Nadir must pay £5m compensation


























Former tycoon Asil Nadir has been ordered to pay £5m compensation in two years or face six more years in prison.





















The 71-year-old was jailed for 10 years in August for stealing £28.8m from his Polly Peck empire in the 1980s.


He claimed he had no assets after prosecutors demanded £60m in compensation to administrators.


But trial judge Mr Justice Holroyde said it was not true that Nadir had not received any significant income after fleeing to Cyprus in 1993.


He left the UK for northern Cyprus while awaiting trial but returned in 2010 saying he wanted to clear his name.


‘Systematically disbelieved’


Former Stock Exchange listed company Polly Peck International [PPI] collapsed in 1990 owing £550m and Nadir was declared bankrupt two years later.


PPI began as a small fashion company but expanded into the food, leisure and electronics industries under Nadir’s ownership, growing into a business empire with more than 200 subsidiaries worldwide.


Continue reading the main story



Why is Asil Nadir being made to pay £5m in compensation when he was found guilty of stealing £29m?


In fact the prosecution had sought a compensation order in the sum of £60m covering the £29m that he had stolen, plus the interest that would have accrued since the thefts which took place between 1987-90.


The judge found that, in the absence of any help from Nadir about the true nature of his finances, he was having to do the best that he could on the evidence available, and was erring on the side of generosity in fixing upon £5m.


Nadir now has two years to pay the money. If he fails to do that, he will be brought before a magistrates’ court. It can normally only sentence a person to six months, so the judge Mr Justice Holroyde has enlarged its powers to enable it to sentence Nadir to anything up to an additional six years’ imprisonment.



By 1990 it was on the FTSE 100 index and was one of the stock exchange’s best performing companies but the share price collapsed after the Serious Fraud Office raided its offices.


BBC legal affairs correspondent Clive Coleman said Nadir’s case had been “systematically disbelieved by the judge”.


Nadir had argued in the 17 years he lived in Cyprus he had engaged in no commercial activity and filed a document saying he had no assets or means, living on the generosity of his mother and a girlfriend.


But the judge said: “It is not true that Mr Nadir received no significant income or owned no significant assets since 1993.”


Mr Justice Holroyde, sitting at the Old Bailey, also said he found Nadir’s sister to be “evasive and untruthful” in her evidence.


‘Side of caution’


It was argued on his behalf that Nadir had not taken part in business during his years in exile.


But the judge said he could not accept that “such a proud and talented man” would have lived off handouts from his mother and a girlfriend.


He added: “Why would he have impoverished and demeaned himself in such a way?”


Nadir had not helped in revealing his finances but the judge said he did not think he could make an order for the full amount.


He said: “Conscious that I am probably erring on the side of caution and being more generous to the defendant than he deserves, I believe he has the means to pay compensation of £5m.”


Nadir thanked the judge from the dock before being taken away to Belmarsh prison. He may be released after serving half of both sentences.


The judge also ruled that Turkish airline boss Hamit Cankut Bagana could apply for the return of the £250,000 security he paid to allow Nadir bail.


Clare Whitaker, of the Serious Fraud Office, said outside court it was pleased that the victims of the collapse of Polly Peck had been given the opportunity for compensation.


BBC News – Business



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Gruesome video raises concerns about Syria rebels

























BEIRUT (AP) — A video that appears to show a unit of Syrian rebels kicking terrified, captured soldiers and then executing them with machine guns raised concerns Friday about rebel brutality at a time when the United States is making its strongest push yet to forge an opposition movement it can work with.


U.N. officials and human rights groups believe President Bashar Assad‘s regime is responsible for the bulk of suspected war crimes in Syria‘s 19-month-old conflict, which began as a largely peaceful uprising but has transformed into a brutal civil war.





















But investigators of human rights abuses say rebel atrocities are on the rise.


At this stage “there may not be anybody with entirely clean hands,” Suzanne Nossel, head of the rights group Amnesty International, told The Associated Press.


The U.S. has called for a major leadership shakeup of Syria’s political opposition during a crucial conference next week in Qatar. Washington and its allies have been reluctant to give stronger backing to the largely Turkey-based opposition, viewing it as ineffective, fractured and out of touch with fighters trying to topple Assad.


But the new video adds to growing concerns about those fighters and could complicate Washington’s efforts to decide which of the myriad of opposition groups to support. The video can be seen at http://bit.ly/YxDcWE .


