Saturday, November 12, 2011

Geithner: European crisis threatens global economy

Treasury Secretary Timothy Geithner has demanded rapid action by Europe to restore financial stability, warning that the region's economic crisis is "the central challenge to global growth."

"We are all directly affected by the crisis in Europe," Geithner said after a meeting of finance ministers of the 21-member Asia-Pacific Economic Cooperation forum late on Thursday. "It is crucial that Europe move quickly to put in place a strong plan to restore financial stability. They're moving ahead, but we just need them to move ahead more quickly and with more force behind it."

Asia-Pacific finance chiefs agreed to do whatever it takes to prevent the malaise from Europe's debt crisis spreading as a possible European recession threatens the global economy.

Wall Street rallies amid progress in Europe

President Barack Obama spoke with German Chancellor Angela Merkel and French President Nicolas Sarkozy late on Thursday and also called Italian President Giorgio Napolitano.

Turmoil
Italy's upper parliament voted on Friday to pass a package of spending cuts, after being pushed to the brink by bond markets. In Athens, a new interim government was sworn in as Greece attempted to calm the political turmoil that has threatened to bankrupt it and force it out of the euro zone.

European shares edged higher on Friday on hopes that Italy would make political progress that will enable it to quickly cut a debt mountain, easing investors' worst fears about the euro zone debt crisis.

The European Union warned on Thursday that the 17 countries using the euro common currency could slip back into recession next year as the debt crisis that has already engulfed Ireland, Portugal and Greece has shown alarming signs of spinning out of control.

Video: Inside Italy?s financial crisis (on this page)

The spillover from the European crisis is adding to the pressure in the Asia-Pacific ? now the strongest driver of world growth ? for more effective trade regimes to help spur job creation and for reforms to ensure financial resiliency.

Geithner said the Asia-Pacific's economies were "in a better position than most to take steps to strengthen growth in the face of these pressures."

Story: EU warns of possible recession in eurozone

A European recession would be felt sharply in the U.S., where growth is already anemic, and in Asia, which relies on Europe as a big market for its cars, clothing, consumer electronics and other exports.

In Rome, months of dithering and delay ended when the Italian upper house voted to pass an austerity package Friday. The law should in the lower house on Saturday, triggering the resignation of prime minister Silvio Berlusconi, who pledged to quit once has promised to resign after the financial stability law was endorsed by both houses of parliament.

Goodbye 'bunga bunga', hello prison for Berlusconi?

Mario Monti, a former European Commissioner who has emerged as favorite to replace Silvio Berlusconi as prime minister.

If the second vote passes smoothly as expected, Napolitano may accept Berlusconi's resignation as early as Saturday night and formally mandate Monti to try to form a new government soon afterwards.

If Rome burns, US will feel the heat

At first, Berlusconi had insisted that early elections were the only option. But he has since softened his stand and is said by sources to be open to a new government.

Greece's new interim Cabinet was sworn in Friday, with former European Central Bank Vice President Lucas Papademos at its helm as prime minister and the key position of finance minister unchanged.

The new government of Papademos, who also spent time as Greece's central bank governor, must now implement the terms of Greece's latest debt deal ? a ?130 billion ($177 billion) agreement reached by the European Union on Oct. 27. It includes provisions for private bondholders to forgive 50 percent ? or some ?100 billion ? of their Greek debt holdings.

Leave Germany? Live in Germany? It's all Greek to them

With European leaders struggling to agree on how to tackle the deepening crisis, pressure has mounted on the European Central Bank to act more forcefully.

The president of the European Commission warned that the collapse of the eurozone would cause a crash that would instantly wipe out half of the value of Europe?s economy, plunging the continent into a depression as deep as the 1930s slump, according to a report in Britain's Daily Telegraph.

Jos? Manuel Barroso said that if the euro area broke apart, the estimated initial cost would be up to 50 per cent of European gross domestic product. "It would jeopardize the future prosperity of the next generation. That is the threat that hangs over us," he said.

