shinawatra is expected to become the nation’s first female prime minister after an election victory last month, is “right at the top of our list,” Mobius said. Thailand’s SET Index gained 3.1 percent in the month to yesterday, the second-best performance among Asian benchmark gauges, according to data compiled by Bloomberg. To contact the reporter on this story: Weiyi Lim in Singapore at [email protected] To contact the editor responsible for this story: Darren Boey at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Rajaratnam Protests ‘Grotesquely Severe’ Government Sentencing Request

Galleon Group LLC co-founder Raj Rajaratnam said the punishment sought by the government for his insider-trading convictions is “grotesquely severe” and should be rejected by the court. The U.S. said a long prison sentence is warranted. Rajaratnam, 54, yesterday asked U.S. District Judge Richard Holwell in Manhattan for a sentence “substantially below” what is called for by federal guidelines. The government’s requested sentence of 19 1/2 to 24 1/2 years “would guarantee Mr. Rajaratnam’s death in prison,” he said in a court filing. “This court’s role is not to validate a prosecutorial public relations effort, nor is it to single out one man to serve as the whipping boy for Wall Street misdeeds,” Rajaratnam argued. Rajaratnam was convicted in May of all 14 criminal counts of conspiracy and securities fraud he was charged with. He’s scheduled to be sentenced Sept. 27. Rajaratnam argued that the government’s requested sentence is more than the average sentence imposed for kidnapping and hostage-taking, sexual abuse, robbery, arson and child pornography. Government Response Assistant U.S. Attorneys Reed Brodsky and Jonathan Streeter, who prosecuted the case, asked Holwell in a filing yesterday to reject Rajaratnam’s pleas for leniency based on his poor health and charitable contributions. “In arguing for leniency because of his health, Rajaratnam overlooks that he committed his crimes for years after he knew about his medical problems and thus he is in no position to seek leniency now based on them,” they said. Jerika Richardson, a spokeswoman for Manhattan U.S. Attorney Preet Bharara’s office, declined to comment on the Rajaratnam filing. After the verdict, prosecutors sought to have Rajaratnam, who is free on $100 million bond, taken into custody. Streeter said Rajaratnam, who holds U.S. and Sri Lankan citizenship, had incentive to flee. Streeter said that in the 22 years the U.S. has had an extradition treaty with Sri Lanka “not one single Sri Lankan citizen has ever been extradited.” Holwell denied the request after defense lawyer John Dowd said Rajaratnam had also placed $70 million in a U.S. escrow account. ‘A Serious Crime’ In yesterday’s filing, Dowd called his client’s conviction “a serious crime to be sure, but there is nothing about Mr. Rajaratnam’s conduct, as found by the jury, to justify a sentence decades longer than the sentences ordinarily imposed in insider trading cases.” In court papers filed late yesterday, prosecutors said reductions in prison terms for health reasons are only warranted under an “extraordinary health condition” that the U.S. prison system isn’t equipped to handle. They said Rajaratnam hasn’t submitted any information about his medical condition in any public filings and said they may ask the court to unseal “substantial portions” of defense submissions relating to Rajaratnam’s medical conditions. “Rajaratnam is arguably the most egregious offender of the insider trading laws prosecuted to date,” Streeter and Brodsky said. “Rajaratnam has only himself to blame for his criminal conduct, the sentence he receives, and the collateral consequences of being a convicted felon.” The case is U.S. v. Rajaratnam, 1:09-cr-01184, U.S. District Court, Southern District of New York (Manhattan). To contact the reporters on this story: Bob Van Voris in New York at [email protected] ; Patricia Hurtado in New York at [email protected]. To contact the editor responsible for this story: Michael Hytha at [email protected] .

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Lithuanian LNG Terminal Gets EU Approval, Klaipedos Nafta Says

The European Union approved the liquefied natural gas terminal that Lithuania is building, clearing several potential legal hurdles, state-controlled terminal operator Klaipedos Nafta AB said. The green light, which the European Council in Brussels will issue tomorrow, follows a two-year audit of the terminal’s compliance with EU rules on competition and state aid, Klaipedos Nafta General Director Rokas Masiulis said today at a news conference in Vilnius, the Lithuanian capital. The floating terminal, due to start operating in late 2014 at the Baltic Sea port of Klaipeda, will help Lithuania avoid “unfair” pricing by its current sole gas supplier, Russia ’s OAO Gazprom (GAZP) , according to Prime Minister Algirdas Butkevicius. Lietuvos Dujos, the Lithuanian gas utility controlled by Gazprom and EON AG (EOAN) , asked the EU to block the project on the grounds that it violated competition rules. “We’ve passed a very serious exam, crossing a sort of legal finish line that lets us now focus on construction,” Masiulis said. It also clears the way to secure some financing that is still pending, he said. Financial Guarantees The European Investment Bank agreed in July to lend Klaipedos Nafta 87 million euros ($118 million) to finance about half the cost of construction. That loan couldn’t be accessed until the Lithuanian government issued a guarantee to the European Investment Bank , which wasn’t possible until the EU formally approved the project, according to Masiulis. “The European Commission didn’t recommend changing anything in the project,” Masiulis said. “They found that everything is being done right to ensure the terminal will increase competition, opening our market to new suppliers.” Construction of a jetty for the LNG ship at Klaipeda as well as a pipeline linking the terminal to Lithuania’s gas grid by December 2014, is proceeding on schedule, he said. To contact the reporter on this story: Bryan Bradley in Vilnius at [email protected] To contact the editor responsible for this story: Balazs Penz at [email protected]

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Kenya Commercial Heads for Record on Outlook: Nairobi Mover

Kenya Commercial Bank Ltd., the country’s biggest lender by market value and assets, headed for a record high after an increase in first-half profit by its main competitor buoyed investors’ outlook for earnings. The stock rose 1.8 percent to 43.50 shillings by 1:20 p.m. in Nairobi, the highest on a closing basis since May 1997 when Bloomberg began compiling the data. About 940,000 shares traded, or 43 percent of the three-month daily average. Equity Bank Ltd., Kenya’s largest lender by customers and second-biggest by market value, said yesterday first-half profit jumped to 6.3 billion shillings from 5.4 billion shillings a year earlier on increased earnings from loans. The shares gained as much as 1.5 percent before trading unchanged today. “Usually the performance of KCB and Equity is similar and some investors have begun taking position,” Moses Waireri, head of research at Nairobi-based Sterling Capital Ltd., said by phone. “We expect the performance to be similar or better than the 17 percent profit growth reported by Equity yesterday.” KCB, as the lender is known, said in May net income in the three months through March rose to 3.03 billion shillings ($35 million) from 2.43 billion shillings a year earlier. Net interest income, the money banks earn from interest charges, increased 5.7 percent to 7.37 billion shillings during the period. The company will announce first-half earnings in August. Last month, the bank was rated buy in new coverage by Nairobi-based Genghis Capital Ltd., with a price estimate of 44.68 shillings. KCB’s stock has surged 46 percent this year, compared with a gain of 30 percent for the FTSE NSE Kenya 25 Share Index. To contact the reporter on this story: Eric Ombok in Nairobi at [email protected] To contact the editor responsible for this story: Vernon Wessels at [email protected]

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DIMERCO DATA SYS February Sales Rise 63.21% (Table) : 5403 TT

DIMERCO DATA SYS said unconsolidated sales in February rose 63.21% to NT$83,494,000 from NT$51,158,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 2/2012 2/2011 Sales 83,494 51,158 YOY% 63.21% -----------------Year-to-date----------------- Sales 174,597 123,795 YOY% 41.04% =================================================================

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EIB Sells 625,000 EU CO2 Permits for 2013 at 8.80 Euros

The following table is an overview of prices at auctions of European Union emissions permits for December 2013 held by the European Investment Bank in June on the European Energy Exchange AG in Leipzig, Germany. The sales are 625,000 permits each, for delivery in December next year. EEX hosts the auctions between 1 p.m. and 3 p.m. Berlin time every Monday, Tuesday, Thursday and Friday. EEX is selling a total of 20 million allowances from a special post-2012 reserve known as the NER300 from June 7 through July 31. Revenue from the sales will aid clean-energy projects in the 27-nation bloc. The EIB will carry out a second set of auctions from Aug. 1 through Sept. 30 this year. The bank has not yet selected a venue for these sales, it said on May 16. To contact the reporter on this story: Alessandro Vitelli in London at [email protected] To contact the editor responsible for this story: Lars Paulsson at [email protected]

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Egypt Islamists Ready for Fight as Suleiman Runs for President

Egypt’s first presidential race since Hosni Mubarak ’s ouster had a rocky start as Islamists and one of the former regime’s most powerful figures readied for an electoral battle and questions were raised over candidates’ legitimacy. After a monthlong process, the door for nomination closed yesterday, with Mohamed Mursi, the head of the powerful Muslim Brotherhood’s Freedom and Justice Party, and Omar Suleiman , Mubarak’s long-time intelligence chief and short-lived vice president, entering the race in its final hours. Suleiman’s candidacy, coupled with the possibility that Brotherhood second-in-command Khairat el-Shater and Salafi hopeful Hazem Abu Ismail may be disqualified, has stirred unease about the country’s fitful push for political transition. As Islamists accuse the government of trying to manipulate the process, secularists worry that the Brotherhood is trying to monopolize power. The recriminations set the stage for a tense run-up to the vote scheduled for May 23 and 24. “It’s an absolute mess all around,” said Shadi Hamid , director of research at the Brookings Doha Center, in a telephone interview yesterday. “There’s no doubt that the government is manipulating the process and there is a real SCAF- Brotherhood confrontation now,” he said, referring to the ruling Supreme Council of the Armed Forces. “If Shater and Abu Ismail are disqualified, the elections are not going to be seen as particularly legitimate. That’s the real fear, here,” Hamid said. 23 Candidates A total of 23 candidate have filed to run in the presidential election, the Election Commission said yesterday after deadline for applications, the state-controlled Middle East News Agency reported. Secularist and other groups have already questioned the legitimacy of parliament and the committee charged with drafting the country’s new constitution. Both bodies are dominated by Islamists. Reports in the local media that el-Shater, a millionaire businessman who was the Brotherhood’s chief financier, and Abu Ismail may be prevented from running have cemented Islamists’ perception that the army is trying to sideline them. Suleiman’s candidacy has led to another backlash. Wasat Party lawmaker Essam Sultan submitted to the parliament speaker a draft law that would bar a presidential run by anyone who had held the presidency, the vice presidency or a ministerial portfolio during the last half-decade of Mubarak’s regime, the official Middle East News Agency reported. The move appeared directed at the former intelligence chief. Suleiman “It’s inconceivable that the new system called for by the people through a revolution will be built by the same people who worked to establish and implement the policies of the previous regime,” Sultan said in a statement issued yesterday with the draft law. While Suleiman’s decision to run has led to speculation about the military’s intentions, his bid could prove one to contend with, said Hamid. “Over the past year, the revolution has been tainted and people are increasingly disillusioned,” he said. “This might be the right time for someone from the old regime to come back and say: ‘Well things weren’t that bad under Mubarak. In some ways they were even better.’ Suleiman offers that appeal.” The disputes muddy Egypt ’s political transition at a time when the economy is struggling to recover in the aftermath of last year’s uprising. Eligibility Questions Net international reserves fell by more than 50 percent in just 15 months and economic growth slowed to 0.4 percent in the last quarter of 2011. A $3.2 billion International Monetary Fund loan is still pending amid criticism from the Brotherhood and others over the government’s economic program. The IMF has said it wants consensus among Egypt’s main political groups before it concludes the deal. Abu Ismail faces possible elimination from the contest after the election commission said yesterday the Egyptian Foreign Ministry had confirmed his mother held U.S. citizenship. Under the current law, that would preclude him from office. “Having a passport is one thing, and having citizenship is another,” Abu Ismail said in a televised press conference after denying the claims. Mursi’s nomination by the Brotherhood was a response to attempts to “fabricate barriers and hurdles” to impede some candidates from competing in the election, the group said in a statement posted on its website. Police Presence Television footage showed hundreds of people gathered outside the electoral commission’s headquarters in a show of support for their respective candidate on the final day of the nomination process. An unusually high military police turnout was also evident, though MENA cited an unidentified military official as saying the military police at the scene kept their distance from the candidates. The official said the units were deployed after supporters of Abu Ismail and el-Shater blocked traffic in the area. As the dispute over the two leading Islamist candidates continued, al-Gamaa al-Islamiya, or the Islamic Group -- which had waged a violent battle against Mubarak’s regime in the 1990s

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European Stocks Advance to 23-Month High; Philips Gains

European stocks rose to the highest level in more than 23 months as companies reported earnings and a report showed house prices in 20 U.S. cities increased. Royal Philips Electronics NV climbed 2.3 percent after the world’s largest lighting manufacturer reported fourth-quarter results that topped analyst estimates. William Hill Plc (WMH) gained 2.1 percent after the bookmaker reporter a jump sales. Anglo American Plc (AAL) led mining companies higher, rallying 3 percent. The Stoxx Europe 600 Index added 0.3 percent to 290.3 at the close in London , the highest level since Feb. 18, 2011. The index has climbed 3.8 percent so far this year amid optimism about company earnings and as U.S. lawmakers agreed on a compromise budget to avoid automatic fiscal-reduction measures. “There’s a real opportunity for stock picking now,” Daniel Morris, a global strategist at JPMorgan Chase & Co. in London said on Bloomberg Television with Francine Lacqua. “Even if you do see a bit of a dip in equity markets, you can buy now. The market is somewhat inexpensive relative to history.” Stocks advanced as the S&P/Case-Shiller index of U.S. property values increased 5.5 percent from November 2011, the biggest year-over-year gain since August 2006, a report showed in New York. The median projection of 30 economists surveyed by Bloomberg called for a 5.6 percent advance. U.S. Consumers The Stoxx 600 earlier fell as much as 0.2 percent as U.S. consumer confidence declined more than forecast and as investors await the outcome of the U.S. Federal Open Market Committee two- day meeting that started today. The central bank is expected to renew its commitment to asset buying according to economists surveyed Jan. 24-25. The volume of shares changing hands in Stoxx 600 companies today was 4 percent lower than the average of the last 30 days, according to data compiled by Bloomberg. National benchmark indexes climbed in 12 of the 18 western European (SXXP) markets. The U.K.’s FTSE 100 increased 0.7 percent, France ’s CAC 40 gained 0.1 percent and Germany ’s DAX advanced 0.2 percent. Philips gained 2.3 percent to 22.43 euros after the world’s largest lighting manufacturer reported a 50 percent increase in fourth-quarter earnings before interest, taxes, amortization and one-time items to 875 million euros. The estimate of analysts in a Bloomberg survey was for 866 million euros. Sales gained 6.7 percent. William Hill added 2.1 percent to 374 pence after the U.K. bookmaker said full-year net revenue grew by 12 percent after experiencing a strong fourth quarter. The company, which will release final results on March 1, expects operating profit of 330 million pounds ($518 million). Commodity Shares Anglo American, which today said it will write down $4 billion from the value of its Minas-Rio iron-ore project in Brazil and raise spending for a sixth time, climbed 3 percent to 1,929.5 pence. JPMorgan Chase & Co. wrote in a note to clients today that the writedown came in at the lower end of expectations. A gauge of mining companies increased 1.8 percent, the biggest advance among 19 industry groups on the Stoxx 600, as base metals advanced in London. Kazakhmys Plc rallied 2.9 percent to 766.5 pence, Rio Tinto Group added 2 percent to 3,575.5 pence. BHP Billiton Ltd., the world’s largest mining company, advanced 1.9 percent to 2,151 pence. 3i Stake 3i Group Plc (III) , Britain’s oldest private-equity firm, rose 3.1 percent to 266.8 pence after saying that activist investor Edward Bramson has been buying its shares. Software AG tumbled 17 percent to 28.90 after the German infrastructure-software provider reported fourth-quarter profit of 50.7 million euros ($68 million), missing analysts’ estimates of 52.9 million euros. Revenue in the fourth quarter came in at 276 million euros compared with estimates of 289.4 million euros. Royal Bank of Scotland Plc lost 6 percent to 345.8 pence as U.S. authorities push for criminal charges in the probe into allegations that the lender tried to rig interest rates. The U.S. Justice Department has extended talks to press the bank for a guilty plea in any settlement, said two people familiar with the negotiations. RBS may pay about 500 million pounds ($786 million) to U.S. and U.K. authorities to settle the claims as soon as next week, another two people with knowledge of the negotiations said. Saipem SpA (SPM) fell 3.5 percent to 30.45 euros after Bank of America Corp.’s Merrill Lynch unit placed 9.97 million shares in Europe’s largest oil contractor by market value on behalf of an institutional client, according to the terms obtained by Bloomberg News. The shares were sold at 30.65 euros apiece. BT Group Plc (BT/A) fell 2.3 percent to 246.2 pence after Bank of America downgraded the U.K.’s biggest fixed-line phone company to neutral from buy saying rising costs from plans to increase sales are endangering earnings growth. To contact the reporters on this story: Tom Stoukas in Athens at [email protected] ; Sarah Jones in London at [email protected] To contact the editor responsible for this story: Andrew Rummer at [email protected]

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NAB First-Quarter Profit Rises on Improved Business Loan Margins

National Australia Bank Ltd. , the worst performing stock among the country’s four major lenders in 2012, said first-quarter profit 3.6 climbed percent as it expanded business lending margins and cut bad debts. Unaudited cash earnings, which exclude some one-time costs, rose to A$1.45 billion ($1.5 billion) for the three months ended Dec. 31, the Melbourne-based bank said in a statement today. That compares with A$1.4 billion cash profit reported a year earlier. Unaudited net profit was about A$1.26 billion, the bank said. Chief Executive Officer Cameron Clyne is trying to revive earnings growth after provisions at the bank’s U.K. unit led to the first decline in annual profit since 2009 last fiscal year. While Australia’s fourth-biggest lender by market value is increasing its share of the home loan market, central bank figures show mortgage demand is the weakest in four decades. “We see fewer near-term risks for NAB and the potential for positive responses to announcements on either asset sales or expense initiatives,” Citigroup Inc. analysts led by Craig Williams said in a note on Jan.31. To contact the reporter on this story: Narayanan Somasundaram in Sydney at [email protected] To contact the editor responsible for this story: Chitra Somayaji at [email protected]

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Colonial Resumes Shipments at Greensboro Hub After Gasoline Tank Fire

Colonial Pipeline Co. said it resumed normal operations after a fire that erupted early this morning at a tank farm in Greensboro, North Carolina, causing the company to temporarily halt pipeline deliveries in and out of the hub. Operations returned to normal as of 11 a.m. Eastern time, Colonial spokesman Steve Baker said in a telephone message. “The disruption in service is not anticipated to affect supplies,” he said. Product deliveries on pipelines in and out of Greensboro, the largest tank farm on the company’s pipeline system, were stopped earlier in the day as a result of the fire, according to Baker. The blaze, which may have been caused by a lightning strike, started at around 1 a.m. and was put out with foam at about 7:15 a.m., he said. The fire occurred at a 40,000-barrel capacity tank that was half filled with gasoline, Baker said. Fire hoses were initially trained on nearby tanks to stop the blaze from spreading, he said. The Colonial system, the largest pipeline linking U.S. Gulf Coast markets and East Coast markets, delivers an average of more than 2 million barrels a day of gasoline, home heating oil, aviation fuel and other refined products through 5,519 miles of pipeline to 267 marketing terminals across the southern and eastern U.S. Service was down on some of the lines to the Northeast as a result of the fire, while many of the smaller lines don’t operate on the weekend, Baker said. “It’s nothing that can’t be made up,” he said. The Greensboro site is a “major junction” for Alpharetta, Georgia-based Colonial, said Baker, who is based in Atlanta. To contact the reporter on this story: Paul Burkhardt in New York at [email protected] .