“We condemn human rights violations by any party,” U.S. State Department spokeswoman Victoria Nuland said, commenting on the video. “Anyone committing atrocities should be held to account.”


She said the Free Syrian Army has urged its fighters to adhere to a code of conduct it established in August, reflecting international rules of war.


The summary execution of the captured soldiers, purportedly shown in an amateur video, took place Thursday during a rebel assault on the strategic northern town of Saraqeb, said the Britain-based Syrian Observatory for Human Rights, an activist group.


It was unclear which rebel faction was involved, though the al-Qaida-inspired Jabhat al-Nusra was among those fighting in the area, the Observatory said.


The video, posted on YouTube, shows a crowd of gunmen in what appears to be a building under construction. They surround a group of captured men on the ground, some on their bellies as if ordered to lie down, others sprawled as if wounded. Some of the captives are in Syrian military uniforms.


“These are Assad’s dogs,” one of the gunmen is heard saying of those cowering on the ground.


The gunmen kick and beat some of the men. One gunman shouts, “Damn you!” The exact number of soldiers in the video is not clear, but there appear to be about 10 of them.


Moments later, gunfire erupts for about 35 seconds, screams are heard and the men on the floor are seen shaking and twitching. The spray of bullets kicks up dust from the ground.


The video’s title says it shows dead and captive soldiers at the Hmeisho checkpoint. The Observatory said 12 soldiers were killed Thursday at the checkpoint, one of three regime positions near Saraqeb attacked by the rebels in the area that day.


Amnesty International’s forensics analysts did not detect signs of forgery in the video, according to Nossel. The group has not yet been able to confirm the location, date and the identity of those shown in the footage, she said.


After their assault Thursday, rebels took full control of Saraqeb, a strategic position on the main highway linking Syria’s largest city, Aleppo — which rebels have been trying to capture for months — with the regime stronghold of Latakia on the Mediterranean coast.


On Friday, at least 143 people, including 48 government soldiers, were killed in gunbattles, regime shelling attacks on rebel-held areas and other violence, the Observatory said.


Of the more than 36,000 killed so far in Syria, about one-fourth are regime soldiers, according to the Observatory. The rest include civilians and rebel fighters, but the group does not offer a breakdown.


Daily casualties have been rising since early summer, when the regime began bombing densely populated areas from the air in an attempt to dislodge rebels and break a battlefield stalemate.


Karen Abu Zayd, a member of the U.N. panel documenting war crimes in Syria, said the regime is to blame for the bulk of the atrocities so far, but that rebel abuses are on the rise as the insurgents become better armed and as foreign fighters with radical agendas increasingly join their ranks.


“The balance is changing somewhat,” she said in a phone interview, blaming in part the influx of foreign fighters not restrained by social ties that bind Syrians.


Abu Zayd said the panel, though unable to enter Syria for now, has evidence of “at least dozens, but probably hundreds” of war crimes, based on some 1,100 interviews. The group has already compiled two lists of suspected perpetrators and units for future prosecution, she said.


Many rebel groups operate independently, even if they nominally fall under the umbrella of the Free Syrian Army. In recent months, rebel groups have formed military councils to improve coordination, but the chaos of the war has allowed for considerable autonomy at the local level.


“The killing of unarmed soldiers shows how difficult it is to control the escalation of the conflict and establish a united armed opposition that abides by the same ground rules and norms in battle,” said Anthony Skinner, an analyst at Maplecroft, a British risk analysis company.


Rebel commanders and Syrian opposition leaders have promised human rights groups that they would try to prevent abuses. However, New York-based Human Rights Watch said in a report in September that statements by some opposition leaders indicate they tolerate or condone extrajudicial killings.


Free Syrian Army commanders contacted by the AP on Friday said they were either unaware or had no accurate details about the latest video.


Ausama Monajed, a member of the Syrian National Council, the main opposition group in exile, called for the gunmen shown in the video to be tracked down and brought to justice.


He added, however, that atrocities committed by rebels are relatively rare compared to what he said was a “massive genocide by the regime.”


Regime forces have launched indiscriminate attacks on residential neighborhoods with tank shells, mortar rounds and bombs dropped from warplanes, devastating large areas. In raids of rebel strongholds, Assad’s forces have carried out summary executions, rights groups say.


Rebels have also targeted civilians, setting off car bombs near mosques, restaurants and government offices. Human Rights Watch said in September it collected evidence of the summary executions of more than a dozen people by rebels.