The Associated Press, Reuters and msnbc.com staff contributed to this report

Source: http://www.msnbc.msn.com/id/45252403/ns/business-world_business/

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Insight: In Greek crisis, HIV gains ground (Reuters)

ATHENS (Reuters) ? 'Contagion' is the label financial markets use for the economic spread of the Greek crisis. For hundreds of people in an increasingly chaotic society, the word has a deadlier meaning.

Take the mother of four introduced to Reuters by her social worker at the bright offices of an Athens non-governmental organization called Kentro Zois, or The Center for Life. A Ukrainian, she said she immigrated to Greece 12 years ago and married a Greek man.

Bleached blonde hair tightly pulled back in a bun, the 34-year old spoke on condition of anonymity. When her two-year-old daughter was wheezy last October, she brought the child to a state-run hospital. The doctors could not explain the baby's persistent fever. One suggested an HIV test. The diagnosis for both mother and child was positive. "I was devastated," she said.

She isn't the only one to be shocked. In 2009, the year the baby was born, Greece had detected not a single case of a mother transmitting the AIDS virus to her child, according to the Hellenic Center for Diseases Control and Prevention, a public health agency funded by the Health Ministry. The mother's infection was apparently missed by a nationwide screening program for pregnant women.

"How was it possible for an HIV-positive child to be born in Greece? That is my question," asked the woman's social worker, Anna Kavouri, head of social services at The Center for Life, which helps people living with HIV/AIDS. Kavouri is working with the woman to try to find out what happened and what options she may have for legal redress.

The health ministry did not respond to phone calls seeking comment, and Reuters was unable to verify all the elements of the woman's story. But others in the Greek capital say the country's social safety net is fraying, nowhere more so than in the health system. Spending by Greeks on health is falling 36 percent this year, according to the National School of Public Health. Including both the government and private individuals, the country spent around 25 billion euros, or roughly 10 percent of GDP, on both public and private health in 2010; in 2011 that will be 16 billion. Just 10 billion or so is government spending on the public health sector.

The effect of that is most visible on the edges of society. Heroin use and prostitution are up. Drug addicts and illegal immigrants with HIV say clean needles, heroin substitutes and antiretroviral treatments are harder to come by. The pace of HIV infection is surging.

The latest available United Nations figures, from 2009, show that 11,000 people, or 0.1 percent of the Greek population, had HIV/AIDS, a third the rate in the United States. But that may be changing. In the first five months of 2010, Greece had 255 new HIV cases. Over the same period this year, there were 384 new cases -- an increase of more than 50 percent. The Hellenic Center predicts the rate of increase will rise to 60 percent by the end of 2011. By comparison in the United States, cases are increasing by around 7 percent annually.

The problem in Greece has been aggravated by increased drug use. Historically, only about a quarter of people newly infected with HIV in Greece were injecting drug users. But 174 drug users have tested positive to mid October this year. The Hellenic Center says that will be around 200 by the end of the year. Nikos Dedes, an adviser to the HIV Committee at the World Health Organization (WHO), says that while most HIV in Greece is still transmitted through unprotected homosexual sex, the risks through heterosexual sex are rising.

"The HIV situation in Greece is like a dry forest in summer which has just been hit with a gust of wind," says Dedes, who is also head of Positive Voice, a Greek NGO set up to combat the spread of HIV. "It could go up in flames any minute.

HOLES IN THE SYSTEM

The Ukrainian mother said she is not an injecting drug user and believes she got HIV through an operation several years ago, though this was impossible to verify.

People in any society can have HIV and not know it -- the United Nations believes around 250,000 in the United States do. That's why many countries, including Greece, routinely screen pregnant women. But the mother said she was not offered an HIV test when she was pregnant with her youngest.

"It didn't even occur to me that I would need one," said the mother, dressed in black sweatpants and a camel-colored leather jacket. When and how she became infected is not clear, but doctors say she probably passed the virus to her daughter through breastfeeding. Women with HIV are told not to breastfeed as it significantly increases the chance of passing on the virus.

The baby has a twin, a boy, who along with the rest of the family has tested negative for HIV. Unlike his sister, he did not take to breastfeeding.

The mother has separated from her Greek husband in the last year, and now lives with her children in a government-run shelter.