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S&P to Start Five U.S. Condominium Price Indexes

Standard & Poor’s is adding condominiums to its roster of residential housing indexes. The condominium price indexes for the Boston, Chicago, Los Angeles , New York and San Francisco areas will be published on Nov. 25, New York-based Standard & Poor’s said today in a statement. Standard & Poor’s also said it will publish seasonally adjusted versions of the S&P/Case-Shiller Home Price Indexes. The condo indexes will use data going as far back as in 1995 and also include seasonally adjusted figures. The S&P/Case-Shiller home-price index of 20 U.S. cities fell 16.6 percent in August from a year earlier as foreclosures climbed. “Prices for condominiums can behave differently than those for single family homes,” David Blitzer , managing director and chairman of the index committee at S&P, said in the statement. “Having access to a broader range of indices will allow property owners, investors and others to better understand how these different residential property types behave, while also providing a more complete picture of the overall existing residential property market,” Blitzer said. To contact the reporter on this story: Brian Louis in Chicago at [email protected]. To contact the editor responsible for this story: Rob Urban at [email protected] .

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Rubber Extends Gain From Two-Month Low as Glut Seen Shrinking

Rubber extended a recovery from a two-month low on prospects that a glut of supply will shrink on record car sales and reduced output in India and Malaysia. The contract for March delivery on the Tokyo Commodity Exchange climbed as much as 1.9 percent to 261.9 yen a kilogram ($2,709 a metric ton) and traded at 261.2 yen at 10:12 a.m. Futures extended gains from a two-month low of 253.8 yen reached Oct. 4, paring losses for this year to 14 percent. A global surplus will narrow by at least 12 percent to 284,000 tons this year, according to the International Rubber Study Group, a 36-nation body based in Singapore. RCMA Commodities Asia Group cut its estimate for this year’s glut by 33 percent to 351,000 tons on smaller-than-expected output combined with rising demand. “Rubber fundamentals are improving on reduced output and healthy demand from China and the U.S.,” said Takaki Shigemoto, an analyst at research company JSC Corp. in Tokyo. Futures that fell as much as 62 percent since peaking in 2011 rallied into a bull market in August. Prices in Tokyo will rise to 300 yen by Dec. 31, according to the median of 15 analyst estimates compiled by Bloomberg News. Natural rubber production in India, the fourth-biggest grower, fell 4.9 percent last month, Rubber Board of India said in an e-mailed statement yesterday. Imports by the nation rose to 179,292 tons between April and September from 112,641 tons a year earlier, it said. Rubber for January delivery on the Shanghai Futures Exchange rose 1.4 percent to 20,370 yuan ($3,327) a ton. The market resumed trading after a week-long holiday. Thai rubber free-on-board was unchanged at 78 baht ($2.49) a kilogram yesterday, according to the Rubber Research Institute of Thailand. To contact the reporter on this story: Aya Takada in Tokyo at [email protected] To contact the editor responsible for this story: Brett Miller at [email protected]

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Bid Fails for Greater Australian Campaign Funding Transparency

Laws designed to make Australian political funding more transparent have been scrapped after a voter backlash against the changes that would have given a A$60 million ($58 million) boost to parties. “My colleagues have been listening to the electorate, we have listened, we have learned and this bill is dead,” Australian opposition leader Tony Abbott told reporters in Canberra today. Prime Minister Julie Gillard’s ruling Labor minority government said May 28 it had struck a deal with the opposition coalition to amend political party funding laws, agreeing to a new threshold for disclosure of donations to move long-stalled legislation through parliament. While the new bill would have reduced the requirement for disclosure of political donations from A$12,100 to A$5,000, it would also have led to a A$60 million increase in public funding to parties and independent candidates, which Abbott today said was unreasonable given budget finances. Labor, trailing the Liberal-National coalition in polls before the Sept. 14 election, introduced legislation in 2010 in a bid to improve the transparency of campaign funding. Those laws, which sought a A$1,000 disclosure threshold while preserving rules where donations might be made public months after an election result, have languished in the Senate, leading to the compromise between the major parties announced May 28. The government may now attempt to revive its earlier legislation in the Senate before next month’s final sitting of parliament ahead of the election, Transport Minister Anthony Albanese told reporters in Canberra today. Abbott had reneged on a signed agreement to support the compromise bill, he said. “It’s important, I think, that there be transparency in the political process,” Albanese said. To contact the reporter on this story: Jason Scott in Canberra at [email protected] To contact the editor responsible for this story: Rosalind Mathieson at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Time Warner's `The Town' Debuts as Top Film With $24 Million Ticket Sales

“The Town” was the No. 1 movie in U.S. and Canadian theaters this past weekend, earning $23.8 million in ticket sales for Time Warner Inc.’s Warner Bros. The film beat out three other new releases, including “Easy A” from Sony Corp., which was second with $17.7 million, box-office tracker Hollywood.com Box-Office said today in an e- mailed statement. Directed by actor Ben Affleck , “The Town” is Time Warner’s first No. 1 film since “Inception” in mid-July. Warner Bros. leads all Hollywood studios in sales this year with $1.23 billion as of Sept. 16, a 16 percent share of the market, according to the website Box Office Mojo. “Affleck is looking to take a page from the Clint Eastwood handbook,” said Paul Dergarabedian , president of Hollywood.com Box-Office. “Strong word-of-mouth likely (will) propel the film well into the fall movie and awards season.” “The Town,” the second full-length feature directed by Affleck, stars Jon Hamm of “Mad Men” and Blake Lively of “Gossip Girl,” along with Affleck, in a crime drama about a gang of bank robbers in Boston. “Easy A,” from Sony’s Screen Gems, features Emma Stone as a high school student who relies on rumors spread by her peers to advance her social status. Amanda Bynes , Lisa Kudrow , Stanley Tucci and Patricia Clarkson co-star in the romantic comedy. ‘Devil’ “Devil,” also making its debut, was third with $12.3 million for Universal Pictures. The movie, co-written by M. Night Shyamalan , features five office workers who are stranded in an elevator and fear the devil may be among them. Sony’s “Resident Evil: Afterlife” finished fourth with $10 million in receipts. It’s the fourth film in the science- fiction series and the first to be shot in 3-D. Milla Jovovich stars as a zombie-fighting warrior in the movie, which is based on the video game from Japan-based Capcom Co. The 3-D animated film “Alpha and Omega” made its debut in fifth place for Lions Gate Entertainment Corp. with $9.1 million. Two young wolves, voiced by Justin Long and Hayden Panettiere, fall in love even though they are at opposite ends of their pack’s social order. ‘Wall Street’ Sequel Next weekend, “Wall Street: Money Never Sleeps,” the sequel to Oliver Stone ’s 1987 “Wall Street,” debuts. Michael Douglas returns as Gordon Gekko and Stone again directs. Shia LaBeouf plays a young Wall Street trader who joins forces with Gekko, who has been released from prison, as they alert the financial community to impending doom. The 3-D animated film “Legend of the Guardians: The Owls of Ga’Hoole” also debuts. Helen Mirren , Geoffrey Rush and Anthony LaPaglia are among the actors who lend their voices to an adaptation of the book series written by Kathryn Lasky. Sales for the top 12 films this past weekend rose 0.1 percent to $87.3 million from a year earlier, Hollywood.com Box- Office said. Year-to-date receipts total $7.94 billion, up 3.9 percent from $7.64 billion. Attendance has fallen 1.7 percent this year. The following table has figures provided by studios to Los Angeles-based Hollywood.com Box-Office. The amounts are based on actual ticket sales for Sept. 17-19. Rev. Avg./ Pct. Total Movie (mln) Theaters Theater Chg. (mln) Wks ================================================================ 1 THE TOWN 23.8 2,861 8,322 -- 23.8 1 2 EASY A 17.7 2,856 6,209 -- 17.7 1 3 DEVIL 12.3 2,809 4,375 -- 12.3 1 4 RESIDENT EVIL 10.0 3,209 3,117 -62 43.9 2 5 ALPHA AND OMEGA 9.1 2,625 3,469 -- 9.1 1 6 TAKERS 3.0 2,139 1,415 -47 52.4 4 7 THE AMERICAN 2.7 2,457 1,088 -53 32.8 3 8 THE OTHER GUYS 2.0 1,827 1,079 -41 115.4 7 9 INCEPTION 2.0 1,305 1,507 -30 285.1 10 10 MACHETE 1.8 1,704 1,030 -59 24.4 3 11 EAT PRAY LOVE 1.6 1,668 968 -45 77.6 612 THE EXPENDABLES 1.4 1,854 741 -57 101.0 6 Top 12 Films Grosses This Week Year Ago Pct. (mln) (mln) Chg. =================================== $87.3 $87.3 +0.1 Year-to-date Revenue 2010 2009 YTD YTD Pct. (mln) (mln) Chg. =================================== $7,935 $7,640 +3.9 Year-to-date Attendance: -1.7% To contact the reporters on this story: Chris Dolmetsch in New York at [email protected] ; Alex Sherman in New York at [email protected]. Sept 20 (Bloomberg) -- Bloomberg's Deirdre Bolton reports on breaking media news in today's edition of Media Monday. (Source: Bloomberg) //<![CDATA[ $(document).ready(function () { $(".view_story #story_content .attachments img.small_img").each(function(){ var self = $(this); if (self.width() != 190){ self.width(190); } }); }); //]]>

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Foreigners Weigh Huaso Bonds as Chile Eases Entry, Larrain Says

Chile expects international borrowers to sell peso-denominated bonds in the coming months after South America ’s fifth-largest economy cut restrictions to deepen capital markets, Finance Minister Felipe Larrain said. The Inter-American Development Bank and private companies are among entities to show interest in so-called huaso bonds, peso notes issued locally by foreigners, Larrain said in a March 26 interview at the IDB’s annual meeting in Calgary. Huaso is the Chilean term for cowboy. “Over the next couple of months we will probably see some” issuances, he said. “We are seeing a lot of interest. The IDB is one example, but there is a lot of examples of private companies.” The administration of President Sebastian Pinera wants to make Chile a financial hub in Latin America by cutting red-tape, expanding the use of the Chilean peso and simplifying taxes. Authorities are broadening the possible universe of foreign issuers of bonds to states, companies from emerging markets and multilateral organizations. Under changes announced March 10, entities from countries with at least three sovereign credit ratings will be able to sell bonds denominated in Chilean pesos. Previously, authorization was limited to entities that traded in exchanges recognized by the local credit rating regulator. In the longer term, allowing more foreigners to sell bonds in pesos and take proceeds home would create more demand for U.S. dollars, Larrain said. Chile ’s peso has strengthened 12 percent in the past year, the most among seven Latin American currencies tracked by Bloomberg. Brazilian Companies “I would not be surprised to see a lot of Brazilian companies issuing bonds in Chile,” Larrain said. “A banker went to my office the other day and said he already had several companies calling and saying ‘I want to go and have my own issuance in Chile.’” Only three peso-denominated bonds, totaling less than $500 million, have been issued by foreigners in Chile since they were allowed to do so in 2006, Larrain said March 10. The most recent was America Movil SAB, Latin America’s largest wireless phone operator, which sold $198 million of 25- year inflation-linked notes at a yield of 4 percent in May. Banco de Credito del Peru sold bonds in 2009. The yield on a basket of 20-year inflation-linked central bank bonds fell five basis points this year to 3.08 percent. Chile is allowing more foreign entities to sell bonds amid rising global demand for local-currency securities from institutional investors such as insurance companies and pension funds. Chilean pension funds had $145 billion of assets under management at the end of last month, up 11 percent from a year earlier, according to the industry regulator’s website. ‘Expanding Aggressively’ “The asset class that is expanding more aggressively at the margin is the one in local currency,” said Alberto Ades, managing director for emerging-market fixed-income and economics at Bank of America Merrill Lynch, in a March 26 interview at the IDB meeting. The IDB plans to help Latin American countries “de- dollarize” their economies by providing more financing in local currencies, said bank President Luis Alberto Moreno in an interview at the meeting. Surging foreign investment and faster economic growth are leading to stronger currencies in countries such as Chile, Brazil and Mexico. The region accounted for twice as much of global capital inflows in 2009 as it did in 2006, Moreno said. While avoiding capital control measures, Larrain plans to slice as much as $800 million from the budget this year to help fight price rises and limit currency appreciation. Chile’s central bank has raised its benchmark interest rate in nine of its past 10 monthly meetings from a record low of 0.5 percent to 4 percent today. The budget cuts, announced March 23, will lead to a “more gradual” increase in rates, Larrain said. The fiscal tightening “should contribute to the moderation of aggregate demand,” bank President Jose De Gregorio said in a speech yesterday at the IDB meeting. Even so, keeping inflation in check “is essential,” De Gregorio said. “Delaying monetary policy adjustment may result in more severe adjustments in the future,” he said. To contact the reporter on this story: Fabiola Moura in New York at [email protected] Randall Woods in Santiago at [email protected] To contact the editor responsible for this story: David Papadopoulos at [email protected] David Scanlan at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Australian, N.Z. Stocks: BHP, Newcrest, Pacific Brands

Australia’s S&P/ASX 200 Index (AS51) rose 0.7 percent to 4,171 at the close in Sydney today. New Zealand (ANZ) ’s NZX 50 Index added 0.3 to 3,413.79 in Wellington. The following were among the most active shares in the market today. Stock symbols are in parentheses after company names. Energy stocks: Shares rose after crude oil for April delivery rose 1.4 percent to $106.16 a barrel on the New York Mercantile Exchange yesterday. Santos Ltd. (STO) , Australia’s third-largest oil producer, rose 4 percent to A$14.14. BHP Billiton Ltd. (BHP) , the nation’s largest crude and gas producer, rose 0.7 percent to A$34.30. AGL Energy Ltd. (AGK) gained 1.5 percent to A$13.95. The Australian electricity retailer said it completed the allocation of as much as A$650 million ($688 million) in subordinated notes. Kagara Ltd. (KZL) fell 7.9 percent to 17.5 Australian cents after the base metal miner was cut to “sell” from “buy” by UBS AG. Newcrest Mining Ltd. (NCM) rose 0.1 percent to A$30.64. Australia’s largest gold producer gained after futures for April delivery of the precious metal rebounded from a five-week low. Pacific Brands Ltd. (PBG) tumbled 2.9 percent to 66.5 cents, the clothier’s biggest drop in more than four months, after a report in the Australian Financial Review that takeover talks with KKR & Co. may stall. Rio Tinto Group (RIO) , the world’s third-largest miner, advanced 0.4 percent to A$62.66. The company sees its global iron-ore production approaching 450 million tons a year in the next five years, executive Alan Davies said in a presentation in Germany yesterday. To contact the reporter on this story: Jacob Greber in Sydney at [email protected] To contact the editor responsible for this story: Chitra Somayaji at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Colombian Insurer Seguros Colpatria Said to Seek Buyers

Seguros Colpatria SA, a Colombian insurance provider, is weighing a sale that may fetch $500 million, said people familiar with the matter. Seguros Colpatria, which provides fire, earthquake, liability and other types of coverage, engaged Zurich-based UBS AG to seek a buyer, according to the people, who asked not to be named because the matter is private. Companies including Ace Ltd. (ACE) , Prudential Financial Inc. (PRU) and MetLife Inc. (MET) may be interested, said the people. The potential sale comes as diversified insurance firms in the U.S. and Europe seek acquisitions in developing regions such as Latin America to help make up for slowing growth at home. Ace, based in Zurich, this year acquired Mexican insurance assets from Ally Financial Inc., while MetLife agreed in February to buy a Chilean pension manager from Banco Bilbao Vizcaya Argentaria SA. Officials at Bogota-based Seguros Colpatria didn’t respond to requests for comment. Spokesmen at UBS, Ace and Newark, New Jersey-based Prudential declined to comment, while a representative for New York-based MetLife didn’t respond to requests for comment. To contact the reporter on this story: Matthew Monks in New York at [email protected] To contact the editor responsible for this story: Jeffrey McCracken at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Blackstone Said to Seek First Real Estate Assets in Japan

Blackstone Group LP may buy Morgan Stanley Japan’s real estate assets, making its first property investment in the country, a person familiar with the deal said. The world’s biggest private-equity firm expects to complete a deal for assets with a face value of 100 billion yen ($1.16 billion) next week, the person said, declining to be identified before an announcement. Blackstone may offer less than 50 percent of the face value of the portfolio, which consists of 11 non-recourse loans with about 30 office buildings mainly located in greater Tokyo, the person said. Prices for Tokyo office buildings have fallen as much as 50 percent from their 2007 peak, according to an estimate by CB Richard Ellis Group Inc.’s Japan subsidiary. Blackstone ’s first purchase in the country, after opening a Tokyo operation three years ago, may suggest prices are set to climb, said Takashi Ishizawa , a real estate analyst at Mizuho Securities Co. “The news confirms my view that property prices in Japan have reached bottom,” Ishizawa said in a telephone interview in Tokyo. “Now is the time to invest.” Natsuo Nishio, a spokesman at Morgan Stanley in Tokyo, and Peter Rose , a spokesman for Blackstone, declined to comment. Blackstone’s second-quarter earnings rose 13 percent, partly on a gain in the value of its real estate holdings, the company said today. The shares climbed 43 cents, or 4 percent, to $10.74 in New York Stock Exchange composite trading at 4:46 p.m. Bank of America Blackstone may sell some of the buildings and own some after the acquisition of the debt portfolio, the person said. An agreement this month between Blackstone and Bank of America Corp. , the largest U.S. bank by assets, for the private- equity firm to manage the bank’s portfolio of Asian real estate investments expanded Blackstone’s business in the region. The private-equity firm had $23.8 billion of real estate assets under management as of March 31, according to its website. It has capital to invest from an $11 billion U.S. real estate fund and a European property fund of about $4 billion. Japan’s nationwide average land prices dropped 8 percent in 2009 from a year ago, the second straight annual decline, the National Tax Agency said in a report earlier this month. The drop has attracted other buyers. Acquisitions by the country’s 38 publicly traded real estate investment trusts more than doubled in the first quarter to 229 billion yen from the same period last year, according to IB Research and Consulting Inc., a Tokyo-based research firm. Japan’s listed real estate investment trusts have raised 195.5 billion yen in the first six months of this year, the highest since 2008, as they look to expand their portfolios, according to Mizuho Securities Co. The Nikkei newspaper reported earlier today that a deal between the two companies was imminent. To contact the reporters on this story: Kathleen Chu in Tokyo at [email protected] ; Stephen Schwarzman CEO of the Blackstone Group LP. Photographer: Nelson Ching/Bloomberg //<![CDATA[ $(document).ready(function () { $(".view_story #story_content .attachments img.small_img").each(function(){ var self = $(this); if (self.width() != 190){ self.width(190); } }); }); //]]>

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Dreyfus Cash Management Funds Daily Values as of Jan 11, 2012.