In August, a video showed several bloodied prisoners being led into a noisy outdoor crowd in the northern city of Aleppo and placed against a wall before gunmen shot them to death. That video sparked international condemnation, including a rare rebuke from the Obama administration.


The latest video emerged on the eve of a crucial opposition conference that is to begin Sunday in Qatar’s capital of Doha. More than 400 delegates from the Syrian National Council and other opposition groups are expected to attend to choose a new leadership.


U.S. Secretary of State Hillary Rodham Clinton has called for a more unified and representative opposition, even suggesting the U.S. would handpick some of the candidates.


Clinton’s comments reflected growing U.S. impatience with the Syrian opposition, which, in turn, has accused Washington of not having charted a clear path to bringing down Assad.


The Syrian National Council plans to elect new leaders during the four-day conference but is cool to a U.S. proposal to set up a much broader group and a transitional government, said Monajed, the SNC member who runs a think tank in Britain.


U.S. officials have said Washington is pushing for a greater role for the Free Syrian Army and representation of local coordinating committees and mayors of liberated cities in Syria.


Nuland said that it would be easier for the international community to deliver humanitarian assistance to civilians and non-lethal aid to the rebels once a broader, unified opposition leadership is in place.


Such a body could also help persuade Assad backers Russia and China “that change is necessary” and that Syria’s opposition has a better plan for the country than the regime, she said.


___


Associated Press writer Matthew Lee in Washington contributed to this report.


Middle East News Headlines – Yahoo! News



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Facebook’s Sandberg sells $7.4 million in stock

























SAN FRANCISCO (Reuters) – Facebook Inc Chief Operating Officer Sheryl Sandberg and two other executives at the social networking company sold millions of dollars worth of stock this week as restrictions on insider trading expired.


Sandberg netted about $ 7.44 million by selling roughly 353,000 Facebook shares on Wednesday, according to a filing with the SEC on Friday. Sandberg still owns 18.1 million vested shares of Facebook stock, according to the filing.





















Facebook General Counsel Theodore Ullyot and Chief Accounting Officer David Spillane also sold millions of dollars worth of shares this week, according to filings. All the Facebook executives’ sales were part of pre-arranged stock trading plans.


The sales are the first by Facebook’s senior management following the company’s high-profile initial public offering in May.


The world’s No.1 online social network became the only U.S. company to debut with a market value of more than $ 100 billion, but has seen its value plunge more than 40 percent since then on concerns about its long-term money-making prospects.


Shares of Facebook, which were priced at $ 38 in the IPO, closed Friday’s regular session down 3 cents at $ 21.18.


The flood of shares set to hit the market as insider trading “lock-up” provisions expire in several phases have added to the pressure on Facebook’s stock.


Roughly 230 million shares of Facebook became eligible for trading this week, as trading restrictions for employees expired. Another 800 million shares will be eligible for trading on November 14, significantly expanding the “float” of roughly 692 million Facebook shares that were available for trading as of September 30.


Facebook’s 28-year-old chief executive, Mark Zuckerberg, has committed to not sell any shares before September 2013.


Ullyot sold slightly more than 149,000 shares on Wednesday and Thursday, collecting $ 3.13 million. Ullyot has an additional 1.27 million in vested shares.


Spillane sold 256,000 shares on Wednesday, more than half of his vested shares, for proceeds of $ 5.4 million. Spillane had more than 863,000 Facebook shares, including unvested shares, according to a filing in May.


(Reporting By Alexei Oreskovic; Editing by Bernard Orr)


Social Media News Headlines – Yahoo! News



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Photojournalists “Witness” war zones in new HBO series

























NEW YORK (Reuters) – Some people liken a bad day at work to being in a war zone but for the photojournalists chronicled in HBO’s upcoming documentary series “Witness,” that’s not an exaggeration.


The series, which premieres on November 5 and will air every Monday for the rest of the month, follows photojournalists in Mexico, Libya, South Sudan and Brazil as they navigate violence to report issues such as drug trafficking, gang violence, corruption, and ethnic warfare.





















Executive producers Michael Mann and David Frankham said that the series arose from the desire to give viewers a sense of life in these areas that is more comprehensive than most television news programs.


“It really was a reaction to a frustration with the news, a frustration with things being summed up for us in a minute, 30 seconds,” Frankham, who also directed most of the segments, said in an interview.


While the series focuses on the experiences of photojournalists, it also strives to illuminate the dynamics of each area’s conflict. Frankam hopes the approach will draw in viewers who might not ordinarily be interested in the countries covered. He calls the format of the series “a Trojan horse.”


