Saturday, January 21, 2012

Fed releases template for rate forecasts (Reuters)

WASHINGTON (Reuters) ? The Federal Reserve previewed its new practice of announcing policymakers' interest rates projections on Friday, issuing a table that showed analysts may be able to guess where the policy consensus lies.

One blank chart, which extends out to 2016, will show the distribution of expectations for the first policy tightening following years of near-zero interest rates.

Another panel, which will show forecasts for the benchmark federal funds rate over time, could give observers the chance to see where individual officials' forecasts lie, although the estimates will not be linked to particular names.

Some analysts thought they might be privy only to the range of forecasts, not the distribution of forecasts along that range. When the Fed has released its economic forecasts in the past, the public has had to wait for the release of meeting minutes three weeks later to get that level of clarity.

The Fed recently announced its decision to publish official forecasts for rates, in addition to the projections for employment, inflation and growth that they already release quarterly.

The template for the rate forecasts is posted on the Fed's website at: http://www.federalreserve.gov/newsevents/press/monetary/20120120a.htm

(Reporting By Pedro da Costa and Mark Felsenthal; Editing by Neil Stempleman)

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/nm/20120120/bs_nm/us_usa_fed_charts

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GOP field feeds South Carolina's anti-federal mood (The Arizona Republic)

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Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/188975590?client_source=feed&format=rss

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Friday, January 20, 2012

Asian firms may eye RIM platform; Samsung denies interest (Reuters)

TORONTO/SEOUL (Reuters) ? Research In Motion is not on Samsung Electronics Co's immediate shopping list, but the ailing Blackberry maker may still be attractive to Asian smartphone makers looking to compete against Google's Android, the world's fastest growing mobile platform.

Samsung said on Wednesday it has no interest in buying RIM or licensing its operating system, refuting a tech blog report that Canada-based RIM was looking to sell itself to the South Korean technology giant.

Shares of RIM, which has long been the subject of takeover speculation with its stock valuation lingering at multi-year lows, jumped more than 10 percent on the blog report, but fell back after Samsung's denial.

Product delays and profit warnings have eroded confidence in RIM, once at the cutting edge of smartphone technology for business users, and its management.

But RIM, still valued at above $9 billion, may hold enough allure to interest Asian vendors like LG Electronics Inc, HTC and ZTE, which don't have their own platform, said a source at a major Asian handset maker.

"As we don't have our own platform, it's (RIM) an attractive option to look into and we're flexible about anything," said the source, who has direct knowledge of the matter, but who declined to be named as he is not authorized to talk to the media.

Samsung has its own platform called bada and is seeking to boost its presence by merging it with a platform backed by chipmaker Intel.

"We haven't considered acquiring the firm and are not interested in (buying RIM)," said Samsung spokesman James Chung, adding that Samsung had not been approached by the Canadian firm for a takeover and was not interested in licensing RIM's mobile platform.

The Boy Genius Report website cited an unidentified source as saying RIM co-Chief Executive Jim Balsillie was meeting with companies interested in either licensing its software or buying a part or all of RIM, with Samsung leading the pack.

After Samsung's denial, Nasdaq-listed RIM shares tumbled 5.3 percent to $16.55 in extended trading, after closing up 8 percent at a 6-week high of $17.47. The stock rose as much as 11.1 percent.

LICENSING DEAL?

Samsung may not be interested in buying RIM outright, but some analysts say that adding BlackBerry software may be a good fit with its strategy of bolstering software capability and adding corporate subscribers.

"We see RIM licensing BlackBerry 10 and charging $10 per device," Jefferies analyst Peter Misek said in a note, referring to RIM's operating system.

"Samsung and HTC would do this to gain access to RIM's subscriber base, diversify away from sole dependence on Android and create more enterprise exposure. BlackBerry 10 is effectively an Android derivative and, therefore, many bridges are possible."

Samsung has traditionally focused on growing its business from within and has no track record of major deals in recent years. In 2008, it withdrew a $5.9 billion unsolicited bid for flash memory card maker SanDisk due to the U.S. firm's deepening losses and uncertain outlook.

But it has since become more flexible on M&A as the hardware-focused firm seeks to boost its software capabilities to counter Apple and Google.