The following are the closing values for the Dreyfus Cash Management Funds as of Jan 11, 2012. Name of the Fund Daily Weekly Maturity Assets Cusip # Yield% Yield% <days> <000’s> ________________________________________________________________ ____ _____________________INSTITUTIONAL SHARES___________________________ 0288 Dreyfus Cash Management, Institutional Shares 26188J-20-6 0.05 0.05 28 23,327,097 (MILLRATE: .000001370) 0289 Dreyfus Government Cash Management, Institutional Shares 262006-20-8 0.00 0.00 54 18,939,885 (MILLRATE: .000000001) 0227 Dreyfus Government Prime Cash Management, Institutional Shares 262006-88-5 0.00 0.00 41 3,544,881 (MILLRATE: .000000001) 0521 Dreyfus Treasury & Agency Cash Management, Institutional Shares 261908-10-7 0.01 0.01 41 16,275,798 (MILLRATE: .000000274) 0761 Dreyfus Treasury Prime Cash Management, Institutional Shares 261941-10-8 0.00 0.00 54 20,240,052 (MILLRATE: .000000001) 0132 Dreyfus Municipal Cash Management Plus, Institutional Shares 261950-10-9 0.00 0.00 23 353,295 (MILLRATE: .000000001) 0264 Dreyfus Tax Exempt Cash Management Funds 26202K-20-5 0.00 0.00 30 2,221,608 (MILLRATE: .000000001) 0287 Dreyfus New York Municipal Cash Management, Institutional Shares 261954-10-1 0.00 0.00 23 312,245 (MILLRATE: .000000001) 0099 Dreyfus Institutional Cash Advantage Fund, Institutional Advantage Shares 26200V-10-4 0.09 0.09 31 18,599,520 (MILLRATE: .000002594) 6139 Dreyfus Liquid Assets, Inc., Class 2 Shares 262015-20-9 0.01 0.03 20 3,861,818 (MILLRATE: .000000290) 6188 Dreyfus California AMT-Free Municipal Cash Management, Institutional Shares 26202K-70-0 0.00 0.00 18 174,271 (MILLRATE: .000000001) ________________________INVESTOR SHARES_____________________________ 0670 Dreyfus Cash Management, Investor Shares 26188J-30-5 0.00 0.00 28 3,080,501 (MILLRATE: .000000001) 0672 Dreyfus Government Cash Management, Investor Shares 262006-30-7 0.00 0.00 54 1,583,358 (MILLRATE: .000000001) 0610 Dreyfus Government Prime Cash Management, Investor Shares 262006-70-3 0.00 0.00 41 593,597 (MILLRATE: .000000001) 0673 Dreyfus Treasury & Agency Cash Management, Investor Shares 261908-20-6 0.01 0.01 41 2,142,206 (MILLRATE: .000000274) 0674 Dreyfus Treasury Prime Cash Management, Investor Shares 261941-20-7 0.00 0.00 54 4,371,779 (MILLRATE: .000000001) 0676 Dreyfus Municipal Cash Management Plus, Investor Shares 261950-20-8 0.00 0.00 23 270,859 (MILLRATE: .000000001) 0675 Dreyfus Tax Exempt Cash Management Funds 26202K-30-4 0.00 0.00 30 382,159 (MILLRATE: .000000001) 0677 Dreyfus New York Municipal Cash Management, Investor Shares 261954-20-0 0.00 0.00 23 246,236 (MILLRATE: .000000001) 0100 Dreyfus Institutional Cash Advantage Fund, Investor Advantage Shares 26200V-30-2 0.00 0.00 31 15,213 (MILLRATE: .000000001) 6189 Dreyfus California AMT-Free Municipal Cash Management, Investor Shares 26202K-80-9 0.00 0.00 18 225,129 (MILLRATE: .000000001) _____________________ADMINISTRATIVE SHARES__________________________ 0566 Dreyfus Cash Management, Administrative Shares 26188J-40-4 0.00 0.00 28 993,185 (MILLRATE: .000000001) 0567 Dreyfus Government Cash Management, Administrative Shares 262006-40-6 0.00 0.00 54 1,109,068 (MILLRATE: .000000001) 0557 Dreyfus Government Prime Cash Management, Administrative Shares 262006-80-2 0.00 0.00 41 648,531 (MILLRATE: .000000001) 0568 Dreyfus Treasury & Agency Cash Management, Administrative Shares 261908-30-5 0.01 0.01 41 587,712 (MILLRATE: .000000274) 0582 Dreyfus Treasury Prime Cash Management, Administrative Shares 261941-30-6 0.00 0.00 54 541,648 (MILLRATE: .000000001) 0584 Dreyfus Municipal Cash Management Plus, Administrative Shares 261950-30-7 0.00 0.00 23 207,797 (MILLRATE: .000000001) 0583 Dreyfus Tax Exempt Cash Management Funds 26202K-40-3 0.00 0.00 30 70,754 (MILLRATE: .000000001) 0585 Dreyfus New York Municipal Cash Management, Administrative Shares 261954-30-9 0.00 0.00 23 21,710 (MILLRATE: .000000001) 0093 Dreyfus Institutional Cash Advantage Fund, Administrative Advantage Shares 26200V-20-3 0.02 0.02 31 716,950 (MILLRATE: .000000680) 6187 Dreyfus California AMT-Free Municipal Cash Management, Administrative Sh 26202K-88-2 0.00 0.00 18 2,057 (MILLRATE: .000000001) _______________________SERVICE SHARES___________________________ 6183 Dreyfus Treasury & Agency Cash Management, Service Shares 261908-50-3 0.01 0.01 41 32,417 (MILLRATE: .000000274) _______________________SELECT SHARES___________________________ 6184 Dreyfus Treasury & Agency Cash Management, Select Shares 261908-60-2 0.01 0.01 41 23,402 (MILLRATE: .000000274) _______________________PARTICIPANT SHARES___________________________ 0596 Dreyfus Cash Management, Participant Shares 26188J-50-3 0.00 0.00 28 865,043 (MILLRATE: .000000001) 0597 Dreyfus Government Cash Management, Participant Shares 262006-50-5 0.00 0.00 54 269,400 (MILLRATE: .000000001) 0587 Dreyfus Government Prime Cash Management, Participant Shares 262006-60-4 0.00 0.00 41 225,740 (MILLRATE: .000000001) 0598 Dreyfus Treasury & Agency Cash Management, Participant Shares 261908-40-4 0.01 0.01 41 822,478 (MILLRATE: .000000274) 0592 Dreyfus Treasury Prime Cash Management, Participant Shares 261941-40-5 0.00 0.00 54 3,106,344 (MILLRATE: .000000001) 0594 Dreyfus Municipal Cash Management Plus, Participant Shares 261950-40-6 0.00 0.00 23 26,063 (MILLRATE: .000000001) 0593 Dreyfus Tax Exempt Cash Management Funds 26202K-50-2 0.00 0.00 30 17,125 (MILLRATE: .000000001) 0595 Dreyfus New York Municipal Cash Management, Participant Shares 261954-40-8 0.00 0.00 23 4,337 (MILLRATE: .000000001) 0094 Dreyfus Institutional Cash Advantage Fund, Participant Advantage Shares 26200V-40-1 0.00 0.00 31 219,383 (MILLRATE: .000000001) 6190 Dreyfus California AMT-Free Municipal Cash Management, Participant Shares 26202K-60-1 0.00 0.00 18 56,657 (MILLRATE: .000000001) FOR FURTHER INFORMATION ON DREYFUS CASH MANAGEMENT FUNDS AND THE DREYFUS ELECTRONIC TRADING SYSTEM TYPE DREY AND HIT GO BUTTON. TO SPEAK TO A DREYFUS INSTITUTIONAL CLIENT ADMINISTRATOR, PLEASE CALL (800)346-3621 OR (718)895-1650. Anibal Arrascue in the Bloomberg Princeton office. (609)279-5084 #<704025.996834.2.1.67.17757.25>#

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Istanbul Prices Rise 0.7 Percent in August, Chamber Says

Prices in Istanbul, Turkey ’s biggest city, rose 0.72 percent in August, the city’s chamber of commerce said. Annual inflation in Istanbul slowed to 6.67 percent in the month from 6.71 percent in July, the chamber said today. Turkey’s state statistics agency will announce nationwide price data for August on Sept. 5. To contact the reporter on this story: Selcuk Gokoluk in Istanbul at [email protected] To contact the editor responsible for this story: Gavin Serkin at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Bolivian Central Bank President Sees 5.5% GDP Growth This Year

Central bank President Marcelo Zabalaga speaks in July 8 interview in Cartagena, Colombia. * Sees inflation accelerating to 4.8% this year, from 4.5% in 2012 * European countries should apologize for denying President Evo Morales’ jet permission to fly through their airspace July 2 * Govt will act through diplomatic channels; won’t act against European investments in Bolivia * NOTE: GDP grew 5.2% in 2012 To contact the reporter on this story: Matthew Bristow in Bogota at [email protected] To contact the editor responsible for this story: Andre Soliani at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

USDA Boxed Beef Cutout Closing Prices for July 12

July 12 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 3:00 p.m. U.S. central time. Prices are determined from cuts in dollars a hundredweight and vary between higher-quality choice cuts and select beef cuts for sale f.o.b. Omaha, Nebraska. CHOICE SELECT 600-900 600-900 ------------------------------------------------------------------------------- Current Cutout Values: 191.53 183.67 Change from prior day: (1.19) (1.04) ------------------------------------------------------------------------------- Choice/Select spread: 7.86 Total Load Count (Cuts, Trimmings, Grids): 179 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 297.99 276.37 Primal Chuck 156.18 151.59 Primal Round 158.47 155.45 Primal Loin 258.10 241.71 Primal Brisket 139.47 140.42 Primal Short Plate 144.47 146.57 Primal Flank 123.15 120.07 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/11 96 70 0 29 194 192.72 184.71 07/10 114 81 18 41 254 193.07 186.05 07/09 78 49 18 25 169 194.32 185.85 07/08 56 54 15 19 143 194.85 185.13 07/05 81 40 16 23 161 196.34 187.73 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 194.26 185.89 -------------------------------------------------------------------------------- NATIONAL BOXED BEEF CUTS - NEGOTIATED SALES FOB Plant basis negotiated sales for delivery within 0-21 day period. Prior days sales after 1:30pm are included. CURRENT VOLUME - (one load equals 40,000 pounds) Choice Cuts 110.33 loads 4,413,023 pounds Select Cuts 54.21 loads 2,168,552 pounds Trimmings 3.90 loads 156,118 pounds Ground Beef 10.52 load 420,920 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted rades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 23 196,943 538.00 610.00 560.04 112A 3 Rib, ribeye, bnls, light 6 50,068 603.00 652.00 612.42 112A 3 Rib, ribeye, bnls, heavy 30 184,386 612.00 696.00 623.24 113C 1 Chuck, semi-bnls, neck/off 7 10,085 198.03 215.00 201.85 114 1 Chuck, shoulder clod 11 73,195 174.90 190.00 179.46 114A 3 Chuck, shoulder clod, trmd 37 294,821 187.13 215.00 196.33 114D 3 Chuck, clod, top blade 6 10,045 259.90 303.00 269.01 114E 3 Chuck, clod, arm roast 21 89,738 225.00 241.60 229.71 114F 5 Chuck, clod tender (IM) 12 12,145 396.50 445.00 417.84 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 50 609,025 215.00 237.00 223.53 116B 1 Chuck, chuck tender (IM) 36 90,131 198.94 218.00 206.96 3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 33 129,996 195.00 226.00 205.93 120A 3 Brisket, point/off, bnls 10 12,715 332.00 370.00 351.88 123A 3 Short Plate, short rib 18 86,870 402.40 470.00 423.54 130 4 Chuck, short rib 27 95,970 303.00 343.65 321.32 160 1 Round, bone-in 161 1 Round, boneless 3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 58 171,581 200.00 235.00 210.15 168 1 Round, top inside round 17 72,114 200.00 218.00 202.89 168 3 Round, top inside round 13 59,689 204.74 219.50 210.02 169 5 Round, top inside, denuded 29 172,817 238.00 252.00 240.61 3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 50 381,034 194.00 226.01 202.90 171C 3 Round, eye of round (IM) 40 100,055 199.50 210.00 206.43 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 31 132,011 445.25 530.00 487.82 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 1 Loin, strip loin bnls. 1x1 6 9,869 450.00 493.50 457.72 180 3 Loin, strip, bnls, 0x1 23 33,737 496.00 550.60 518.79 184 1 Loin, top butt, bnls, heavy 11 14,689 290.00 324.39 304.47 184 3 Loin, top butt, boneless 40 154,649 307.00 341.00 321.64 185A 4 Loin, bottom sirloin, flap 39 404,119 368.26 470.00 413.18 185B 1 Loin, ball-tip, bnls, heavy 9 57,637 272.00 302.00 278.17 185C 1 Loin, sirloin, tri-tip (IM) 9 8,209 300.00 325.00 311.38 185D 4 Loin, tri-tip, pld (IM) 8 29,471 432.84 472.50 439.99 189A 4 Loin, tndrloin, trmd, heavy 30 60,165 909.50 1022.00 938.53 191A 4 Loin, butt tender, trimmed 9 13,604 900.94 925.00 911.92 193 4 Flank, flank steak (IM) 16 30,212 470.00 499.00 480.29 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted Trades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 5 1,114 534.85 555.00 542.01 112A 3 Rib, ribeye, bnls, light 11 31,342 545.00 609.35 561.57 112A 3 Rib, ribeye, bnls, heavy 26 42,017 550.31 615.00 594.03 113C 1 Chuck, semi-bnls, neck/off 5 25,768 187.00 206.00 190.04 114 1 Chuck, shoulder clod 9 18,353 182.00 211.13 201.43 114A 3 Chuck, shoulder clod, trmd 15 183,466 187.13 202.00 194.78 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 5 11,262 380.00 384.00 382.25 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 38 518,228 214.99 243.13 222.38 116B 1 Chuck, chuck tender (IM) 11 63,019 197.00 215.00 203.89 3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 14 37,817 200.00 230.70 209.57 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 9 15,362 392.00 466.00 422.93 130 4 Chuck, short rib 3 7,059 277.00 303.00 288.45 160 1 Round, bone-in 0 0 161 1 Round, boneless 3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 9 15,394 200.00 218.50 209.09 168 1 Round, top inside round 7 27,664 192.00 221.13 201.29 168 3 Round, top inside round 13 177,526 201.97 212.00 205.80 169 5 Round, top inside, denuded 3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 11,801 191.00 212.09 209.49 171B 3 Round, outside round 26 251,324 194.98 212.80 197.53 171C 3 Round, eye of round (IM) 13 22,612 199.20 213.50 205.59 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 8 7,903 484.00 552.00 499.71 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0 1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 25 176,996 480.00 536.00 506.35 184 1 Loin, top butt, bnls, heavy 7 9,313 255.00 270.00 259.33 184 3 Loin, top butt, boneless 22 76,398 261.00 302.00 266.27 185A 4 Loin, bottom sirloin, flap 8 94,138 367.13 425.00 389.82 185B 1 Loin, ball-tip, bnls, heavy 7 26,575 257.00 275.00 266.79 185C 1 Loin, sirloin, tri-tip (IM) 6 30,969 276.00 317.00 278.35 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 12 68,862 820.00 916.00 844.81 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 3 5,921 460.00 470.00 463.19 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 0 0 121D 4 Plate, Inside Skirt (IM) 23 47,989 383.00 422.00 390.02 121C 4 Plate, Outside Skirt (IM) 12 23,579 410.00 512.50 444.97 121E 6 Outside Skirt, pld (IM) 9 35,103 545.00 725.00 572.76 Cap, Wedge Meat & (IM) Lean 27 68,074 220.00 246.00 228.26 Pectoral Meat 33 102,278 220.00 267.00 235.69 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 17 100,533 155.00 189.50 162.90 Ground Beef 75% 0 0 Ground Beef 81% 19 79,104 171.00 212.00 178.39 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 5 7,836 221.26 238.50 230.05 Ground Beef Chuck 80% 14 76,201 178.15 196.00 185.84 Ground Beef Round 85% 6 27,225 212.00 223.00 215.55 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% Blended Ground Beef 81% 7 48,042 186.10 193.25 191.36 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% 0 0 Blended Ground Beef Sirloin 90% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 7 156,118 107.00 112.00 110.70 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- FAT LIMITATIONS (FL) DESCRIPTION Maximum Average Fat Thickness Maximum Fat at any point 1. 3/4" (19mm) 1.0" 2. 1/4" (6mm) 1/2" 3. 1/8" (3mm) 1/4" 4. Practically free (75% surface lean exposed) 1/8" 5. Peeled/Denuded 1/8" 6. Peeled/Denuded, surface membrane removed 1/8" -------------------------------------------------------------------------------- Items that have no entries indicate there were trades but not reportable because they did not meet the daily 3/70/20 guideline. Please refer to weekly LM_XB459 as the item may qualify. -------------------------------------------------------------------------------- A cutout value is an average of the prices tallied for cuts of beef from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds. Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts. Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor.

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Bernanke Economy May Get Boost From Stronger Yuan