From camping in the forest with a militia hunting Joseph Kony’s Lord’s Resistance Army in South Sudan to creeping around the outskirts of Rio de Janeiro in the dark to unearth bodies stuffed in wells or burned beyond recognition, “Witness” aims to show the lengths photojournalists go to convey what is happening in conflict zones.


“Sometimes it can be quite violent. Sometimes there can be other people in harm’s way. Sometimes there’s a whole lot of tough decisions that need to be made, and it’s quite a struggle,” Frankham said. “These pictures don’t just happen in front of them.”


INTELLIGENCE IS BIGGEST WEAPON


Though the job entails working in dangerous situations, photojournalist Eros Hoagland said that knowing where the limits are is a crucial part of the job.


“Information, intelligence is the biggest weapon in these types of conflicts, so you’ve got to realize the information you’re putting out there swings two ways – it can help or it can hurt,” Hoagland said.”


“I just find myself coming across situations more and more and more where I realize partway through that I’m putting someone else in danger if I continue on this line of reporting, and sometimes you have to weigh that against the pros of what message you’re going to get out.”


Hoagland found himself faced with such a moment when some gang members in one of Rio’s favelas (slums) asked him to photograph the local police accepting a bribe. Though bribery is a common occurrence and part of the conflict, he decided that the photo op was not worth the safety risks.


Michael Christopher Brown, the photojournalist in the Libya segment, was wounded by a mortar round on an earlier trip to Misrata in April 2011. His colleagues Tim Hetherington and Chris Hondros did not survive the attack.


Hoagland said he has lost some faith in the ability of his work to instigate positive change, but his fascination with the elements of the human condition exposed by war drive him on.


Frankham and Mann echo that fascination. They said they would be interested in making more installments of the series. Frankham mentioned Syria and Afghanistan as areas of interest, though the feasibility of filming in those places is uncertain.


The makers of “Witness” hope the series sparks further dialogue among viewers about the areas of the world and issues featured in the series.


“I think that’s the most important thing that journalism can do – to get people interested in places and people and situations and politics and make them curious about hearing new information,” Hoagland said.


“I hope people watch this and start to perhaps rethink everything they thought they knew about a little bit, because that’s certainly what I’m doing with every trip I make.”


(This story has been corrected to fix spelling of David Frankham’s name)


(Reporting by Andrea Burzynski; Editing by Gary Hill)


TV News Headlines – Yahoo! News



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Factbox: Mitt Romney, Republican presidential candidate

























(Reuters) – Republican presidential candidate Mitt Romney, the former governor of Massachusetts, is pursuing the White House for the second time.


Here are key facts about him.





















- Romney, 65, espouses traditional Republican positions to cut taxes, reduce federal regulations, shrink government spending and bolster the U.S. military. He vows to create 12 million new jobs in his first term with a plan focused on domestic energy development, expanded free trade, improving education, reducing the deficit and championing small business.


- He lost the 2008 Republican presidential nomination to Senator John McCain but entered this year’s race with a large campaign war chest and the blessing of many in the party establishment. Conservative unease over his reputation as a moderate led to a stiff challenge in the Republican primaries.


- His net worth has been estimated at between $ 190 million and $ 250 million, making him one of the wealthiest people to ever run for the presidency. Romney has been attacked for holding money overseas and for not disclosing as many tax releases as his opponents have demanded.


- Romney proposes to lower individual income taxes across the board to 20 percent while closing some loopholes, which he says would stimulate economic growth without widening the deficit. He supports restructuring the Social Security retirement program and the Medicare health entitlement for the elderly.


- He is a fifth-generation member of the Church of Jesus Christ of Latter-Day Saints, or Mormon church. He was a Mormon missionary in France for more than two years after leaving high school and later became bishop and stake president in Boston, roles akin to being a lay pastor. His faith, however, is viewed with suspicion by some conservative evangelical Christians.


- Born into a well-off family and raised near Detroit, Romney was exposed to politics early. His father, George, was chairman of American Motors Corporation and governor of Michigan from 1963 to 1969. George Romney lost a bid for the Republican presidential nomination in 1968 and served in President Richard Nixon’s Cabinet.


- In 1994, the younger Romney ran for a U.S. Senate seat in Massachusetts as a moderate Republican, but was handily defeated by incumbent Democratic Senator Edward Kennedy. Eight years later, Romney was elected governor of Massachusetts, where he instituted a statewide healthcare reform that became a model for Obama’s 2010 national healthcare overhaul.