MORE SEEK TESTS

As the economic crisis worsens, society is becoming gloomier. Greeks are swallowing 35 percent more anti-depressants than they did five years ago, according to the National School of Public Health. The health ministry says suicides are up 40 percent so far this year. And if the lines of people at the Hellenic Center's mobile HIV testing vans around Athens' poor quarters are anything to go by, more and more Greeks are also worried about AIDS.

Wearing a stethoscope and long white gown, doctor Evaggelos Liapis conducts tests every night between 6 and 10 pm on the corner of Omonoia Square, which bustles with sesame breadstick vendors, businessmen and drug users hunting for cash. Six months ago, Liapis said, all four vans operating around the city would receive on average two people per night. That's now gone up to 40 tests a night.

"There are no clean syringes around here and we have an increase in poverty and prostitution, especially amongst the drug users," Liapis said as a heavily tattooed Greek man in his twenties sat down in the van for a blood test.

The WHO recommends that 200 clean syringes are provided per drug user per year, to limit HIV infection. Greece has been providing three, the Hellenic Center says.

Adding to the risk is the fact that when times are tough, drug users are more likely to inject heroin rather than snorting or smoking it, because they get a bigger hit for their money by using a needle, according to French researchers. "Between 2007 and 2008, whilst gross salary growth rates were falling significantly, the proportion of injecting drug users rose by 1.70 percent," wrote Christian Ben Lakhdar, of the Catholic University of Lille, and Tanja Bastianic, of the French Monitoring Center for Drugs and Drug Addiction, in the International Journal of Drug Policy.

Yannis, a 34-year old Greek addict, is among them. He said he used to inject heroin, then cleaned up at a state-run rehab center just outside of Athens. But earlier this year he says he became HIV-positive from sharing needles.

"Now they want me on a detox program to prove my commitment to giving up drugs. Otherwise it can get difficult to get my (HIV) drugs, even though I am Greek and have social security," he said by telephone in Athens.

On paper, all Greeks who make social security contributions should be granted HIV treatment, but Yannis says doctors are becoming choosy over who gets them. And the treatment is expensive.

CAN'T PAY FOR DRUGS

Budget cuts have complicated Athens' relationship with pharmaceutical companies. Athens has imposed some of the most draconian price cuts for medicines of any European country, and some companies have been forced to accept Greek government bonds instead of cash for outstanding debts.

So far, there are no signs that this has disrupted supplies of HIV medicine. But the cuts could have a huge impact on the health system. "It is proven that the more money spent on health, the lower the fatality (rate). Cuts in health will affect lives," said epidemiologist Georgios Nikolopoulos, who tracks HIV rates at the Hellenic Center.

Currently, antiretroviral drugs cost Greece at least 1,000 euros per patient a month. For the state to pay for all those people would cost just over 130 million euros a year. According to Christianna Rizopoulos, who collects data at the Hellenic Center's HIV office, there is talk among health professionals that the government plans to cut its contribution for drugs to 600 euros per treatment per month, so patients would have to foot almost half the bill. The health ministry did not answer calls seeking comment.

"We are very worried," said Rizopoulos. "With the economic crisis, there is no way of knowing what will happen next."

"MAKES NO SENSE"

Josephine, a 50-year old HIV-positive illegal immigrant from Mozambique who also visits the Center for Life, is among those on the edge.

She has been in Athens since 2005, applied for asylum four years ago and says she is still waiting to learn if her status will be approved. She has a limp caused by severe arthritis, which HIV aggravates.

For the past six months, she said, she has received zero antiretroviral medicine because she cannot find work to pay social security contributions.

"This is also due to the economy in Greece now. I used to get plenty of work before," she said, her small black braids tucked under a red and white scarf. Last year she didn't work at all. Since April this year, she has found sporadic cleaning jobs, but hasn't paid her rent for seven months.

And Greece's preventative programs are under heavy pressure. In September the health ministry ordered that the seven mobile clinics that provide heroin replacement treatment around the rundown areas of town be moved to 32 state-run hospitals across Athens.

The move was welcomed by some health professionals, who said it would help improve the distribution of staff and treatment. Others said it was unrealistic.