Federal Reserve Chairman Ben S. Bernanke ’s efforts to keep U.S. prices and employment from falling may get a helping hand from China’s decision to let its currency gain against the dollar. Greater yuan flexibility will eventually raise prices of goods imported to the U.S. after a decline in the consumer price index for two straight months and as some Fed officials voice concern about inflation slowing too much. The move should also eventually increase U.S. exports of aircraft, steel and wheat to China, said Charles Lieberman , a former New York Fed official. Fed officials, who are likely to repeat the commitment to an “extended period” of low interest rates in a Washington meeting today, are contending with joblessness that’s still close to a 26-year high. China’s announcement on June 19, which pushed global stocks higher, may ease their concerns that Europe’s debt crisis poses a risk to the recovery. “It implies a little bit of a positive fillip to domestic growth,” said Lieberman, chief investment officer at Advisors Capital Management LLC in Hasbrouck Heights, New Jersey. “It does also imply some upward pressure on import prices, but I don’t think that’s going to be particularly troublesome to the Fed when the unemployment rate is so high.” At the last Federal Open Market Committee meeting in April, some policy makers saw inflation risks as “tilted to the downside in the near term” because of slack in the economy and the chance price expectations could decline. Other officials said inflation may pick up because of an expanding global economy and U.S. budget deficits. Future Growth Since taking over the U.S. central bank four years ago, Bernanke has joined other American officials in urging China to let the yuan appreciate, saying in 2006 that such action would “enhance China’s future growth and stability.” Bernanke and his colleagues will probably keep interest rates near zero because of “modest” economic growth and an unemployment rate stuck close to 10 percent, said former Atlanta Fed research director Robert Eisenbeis , now chief monetary economist at Cumberland Advisors Inc. in Vineland, New Jersey. The FOMC is scheduled to issue a statement at around 2:15 p.m. Washington time at the conclusion of a two-day meeting, which resumed today at 9 a.m. The number of Americans applying for jobless benefits rose this month to a one-month high while housing starts in May fell 10 percent. Meanwhile, a 0.2 percent decline in the consumer price index last month was the biggest since December 2008. Job Cuts Hewlett-Packard Co., the world’s largest personal-computer maker, is planning to cut a net 3,000 jobs, the company said in a June 1 regulatory filing. Hewlett-Packard is eliminating the positions of 9,000 employees and replacing about 6,000 in varying countries. “The risks are tilted to the downside and there are increased uncertainties,” Eisenbeis said. The FOMC “is clearly concerned about a double-dip recession.” The U.S. Congress, to reduce unemployment and help manufacturers, should press China through tariff legislation to further raise the value of its currency, Senator Sherrod Brown , a Democrat from Ohio, said yesterday. “The pressure still needs to be on them from Congress,” Brown said in a Bloomberg Television interview. Signs of economic frailty give Bernanke more time to delay a rate increase and formulate an “exit strategy” from record stimulus that threatens to eventually fuel a surge in prices. Policy makers are trying to fine tune tools for draining as much as $1 trillion in excess reserves from the banking system, including the use of reverse repurchase agreements and the sale of term deposits to banks. Rate Increase Investors’ expectations for a Fed rate increase have fallen since the conclusion of the last FOMC meeting in April. Investors are discounting about 40 basis points of tightening over the next 12 months, a decline from about 76 basis points on April 28, according to data that is calculated by Credit Suisse using the overnight index swap curve. “There’s no reason to pull the plug on riskier asset classes like stocks,” said Mirko Mikelic , who helps oversee $18 billion in fixed-income assets as senior portfolio manager at Fifth Third Asset Management in Grand Rapids, Michigan. “We do like commodities, like gold, and inflation plays like shipping companies, but you do have to be selective,” he said. Bonds are “a pretty safe play now for the short term,” but the “concern is that when the global economy turns around and the U.S. starts raising rates , people are going to run out on bonds” over the long term. Europe Crisis The impact from the Europe debt crisis on U.S. growth and financial markets will probably “take center stage” at the FOMC meeting, Laurence Meyer , vice chairman of Macroeconomic Advisors LLC in Washington and a former Fed governor, said in a note to clients. As European leaders tried on May 20 to contain the region’s crisis, the Chicago Board Options Exchange Volatility Index, the benchmark gauge of U.S. stock options known as the VIX, rose on to the highest level in more than a year. It remains above its six-month average. “What the market is going to be looking for is anything in the statement that says something about Europe,” said John Canally , investment strategist and economist at LPL Financial Corp. in Boston. Officials “have been accused of whistling past the graveyard in 2006 with the subprime issue, and don’t want to get caught in the same vein where they’re accused of ignoring an issue and being late to react,” he said. Smaller Gains The world’s largest economy grew during the first quarter at 3 percent, down from a 3.2 percent initial estimate due to smaller gains in consumer and business spending. A stronger yuan should help growth by improving the competitiveness of U.S. exporters to China. The U.S. trade deficit with China reached $71 billion for the first four months of the year, up 5.8 percent from the same period of 2009, according to U.S. government data. “Given a projection of growth just slightly above trend, the committee will stress that economic conditions dictate no rate increases for the foreseeable future,” said New York University Professor Mark Gertler , who’s collaborated on research with Bernanke. “There is no danger of inflation now. If anything the risks of deflation are greater, given the overall weakness in the economy.” To contact the reporters on this story: Scott Lanman in Washington at [email protected] Vivien Lou Chen in San Francisco at [email protected] U.S. Federal Reserve Chairman Ben S. Bernanke smiles after speaking at a conference on the Squam Lake Report in New York. Photographer: Ramin Talaie/Bloomberg June 23 (Bloomberg) -- Former Federal Reserve Bank of Richmond President J. Alfred Broaddus talks about the possibility of a double-dip recession and the outlook for the U.S. economy. Broaddus speaks with Margaret Brennan on Bloomberg Television's "In Business." (Source: Bloomberg) June 22 (Bloomberg) -- Senator Sherrod Brown, a Democrat from Ohio, talks with Bloomberg's Peter Cook about China's currency policy. Brown also discusses the outlook for legislation overhauling the financial regulatory system. (Source: Bloomberg) //<![CDATA[ $(document).ready(function () { $(".view_story #story_content .attachments img.small_img").each(function(){ var self = $(this); if (self.width() != 190){ self.width(190); } }); }); //]]>

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Republicans Draw Bright Line on Spending With Budget Vote

U.S. House Republicans drew a bright line in the election-year battle over government debt, passing a budget calling for more than $5 trillion in spending cuts. Lawmakers yesterday approved 228-191 a $3.5 trillion plan to overhaul Medicare, slash food stamps, Pell grants and other programs for the poor, boost defense spending and reduce taxes on high earners. No Democrats voted for Ryan’s plan; 10 Republicans opposed it. The proposal is doomed in the Senate, where majority Democrats say it would take too much from lower-income Americans while giving tax breaks to the wealthy. Senate Democrats have said they don’t plan to pass a budget this year. The debate will continue through the November election as lawmakers battle over contrasting visions of what to do about the government’s $1.2 trillion deficit. “We are offering the nation a choice,” said House Budget Committee Chairman Paul Ryan, a Wisconsin Republican and the plan’s chief architect. “We think America is on the wrong track. We believe the president is bringing us towards a debt crisis and a welfare state in decline.” Representative Chris Van Hollen of Maryland , the top Democrat on the House Budget panel, said, “Apparently the problem is not big enough to ask folks at the very high end of the income scale to contribute one penny towards deficit reduction .” Money From Millionaires “Because our Republican colleagues refuse to ask millionaires to contribute one cent to deficit reduction, they hit everyone and everything else,” Van Hollen said. Republican presidential candidate Mitt Romney called it a “bold budget that directly addresses the drivers of our nation’s spending crisis,” praising House Republicans for putting “conservative fiscal principles into action.” The plan is “grasping onto the same failed economic policies that stacked the deck against the middle class,” White House spokesman Jay Carney said in a statement. Ryan endorsed Romney for the Republican nomination in an interview today on Fox News Channel, saying the former Massachusetts governor “understands exactly what we need to do stop America from having a debt crisis.” “ Mitt Romney has the skills, the tenacity, the principles, the courage and the integrity to do what it takes to get America back on track,” Ryan said. Deficit-Reduction Plan Lawmakers rejected several competing plans, including a bipartisan budget proposal based on the recommendations of the chairmen of President Barack Obama’s debt commission. Just 38 House members voted for that proposal, modeled after a deficit plan written by former Republican Senator Alan Simpson of Wyoming and President Bill Clinton ’s former Chief of Staff Erskine Bowles. The Bowles-Simpson plan sought to cut projected budget deficits by $4 trillion over a decade through a combination of tax increases and cuts to entitlement programs. “Americans are screaming for us to take off our red jerseys on this side, to take off the blue jerseys on that side, and put on the red, white and blue jerseys of the United States of America ,” said Representative Steve LaTourette, an Ohio Republican. That vote was a setback for supporters of the Bowles- Simpson approach who were divided over whether to even ask for a vote. Some expressed concern that a poor showing would make it harder to resurrect the plan later. ‘Doesn’t Help’ “Doesn’t help,” Senate Budget Committee Chairman Kent Conrad , a North Dakota Democrat, said of the House vote on the defeated proposal. “That’s why I thought it was unwise to advance it at this point.” Asked why lawmakers haven’t supported the Bowles-Simpson plan, Bowles said: “It’s politically painful.” In an interview on the “Charlie Rose” show broadcast on PBS and Bloomberg Television, Bowles said, “As long as people are worshiping the great god of re-election, then we’re going to have a hard time getting to the promised land.” Republicans demanded a vote on Obama’s February budget request, which was unanimously defeated. A third budget plan, by a faction of conservative Republicans who said their party’s plan didn’t go far enough to cut spending, was rejected 136-285. The centerpiece of the debate was the Ryan plan, which would lower the deficit to as little as $166 billion in coming years, primarily though cuts to scores of social-welfare programs. Cuts to Medicaid Medicaid, the health-care program for 50 million low-income Americans, would be cut by one-third. Pell college tuition grants, food stamps , welfare, farm subsidies and the operating budgets of most federal agencies all would face reductions. The plan would also cut taxes by $2 trillion, with the top rate falling to 25 percent from 35 percent. It would compress the number of individual income-tax brackets to two from six, with the bottom rate set at 10 percent. The plan would threaten many tax breaks, such as the one letting homeowners write off their mortgage interest, and would use that revenue to replace what would be lost through the rate cuts. The plan’s biggest change would be to overhaul Medicare. It would offer seniors, starting in 2023, subsidies to buy private insurance, with the premise that competition would drive down health-care costs. Concept Won’t Work Democrats maintain that the concept won’t work, saying the subsidies won’t keep pace with health-care costs, leaving seniors to either shoulder bigger bills or forgo care. It would send “our seniors to swim with the sharks in the insurance market, hope that the insurance companies grant them coverage for what they may need,” said Representative Tim Ryan , an Ohio Democrat. Representative Jeff Flake, an Arizona Republican, backed Paul Ryan ’s proposal. “This plan doesn’t end the Medicare guarantee; arithmetic does,” Flake said. “Unless we change something, unless we put it on solvent footing, the guarantee is gone. Medicare will be bankrupt under the current trajectory.” To contact the reporter on this story: Brian Faler in Washington at 1919 or [email protected] To contact the editor responsible for this story: Jodi Schneider at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Verizon Is Said to Offer Nokia Windows 8 Phone This Year

Verizon Wireless plans to sell a new Nokia Oyj phone with Microsoft Corp. (MSFT) ’s Windows 8 software this year, marking the first time it has released a Windows device since May 2011, a person with knowledge of the matter said. Microsoft and Nokia are holding a press conference on Sept. 5 in New York to discuss Nokia’s Lumia brand of Windows phones. While Verizon isn’t expected to be part of that event, the carrier intends to roll out a Nokia phone later, said the person, who asked not to be named because the plans are private. That would give Nokia a new beachhead at the top U.S. carrier, building on its longstanding relationship with No. 2 AT&T (T) Inc. Verizon is looking to lessen its dependence on Apple Inc.’s iPhone and devices running Google Inc. (GOOG) ’s Android software, which dominate the smartphone market. For Microsoft and Nokia, meanwhile, the move would bolster efforts to regain market share. The Nokia phone would also provide fresh ammunition against the latest iPhone, which people familiar with the matter expect to be introduced on Sept. 12. “Nokia has had a difficult time breaking in to the U.S. market,” said Charlie Wolf , a Needham & Co. analyst in New York who has a neutral rating on the shares. “Landing on the Verizon network is a positive development. It doesn’t solve the problem, but it is a big step in the right direction.” Brenda Raney , a spokeswoman for Basking Ridge , New Jersey- based Verizon Wireless (VZ) , declined to comment, as did Erica Fields at Redmond, Washington-based Microsoft. Christopher Hollis, a U.S. spokesman for Espoo, Finland-based Nokia, also declined to comment. Shares Gain Nokia shares climbed 1.9 percent to 2.32 euros today in Finland. Microsoft fell 0.8 percent to $30.54 in New York trading, while Verizon Communications Inc., the co-owner of Verizon Wireless, declined less than 1 percent to $42.62. Verizon released its only current Windows Phone, the Trophy from HTC Corp., more than a year ago, and it hasn’t been a top seller. Microsoft and Verizon also stumbled with the 2010 release of the Kin phone, which was scrapped after less than two months in Verizon stores. While that experience strained relations, the companies have made strides in improving the partnership since then, the person said. For now, Nokia is more closely tied with AT&T, which introduced the Lumia 900 Windows Phone on April 8. AT&T Chief Executive Officer Randall Stephenson has promoted the device and uses it personally. Previous Generation Nokia’s first Windows Phone in the U.S. was the Lumia 710, which debuted at T-Mobile USA in January. Both the AT&T and T- Mobile Lumia devices rely on Microsoft’s older-generation Windows Phone 7 software. Microsoft is releasing the Windows Phone 8 operating system as a companion piece to its new software for personal computers and tablets. The phone software will be able to run on devices with speedier, dual-core chips and high-definition screens, Microsoft has said. In July, a Nokia vice president told the tech news website Neowin that Nokia’s Lumia Windows phones would soon be available on Verizon. Microsoft had a 3.5 percent share of the mobile operating system market in the second quarter, with shipments of 5.4 million, according to research firm IDC. That’s dwarfed by Android’s more than 68 percent and Apple’s 16.9 percent. Nokia (NOK1V) sold 4 million Lumia phones worldwide in the second quarter. The company needs to sell five times that many per quarter if it wants to offset the decline in its previous smartphone platform, Symbian, said Needham’s Wolf. “If the Windows Phone 8 delivers, I think Nokia has a chance,” he said. To contact the reporters on this story: Dina Bass in Seattle at [email protected] ; Scott Moritz in New York at [email protected] To contact the editor responsible for this story: Tom Giles at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Saudi Arabia Approves $132 Million of Water, Sewage Works

Saudi Arabia , the biggest oil producer, approved $132 million of water and sanitation projects across the kingdom, state-owned Saudi Press Agency said, citing Minister of Water and Electricity Abdullah Al-Hussayen. Twenty-two projects given the green light include water-treatment plants, pumping stations, reservoirs and the continued buildout of water and sewage networks throughout the Arab world’s largest economy, SPA said. The projects that include works in Hafr al-Baten, Najran, Buraidah and Jazan are part of King Abdullah ’s orders “to provide all the necessary services to every citizen” as demand for water increases, according to the report. Saudi Arabia is already the biggest desalinated water producer, serving the energy industry and a population that’s quadrupled in 40 years. In January, Al-Hussayen said $6.4 billion had been allocated for water and sanitation projects in 2013. To contact the reporter on this story: Deema Almashabi in Riyadh at [email protected] To contact the editor responsible for this story: Shaji Mathew at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Ruble Strengthens Against Basket as Local Taxes Bolster Demand

The ruble appreciated as Russian companies prepared to pay local taxes before the weekend. The ruble advanced 0.2 percent to 37.1000 against Bank Rossii’s target basket of dollars and euros by 1:20 p.m. in Moscow. The yield on government bonds due February 2027 rose three basis points, or 0.03 percentage point, to 7.56 percent. Russian companies are due to pay about 200 billion rubles ($6.3 billion) in excise and mineral extraction taxes tomorrow, Vladimir Miklashevsky, an analyst at Danske Bank A/S (DANSKE) in Helsinki, said by e-mail. U.S. payrolls growth missed estimates this week, stoking bets the Federal Reserve won’t rush to cut stimulus that has boosted appetite for emerging-market securities. “Until tax payments end, only a notable worsening of global market conditions can upset the current market balance, favoring the ruble,” Dmitry Polevoy, chief economist for Russia and CIS at ING Groep in Moscow, said in an e-mailed note. A Fed stimulus cut “seems to be postponed until the second quarter of 2014, which should support the demand for risky assets and depress the dollar,” he said. The Russian currency strengthened 0.2 percent against the dollar to 31.7050 and gained 0.2 percent against the euro to 43.6985. Bank Rossii reported its first purchases of foreign currency on the markets since February. The regulator bought 1.91 billion rubles for the Federal Treasury on Oct. 22, which uses it to fill the Reserve Fund, investing in hard currency-denominated assets. Treasury Order The Treasury plans to buy the equivalent of 10 billion rubles of dollars, euros and British pounds from the central bank in the week to Oct. 29, it said Oct. 21. “The central bank’s execution of the Federal Treasury order is not having much impact on the market yet because the volume has not exceeded $300 million this week,” Maxim Korovin and Anton Nikitin, analysts at OAO Bank VTB’s investment arm, said in an e-mailed note. “We see an increasing chance of the Ministry of Finance raising its demand for foreign currency at the end of the year due to the good implementation of the domestic borrowing program,” they said. To contact the reporter on this story: Vladimir Kuznetsov in Moscow at [email protected] To contact the editor responsible for this story: Wojciech Moskwa at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Clinton Tells Libya to End `Unacceptable Bloodshed' as Protests Increase

U.S. Secretatry of State Hillary Clinton said today that “the world is watching the situation in Libya with alarm.” “We join the international community in strongly condemning the violence in Libya,” Clinton said in a statement sent by e-mail. “The government of Libya has a responsibility to respect the universal rights of the people, including the right to free expression and assembly. Now is the time to stop this unacceptable bloodshed. We are working urgently with friends and partners around the world to convey this message to the Libyan government.” To contact the reporter on this story: David Lerman in Washington at [email protected] To contact the editor responsible for this story: Kevin Costelloe at [email protected]

Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article.

Fed to Push Yields Lower, Barclay’s Pond Says: Tom Keene

Treasury yields will decline further with the Federal Reserve likely to take steps prior to the end of the year to provide more monetary stimulus to the economy, according to Michael Pond of Barclays Plc. “The data hasn’t been consistently good and we think there is certainly chance for additional policy stimulus in September and increasingly likelihood by the end of the year,” Pond, co- head of interest-rate strategy in New York at Barclays, said in a radio interview on Bloomberg Surveillance with Tom Keene and Ken Prewitt. The drop this month in Treasuries “where 10-year yields got to 1.86 percent and seemed to be headed toward 2 percent was a little bit overdone. The down-move in yields can continue.” Treasury yields rose to 1.86 percent on Aug. 21 from a record low 1.379 percent July 25, translating into losses for investors of 1.6 percent, the most over a four-week period since December 2010, Bank of America Merrill Lynch indexes show. The benchmark 10-year Treasury note rose for a second day, with yields falling to 1.63 percent, the lowest since Aug. 13. While employment and retail sales rose last month, U.S. economic growth the next two years will remain below the 3.2 percent annual average since 1948, according to Bloomberg surveys. Subdued inflation, Europe ’s debt turmoil, mandated U.S. spending cuts and tax increases after the presidential election, as well as possible Fed purchases of debt next month are all boosting the allure of bonds. Fed Minutes Last week’s slide in yields followed the release of minutes from the July 31-Aug. 1 meeting of the Federal Open Market Committee , which signaled policy makers are ready to add to record stimulus unless they are convinced the recovery is accelerating. That means the Fed may add a third round of bond purchases, or quantitative easing, to the $2.3 trillion it’s bought since 2008. Fed Chairman Ben S. Bernanke has an opportunity to expand on his views in an Aug. 31 speech at the Kansas City Fed’s annual economic symposium in Jackson Hole , Wyoming. “The FOMC minutes were very clear that many on the committee judged that accommodation was needed fairly soon unless there was a substantial and sustainable strengthening in the recovery,” said Pond, the top rated Treasury Inflation Protected Securities analyst the past three years in Institutional Investor magazine polls of more than 890 firms that manage about $10.2 trillion in assets. “It’s not clear over the past month that we have gotten that. Bernanke wants to let the markets know he can do more.” Inflation Expectations The Fed is in the process of swapping shorter-term Treasuries in its holdings with those due in six to 30 years to put downward pressure on long-term borrowing costs. The five-year, five-year forward break-even inflation rate, which projects the pace of consumer price increases starting in 2017, was 2.55 percent on Aug. 23. The measure, which the Fed prefers to look at in determining inflation expectations and monetary policy, is down from the year’s high of 2.78 percent on March 19. The rate is determined using yields on nominal as well as Treasury Inflation Protected Securities, or TIPS. “The market is pricing in modest inflation five years out,” Pond said. “This tells you the Fed is going to” ease policy further “regardless of the inflation outlook or where inflation is as long as they are concerned about growth. If they are worried about growth they think inflation is heading down from their perspective.” To contact the reporters on this story: Liz Capo McCormick in New York at [email protected] ; Tom Keene in New York at [email protected] To contact the editor responsible for this story: Dave Liedtka at [email protected]

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China H-Shares to Drop 30% in 2013, Societe Generale Says