- In 1999, Romney took over as head of the committee organizing the 2002 Winter Olympics in Salt Lake City, Utah, which had been plagued by cost overruns and scandal, and produced a successful event that helped establish his national reputation as a premier problem-solver.


- As his party moved to the right, Romney changed his positions on sensitive social issues, including abortion and gay rights. That fueled criticism that he lacked core beliefs and was motivated only by ambition. Romney referred to himself as “severely conservative” during the 2012 primaries but has projected a moderate image during the general election campaign.


- Romney met his wife, Ann, at a high school dance and they married in 1969, while they were still in college. They have five sons and 18 grandchildren. Romney has an English degree from Utah’s Brigham Young University, which is owned and run by the Mormon church, and a joint law degree and MBA from Harvard. He speaks French.


- Romney joined the management consultancy Bain & Company in 1977 and climbed the ranks, and in 1984 co-founded the highly profitable private equity arm Bain Capital, which invested in start-ups and fledgling companies including Staples, Sports Authority and Domino’s Pizza. Critics have highlighted the number of jobs Bain cut while Romney was at its helm.


- Romney has battled a reputation for being uncomfortable and stiff when campaigning and somewhat aloof when relating to ordinary Americans. The New York Times once described his campaign persona as “All-Business Man, the world’s most boring superhero.”


- He has little foreign policy experience. He stumbled in August during a gaffe-filled trip to Britain, Israel and Poland that was meant to burnish his credentials on the world stage. He has labeled Russia as America’s “number one geopolitical foe” and said that preventing Iran from obtaining a nuclear capability should be Washington’s highest national security priority.


(Compiled by Americas Desk; Editing by Paul Simao)


Seniors/Aging News Headlines – Yahoo! News



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Obama, Romney take aim at key Midwestern swing states

























HILLIARD, Ohio (Reuters) – President Barack Obama and Republican Mitt Romney made late pitches in the political battlegrounds of the upper Midwest on Friday, a region likely to decide the winner in next week’s closely fought election for the White House.


In dueling campaign appearances in the swing states of Ohio and Wisconsin, the two contenders battled over the economy on a day when the government reported the jobless rate ticked up to 7.9 percent in October but that employers stepped up their hiring.





















In Wisconsin, where polls show Romney trailing Obama, the Republican laid out the case for his election and said the jobs report was more evidence of the president’s failing leadership.


“The question of this election comes down to this: do you want more of the same or do you want real change?” Romney said in a suburb of Milwaukee after getting the endorsement of former Green Bay Packers star quarterback Bart Starr.


With four days left until Tuesday’s election, Obama and Romney are essentially tied in national polls, but the president holds a slight edge in the battleground states that are crucial to gaining the 270 electoral votes needed to win.


On a stop in Ohio, the most heavily contested swing state and a vital cog in the electoral math for both candidates, Obama said the jobs report was evidence “we have made real progress.”


Obama, whose federal rescue of the auto industry has been popular in a state where one in eight jobs is auto industry-related, hammered Romney for a recent statement that Chrysler planned to move Jeep production to China.


Chrysler has refuted that, noting it was adding workers to build more Jeeps in Ohio, and the two campaigns have aired advertisements over the issue. Obama said Romney, who opposed a government auto bailout, was trying to scare workers in a desperate bid to make up ground in Ohio.


“I know we’re close to an election, but this isn’t a game. These are people’s jobs, these are people’s lives,” Obama said. “You don’t scare hard-working Americans just to scare up some votes.”


Obama’s advisers said the Jeep controversy, which has featured heavily in the state’s media, had helped the president solidify his lead in Ohio.


“We all felt prior to this week we were in very solid shape in the state of Ohio, and our expectation is that our position’s been strengthened by this,” White House senior adviser David Plouffe told reporters.


While campaigning in the Midwestern heartland, Obama’s team was casting an eye on the Northeast where New York-area motorists were scrambling for gasoline on a third day of panic buying after the storm Sandy devastated the area.


Obama won plaudits for turning his attention to storm relief earlier this week, but growing frustration among victims could hurt the Democrat if the federal response is deemed unsatisfactory.


A variety of state polls show Obama still has slight leads in four states – Ohio, Iowa, Nevada and Wisconsin – that would give him 277 electoral votes, barring any surprises elsewhere.


Obama plans to visit Ohio each of the next three days, and will close the campaign on Monday with a swing through his Midwestern safety net of Wisconsin, Ohio and Iowa.