"It'd be helpful for Samsung or HTC to license BlackBerry OS so they can gain access to the corporate space," said Vincent Chen, an analyst at Yuanta Securities.

Shares in Samsung slid 1.1 percent in Seoul on Wednesday, underperforming the main KOSPI share index, which slipped 0.3 percent.

Jefferies' Misek said RIM could announce a deal within three months, and the appointment of a new chairperson could speed up the process. A spokesman for RIM declined to comment on the blog report.

Balsillie and fellow co-CEO Mike Lazaridis also share a role as board chairman, but, after pressure from investors, a committee made up of the rest of RIM's board is due to report this month on possible changes to the unusual structure.

RIM already turned down takeover overtures from Amazon.com Inc and other potential buyers because it prefers to fix its problems on its own, people with knowledge of the situation told Reuters recently.

RIM's shares have jumped nearly 40 percent since December 21, when Reuters reported such interest, but the stock is still down almost 75 percent from a year ago.

(Additional reporting by Clare Jim in TAIPEI; Editing by Frank McGurty, David Chance and Ian Geoghegan)

Source: http://us.rd.yahoo.com/dailynews/rss/internet/*http%3A//news.yahoo.com/s/nm/20120118/tc_nm/us_rim

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Thursday, January 19, 2012

PFT: Bengals WR Simpson indicted on drug charge

Rob Gronkowski, Aaron HernandezAP

Tom Brady and Bill Belichick are the constants. ?But what makes this 2011 Patriots go as opposed to teams in the past? What defines them?

We?d argue this era of Patriots football started the day they drafted Rob Gronkowski and Aaron Hernandez. Wes Welker is a great piece to the puzzle, but the tight ends make the offense unique.

While Gronk Nation and Hernandez represent a very modern way of attacking defenses, Belichick in some ways has been working with this approach since the 1970?s. As a member of the Lions coaching staff, Belichick helped pair Charlie Sanders and David Hill in a two tight end attack that was the first of its era.

?Yeah, that was really the first ? I mean, honestly there wasn?t a lot of two tight ends in the mid-70s, there really wasn?t,? Belichick told Jason Cole of Yahoo! Sports this week.

We highly recommend checking out Cole?s piece on the evolution of the two tight end attack. Hill and Sanders combined for half of the Lions? touchdowns in Hill?s rookie year of 1976. In the past, two tight ends would only be used together in short yardage situations. Sanders, a Hall of Famer, thanks Belichick every time he sees him.

?Bill always says back to me, ?No, thank you and David [Hill] for all you did,? Sanders told Cole. ?Without you guys, none of this would have happened.???

Falcons coach Mike Smith explains the matchup problems that Gronkowski and Hernandez create, calling them ?queens on the chessboard.?

?If you want to play standard personnel on defense, they flex one or both of those guys out and force you to cover them with linebackers. If you put extra defensive backs in, they line up in double-[tight end] and maul you. You never have the right personnel on the field,? Smith said.

That becomes an even bigger problem when the Patriots use their hurry up offense. Defenses can?t substitute to get the right matchups on the field.

We expect to see the Patriots play plenty of hurry up offense Sunday against Baltimore, with Gronkowski and Hernandez at the center of it all.

Source: http://profootballtalk.nbcsports.com/2012/01/19/jerome-simpson-indicted-on-drug-charges/related/

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Puerto Ricans likely to oust dozens of lawmakers (AP)

SAN JUAN, Puerto Rico ? Lawmakers in Puerto Rico have been accused of corruption, cocaine use and domestic violence, feeding scorn among a public already seething over a dismal economy and rampant crime.

Now, it may be payback time.

Voters on the U.S. island territory are being asked if they want to amend their Constitution and fire dozens of members of their Senate and House of Representatives, cutting costs and reducing the size of the legislature by almost 30 percent.

The answer is almost certain to be a resounding yes in the technically binding referendum.

"They should all be kicked out," said Miguel Garcia, a 58-year-old engineer, after the governor recently signed the bill authorizing the Aug. 19 referendum. "They don't do anything ... They think the people are blind."

It's a popular sentiment on the island, where local politics, especially the endless debate over Puerto Rico's relationship to the U.S., is an obsession.