Chinese companies traded on the Hong Kong stock market will slide the most in five years in 2013 as an economic slowdown weighs on profits and banks curtail credit, according to Societe Generale SA. The Hang Seng China Enterprises Index will drop to 8,000 by year-end, said Guy Stear, Hong Kong-based head of Asia research at Societe Generale. That’s 16 percent below yesterday’s close and would extend the gauge’s 2013 decline to 30 percent, the biggest tumble since 2008. China’s manufacturing will contract this year, while bad loans will keep rising until late 2014, Stear said. “Short-term cyclical declines and credit pressures are the two factors which make us negative about Chinese equities,” Stear said in an interview on Aug. 7. “When non-performing loans start to go up that’s going to be something that weighs quite seriously on the equity market.” The H-share gauge slumped 17 percent this year through yesterday as growth slowed in the world’s second-biggest economy and the government spurred a credit crunch in June by clamping down on risky lending. China’s gross domestic product will rise 7.5 percent in 2013, which would match the government’s target and be the weakest increase since 1990, according to economists surveyed by Bloomberg. Non-performing loans at lenders including Industrial & Commercial Bank of China Ltd. rose 20 percent to 526.5 billion yuan ($86 billion) on March 31 from a year earlier, accounting for 0.96 percent of total lending, China Banking Regulatory Commission data show. Borrowing Costs The People’s Bank of China injected 20 billion yuan ($3.3 billion) of liquidity this week, compared with 136 billion yuan in the five days ended Aug. 2. Reverse-repurchase agreements have been auctioned for the first time since February to alleviate a funding squeeze that saw a measure of interbank lending in June surging the most in seven years. A crackdown on illegal capital inflows and shadow banking, as well as measures to cool home prices, have contributed to increased borrowing costs. Recent manufacturing and services data showing signs of improvement in the economy is a “temporary blip in a trend which is still unfortunately going lower,” Stear said. “It would be very difficult to believe that we’re having a cyclical economic recovery in the midst of the credit issue. I can’t think of a single case in any economy where that’s been the case.” Manufacturing unexpectedly strengthened in July, while the services industry accelerated for the first time since March, signs of stabilization amid a two-quarter slowdown in economic growth. The Hang Seng China Enterprises Index (HSCEI) yesterday traded at 7.09 times estimated earnings, compared with 13 times for the MSCI Asia Pacific Index. Although Stear is bearish on H-shares for the rest of 2013, he sees potential for outsized gains next year as attractive valuations draw investors back into the stocks. “As we get into the end of this year there’s going to be great opportunity to buy,” he said. “Many investors are fairly negative about the Chinese equity market, which means that the bounce, when it comes, could be quite impressive.” To contact the reporter on this story: Kana Nishizawa in Hong Kong at [email protected] To contact the editor responsible for this story: Sarah McDonald at [email protected]

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France Corn Rated Good or Excellent Falls to 68% of Crop

French corn rated as good or excellent fell 1 percentage point in the week through Sept. 10 on worsening conditions in Aquitaine, the biggest growing region, as dry weather prompted water-use restrictions. Corn that received the top ratings dropped to 68 percent from 69 percent the previous week, crop office FranceAgriMer wrote in a report on its website today. That’s down from 77 percent rated good or excellent a month ago, and compares with 81 percent at the same time last year. Southwest France , including the Aquitaine region that grows 20 percent of the country’s corn, got 58 percent less rain that usual in August, Agriculture Ministry data show. Water-use restrictions were in place in 50 of France’s 96 mainland departments as of midnight, three more departments than a week ago, according to the Environment Ministry. Crop conditions in Aquitaine deteriorated again, with corn getting the top two ratings falling to 63 percent from 66 percent a week earlier and 75 percent two weeks ago. The portion of French corn at 50 percent or less grain humidity, an indicator of crop maturity, increased to 76 percent from 51 percent a week earlier, FranceAgriMer said. At the same time last year, 84 percent of corn had reached the stage of 50 percent grain humidity, the data show. Corn kernel moisture decreases as the grain develops. Harvesting of France’s soft wheat, durum wheat and barley has been completed, according to FranceAgriMer. To contact the reporter on this story: Rudy Ruitenberg in Paris at [email protected] To contact the editor responsible for this story: Claudia Carpenter at [email protected]

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Geniki Plans to Cut Salaries, Benefits by 10%, Imerisia Says

Geniki Bank (TGEN) SA, the Greek unit of France’s Societe Generale (GLE) SA, is in talks with employees to cut wages and bonuses by 10 percent to counter losses, Imerisia reported, citing a company letter to employees. The union representing bank employees has urged workers to reject the bank’s proposal for a new labor agreement which would include the wage reductions, the Athens-based newspaper said. To contact the reporter on this story: Tom Stoukas in Athens at [email protected]. To contact the editor responsible for this story: Angela Cullen at [email protected] .

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Mortgage-Bond Yields That Guide Lending Soar by Most Since 2010

Yields on Fannie Mae and Freddie Mac mortgage bonds that guide U.S. home-loan rates soared in the biggest two-day jump in 15 months as borrowing costs rise from almost record lows. Fannie Mae’s current-coupon 30-year securities climbed 0.15 percentage point to 3.16 percent as of 5 p.m. in New York, the highest level since Nov. 14, after an increase of 0.12 percentage point yesterday, according to data compiled by Bloomberg. The two-day rise, after the Federal Reserve ’s better assessment of the economy, was the largest since December 2010. Mortgage-bond yields rose faster than those of benchmark Treasuries as the Fed’s statement signaled a reduced likelihood of a third round of so-called quantitative easing and higher odds the central bank will raise its benchmark for short-term rates earlier than expected. Prices for the home-loan securities fell more than government notes on diminished speculation that the Fed will buy more housing-related debt and as rising rates extend the notes’ duration. The two issues worked “together as a tag-team to knock down mortgages,” said Tae Park, a money manager in New York who oversees mortgage-bond investments at Societe Generale SA. Government-backed mortgage securities with lower coupons extended losses relative to Treasuries after the failure of yields to retreat following a $13 billion auction of 30-year government bonds , according to Ajay Rajadhyaksha, head of global rates and securitized strategy at Barclays Capital. That raised concern this week’s sell-off may not reverse, he said. Low-Paying Debt “You could have a situation where you’re stuck” with the low-paying mortgage debt for 15 years, as refinancing among the underlying homeowners with low-rate loans becomes unlikely, Rajadhyaksha said today in a telephone interview. Fannie Mae’s 3 percent, 30-year securities fell 0.23 cent on the dollar more than similar-duration Treasuries, following underperformance of 0.09 cent yesterday, Bloomberg data show. The difference between yields on a Bloomberg index for Fannie Mae current-coupon bonds and 10-year Treasuries rose to 0.89 percentage point, from 0.85 percentage point on March 12. The measure includes the 3 percent securities and reflects debt that most influences rates because it trades closest to face value. “In a move like this, mortgages are supposed to underperform,” Dave Cannon, co-head of mortgage-bond trading at RBS Securities Inc. in Stamford , Connecticut , said in a telephone interview. Prompts to Sell As rates increase, the projected lives of mortgage bonds and loan-servicing contracts extend, partly because potential refinancing by homeowners declines. Investors and servicers then have portfolios with longer-than-expected durations, which may prompt them to sell mortgage bonds, longer-dated Treasuries or interest-rate swaps. Those sales can send yields higher. Yields may need to increase by an additional 0.20 to 0.25 percentage point “to kick off significant MBS extension flows,” Anish Lohokare, an analyst at BNP Paribas SA, wrote in a note to clients. The average rate on a typical 30-year fixed-rate mortgage was 3.88 percent last week, or 0.01 percentage point higher than the record low last month, according to Freddie Mac surveys. Borrowing costs last year reached as high as 5.05 percent in February 2011. $5.4 Trillion Market Yields on agency mortgage bonds are now guiding rates on almost all new U.S. home lending following the collapse of the non-agency market in 2007 and a retreat by banks. The $5.4 trillion market includes securities guaranteed by government- supported Fannie Mae and Freddie Mac and bonds of federally insured loans guaranteed by U.S.-owned Ginnie Mae. Borrowing costs may not rise as much as bond yields because lenders might seek to maintain the volume of their business in a mortgage refinancing boom and allow profit margins to drop. “Originators will look to keep rates low and keep their pipelines full so long as they can do it economically,” Scott Buchta , head of mortgage strategy in Chicago at Sandler O’Neill & Partners LP, said in an e-mail. The difference between the yields on Fannie Mae’s current- coupon securities and rates on 30-year loans fell last week to about 1 percentage point from more than 1.5 percentage points in February, compared with an average of about 0.6 percentage point over the last decade, according to data compiled by Bloomberg. While the Fed has sought to lower rates to bolster a struggling property market and help the economy recover, rising borrowing costs may spur potential homeowners to buy on concern that they will move higher, First Pacific Advisors LLC’s Julian Mann said. Those individuals, who have been facing rising rents as home prices decline, “may say, ‘that’s it, I’m not going to wait any longer,’” Mann said in a telephone interview. He helps oversee $5.7 billion in bonds as a vice president at Los Angeles-based First Pacific. To contact the reporter on this story: Jody Shenn in New York at [email protected] To contact the editor responsible for this story: Alan Goldstein at [email protected]

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Russia Stocks Head for Biggest Weekly Loss in a Year on Economy

Russia ’s Micex headed for its biggest weekly loss in more than a year as oil and commodities plunged on fears the global economic recovery is fading. The Micex Index of 30 stocks added 0.2 to 1,411.82 by 11:03 a.m. in Moscow, fluctuating between a gain of as much as 1.1 percent and a loss of as much as 0.3 percent. This took its weekly loss to 9.4 percent, the worst since May 2010. OAO Rosneft, Russia’s largest oil producer, fell 0.6 percent. OAO GMK Norilsk Nickel, the country’s biggest miner, jumped 1.7 percent after Citigroup Inc. said the stock was “oversold.” OAO Sberbank, the nation’s largest lender, slid 1.9 percent. The dollar-denominated RTS Index added 0.2 percent to 1,547.09. Oil, Russia’s main export revenue earner, fell as much as $1.08 to $84.64 a barrel in New York. Stocks have tumbled globally since July 26 after Standard & Poor’s downgraded the U.S. credit rating for the first time and as concern persisted that Europe ’s debt crisis is worsening. “Volatility remains high on equity markets as investors are quite sensitive to any news developments from the U.S. and Europe,” Maria Kalvarskaia, who heads equity research at TKB Capital, said in an e-mailed report today. Investors withdrew $412 million from Russia-focused equity funds in the week to Aug. 10, according to UralSib Financial Corp., citing data from EPFR Global. Leonid Slipchenko, an equity analyst at UralSib, described the weekly outflow as “one of the biggest losses in its history,” according to a report e- mailed today. To contact the reporter on this story: Jason Corcoran at [email protected] To contact the editor responsible for this story: Gavin Serkin at [email protected]

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U.S. Shutdown to Hit Tata Consultancy Earnings: Corporate India

Tata Consultancy Services Ltd. (TCS) , Asia ’s largest software exporter by market value, forecasts “softness” in third-quarter earnings as U.S. contracts are hurt by the government shutdown. Clients will defer portions of contracts into January amid the 16-day shutdown, Chief Financial Officer Rajesh Gopinathan said in an interview. While technology companies typically trim operations in December, the shutdown may force the practice to spread, he said before Congress voted today to end the impasse. Lockheed Martin Corp. (LMT) and Computer Sciences Corp. (CSC) , companies that rely on U.S. government contracts, are among employers that used temporary layoffs of workers during the shutdown. The closing could extend the impact across the software and consulting industry if non-government clients delayed spending on contracts and services, said Anurag Rana, a New York-based analyst with Bloomberg Industries. “People freeze and stop spending when the government shuts down. No one is immune,” Rana said. The company this week beat analyst estimates, posting a profit of 47 billion rupees ($761 million) in the three months through September. Larger rival Accenture Plc (ACN) in September forecast earnings may fall short of expectations. North America For the current quarter, net income is forecast at 46.5 billion rupees, a 32 percent increase from a year earlier and a 1 percent decline from the September quarter, according to the median of six analyst estimates compiled by Bloomberg. North America accounted for 53.2 percent of Tata Consultancy’s revenue in the September quarter, compared with 53.8 percent a year ago, according to a company statement on Oct. 15. That share may continue to slide as European economies show signs of recovery, yielding an increase in the region’s share of revenue. The House of Representatives approved a measure passed by the Senate to raise the U.S. debt limit and end the shutdown. Senators voted 81-18 in favor of the move and the House supported the move by 285 votes to 144 votes. President Barack Obama supports the agreement. Tata Consultancy shares were poised for the biggest loss in a month, dropping 2.6 percent to 2,158.15 rupees as of 9:39 a.m. in Mumbai. The stock has surged 72 percent this year, compared with a 5.4 percent gain in the benchmark S&P BSE Sensex index. India ’s markets were closed yesterday for a public holiday. The Mumbai-based company has diversified sources of revenue to mitigate the impact of unforeseen economic and political scenarios, Gopinathan said. Meager Growth Growth in the third quarter ending Dec. 31 is typically meager and the shutdown will probably exacerbate that trend, Gopinathan said. “It’s normal practice for work on projects to be suspended during the last few weeks of the year,” he said by phone from Mumbai. “That may happen again this year, but with more shutdowns spread across other industries.” Tata Consultancy is continuing to evaluate acquisition targets in Europe , he said, without elaborating on which country or how much it would spend. The company completed its acquisition of France ’s Alti SA in July. While the shutdown has crimped U.S. growth, the company may seek to provide IT services in the nation’s health-care industry. Untapped Market The sputtering start to President Barack Obama ’s health-care exchanges may lead to “very, very big” spending on information services over the next five to 10 years, Gopinathan said. “We have fairly aggressive plans for America’s health-care industry and are exploring all forms of participation,” he said, without ruling out an acquisition to promote their position. “We have never shied away from taking a leadership role, especially in such a hugely untapped market.” Expansion in health care may bolster Tata Consultancy’s position as India’s leading outsourcing company, which saw margins improve to 30.2 percent from 26.8 percent, including a 300 basis points surge, thanks to India’s depreciating rupee, Chief Executive Officer N. Chandrasekaran told reporters in Mumbai on Oct. 15. The currency declined 5.2 percent against the dollar in the July-September period. “These are superb results,” Urmil Shah, a Mumbai-based analyst with Kim Eng Securities Ltd said after the company reported its second-quarter earnings. “TCS is just winning more large deals than their biggest competition. They’ve diversified their efforts and are growing across industry verticals.” New Normal The company is waiting for the rupee to stabilize before determining if levels of 61 to 62 rupees per dollar are “the new normal,” Gopinathan said. Sales climbed 34 percent to 209.8 billion rupees. That compared with the 207.7 billion-rupee median estimate compiled by Bloomberg. Worldwide spending on information technology services is forecast to grow 3.4 percent this year, researcher IDC said on Aug. 5, lowering its earlier estimate for 3.8 percent growth. That spending is likely to slow for at least a quarter because of the impasse, Rana said. “Right now, contracts are priced to perfection,” he said. “This kind of a hiccup in economic stability could very well take its toll.” To contact the reporter on this story: Kartikay Mehrotra in New Delhi at [email protected] To contact the editor responsible for this story: Michael Tighe at [email protected]

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Twitter Insiders Hold On to Shares in IPO Amid Growth Prospects

Twitter Inc. (TWTR) top holders including co-founder Evan Williams , whose stake is worth about $1 billion, are keeping their shares as the company goes public, underscoring their confidence in its growth prospects. Twitter is seeking to raise as much as $1.4 billion, offering 70 million shares for $17 to $20 apiece, according to a regulatory filing yesterday. At the upper end of the range, Williams, the biggest single shareholder in the short-messaging website, will hold more than a 10 percent stake after the IPO worth $1.14 billion, data compiled by Bloomberg show. Affiliates of Rizvi Traverse Management LLC will hold almost a 16 percent stake valued at $1.7 billion. By hanging on to their stock, Twitter insiders are showing they’re bullish about the unprofitable San Francisco-based company’s ability to wring earnings out of its more than 200 million users. That contrasts with Facebook Inc., whose investors such as Accel Partners and Goldman Sachs Group Inc. ended up selling more shares than initially planned in that company’s May 2012 IPO, according to filings. “You don’t see a big owner coming out and selling everything,” Robert Peck, an analyst with SunTrust Robinson Humphrey in New York , said in an interview. “That shows conviction about the long-term prospects of the company.” Existing investors may still register to sell shares before the IPO, scheduled to price on Nov. 6. Once the company is public, executive officers, directors and existing shareholders won’t be able to sell their stock for 180 days, or six months, a standard waiting period known as the lock-up. Some non-executive employees may be eligible to sell almost 10 million shares as soon as Feb. 15, the prospectus shows. Early Investors Union Square Ventures, which contributed a few million dollars in Twitter’s first investment round in 2007, will have a stake of about 5.1 percent, valued at $557 million at the high end of the price range. Spark Capital, which invested in the company in 2008, will own about 6 percent of Twitter’s shares, worth $648 million at that price. Benchmark Capital Partners LP, which led a $35 million investment in Twitter in 2009, bought another $9.1 million in shares in 2011. Its stake would be valued at $631 million. In total, Twitter has raised more than $700 million, with venture firm Kleiner Perkins Caufield & Byers committing $200 million in 2010 when the company was already worth more than $3 billion. More than 50 individuals and institutions own shares through direct purchases, secondary sales and acquisitions, and hundreds more are invested through various funds. That includes Richard Branson , the billionaire founder of Virgin Group; actor Ashton Kutcher ; and Saudi Prince Alwaleed bin Talal , people with knowledge of the matter have said. To contact the reporters on this story: Leslie Picker in New York at [email protected] ; Sarah Frier in New York at [email protected] To contact the editor responsible for this story: Jeffrey McCracken at [email protected]

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Ryanair Shrinks Spanish Hub, Says Passengers Must Use Stairs, Not Bridges

Ryanair Holdings Plc (RYA) will cut half its routes from Alicante, Spain, after the airport there said people must board via airbridges instead of stairs in a move the carrier says will cost it 2 million euros ($2.8 million) a year. Ryanair faces a charge to fund the bridges at Alicante’s new terminal and also prefers stairs because they can be used at both doors, cutting boarding times, it said today. State airport operator Aena said the fee of about 30 cents a ticket “isn’t really expensive” and that people find bridges more comfortable. “Ryanair has been operating at Alicante for over five years without the use of airbridges and this decision is an abuse of Aena ’s monopoly,” the Irish carrier said. “The new terminal has exactly the same stairs as the old terminal, which would allow Ryanair to continue to apply walk on/walk off boarding.” Europe ’s biggest low-cost carrier plans to eliminate 31 of its 62 routes from Alicante and reduce the number of planes based there from 11 to two, it said in a statement , adding that the service cuts will cost Aena more than 30 million euros in passenger and turnaround fees and lost commercial sales. “Airbridges are more comfortable and modern for passengers and that’s the main reason Aena has decided to use them,” Laura Baldo, a spokeswoman for the airport operator, said in a phone interview. “We aren’t talking about a big amount of money.” Alicante is Spain ’s sixth-busiest airport , attracting 9.4 million passengers last year, according to Aena. Dublin-based Ryanair contributed more than 4 million, or in excess of 40 percent of the total. The cuts, to be imposed in October, will reduce that to fewer than 1.5 million people, the carrier said. To contact the reporter on this story: Chris Jasper in London at [email protected] To contact the editor responsible for this story: Chad Thomas at [email protected]

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Investec Signs Five-Year Deal to Sponsor British Women’s Hockey Team