‘LOCK IT IN’


“We want to make sure we lock it in and that it’s definitely in our column,” Obama senior adviser Robert Gibbs said on “CBS This Morning,” when asked why Obama was focusing so much on Wisconsin if he had a solid lead there.


Romney needs a breakthrough in one of those Midwestern states, or an upset in another state where Obama is even more heavily favored, to have a shot at making his electoral math work.


Romney is within striking distance of Obama in four other states with a combined 55 electoral votes – Florida, Virginia, Colorado and New Hampshire.


A series of Reuters/Ipsos online state polls found Obama led Romney among likely voters by a narrow margin of 3 percentage points in Virginia and 2 points in Ohio and Florida. They were tied in Colorado.


The Romney campaign launched ads this week in Pennsylvania, Michigan and Minnesota – Democratic-leaning states where Obama’s lead has dwindled in recent weeks – in an effort to expand the playing field, and Romney will visit Pennsylvania on Sunday.


Republicans say the move is a sign of momentum, while Democrats call it a sign of desperation.


“By every metric, the Obama campaign is doing far worse than they were four years ago. They will continue playing defense on turf they once took for granted – Michigan, Minnesota, and Pennsylvania,” Republican National Committee spokesman Sean Spicer said.


With the polls so close and the outcome unpredictable, both campaigns made plans for a final weekend of get-out-the-vote efforts, focusing on getting their base supporters to the polls and reaching out to independents and the last undecideds.


Romney headed to Ohio after starting the day in Wisconsin, and told voters in both states that Obama had failed to bridge the partisan divide and would be unable to work with Congress and break the gridlock in Washington.


“He promised he’d have a post-partisan presidency but it’s the most partisan I’ve seen,” Romney said during a visit to a machine factory in Etna, Ohio. “I will not represent one party, I will represent one nation.”


Senate Democratic leader Harry Reid said Romney’s conservative agenda had already been rejected by the Democratic-led U.S. Senate and accused him of having a “terrible” relationship with Democrats when he was Massachusetts governor.


“Mitt Romney’s fantasy that Senate Democrats will work with him to pass his ‘severely conservative’ agenda is laughable,” Reid said in a statement. “Senate Democrats are committed to defending the middle class, and we will do everything in our power to defend them against Mitt Romney’s Tea Party agenda.”


(Additional reporting by Steve Holland in Wisconsin and Susan Heavey in Washington; Writing by John Whitesides; Editing by Alistair Bell and Peter Cooney)


Economy News Headlines – Yahoo! News



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Canada will push to keep bank capital rules on schedule

























OTTAWA (Reuters) – Canada will urge all countries to stick to the agreed schedule for implementing tougher bank capital rules at a November 4-5 meeting of finance ministers and central bankers from the Group of 20 nations, a senior finance ministry official said on Thursday.


The so-called Basel III rules are the world’s regulatory response to the financial crisis, forcing banks to triple the amount of basic capital they hold in a bid to avoid future taxpayer bailouts.





















They were to be phased in from January 2013 but areas such as the United States and the European Union are not yet ready and U.S. and British supervisors have criticized them as too complex to work.


The Canadian official, who briefed reports ahead of the meeting on condition that he not be named, said it was imperative that the rules, the timelines and the principles behind them be respected and said Finance Minister Jim Flaherty would make that view known to his G20 colleagues.


Canada sees the European debt crisis as the biggest near-term risk to the global economy, and it also expects the U.S. debt crisis to be top of mind at the talks, the official said.


But the meeting takes place just before the U.S. presidential election and U.S. Treasury Secretary Timothy Geithner will be absent, so it remains unclear how much the G20 can pressure Washington on that front.


Some other countries have also scaled back their delegations, raising doubts about how meaningful the meeting will be.


The official dismissed that argument, saying high-level officials substituting for their ministers allowed for extremely important issues to be addressed anyway.


He said holding each country around the table accountable to its past commitments helped keep the momentum going toward resolving global economic problems.


(Reporting by Louise Egan; Writing by David Ljunggren; Editing by M.D. Golan)


Canada News Headlines – Yahoo! News



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First iPad mini teardown reveals Samsung display

























SAN FRANCISCO (Reuters) – Apple Inc’s iPad mini uses a display from South Korea’s Samsung Electronics Co Ltd, one of Apple’s major suppliers and also its fiercest rival in the global mobile-device market that the two companies dominate.