Staff for the Greek Organization Against Drugs, OKANA, which provides the bulk of drug replacement treatment and reintegration programs, joined an anti-austerity protest on Syntagma Square last month. They said the cuts will make it harder to reach drug-users.

"Countries like Spain have the centers right where the problem is, here we have the opposite," said Emi Koutsopoulou, an OKANA psychiatrist. "We now have rehab and methadone points in really posh hospitals in wealthy suburbs. This makes no sense. A drug user is not going to go out there."

(Additional reporting by Ben Hirschler in London; Edited by Sara Ledwith and Simon Robinson)

Source: http://us.rd.yahoo.com/dailynews/rss/diseases/*http%3A//news.yahoo.com/s/nm/20111110/hl_nm/us_greece_hiv1

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Friday, November 11, 2011

Huawei MediaPad, Vision get priced in sterling, will arrive in UK within months

We're still awaiting further details on the MediaPad's stateside arrival, but Huawei has already spilled the beans for those on the other side of the Atlantic. At an event in London this week, the Chinese manufacturer confirmed that its seven-inch, Honeycomb-plated slate will arrive in the UK by early 2012, with prices for the WiFi only version starting at £275 (around $437). The company also took the opportunity to announce the arrival of its Vision smartphone, which will invade Britain sometime before Christmas. Huawei says it'll cost around £25 (about $40), once provider subsidies are accounted for, though specific operators won't be announced until early next year. Rest assured, we'll keep you up to date.

Huawei MediaPad, Vision get priced in sterling, will arrive in UK within months originally appeared on Engadget on Thu, 10 Nov 2011 08:06:00 EDT. Please see our terms for use of feeds.

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During Senate testimony, Holder changes misleading testimony from May hearing (Daily Caller)

Attorney General Eric Holder flip-flopped his Operation Fast and Furious testimony during a Tuesday Senate Judiciary Committee hearing. During a May 3 House Judiciary Committee hearing, Holder told Congressional investigators at least twice that he had only learned of the controversial Operation Fast and Furious gun-walking program a ?few weeks? beforehand. But testifying Tuesday, Holder?s timeline changed.

His new testimony amounts to an admission that he misled Congress during that May 3 hearing. House oversight committee chairman Rep. Darrell Issa and Rep. Jason Chaffetz both asked him during that hearing when he had first learned of ?Fast and Furious,? and he answered the same way twice.

?I did say a ?few weeks,?? Holder clarified Tuesday, responding to questions from Vermont Democratic Sen. Patrick Leahy, who chairs the Senate Judiciary Committee. ?I probably could?ve said ?a couple of months.? I didn?t think the term I said, ?few weeks,? was inaccurate based on what happened.?

Holder also admitted to Leahy that Iowa Republican Sen. Chuck Grassley handed him letters in person in late January, months before Holder previously claimed he knew of the controversial initiative of the Bureau of Alcohol, Tobacco, Firearms and Explosives (BATFE). The BATFE is a division of the Department of Justice.

?I got from Sen. Grassley, what indicate [sic], a couple letters from him at the end of January, I believe it was January the 31st,? Holder testified. ?These letters talked about a connection between an operation and the death of Agent Terry. It did not mention Fast and Furious, it just referenced Operation Gunrunner. I asked my staff to look into this and during the month of February, I became aware of Fast and Furious from press reports and others that I received from Sen. Grassley.?

A spokesman for Leahy hasn?t immediately responded to a question from The Daily Caller about what Leahy plans to do in light of Holder?s admission that his May 3 testimony was inaccurate. It?s unclear Leahy, a Democrat, will take action, or what that might consist of.

Follow Matthew on Twitter

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Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/dailycaller/20111108/pl_dailycaller/duringsenatetestimonyholderchangesmisleadingtestimonyfrommayhearing

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Thursday, November 10, 2011

Justin Bieber wows fans at London malls

SInger Justin Bieber with his award for Best Pop act at the MTV European Music Awards 2011, in Belfast, Northern Ireland Sunday, Nov. 6, 2011. (AP Photo/Joel Ryan)

SInger Justin Bieber with his award for Best Pop act at the MTV European Music Awards 2011, in Belfast, Northern Ireland Sunday, Nov. 6, 2011. (AP Photo/Joel Ryan)

(AP) ? Bieber fever has traveled from the west end of London to the east, as teen star Justin Bieber switched on the Christmas lights at the city's two biggest shopping malls.