Investec Plc (INVP) , a private bank and wealth manager, signed a five-year sponsorship deal with the England and Great Britain women’s field hockey teams. “We began sponsoring the South African women’s team last year and have expanded our backing of the sport as it symbolizes commitment, enthusiasm, skill and personal development,” Raymond van Niekerk, Investec’s global head of marketing, said in an e-mailed statement. The agreement, which ranges from grassroots children’s hockey to national team level, starts at the European Championships, which will held be Aug. 20-28 in Moenchengladbach, Germany. No financial details were disclosed. Investec, which has operations in South Africa , the U.K. and Australia, has been involved in numerous sponsorships, ranging from horse racing, rugby and motor racing to cultural events such as concerts. It signed a two-year shirt sponsorship deal with Tottenham Hotspur soccer club last year while it’s also the main sponsor of the Epsom Derby , one of the most important U.K. flat races. Hockey is among the oldest Olympic sports, having made its first appearance at the 1908 London Games. Although it’s been part of the Olympic program since the 1920 Antwerp Games, women didn’t play on an Olympic level until Moscow in 1980, according to the website of the International Olympic Committee. The British women’s hockey team finished sixth at the Beijing Olympics in 2008. Last year, the team took bronze in three major events: the World Cup , the Commonwealth Games and the Champions Trophy. Next year London hosts the summer Olympic Games. ‘Inspire’ Generations Kate Walsh, Great Britain and England team captain, said the Investec deal “will hopefully inspire future generations and help to build on the fantastic progress of England and GB women’s hockey.” The agreement “will make a tangible difference at grassroots level as we continue to invest in initiatives encouraging greater participation within schools and our clubs,” England Hockey Chief Executive Officer Sally Munday said in the statement. To contact the reporter on this story: Danielle Rossingh on the London sports desk at [email protected] To contact the editor responsible for this story: Chris Elser at [email protected]

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Mali Military Blocks Presidential Palace After Gunshots

Soldiers in Mali blocked roads around the presidential palace in Bamako, the capital, after shots were heard earlier in the day, according to local media reports. Soldiers were stationed in the area around the state-owned broadcaster, Radio Kledu and Journal du Mali , a news website, reported. The gunfire started just before a meeting between soldiers and Mali’s defense minister about the Tuareg rebellion that the army is battling in the country’s north, according to London-based Control Risks. Both of Office de la Radio-Television Malienne’s radio stations and its two television channels were not broadcasting as of 6 p.m. in Bamako. Journal du Mali said its employees had been evacuated. “The situation is currently unclear and unfolding quickly,” U.S. State Department spokeswoman Victoria Nuland said today in Washington. The U.S. embassy in Bamako “is monitoring the situation closely and has advised U.S. citizens in Mali to shelter in place.” “We understand that today the elected government met with the military forces to discuss their concerns regarding troop grievances and the conflict in the north,” she said in an e- mailed statement. “We believe that grievances should be addressed through dialogue, not through violence.” Soldiers who fired shots into the air were demanding better arms to fight against the Azawad National Liberation Movement, Control Risks said on its website. The group, known by its French acronym MNLA, started a campaign for autonomous rule in Mali’s north with attacks on military camps in January. The African Union Peace and Security Council expressed “deep concern” about the rebellion, and the said the crisis poses a threat to peace and stability in West Africa. To contact the reporter on this story: Diakaridia Dembele in Bamako at [email protected] To contact the editor responsible for this story: Emily Bowers at [email protected]

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Netanyahu Likely to Win Backing for U.S. Plan to Revive Talks

Israeli Prime Minister Benjamin Netanyahu is likely to line up his government behind a U.S. proposal for a renewed settlement freeze aimed at getting Israelis and Palestinians talking again. Palestinian leaders are also likely to return to the negotiations, even though they say the U.S. plan doesn’t go far enough in reining in Israeli construction, analysts said. Netanyahu presented the terms of the plan, which include a 90-day freeze on settlement building in the West Bank, to his Cabinet in Jerusalem yesterday. He will be able to win approval “with significant difficulty,” said Gerald Steinberg , a political scientist at Bar-Ilan University outside Tel Aviv. While he may suffer “a couple of resignations” from the Cabinet over the issue, “his government won’t collapse,” Steinberg said. Acceptance of the plan by Israeli and Palestinian officials would keep alive at least temporarily President Barack Obama ’s initiative to prod the two sides toward a comprehensive peace agreement. It would still leave them far apart on fundamental issues, said analysts including Jonathan Spyer , a political scientist at Israel’s Interdisciplinary Center Herzliya, near Tel Aviv. “The Americans will want to do everything they can to keep the talks on track,” Spyer said. “But it is a losing game, and everyone knows that.” Shas May Abstain While Netanyahu faced criticism yesterday from some members of his own Likud party, including Vice Premier Silvan Shalom , he is counting on support from other Likud members as well as Labor Party ministers to get the proposal approved. The ultra-Orthodox Shas said it would likely abstain in any vote on the U.S. plan as long as building continued in all areas of Jerusalem, nullifying a potential source of opposition to Netanyahu, Israel Radio said. "We are talking here about an effort to put behind us the arguments about the building in settlements and to move on to fundamental issues, namely how to arrive at a breakthrough with the Palestinians, the deepening of our relations with the U.S., and strengthening the security of the state of Israel,’’ Defense Minister Ehud Barak , whose Labor Party supports negotiations with the Palestinians, told Israel’s Army Radio today. ‘Constructive Step’ Obama said Netanyahu had taken “a very constructive step” in presenting the plan to his Cabinet. Speaking to reporters yesterday on his return from a 10-day trip to Asia, Obama said Netanyahu’s move was “a signal that he’s serious” about resuming negotiations. “I think it’s promising,” Obama said. Palestinian officials, while not rejecting the proposal outright, criticized it because it doesn’t include a ban on building in east Jerusalem. Even with that limitation, Palestinian Authority President Mahmoud Abbas is likely in the end to agree to resume direct talks should the Israelis embrace the U.S. plan, said Mkhaimar Abusada, a political scientist at Gaza’s Al-Azhar University. Abbas, he said, agreed previously to negotiate with Netanyahu without a freeze on east Jerusalem building when the two leaders met in the U.S. to kick off direct talks in early September. “Abbas and the Palestinians basically do not have other options than the U.S.,” Abusada said. “Palestinians do not want to be blamed by the U.S. for not proceeding with the negotiations. They want the blame put on the Netanyahu government.” Provision for Warplanes In return for renewing the moratorium, Israel would get U.S. backing in the United Nations as well as 20 advanced warplanes, according to diplomats familiar with the deal. The U.S. would also commit to refrain from seeking any further halt to settlement construction after the 90 days were up, the diplomats said. Palestinian Authority spokesman Ghassan Khatib said any freeze on settlement building would have to extend beyond the three months if the negotiations also did. The renewed freeze would apply to any new construction begun since a previous 10-month moratorium ended on Sept. 26, the diplomats said. West Bank settlers have begun construction on 1,649 housing units in 63 settlements since the building ban expired, Israel’s Peace Now group said in an e-mailed statement. Netanyahu and Abbas agreed in September to try to forge an agreement on the framework for a comprehensive peace accord within a year. All the issues at the core of the conflict would be on the table, including the borders of a future Palestinian state, security arrangements for Israel, the status of Jerusalem and the right of return for Palestinian refugees. ‘Big Mistake’ Likud ministers, including Shalom, said they expected the U.S. to press for an agreement on the borders of a Palestinian state while the freeze is in effect. “During those three months the pressure on us will be stronger than ever to decide on our permanent borders and reach an agreement based on those borders,” Shalom told Israel Radio. “If that happens it will be a very big mistake.” An agreement on final borders would resolve the dispute over settlements and the issue of where Israel could build. Israel is unlikely to accept that approach. None of the core issues of the conflict can be discussed in isolation, said an official in the prime minister’s office, who spoke on condition of anonymity because he wasn’t authorized to comment on the matter. Israel can’t reach agreement on the final borders of a Palestinian state until it knows the character of that state, the official said. Both sides are ultimately more concerned about looking “like good guys in front of the Americans” than reaching consensus on politically sensitive issues, said Spyer. -- With assistance from Julianna Goldman in Washington. Editors: Peter Hirschberg , Ken Fireman , Heather Langan, Karl Maier. To contact the reporters on this story: Calev Ben-David in Jerusalem at [email protected] ; Gwen Ackerman in Jerusalem at [email protected]. To contact the editor responsible for this story: Peter Hirschberg at [email protected] .

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U.S. Treasuries Advance, With 10-Year Note Yield Declining to 2.64 Percent

U.S. Treasuries rose, pushing 10- year note yields down two basis points to 2.64 percent as of 10:58 a.m. in London. Thirty-year bond yields also fell two basis points, to 4.03 percent. To contact the reporter on this story: Anchalee Worrachate in London at [email protected] To contact the editor responsible for this story: Daniel Tilles at [email protected]

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Oil Rises on Iran, Nigeria; Gold Advances: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.5 percent to 666.89 as of 5:02 p.m. in Singapore. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.5 percent to 1569.226. CRUDE OIL Oil rose from the lowest settlement in almost two weeks in New York on concern that a strike in Nigeria and the threat of sanctions against Iran’s nuclear program will curb crude supplies. Crude for February delivery gained as much as 62 cents to $101.49 a barrel in electronic trading on the New York Mercantile Exchange. The contract yesterday slipped $1.37 to $100.87, the lowest close since Dec. 30. Prices are up 2.4 percent this month. NATURAL GAS OIL PRODUCTS Gasoil’s premium to Dubai crude rose 23 cents, or 1.2 percent, to $19.50 a barrel at 10:43 a.m. Singapore time, according to PVM Oil Associates Ltd., a London-based broker. That’s the widest gap since Nov. 21. PRECIOUS METALS Cash gold gained as much as 0.3 percent to $1,646.65 an ounce and traded at $1,645.55 at 2:52 p.m. in Singapore. Bullion climbed to a one-month high of $1,647.45 yesterday on Chinese demand. Spot platinum gained for a fourth day, adding as much as 0.7 percent to $1,505 an ounce, the highest since Dec. 12. The metal, used in auto catalytic converters, has risen 7.6 percent this year, on signs the U.S. economy is recovering and global automobile sales may increase. BASE METALS Copper for delivery in three months climbed as much as 0.8 percent to $7,845 a metric ton on the London Metal Exchange and traded at $7,825 at 3:10 p.m. Shanghai time. The March-delivery contract on the Shanghai Futures Exchange closed 1 percent higher at 57,400 yuan ($9,087) a ton. GRAINS, SOFT COMMODITIES Soybeans for March delivery gained as much as 0.5 percent to $12.09 a bushel on the Chicago Board of Trade, rebounding from the biggest decline at close in seven weeks. Futures were at $12.0775 at 2:46 p.m. Singapore time. March-delivery corn climbed 0.5 percent to $6.55 a bushel. Wheat for March delivery gained 0.5 percent to $6.44 a bushel. To contact the reporter on this story: Christian Schmollinger in Singapore at [email protected] To contact the editor responsible for this story: Alexander Kwiatkowski at [email protected]

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Ukraine Raises Gas Prices for Industry by 18%, Interfax Reports

Ukraine’s National Electricity Regulatory Commission raised natural-gas prices for industrial consumers by 18 percent, the Interfax-Ukraine news agency reported, citing the regulator. The commission decided on the increase today, saying prices for gas imports from Russia will probably rise to $355 to $357 per 1,000 cubic meters, according to Interfax. The price change takes effect July 1, the news service said. To contact the reporter on this story: Daryna Krasnolutska in Kiev at [email protected] To contact the editor responsible for this story: Balazs Penz at [email protected]

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Gasoline Fluctuates as Market Awaits Fed Decision on Stimulus

Gasoline fluctuated as investors waited to see if the U.S. Federal Reserve will announce more economic stimulus today. Futures swung between gains and losses before the Federal Reserve’s scheduled 12:30 p.m. announcement in Washington. The Energy Department is scheduled to report last week’s oil inventories at 10:30 a.m. The industry-funded American Petroleum Institute reported yesterday that U.S. gasoline stockpiles rose 1.07 million barrels. “People are waiting to see what the Fed announces and what the DOE report says,” said Gene McGillian , an analyst and broker at Tradition Energy in Stamford , Connecticut. Gasoline for July delivery slipped 0.3 cent to $2.6385 a gallon at 10:04 a.m. on the New York Mercantile Exchange. Prices swung between $2.6238 and $2.6539. The Federal Reserve will probably decide today to expand Operation Twist beyond $400 billion to spur growth and buy protection against a deeper crisis in Europe , according to a Bloomberg News survey of economists. Fifty-eight percent of respondents in a June 18 poll said the Fed will prolong the program, which seeks to lower borrowing costs by extending the average maturity of the securities in the central bank’s portfolio. The current program ends this month. The Energy Department will probably report that stockpiles of gasoline and distillates each rose 1 million barrels last week, according to the median estimate in a Bloomberg survey. Gasoline Demand Demand for the motor fuel in the week ended June 8 surged to the highest level since August. Gasoline supplies fell 1.72 million barrels last week to 201.8 million, according to department data. ‘The hope is if the Fed gives a jolt to the economy, it will give a jolt to energy demand,’’ said Phil Flynn , senior market analyst at Price Futures Group in Chicago. “What we’re looking for in inventory side is gasoline demand starting to come back to life and we saw signs of that last week.” Heating oil for July delivery rose 0.79 cent, or 0.3 percent, to $2.643 a gallon on the Nymex. Regular gasoline at the pump, averaged nationwide, fell 1 cent to $3.487 a gallon yesterday, according to AAA. It was the lowest price since Feb. 7. To contact the reporter on this story: Barbara J Powell in Dallas at [email protected] To contact the editor responsible for this story: Dan Stets at [email protected]

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EADS, Intesa Sanpaolo, Telenet Group, UniCredit: European Equity Preview

The following companies’ shares may have unusual moves in European trading. Stock symbols are in parentheses and prices are from the last close. The Stoxx Europe 600 Index gained 1 percent to 248.60. The Stoxx 50 Index rose 1.2 percent to 2,417.64. The Euro Stoxx 50 Index , a benchmark for nations using the euro, advanced 1.2 percent to 2,666.42. Alstom SA (ALO FP): The company signed a contract worth more than C$110 million to supply three turbine generator sets to the Ontario Power Generation’s Lower Mattagami project in Northern Ontario. The shares rose 0.8 percent to 38.92 euros. European Aeronautic, Defence & Space Co. (EAD FP): The parent company of Airbus SAS said it bid for a $35 billion contract to build aerial tankers for the U.S. Air Force. The shares advanced 1 percent to 16.92 euros. Intesa Sanpaolo SpA (ISP IM): Italy’s second-biggest bank sold 1.25 billion euros ($1.58 billion) of bonds with a coupon of 5.15 percent. Shares gained 1.9 percent to 2.39 euros. Telenet Group Holding NV (TNET BB): The Belgian cable operator controlled by John Malone ’s Liberty Global Inc. (LBTYA US) said it will distribute 2.23 euros a share to investors on Aug. 2. The shares will start trading without the right to the payout as of July 28. Telenet advanced 0.1 percent to 22.83 euros. UniCredit SpA (UCG IM): Italy’s largest bank is holding talks about taking over temporary control of A.S. Roma SpA (ASR IM) to permit the team owner, Compagnia Italpetroli, to pay down its debt. UniCredit shares rose 1.2 percent to 1.99 euros, while Roma shares gained 0.2 percent to 98 euro cents. To contact the reporter on this story: Kelly Bit in New York at [email protected]

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Solaria Considers Tax Break in California Expansion

(Corrects that company may build a new plant outside California in first paragraph of story published yesterday.) Solaria Corp., a U.S. solar-panel manufacturer, may decide to build a second factory outside California as the state reconsiders a program that gave bankrupt Solyndra LLC a $25.1 million tax break. In April, Solaria opened a solar-panel manufacturing plant in Fremont, the same city where Solyndra built its now-shuttered factory. The possibility of building a second panel plant in California may be derailed without the tax break, said David Hochschild, a Solaria spokesman. “That will be one of the factors that we’ll be looking at,” Hochschild said today on a conference call with reporters. “I don’t think the California government wants to cede their leadership.” California Treasurer Bill Lockyer asked state officials this week to suspend and review additional sales-tax exemptions for renewable-energy manufacturing equipment. About $31.4 million in taxes have been waived under the law, according to data on the treasurer’s website, and would amount to about $104 million over a three-year period that started last year. The pause is intended to protect taxpayers and improve the program, Tom Dresslar , a spokesman for Lockyer, said today in an e-mailed statement. “The treasurer is not suggesting this tax break be ended,” Dresslar said. “He strongly supports development of the solar industry in California.” Tax Breaks Under a 2010 law, the state Alternative Energy and Advanced Transportation Financing Authority can exempt sales taxes on equipment, the building or assembly of alternative-energy manufacturing and landfill-gas plants. The authority plans to vote on suspending the program on Oct. 25. Solaria, which has hired workers dismissed by Solyndra when that plant closed on Aug. 31, has received $122,667 in tax waivers through Sept. 1, out of as much as $709,800 in exemptions granted under the program over three years for their factory in Fremont. Bloom Energy Corp., a fuel-cell maker, and Tempe, Arizona- based First Solar Inc. (FSLR) have also benefited from the tax break. To contact the reporters on this story: {Christopher Martin} in New York at [email protected] ; {Mark Chediak} in San Francisco at [email protected] To contact the editor responsible for this story: Reed Landberg at [email protected]

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Lumber May Extend Rally on U.S. Housing, RusForest Says

Lumber prices, which surged 44 percent in 2012, may extend the rally as the U.S. housing recovery gains traction, said Garrett Soden, the chief executive officer of RusForest (RUSF) AB, a Swedish forestry company. “Housing starts are still well below the historical average,” Soden said in an interview in New York. “There’s room for demand to increase, and the market is well-placed for prices to increase.” New-home construction probably climbed 3.4 percent to an 890,000 annual rate in December, the fastest since July 2008, according to a Bloomberg survey before a Commerce Department report tomorrow. In the past 10 years, starts averaged 1.26 million, based on government data. A beetle infestation and reduced sawmill capacity pared lumber supplies in North America. Price gains may spread to other regions because of production cuts in Europe, Soden said. On Dec. 26, lumber futures on the Chicago Mercantile Exchange. reached $399.50 per 1,000 board feet, the highest since April 2005. Among the 24 raw materials in the Standard & Poor’s GSCI Spot Index, wheat posted the biggest gain last year at 19 percent. Stockholm-based RusForest, which harvests timber and runs sawmills in Russia , said last month that it would sell SEK 86 million ($13.2 million) of new shares to its existing shareholders and SEK 100 million shares of new stock to Russian investment company Nova Capital as part of a restructuring. Lumber futures for March delivery rose 0.2 percent to $377.90 at 8:40 a.m. in Chicago. To contact the reporter on this story: Joe Richter in New York at [email protected] To contact the editor responsible for this story: Steve Stroth at [email protected]

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Onyx Shares Rise in Early Trading on Possible Sale of Company

Onyx Pharmaceuticals Inc., (ONXX) the developer of the kidney-cancer treatment Nexavar, climbed 4.4 percent in New York trading on optimism the company may be sold. Onyx rose $1.88 to $44.68 at the close. The shares of the South San Francisco , California-based drug developer surged 14 percent yesterday after two people with knowledge of the matter said the company is exploring options including a possible sale. Potential buyers are studying Onyx’s business and its experimental carfilzomib cancer therapy, said one of the people who declined to be identified as the discussions are private. Onyx had a market value of about $2.4 billion as of Nov. 25 and is working with Centerview Partners LLP to review alternatives, said the people. Onyx gave itself more strategic options last month when it settled a lawsuit with Bayer AG (BAYN) over the experimental cancer medicine regorafenib and amended its collaboration agreement for Nexavar, said Jim Birchenough, an analyst at Bank of Montreal. The Oct. 11 agreement relieves Onyx from any future development or commercialization costs for regorafenib. The deal with Leverkusen, Germany-based Bayer includes a 20 percent royalty payment on future sales of regorafenib for Onyx, or its acquirer. The drug may generate $106 million by the end of 2014, according to analysts. Potential buyers of Onyx also retain 50-50 profit sharing rights to Nexavar, which may hit $518.2 million in sales this year, according to the average estimate of six analysts in a Bloomberg survey. Onyx today said the U.S. Food and Drug Administration accepted a new drug application for carfilzomib for the potential treatment of patients with relapsed, refractory multiple myeloma. To contact the reporters on this story: Sasha Damouni in New York at [email protected] ; Jeffrey McCracken in New York at [email protected] To contact the editor responsible for this story: Jennifer Sondag at [email protected]