Analysts say the Silicon Valley-based iPhone maker is trying to wean itself off its reliance on Samsung, as both giants are embroiled in a bitter international legal battle over mobile patents, for everything from microchips to displays.





















In the first dismantling of the iPad mini, which will be sold in 34 countries beginning Friday, teardown and gadget-repair specialist company, iFixit, discovered a Samsung display driver chip, which indicated that Apple had picked the Korean firm’s screen technology.


Like most producers of mobile hardware, the U.S. company typically employs several suppliers for the same components in its gadgets. Apple has been known to use screens made by LG Display, for instance.


“Though the markings on the back of the LCD (display) don’t turn up much information, the Samsung display driver IC (chip) reveals that Apple, once again, went with Samsung in its display manufacturing,” iFixit said, detailing the teardown on its website.


Supplying parts for Apple’s iPhones and iPads – some of the industry’s most popular and advanced gadgets – is considered a coup for chipmakers and other manufacturers.


The iPad mini also employs SK Hynix Inc flash memory, a Broadcom touch controller, and a number of microchips from Fairchild Semiconductor International Inc, according to iFixit, which acquired one early.


The 7.9-inch iPad mini marks the Apple’s first foray into the smaller-tablet segment. The company hopes to beat back incursions into its home territory – carved out with the original iPad’s launch in 2010 – with 7-inch slates that are popular with consumers, even as it safeguards its lead in a larger tablet space that even deep-pocketed rivals like Samsung have found tough to penetrate.


It has won mostly positive reviews focused on its ability to wrap most of the functions of its full-sized iPad sibling into a smaller package, but critics pointed out the higher price tag of the iPad mini and an inferior display relative to those of rival products like Amazon’s Kindle Fire HD and Google’s Nexus 7.


START YOUR ENGINES


A smaller tablet is the first device to be added to Apple’s compact portfolio under CEO Tim Cook, who took over from predecessor Steve Jobs just before his death a year ago. Analysts said it may have been Google and Amazon that helped influence the decision.


Online sales have run for a week, but Apple has not disclosed sales numbers so far. Friday’s global sales rollout may offer a hint of demand for the gadget, which analysts expect to be strong.


Still, it will be playing catch up. Priced at $ 329 for a Wi-Fi only model, the iPad mini is more expensive than many analysts had expected. Amazon’s Kindle Fire and Google’s Nexus 7, both released at $ 199, have grabbed a chunk of the lower end of the tablet market.


Meanwhile, it is battling Samsung in the smartphone arena, which still yields the majority of Apple’s revenue and profit. The Korean giant last year became the world’s largest maker of smartphones as other rivals lost steam.


Apple and Samsung are engaged in patent disputes across several countries, and Apple is believed to be seeking ways to rely less on Samsung. But the Asian tech powerhouse remains a key supplier for Apple, manufacturing its application processors and providing other components.


Samsung has stopped supplying displays for Apple’s iPhone, and plays a reduced role in the full-sized iPad, according to DisplaySearch. Apple is also buying fewer memory chips from Samsung for the iPhone 5, relying more on Hynix and Elpida Memory.


Many analysts believe Apple will also gradually phase out Samsung as the main producer of the mobile micro-processor and shift business to rival supplier TSMC.


(Editing by Matthew Lewis, Tim Dobbyn and Bernadette Baum)


Gadgets News Headlines – Yahoo! News



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Cablevision says Sandy outage hit half of its customers

























NEW YORK (Reuters) – Cable operator Cablevision Systems Corp said on Thursday about half of its 3.3 million customers in the New York, Connecticut and New Jersey area had lost power in the wake of superstorm Sandy, causing widespread disruptions to its service.


Cablevision said in a statement that 1.6 million of its customers were without power while 7,265 of the remaining 1.65 million customers who were not affected by power outages still had no access to Cablevision’s service.





















The company did not respond to questions about how the disruption would impact its financials.


A Barclays analyst, James Ratcliffe, said in a note that “power outages make a good proxy for storm impact on telcos and cable operators, since the same factors which cause power outages (flooding, downed lines) also cause telecom network failures.”


Cablevision, which provide Internet, television and telephone services under the Optimum brand, said, “Following this unprecedented event, loss of electrical power continues to be the primary cause of widespread disruptions of Optimum service.”


It said it had crews working to restore service and would continue to provide updates.


Last year, Cablevision said it took a hit of $ 16 million because of Hurricane Irene, a storm that affected the New York area in late August 2011.