Thousands of young and mostly female fans waited hours Monday for the 17-year-old singer to appear, first at the Westfield shopping center in west London, then hours later at the new Westfield Stratford City mall near the 2012 Olympic Park in the east.

Bieber traveled the 12 miles (18 kilometers) between the malls by helicopter.

The star, who won two prizes at Sunday's MTV Europe Music Awards in Belfast, said his favorite thing about London is "all the girls."

The singer has strongly denied allegations by a San Diego woman that he fathered her 3-month-old child during a brief liaison.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/4e67281c3f754d0696fbfdee0f3f1469/Article_2011-11-07-Britain-Justin%20Bieber/id-e20486a861be4a0f8c747733d87f5b4d

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Wednesday, November 9, 2011

China Automotive Systems Inc. Earnings Cheat Sheet: Net Income ...

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China Automotive Systems Inc. (NASDAQ:CAAS) reported its results for the third quarter. China Automotive Systems is a holding company that, through joint ventures in China and a wholly-owned subsidiary, manufactures power steering systems and other component parts for automobiles.

Investing Insights: Here?s Why Chipotle?s Stock Keeps Winning.

China Automotive Systems Earnings Cheat Sheet for the Third Quarter

Results: Net income for the auto parts company fell to $9 million (10 cents per share) vs. $13.8 million (26 cents per share) a year earlier. This is a decline of 35% from the year earlier quarter.

Revenue: Fell 1.4% to $75 million from the year earlier quarter.

Actual vs. Wall St. Expectations: CAAS fell short of the mean analyst estimate of 15 cents per share. It fell short of the average revenue estimate of $82 million.

Quoting Management: Mr. Qizhou Wu, Chief Executive Officer of China Automotive Systems, commented, ?The third quarter?s results continue to show a head wind in the Chinese auto market. The Chinese government has sharply restricted its incentive policies and tightened monetary policy to curb inflation, significantly slowing China?s auto sales. In January, China resumed its sales tax of 10% from 7.5% on vehicles with engines of 1.6 liters or smaller. Subsidies given for trade-in vehicles and to rural residents to buy vehicles were also phased out. Tightened loan availability, paired with continued slowing of the general economic environment in China, depressed overall sales from previous highs.?

Key Stats:

The company has now seen net income fall in each of the last two quarters. In the second quarter, net income fell 49.1% from the year earlier quarter.

The company has now fallen short of estimates in the last two quarters. In the second quarter, it missed expectations by 10 cents with net income of 22 cents versus a mean estimate of net income of 32 cents per share.

Revenue has fallen in the past two quarters. In the second quarter, revenue declined 3% to $82.5 million from the year earlier quarter.

Looking Forward: The outlook for the company?s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is 22 cents per share, down from 32 cents ninety days ago. For the fiscal year, the average estimate has moved down from $1.14 a share to 74 cents over the last ninety days.

Competitors to Watch: Sorl Auto Parts, Inc. (NASDAQ:SORL), Tenneco Inc. (NYSE:TEN), Wonder Auto Tech., Inc. (NASDAQ:WATG), Meritor Inc (MTOR), TRW Automotive Hldgs. Corp. (NYSE:TRW), Tower International (NYSE:TOWR), Dana Holding Corporation (NYSE:DAN), American Axle & Manufact. Hldgs., Inc. (NYSE:AXL), and Federal-Mogul Corporation (NASDAQ:FDML).

Investing Insights: Here?s Why Chipotle?s Stock Keeps Winning.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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Source: http://wallstcheatsheet.com/earnings-trading-markets/china-automotive-systems-inc-earnings-cheat-sheet-net-income-wasnt-what-wall-street-wanted.html/

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Bachmann decries GOP's 'frugal socialists' (Star Tribune)

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