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Pope Francis’s Beautiful Silence

Shortly after the proclamation of the new pope, a reporter for U.S. television told his audience that the Catholics of Latin America “have waited 20 centuries for a pope to come from this region.” Well. There were, of course, no Catholics in Latin America until about 500 years ago. We all make mistakes, but in this case, the error is probably explained less by exuberance at the selection of a new pontiff than by the inexorable demand of the medium for gab unceasing. Contrast the endless and largely pointless chatter of the modern world with the minutes Pope Francis spent standing silently on the balcony before addressing the thousands in St. Peter’s Square and the hundreds of millions around the world. The silence was beautiful and eloquent, projecting both a sense of peace and a sense of occasion. An even longer silence followed, when Francis asked the faithful to pray for him -- a silence, evidently, that was mimicked in Catholic households and schools around the world. We live in a loud time. Anything above 85 decibels can damage the ear if we listen to it long enough. On the Upper West Side of Manhattan in New York , the traffic alone creates a good 79 decibels of sound. (And the decibel scale is logarithmic, so 79 decibels is 10 times as loud as 69 decibels -- 69 being about the level of noise inside a large passenger jet during flight.) And according to the National Institutes of Health , the sound of music through headphones often runs -- wait for it -- about 110 decibels. Noisy Democracy This loudness can create problems with our physical health. The larger challenge, however, isn’t so much the noise as its constancy. Silences are increasingly difficult to find. The endless chatter and clack and beep and blat is going to destroy democracy. Seriously. Francis’s predecessor, Benedict XVI, was eloquent on the value of silence: “In silence, we are better able to listen to and understand ourselves; ideas come to birth and acquire depth; we understand with greater clarity what it is we want to say and what we expect from others; and we choose how to express ourselves. By remaining silent we allow the other person to speak, to express him or herself; and we avoid being tied simply to our own words and ideas without them being adequately tested. In this way, space is created for mutual listening, and deeper human relationships become possible.” We need silence, in other words, to think both clearly and charitably. In a world of constant sound and stimulation, it is harder to be accurate in our reasoning and empathetic in our listening. Genuine democracy, the sense of our common project, cannot survive such corruption. The ubiquity of the mobile phone has made us louder. All through history, until the past decade or so, people walking alone on the street usually walked in silence. No longer. If you pass 50 fellow pedestrians while strolling a city block, the chances are you have been forced to listen in on 45 conversations -- unless, of course, you are too busy forcing your own conversation on others. In the Catholic as so many other religious traditions, reflection and contemplation are admirable virtues. In the stifling silliness created by the merger of secularism and technology, they are horrendous vices. Politicians and activists, commentators and bloggers are supposed to have instant responses to whatever news may arise. To go on the air and meet a difficult question with “I need to think that one over” is seen not as evidence of a reflective and thoughtful character but as an evasion, or perhaps a failure of the intellect. In the words of the theologian Cornelius Plantinga, “It’s boring to watch a person think.” Yet time to think matters -- at least if we’re interested in getting the answers right. Quiet Chess Consider the game of chess. Under international rules , if a player’s mobile phone makes any sound during a tournament game, he or she loses immediately. Although the rule has come to be seen as a protection against cheating, its origin lies in a concern about distracting the other player. The sound interferes with clarity of thought. If the complexities of the chess board require undistracted attention, how much more so the complexities of, for example, economic and fiscal policy? To reason our way to reliable answers, we need the time and space to think. Otherwise, we cannot really listen and reason but only react -- and when we react rather than listen, the possibilities for genuine public conversation are debased. The reason politics nowadays seems to be all about yelling is that a different politics would require time and space, and peace and quiet. Hannah Arendt, in “The Life of the Mind,” puts it this way: “Thinking is always out of order, interrupts all ordinary activities and is interrupted by them.” Yet we need to do it. Socrates, she reminds us, didn’t always have the answers, and wasn’t always interested in dialogue. Again and again, Arendt says, we see him going off alone to think. All of which brings us back to the reporter and his error about 2,000 years of Latin American Catholicism. He was working without a script, reporting live in the midst of a crowd. His job was to fill the air with commentary, and (in Catholic terms) there was no time for the intellect to reflect upon the words that suggested themselves before the will gave consent to speak them. That’s our problem in a nutshell. We live in a world that leaves us little time to contemplate. We are busy people. Pursuing our thoughts in silent contemplation takes an investment of time that few can spare. Yet all of us need to patch together what bits of reflection we can. If we lack the time to seek out silent spaces, we lack the time to think clearly; and if we lack the time to think clearly, we lack the time to do democracy well. (Stephen L. Carter is a Bloomberg View columnist and a professor of law at Yale University. He is the author of “The Violence of Peace: America’s Wars in the Age of Obama,” and the novel “The Impeachment of Abraham Lincoln .” The opinions expressed are his own.) To contact the writer of this article: Stephen L. Carter at or @StepCarter on Twitter. To contact the editor responsible for this article: Michael Newman at [email protected] .

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Carter `Sounded Great' in Phone Call With Obama, Spokesman Says

Former President Jimmy Carter “sounded great” in a telephone call with President Barack Obama and is ready to resume his book tour tomorrow, Bill Burton , a White House spokesman, said. Obama called Carter, who was hospitalized in Cleveland, from Air Force One after leaving an event in New Mexico. Carter, 85, the 39th U.S. president, was taken to a hospital in Cleveland today and treated for what his office said was an upset stomach. Carter’s spokeswoman, Deanna Congileo, said in a statement that the former president will remain at Metro Health Hospital in Cleveland overnight on his doctor’s recommendation. Carter became ill while on a flight to Cleveland, where he was scheduled to appear at a bookstore this afternoon to discuss his book, “White House Diary.” He is set to resume the tour tomorrow in Washington, according to Congileo’s statement. Obama was informed of Carter’s hospitalization while at a stop in New Mexico, where he was starting a four-state trip to talk about the economy and the November elections. To contact the reporter on this story: Roger Runningen in Washington at [email protected] To contact the editor responsible for this story: Mark Silva at [email protected]

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Raidl Says He Won't Become Austria's Finance Minister

Claus Raidl, president of Austria ’s central bank and former chief executive officer of specialty steelmaker Boehler-Uddeholm AG, said he won’t become the Alpine republic’s finance minister, rejecting reports in two Austrian newspapers. “I said 10 years ago that I wasn’t the future hope of the People’s Party ,” Raidl, 69, told reporters in Vienna yesterday. Kurier and Die Presse newspapers reported on April 11 that the conservative People’s Party may replace Finance Minister Maria Fekter with Raidl, citing unidentified people close to the group. To contact the reporter on this story: Zoe Schneeweiss in Vienna at [email protected] To contact the editor responsible for this story: Stephen Foxwell at [email protected]

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United Studies Boeing 777x Jets to Blunt Emirates

United Continental Holdings Inc. (UAL) is interested in Boeing Co. (BA) ’s new 777 planes to bolster long-range flying as it braces for increased competition from Middle Eastern carriers such as Emirates, said Chief Financial Officer John Rainey. “We’re going to look at it. We haven’t made a decision,” Rainey said yesterday in an interview at The Year Ahead: 2014, a two-day conference in Chicago hosted by Bloomberg LP. The three biggest Gulf carriers, including Qatar Airways Ltd. and Etihad Airways PJSC, underscored their ambition to dominate long-haul flying by ordering 225 of Boeing’s 777X jets at this week’s Dubai Airshow. United’s Star Alliance partner Deutsche Lufthansa AG (LHA) is buying another 34 of the jets, the largest twin-engine aircraft designed by Chicago-based Boeing. United, the largest U.S. operator of Boeing’s 787 Dreamliner, is studying the benefits it would gain with the newest 777, Rainey said. The 777-9X is set to begin flying in 2020, burning 12 percent less fuel than comparable Airbus SAS models and hauling a jumbo-sized payload of 400 or more passengers. Capital Demands An order isn’t assured as Chicago-based United carefully manages its capital demands given the 292 jets already on order, Rainey said. United has ruled out Airbus’s A380, a double-decker capable of seating more than 500 passengers, as “really too big” for its needs, he said. United and Lufthansa are strengthening a long-standing partnership to better compete with Emirates, the biggest long-haul carrier in the world, Qatar Airways and Etihad, Rainey said. They are studying ways to lower costs, including sharing catering and maintenance capabilities through their North Atlantic joint venture, he said. United fell 0.4 percent to $37.11 at the close of trading in New York. The largest global carrier’s shares have risen 59 percent this year, more than double the 26 percent increase of the Standard & Poor’s 500 Index. Fuel Expenses Rainey made the comments two days after United unveiled plans to cut spending by $2 billion through 2017. Half the savings will come from a 7 percent cut in fuel consumption as the carrier adds new planes such as Boeing’s 787 Dreamliner. Since combining with Continental Airlines in 2010, United has struggled to control costs that are growing faster for each seat flown a mile than revenue on the same basis. Profit growth trailed competitors in the last quarter and the carrier is counting on an overhaul of its fleet designed to swap gas-guzzlers with more fuel-efficient models. Merger integration “has been a tough slog,” Rainey said. “The last three years we basically ran a merger. Now we’re running an airline.” United’s cost-saving plan, which includes an unspecified return of cash to shareholders in 2015, was outlined to investors Nov. 19 as the airline works to fix operational issues that have snarled flights and alienated customers. Cost Improvements “Some of the company’s cost improvements should also be achieved by delivering a better product to the consumer,” Helane Becker , a New York-based managing director with Cowen & Co., wrote in a Nov. 20 research note. “If United’s reliability in on-time performance improves, the company will save at least $150 million in avoided costs.” She rates United the equivalent of a buy. United has firm commitments for 292 aircraft from Airbus, Boeing and Embraer SA (EMBR3) through 2025 at a cost of $24 billion, according to an Oct. 24 regulatory filing. To contact the reporter on this story: Julie Johnsson in Chicago at [email protected] To contact the editor responsible for this story: Ed Dufner at [email protected]

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Cochlear Slumps Most in 7 Years on Recall

Cochlear Ltd. (COH) plunged the most in more than seven years in Australian trading after a recall of its hearing devices threatened to tarnish the company’s reputation and erode its share of the global ear-implant market. Cochlear is voluntarily recalling its Nucleus CI500 range because of an increase in failures of its CI512 units, the Sydney-based company said in a statement today. The shares declined as much as 27 percent after UBS AG cut its rating to “sell” from “neutral” and said the recall may hurt Cochlear’s sales, reputation and valuation. The financial impact of the recall is “difficult to predict at this stage,” Cochlear said in the statement. The company, formed 29 years ago to develop a so-called bionic ear invented by Melbourne researcher Professor Graeme Clark, has about 70 percent of the global market for hearing devices implanted in the snail shell-like part of the inner ear. “This recall is potentially a big deal,” said Angus Gluskie , who manages more than $300 million at White Funds Management in Sydney. “The CI500 range is Cochlear’s primary implant device, and a recall may impact short-term earnings, as well as possibly damaging its reputation. Cochlear has recalled the device on its own initiative, so we’ll be interested to see if they’re able to rectify matters in a short time.” Cochlear plunged 20 percent to A$57.77 as of 1:47 p.m. in Sydney, wiping A$820 million from the company’s market value. A close at this level would be the worst decline since December 2003. The stock was the worst performer today on the nation’s benchmark S&P/ASX 200 Index, which fell 3.2 percent. Global Market The devices are sold in about 100 countries. The recall is only for units on shelves and doesn’t relate to those already in use, the company said. If failure occurs, the implant safely shuts down without injuring the recipient, and the malfunctioning device may be replaced with an implant from its previous range called the Nucleus Freedom, it said. “We don’t know how many are out on the shelves,” Neville Mitchell, Cochlear’s chief financial officer, said in a phone interview. “I have no idea how many we will have to recall.” Production of the CI500 range stopped today and the company is now manufacturing the Freedom, Credit Suisse AG wrote in a report. Additional supplies could be provided next month, analysts Saul Hadassin and William Dunlop wrote. One month of lost sales would equate to a A$20 million, or 10 percent, reduction in net income, they wrote. Profit Risk In the event that there is a systemic problem affecting more than just recent manufacturing batches and the cochlear implant inventory is written off, net income may be reduced by a further 33 percent, the Credit Suisse analysts wrote. Fewer than 1 percent of the CI512 implants have failed since they were first sold in 2009, Cochlear said. The recall was prompted after a “recent increase in the number of Nucleus CI512 implant failures,” it said. “This has the potential to lead to prolonged market share gain for its competitors,” most likely closely held Med-El Corp., Nomura Holdings Inc. wrote in a report today, in which it reiterated a “buy” recommendation. Switzerland ’s Sonova Holding AG (SOON) is Cochlear’s second- largest competitor with about 15 percent of the market, Nomura’s Sydney-based health-care analysts David Stanton and Zara Lyons wrote. Potential recipients and surgeons are likely to use alternative cochlear implants to those of Cochlear, they said. About 20,000 units from the Nucleus 5 series have been implanted, accounting for about 70 percent of the company’s sales of inner-ear implants, Nomura said. The brokerage estimated 27,800 cochlear implants would be sold in the year ending June 2012, accounting for more than two-thirds of revenue. “The commercial impact of this recall is very hard to predict at this stage,” said Jamie Spiteri , head dealer at Shaw Stockbroking Ltd. in Sydney. “However, uncertainty is always a concern.” To contact the reporters on this story: Shani Raja in Sydney at [email protected] ; Jason Gale in Singapore at [email protected] To contact the editor responsible for this story: Jason Gale at [email protected]

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Hong Kong Stocks Drop Ahead of Fed; City Developers Gain

Hong Kong stocks fell for a second day before the U.S. Federal Open Market Committee’s announces whether it will pare record stimulus. Tencent Holdings Ltd. (700) drove the benchmark index lower, while city developers climbed. Tencent Holdings Ltd., China ’s No. 1 Internet company, fell 3.9 percent, retreating a second day from a record high. Prada SpA, an Italian maker of luxury handbags, sank 1.4 percent after missing profit estimates. Cheung Kong Holdings Ltd., the city’s second-biggest builder, jumped 3.1 percent as CLSA Ltd. reiterated its buy rating. Solar shares gained after China said it will limit new factories to curb excess panel capacity. The Hang Seng Index declined 0.3 percent to 23,117.45 at the close in Hong Kong, its first back-to-back decline this month. Trading volume was 26 percent below the 30-day average. The Hang Seng China Enterprises Index (HSCEI) slid 0.6 percent to 10,588.01. The city’s markets are shut Sept. 20 for a holiday. “The market is consolidating in absence of fresh incentives and ahead of the FOMC results,” said Ben Kwong , chief operating officer at KGI Asia Ltd. “The market already had gains and many shares were overbought. We have a long weekend coming up so investors don’t want to take heavy positions.” The H-share index entered a bull market last week after rebounding more than 20 percent from a June low, while the Hang Seng Index (HSI) erased its 2013 loss. Shares climbed as China economic data including exports and factory output boosted confidence in the world’s second-biggest economy. Hong Kong’s equity benchmark traded at 11.1 times estimated earnings, compared with 15.4 for the Standard & Poor’s 500 Index. Fed Decision Futures on the S&P 500 gained 0.1 percent today. The U.S. equity gauge added 0.4 percent yesterday in New York, sending the index toward a record, as Microsoft Corp. announced a $40 billion buyback and the Fed started its two-day meeting. Analysts are divided on the amount by which the U.S. central bank will scale back its monthly asset purchases today. Among 64 economists surveyed by Bloomberg News, 33 predict the Fed will reduce its buying of Treasuries by $5 billion or less, with 31 forecasting a cut of $10 billion or more. Tencent slumped 3.9 percent to HK$402.40, the second-biggest drop on the Hang Seng Index. The company’s market value this week surpassed $100 billion as the stock extended record highs this month. Shares traded at 37.5 times estimated earnings yesterday, compared with its five-year average of 29.3. Bank of East Asia Ltd. today fell the most on the benchmark. Shares dropped 4.5 percent to HK$32.05 after climbing yesterday along with other family-run lenders after Wing Hang Bank Ltd. said shareholders were approached in a takeover bid. Prada Falls Prada (1913) slid 1.4 percent to HK$78.50. First-half net income rose 7.6 percent to 308.2 million euros ($412 million), missing the 321 million-euro average of five estimates compiled by Bloomberg. The luxury brand said the euro’s strength will weigh more heavily on earnings than some analysts anticipate. Shimao Property Holdings Ltd. (813) , a mainland developer controlled by billionaire Hui Wing Mau, slumped 2.4 percent to HK$18.60. Guangzhou R&F Properties Co., a builder in the southern Chinese city, sank 1.4 percent to HK$12.62. Both climbed at least 1.9 percent in the previous two days. “When share prices are too high, it gives an excuse to correct,” said KGI’s Kwong. Mainland developers dropped even after data today showed new home prices in the nation’s four major cities rose the most last month since January 2011, led by Guangzhou. Prices climbed in 69 of 70 cities the government tracked last month from a year earlier, the National Bureau of Statistics said in a statement. Rate Pressure While Chinese developers sank, their Hong Kong counterparts rose. Expectation for a moderate tapering of Fed bond purchases eases pressure on the city’s interest rates, which track the U.S., Kwong said. Builders accounted for at least half of the top 10 gains on the Hang Seng Index. Cheung Kong climbed 3.1 percent to HK$120. The company’s risk-reward profile has become more attractive, CLSA analyst Jonathan Galligan wrote in a report dated yesterday, reiterating his buy rating on the stock. New World Development Co. (17) , a builder controlled by billionaire Cheng Yu-tung, gained 2.6 percent to HK$11.98. Henderson Land Development Co. rose 1.2 percent to HK$47.65. Solar shares gained after the Ministry of Industry said it will ban construction of plants built solely to boost capacity. GCL-Poly Energy Holdings Ltd. (3800) , the world’s biggest producer of polysilicon for solar panels, climbed 1.4 percent to HK$2.12. Hanergy Solar Group Ltd. (566) , a Beijing-based renewable-energy producer, jumped 5.8 percent to 91 Hong Kong cents. A global oversupply of solar panels, of which China is the biggest producer, led to a 20 percent plunge in prices last year, according to data compiled by Bloomberg. Chinese authorities have pledged to cut overcapacity in industries from steel to paper as policy makers seek to reduce the economy’s reliance on investments and exports. Futures on the Hang Seng Index were little changed at 23,200. The HSI Volatility Index rose 0.8 percent to 17.41, indicating traders expect the benchmark equity index to swing 5 percent in the next 30 days. To contact the reporter on this story: Kana Nishizawa in Hong Kong at [email protected] To contact the editor responsible for this story: Sarah McDonald at [email protected]

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Foreclosures Go Into Reverse: The Ticker