“For CVC, with 1.6 million of their subscribers still without power, the impact is likely to be significantly greater than the $ 16 million cost of Irene; we estimate a $ 36 million impact,” Barclays’ Ratcliffe said in his note.


Cable operators Comcast Corp and Time Warner Cable were also having service problems.


Time Warner Cable said it has had no reports of significant damage to its network, but said it was hard to assess the situation because many of its customers have no power.


Cablevision had been due to report earnings November 1, but said on Wednesday it rescheduled the release to November 6.


The company, which mainly serves the New York area but also has operations in Montana and Wyoming, is controlled by the Dolan family. The company also owns a newspaper and TV networks.


Comcast Corp and Verizon Communications also said they had service problems in the wake of the storm, but they did not provide details as to how many customers were affected.


Of all the cable companies, Cablevision has the largest percentage of their subscribers in the area hard hit, Ratcliffe said.


Wireless service providers also struggled to maintain service after the storm due to floods and power outages.


Cablevision stock closed at $ 17.46 on Thursday, up 0.22 percent.


(Additional reporting by Sinead Carew; Editing by Leslie Adler)


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Vertex posts loss as hepatitis drug sales fall

























(Reuters) – Vertex Pharmaceuticals Inc reported a net loss for the third quarter on Thursday with results hurt by declining sales of its Incivek hepatitis C drug, as the company turned its attention to developing a next generation of treatments for the serious liver disease.


Vertex posted a net loss of $ 57.5 million, or 27 cents per share, compared with a profit of $ 221.1 million, or $ 1.02 per share, a year ago.





















Incivek product revenue fell nearly 23 percent from the previous quarter and 40 percent from a year ago to $ 254.3 million. The company maintained its full-year forecast for Incivek revenue of $ 1.1 billion to $ 1.25 billion.


Results were also affected by a $ 57.6 million charge related to expected future payments under Vertex’s collaboration with Alios BioPharma.


Earlier on Thursday, Vertex announced separate collaborations with GlaxoSmithKline Plc and Johnson & Johnson to test various combinations of its own next-generation hepatitis C medicines with those being developed by GSK and J&J.


Vertex shares closed up 4.6 percent at $ 50.48 on Nasdaq on Thursday, but fell more than 4 percent to $ 48.30 in extended trading after the company released quarterly results.


RBC Capital Markets analyst Michael Yee called the collaboration announcements “a fundamental good positive for Vertex because it gets them moving in the race (for an all oral treatment regimen), albeit one and a half to two years behind Gilead and Abbott.”


The Massachusetts-based biotechnology company reported $ 49 million in revenue from its new cystic fibrosis drug Kalydeco and $ 20 million in royalty revenue from overseas sales of Incivek, known as Incivo in Europe.


Kalydeco currently helps only a small percentage of cystic fibrosis (CF) patients with a specific gene mutation. The company is testing other drugs and combinations with the hope of eventually reaching a larger portion of the CF population.


“In hepatitis C, we are advancing rapidly with our plans to evaluate multiple all-oral regimens of VX-135, both with medicines in our own pipeline and, as we announced earlier today, in collaboration with other companies,” Chief Executive Jeffrey Leiden said in a statement. “We are also advancing toward our goal to help more people with cystic fibrosis.”


Total revenue for Vertex fell to $ 336 million for the quarter from $ 659.2 million a year ago, and was shy of Wall Street estimates of $ 377.1 million.


RBC’s Yee said Kalydeco sales were below Wall Street expectations of about $ 57 million. “The Kalydeco launch looks like it’s reaching a peak penetration in United States and the key for growth here going forward is country by country launches in Europe, and that’s going to take some time over the next six to 12 months,” Yee said.


“What matters here longer term is development of their cystic fibrosis combination program to expand this market from a potential $ 1 billion drug to a $ 3 billion potential program,” Yee added.


Incivek, which was approved in May 2011 to great fanfare as it doubled cure rates and shortened treatment durations compared with older drugs, reached $ 1 billion in sales faster than any drug in pharmaceutical history. But it must still be taken with the older injected drug interferon that causes flu-like symptoms.


As excitement builds for interferon-free, all-oral regimens being pursued by several companies, including Vertex, more patients appear to be delaying treatment, hurting Incivek sales. In addition, hundreds of other potential Incivek patients have been recruited to take part in the many clinical trials of next-generation treatments.


(Reporting by Bill Berkrot in New York; editing by Gary Hill, Matthew Lewis and Carol Bishopric)


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