The U.S. financial system's foreclosure plumbing is backing up. That's good news for some delinquent mortgage borrowers. It's also likely to prolong the pain in the housing market. Amid persistent problems with documentation, banks are pulling tens of thousands of loans out of the foreclosure process, putting them back into the pool of merely delinquent loans. The delinquency rate rose to 8.34 percent of all active loans in July, up from 7.78 percent in March, according to data provider LPS Applied Analytics. The foreclosure rate fell to 4.11 percent of all loans, from 4.21 percent in March. The reverse flow provides a boost to some homeowners, who can benefit by staying in their homes -- or renting them out -- while not making mortgage payments. As of July, the average borrower in foreclosure hadn't made a payment in 599 days, up from 549 in March. The backed-up plumbing could take some pressure off house prices by keeping foreclosed homes off the market. The S&P/Case-Shiller index of house prices rose 3.6 percent in the second quarter of 2011, as the pace of foreclosure sales declined. Ultimately, though, all those homes will have to go through the burdensome process of foreclosure and sale, weighing on the market and precipitating losses for lenders. The only way to prevent that outcome -- short of bulldozing the houses -- is to recognize the losses in a different way, by offering borrowers principal reductions large enough to enable them to pay their mortgages and stay in their homes. (Mark Whitehouse is a member of the Bloomberg View editorial board)

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Sinopec, PetroSA Sign Framework for S. Africa’s Biggest Refinery

China Petroleum & Chemical Corp. (600028) and PetroSA, South Africa’s state-owned oil company, signed a framework agreement to build a crude refinery that’s set to be the country’s biggest. The companies agreed to include the Industrial Development Corp., a Johannesburg-based state lender, into the next phase of the $10 billion Mthombo refinery project in Port Elizabeth on South Africa’s south coast, they said in a joint statement.The framework agreement with Sinopec, as Asia ’s biggest refiner is known, is valid for two years. The 400,000-barrel-a-day plant would almost double the country’s current combined capacity of 497,000 barrels from four refineries, according to data from the South African Petroleum Association. PetroSA started studying Mthombo as diesel and gasoline imports rose on the back of economic expansion, with demand exceeding local refinery output for the first time in 2007. “Sinopec and PetroSA will jointly explore other cooperation opportunities in the hydrocarbon industry,” Sinopec Group Chairman Fu Chengyu said in the statement. The companies in May last year agreed on how they will make the business case for the refinery. The framework signed today creates opportunities for cooperation in oil and gas exploration in South Africa and its surrounding countries, the companies said in the statement. To contact the reporter on this story: Paul Burkhardt in Johannesburg at [email protected] To contact the editor responsible for this story: John Viljoen at [email protected]

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German Government Reaches Agreement to Cut Taxes From 2013

Chancellor Angela Merkel ’s coalition reached an agreement to cut taxes by as much as 7 billion euros beginning in 2013, the German Finance Ministry said in a statement distributed at a press briefing in Berlin. To contact the editor responsible for this story: Patrick Donahue at [email protected]

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Michelin San Francisco Gives Meadowood Third Star

The Restaurant at Meadowood, a Napa Valley establishment that matches local wines with seasonal dishes, today wins its third star in the Michelin guide to the San Francisco area, joining the French Laundry in the top tier. Eleven more restaurants are awarded single stars, taking the total to 39; three hold two stars, with no additions. A total of 74 eateries earn Bib Gourmands for good value. Of these, 29 are new. Alice Walters’s Chez Panisse lost its star. The Michelin guide is published as San Francisco prepares for the baseball World Series, which starts tomorrow. “This is quite simply one of the finest culinary regions in the world, Jean-Luc Naret , director of the guides, said in an e-mailed release. “We spent a full year studying this region to produce our guide and the effort is immensely satisfying.” Chef Christopher Kostow, 33, is influenced by his East European heritage, according to the website of the Restaurant at Meadowood, where the dishes on his Thanksgiving Menu for Nov. 25 include roasted sturgeon, bone marrow, crispy Brussels sprouts, compressed pear. The cost is $195, or $300 with wines. Kostow works closely with his French sommelier, Rom Toulon. Among the new one-star venues: Dio Deka serves Hellenic cuisine in downtown Los Gatos; Spruce is an American restaurant in San Francisco; Wakuriya is a Japanese kitchen in San Mateo. Seasonal Ingredients Chez Panisse, which opened in Berkeley in 1971, pioneered the use of fresh seasonal ingredients. Ubuntu retained its star after the departure of Jeremy Fox, its chef. Restaurant Michael Mina was excluded from the guide after it closed and relocated. Michelin also publishes a guide to restaurants in New York, and a guide to Chicago makes its debut on Nov. 17. Three stars mean exceptional cuisine, worth a special journey; two stars are for excellent cooking, worth a detour; one star denotes a very good restaurant in its category. Other scheduled Michelin announcements include Germany (Nov. 10), Switzerland (Nov. 16), Belgium & Luxembourg (Nov. 22) and Italy (Nov. 24), the same day as Tokyo. The U.K. guide is published in January and the French one in March. Michelin & Cie. is the world’s second-biggest tire maker after Bridgestone Corp. of Japan. It produced its first so- called Red Guide at the turn of the 20th century to encourage motoring. The guides have expanded internationally under Naret. “The Michelin Guide San Francisco, Bay Area & Wine Country 2011” goes on sale tomorrow at $18.99 in the U.S. and at the beginning of February in France, costing 17.90 euros. Here are the starholders. (N signifies New) ( Richard Vines is the chief food critic for Muse, the arts and leisure section of Bloomberg News. Opinions expressed are his own.) To contact the writer on the story: Richard Vines in London at [email protected] or Richardvines on http://twitter.com/home. To contact the editor responsible for this story: Mark Beech at [email protected] .

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Tombini Sees ‘Stabilized’ Brazilian Inflation, Lawmakers Say

Brazilian central bank President Alexandre Tombini believes the country’s inflation rate is “stabilized,” according to lawmakers who met with him in Brasilia today. Tombini “was very optimistic, he painted a picture of a very positive outlook for the Brazilian economy,” said Lincoln Portela, leader of the Party of the Republic in the lower house. “His view was that inflation is stabilized.” Inflation accelerated to 6.87 percent in July, its fastest pace since 2005. Tombini has raised borrowing costs at all five of the central bank’s policy meetings this year, to 12.50 percent, and has repeatedly stated that he expects inflation to slow to the mid-point of its target range of 2.5 percent to 6.5 percent in 2012. Another lawmaker who attended the meeting with Tombini also said that the central bank president had been optimistic. “Tombini said the scenario is that inflation is under control,” said Eduardo Cunha, a lower house representative for the Democratic Movement Party, or PMDB, in a phone interview. Portela and Cunha are both members of parties that belong to President Dilma Rousseff’s ruling coalition in Congress. A press officer at the central bank declined to comment when contacted by phone, on the grounds that the discussions were private. The real weakened 0.2 percent to 1.5916 per dollar at 3:00 p.m. New York time from 1.5889 yesterday. To contact the reporters on this story: Mario Sergio Lima in Brasilia at [email protected] Maria Luiza Rabello in Brasilia at [email protected] To contact the editor responsible for this story: Joshua Goodman at [email protected]

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Metro-Goldwyn-Mayer Leaves Bankruptcy, Raises $500 Million for Films, TV

Metro-Goldwyn-Mayer Inc. , distributor of the James Bond and Rocky movies, emerged from a streamlined bankruptcy and raised $500 million to produce new films and television series. The studios’ lenders converted about $5 billion in debt for equity, the company said today in an e-mailed statement. The new equity holders in the studio include billionaire Carl Icahn , who will designate one of the company’s nine directors. Gary Barber and Roger Birnbaum , executives at Spyglass Entertainment Group Inc., will serve as MGM’s co-chairmen and chief executive officers. The restructuring clears the way for the studio to begin work on a slate that includes a new Bond film and two movies based on J.R.R. Tolkien’s “The Hobbit” to be co-produced with Time Warner Inc.’s New Line Cinema. At Spyglass, Birnbaum and Barber produced films including the supernatural thriller “The Sixth Sense.” MGM got approval Dec. 2 to reorganize under Spyglass Entertainment. Financing was arranged by JPMorgan Chase & Co., the studio said in the statement. To contact the reporters on this story: Michael White in Los Angeles at [email protected]. To contact the editor responsible for this story: Anthony Palazzo at [email protected] .

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AMBASSADOR HOTEL December Sales Rise 9.45% (Table) : 2704 TT

AMBASSADOR HOTEL (2704) said unconsolidated sales in December rose 9.45% to NT$259,395,000 from NT$237,001,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 12/2011 12/2010 Sales 259,395 237,001 YOY% 9.45% -----------------Year-to-date----------------- Sales 2,823,856 2,636,515 YOY% 7.11% =================================================================

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Ukraine to Wait for Eurobond Window as $1 Billion March Debt Payment Safe

Ukraine can wait until market conditions are right for a planned sale of dollar-denominated bonds as it has sufficient funds to cover debt payments, First Deputy Prime Minister Valery Khoroshkovskyi said yesterday. “We will wait for a window,” Khoroshkovskyi, who was appointed last week, said in an interview in Brussels. “We repaid $1 billion of debts in February. We have to repay approximately the same amount in March and even if we do not issue Eurobonds we will pay it easily.” Ukraine is also in talks to borrow cash from Russian banks and plans to refinance a $2 billion loan from VTB Group (VTBR) that matures in June, said Khoroshkovskyi, who served previously as finance minister. President Viktor Yanukovych appointed Khoroshkovskyi Feb. 22, part of Cabinet changes before parliamentary elections in October. The Finance Ministry picked JP Morgan Chase & Co. (JPM) , Morgan Stanley (MS) and Russian’s VTB Capital and Troika Dialog, which is controlled by OAO Sberbank (SBER) , to lead manage a potential Eurobond sale, according to a Feb. 3 statement. Ukraine’s 6.25 percent government bonds due to 2016 rose as of 1 p.m. in Kiev, pushing yields down to 8.332 percent from 8.578 percent yesterday. The hryvnia strengthened to 7.9923 per dollar from 7.9978 on Feb. 24. Hryvnia Is ‘Stable’ Ukraine’s hryvnia will remain stable as “we do not have any difficulties now which may” push the currency down, Khoroshkovskyi said. “It is stable and it is a good position for the economy and a good indicator for business,” he said. The government plans to borrow 12.15 billion hryvnia ($1.5 billion) abroad in March, the Finance Ministry said Feb. 9. Ukraine will only proceed with a Eurobond sale if market conditions are “favorable,” Halyna Pakhachuk, head of the Finance Ministry’s financial-policy and government-debt management department, said Feb. 16. There are “good” signs that the government can refinance its VTB loan, which was granted by Russia ’s second-biggest bank in June 2010 for six months and carries an interest rate of 6.7 percent, Khoroshkovskyi said. Ukraine agreed on its first six- month extension in December 2010 and had an option to prolong it two more times, according to the accord. ‘Skeptical on Loan’ “I’m skeptical on a loan from Russian banks,” Alexander Valchyshen, head of research at Investment Capital Ukraine in Kiev, said yesterday by e-mail. “A much more logical way is tapping the Eurobond market if there’s a chance.” Khoroshkovskyi, 43, served as finance minister from Jan. 18. He had previously been in charge of the Ukraine’s security service. He replaced Andriy Klyuev, who was named as secretary of the National Defense and Security Council. Khoroshkovskyi will lead talks with the International Monetary Fund on a $15.6 billion loan program that’s been frozen since last March as well as negotiations to strengthen ties with the European Union. Before it resumes disbursements, the IMF has demanded the government raise utility tariffs for households to trim the state’s budget gap. Ukraine will raise prices “when we can,” Khoroshkovskyi said. “Now is not a very good period. We remember in previous times that when you move prices up, people cannot pay them.” Democratic Principles IMF financing for Ukraine will depend on the country’s adherence to democratic principles, Philip H. Gordon, the U.S. assistant secretary of state, said in a televised interview with Ukrainian channel TVi on Feb. 12. Khoroshkovskyi said he asked IMF officials about Gordon’s remarks and was told the lender only looks at the economic situation. Ukraine is at odds with IMF recommendations to adopt a flexible exchange rate. The EU delayed indefinitely the signing of an association agreement, planned for December, because of the imprisonment of the opposition leader Yulia Tymoshenko. Ukrainian authorities moved 51-year-old Tymoshenko to a penal colony in the Kharkiv region in eastern Ukraine on Dec. 30, a week after a court upheld her seven-year prison term for signing a gas contract with Russia in 2009. A verdict last year that found Tymoshenko had abused her authority by signing the agreement when she was premier drew condemnation from the EU and the U.S. as well as Russia. ‘Purely Legal’ “If we’re talking about the political point of view, then everything is possible,” Khoroshkovskyi said of the former prime minister’s release. “If we speaking from a purely legal point of view, and this is one on which the judiciary system is based, there’s no such a possibility today.” Ukraine is changing its legislation on criminal proceedings, Khoroshkovskyi said. Provisions on which Tymoshenko was sentenced are not to be revised, he said, adding that it “remains to be seen what will be the final decision by the legislative body.” A court in Kiev sentenced Tymoshenko’s ally and former Interior Minister Yuriy Lutsenko yesterday to four years in prison for abuse of power, saying he spent too much state budget money on celebrating Day of Police and illegally granted an apartment to his driver. “We are disappointed with the verdict against Lutsenko, which signals the continuation of trials in Ukraine which do not respect international standards as regards fair, transparent and independent legal process,” EU Enlargement Commissioner Stefan Fule said in yesterday’s statement. The EU will continue to monitor the cases of Tymoshenko and Lutsenko, he said. To contact the reporter on this story: Ewa Krukowska in Brussels at [email protected] Daryna Krasnolutska in Kiev at [email protected] To contact the editor responsible for this story: Alessandro Vitelli at [email protected] Balazs Penz at [email protected]

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U.S. Companies Reporting Positive EPS Surprises, June 20

The following U.S. companies reported positive surprises or matched expectations today. This list ranks percent surprises of actual earnings estimates. Earnings estimates provided by Bloomberg. To contact the reporter on this story: Wendy Soong in New York at at [email protected]. To contact the editor responsible for this story: Alex Tanzi at at [email protected]

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China Says Duties on U.S. Poultry In Line With WTO Rules After Complaint

China said the nation’s duties on American poultry are “in line” with rules by the World Trade Organization after the U.S. filed a complaint with the trade arbiter about the Chinese taxes. The complaint targets Chinese anti-dumping and countervailing duties on American poultry products, U.S. Trade Representative Ron Kirk told reporters yesterday. A request for consultations is the first step in the case, and the U.S. and China must now hold talks for at least two months in a bid to resolve the dispute. China will “carefully study” any request from the U.S. on consultation and will “deal with the issue properly,” an unnamed Ministry of Commerce official said in a statement posted on the ministry’s website today, without elaborating. The U.S. complaint may add to tensions between the world’s two largest economies, which have clashed over access to each others’ markets for products including steel pipes, tires, movies and music. The WTO earlier this month rejected China’s appeal of a ruling that backed U.S. duties on Chinese tire imports, a move Chinese commerce ministry spokesman Shen Danyang said yesterday will distort bilateral trade and won’t benefit American industries. China put in place a duty of as much as 105.4 percent last year on U.S. broiler-chicken products. About 300,000 workers and farmers have been hurt by China’s actions, Kirk said at a news conference in Washington. “The United States is prepared to take every measure necessary to stand up for American workers by ensuring that China or any of our other trading partners does not misuse laws to prevent exports of U.S. products,” Kirk said. Falling Exports Since the duties took effect, U.S. poultry exports to China are down 90 percent, according to the trade agency. The U.S. poultry industry may lose an estimated $1 billion in sales to China by the end of this year, the agency said. The U.S. was China’s largest chicken-broiler products supplier, accounting for more than 600,000 metric tons of products in 2009. “This is a very important issue for the United States because a significant portion of our exports to China are in agriculture, especially in poultry and pork,” James Bacchus , chairman of the global practice at Greenberg Traurig LLP and a former chairman of the WTO appeals tribunal, said in an interview. “This is a great market for us potentially, and one where we’re seeking fair treatment.” ’Retaliatory Action’ Poultry producers Sanderson Farms Inc. (SAFM) and Tyson Foods Inc. (TSN) fell yesterday in New York trading. Farha Aslam, a Stephens Inc. analyst in New York, wrote that China may choose “to engage in some form of retaliatory action” for the complaint. China used “average cost of production” to determine value rather than U.S. market prices for comparable sales, which doesn’t reflect how companies use their accounts, the USA Poultry & Egg Export Council in Stone Mountain, Georgia , and the Washington-based National Chicken Council said in a statement. The methodology is flawed, along with China’s insistence that poultry exporters benefit from farm subsidies , according to the statement. “This action is essential to demonstrate to the international community that anti-dumping measures based on average cost of production is a form of unfair protectionism that is inconsistent with multilateral trade rules,” the groups said in the statement. The U.S. has in the past filed WTO complaints about China on steel, industrial raw materials, electronic payment services, wind power and tire imports. To contact the editors responsible for this story: Larry Liebert at [email protected] ; Paul Panckhurst at [email protected]

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Ford Hybrid Owners Sue Over Fuel-Efficiency Rating Claims

Ford Motor Co. (F) , the No. 2 U.S. automaker, was sued by Pennsylvania car owners who said its hybrid models don’t deliver on fuel-efficiency claims. Ford’s 2013 Fusion Hybrid and C-Max Hybrid models provide significantly worse fuel economy than the advertised 47 miles per gallon, according to a complaint filed today in federal court in Philadelphia. The inaccurate representations allowed Dearborn, Michigan-based Ford to falsely claim that those models outperformed competing vehicles, according to the car owners. “Plaintiffs are some of the tens of thousands of consumers who purchased a Fusion Hybrid or C-Max Hybrid, only to be stuck with under-performing, less valuable vehicles that inflict higher fuel costs on their owners,” according to the complaint. The Fusion, redesigned by Ford late last year, was the sixth best-selling model in the U.S. through March. Last month the model was selling from dealer lots faster and at higher prices than Toyota Motor Corp.’s Camry and Honda Motor Co.’s Accord. The hybrid version is advertised as having many of the same features as luxury cars such as the Mercedes C350, with double the fuel economy and a sticker price that’s about $17,000 less. “Ford’s fuel economy labels are generated in accordance with EPA procedures and protocols,” Todd Nissen, a Ford spokesman, said in an e-mailed statement. He declined to comment on the lawsuit, saying that the company doesn’t discuss pending litigation. ‘Driveability’ Facility Ford knew or should have known that the hybrid versions of the C-Max and Fusion don’t deliver advertised fuel ratings, according to the complaint. The company uses a “driveability” test facility to simulate real-world conditions and both cars also come equipped with a SmartGauge on-board computer that displays current fuel economy, according to the complaint. Ford said in December that it’s talking to the U.S. Environmental Protection Agency about how it tests fuel economy performance on new vehicles amid reports that its hybrids fell short of mileage promises. Nissen said today that the company agrees with the EPA “that hybrid fuel economy performance industrywide is far more variable compared to conventional models.” “We are open to a dialogue with the agencies to further improve the process for generating fuel economy labels,” Nissen said in the statement. Mileage Test The Fusion and C-Max models fell 17 percent to 21 percent short of the promised 47 miles per gallon in tests by Consumer Reports. The Fusion hybrid achieved 39 mpg while the C-Max hybrid averaged 37 mpg in tests of city and highway driving, Yonkers, New York-based Consumer Reports said in December. Estimates submitted by car owners to a fuel economy tracking website have averaged 38.5 mpg, according to the complaint. A 10-mpg difference can equate to about $1,800 in additional fuel costs over five years, according to the complaint. The lawsuit, which seeks damages of at least $5 million, accuses Ford of fraud and violating the state’s unfair-trade practices and consumer protection laws. The case is Huff v. Ford Motor Co., 13-02168, U.S. District Court, Eastern District of Pennsylvania (Philadelphia). To contact the reporter on this story: Sophia Pearson in Philadelphia at [email protected] To contact the editor responsible for this story: Michael Hytha at [email protected]

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