In good times and bad, disdain for politicians is widespread. But Puerto Ricans have perhaps more reasons to complain given the number of scandals involving lawmakers and salaries that make them more highly paid than most of their U.S. counterparts. Their incomes put them in the upper echelon in an island where nearly half the people are poor and unemployment hovers around 16 percent in a recession-battered economy.

Add to the mix last year's record number of homicides, high costs for water and power and crumbling schools, and you get an electorate in a sour mood. Tens of thousands of Puerto Ricans have left in recent years in the largest exodus in decades.

"The government does not respect the people's wishes," said Pedro Villanueva, a 65-year-old retiree who voted in favor of a previous failed effort to eliminate one house of the legislature and make it unicameral. "The government does whatever it wants."

The legislation authorizing the referendum was passed by both houses, which are dominated by Fortuno's pro-statehood party. The idea of the referendum appealed to voters in an election year.

The measure would reduce the Senate from 27 seats to 17 and shrink the House from 51 seats to 39 starting in 2017. Fortuno says it would make the legislature more efficient.

In a November poll by Gaither International, one of the Caribbean's leading market research companies, 81 percent of respondents said they would go to the polls and vote in favor of the cuts. The survey of 1,150 people had a margin of error of 3 percentage points.

The majority of lawmakers from the opposition Popular Democratic Party oppose the proposed changes.

Sen. Cirilo Tirado said the cuts will make lawmakers less responsive to the people.

"It does not resolve anything," he said, arguing that the money saved would just be spent elsewhere.

"People have to understand that it's not just about eliminating legislators because 'I'm mad with the legislative assembly,'" he said. "They are going to lose representation before the executive system ... It is a danger to democracy."

Tirado said it would be easier for big business interests to sway a smaller legislature. But he agrees with those who say the salary and stipends that legislators receive are excessive.

Puerto Rican legislators receive $74,000 in base salary, behind only what legislators in California and New York make. The speaker of the Puerto Rico Senate makes nearly $111,000. Legislators also receive between $152 to $160 as a daily food stipend.

That pay irks Jaime Mendez, a 48-year-old truck driver who moved with his wife back to Puerto Rico from New York four years ago.

"They don't vote and they don't do anything," he said.

The Senate's budget is $38.2 million, while the House of Representatives spends $47 million. The government has not said how much would be saved if the referendum passes.

A series of scandals also has damaged lawmakers' reputation.

In January 2009, former Sen. Jorge de Castro Font pleaded guilty to corruption for trading political favors for cash and services.

In early 2011, former Rep. Luis Farinacci stepped down after he was accused of domestic violence against his wife. A jury found him not guilty in June, and despite pledges to run again, Farinacci disappeared from the political scene.

Last February, House Majority Whip Rolando Crespo resigned after he said he tested positive for cocaine in a surprise and mandatory drug test.

Just this month, Rep. Jose Luis Rivera Guerra was referred to the ethics committee after acknowledging to reporters that he stole water and power from the government for his private residences.

"Voters are very mad with the government. And with good reason," said Noel Colon Martinez, an attorney and political analyst who once ran for governor as member of the Puerto Rican Independence Party.

But he argued that the referendum "does not address the real demands that the people are making of the legislative assembly." He favors a vote on having a part-time legislature with lower salaries and benefits.

The vote for a unicameral legislature in 2004 passed with 84 percent, but legislators challenged the vote in court and ultimately won their battle in the island's Supreme Court. Some voters fear this vote too will be bypassed, while others says nothing will improve even with a smaller legislature.

"I don't believe in politicians very much," said Laura Guzman, a 58-year-old administrative assistant. "Obviously not many of them are qualified. Bigger, smaller, if the people don't change, things will stay the same."

Source: http://us.rd.yahoo.com/dailynews/rss/world/*http%3A//news.yahoo.com/s/ap/20120119/ap_on_re_la_am_ca/cb_puerto_rico_punishing_politicians

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Wednesday, January 18, 2012

McCain?s entire oppo book on Romney from 2008 found online (Americablog)

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Sweden to probe fate of WWII hero Wallenberg (AP)

STOCKHOLM ? Sweden will open a new probe into what happened to World War II hero Raoul Wallenberg after he was captured by the Soviets in 1945.

Foreign Minister Carl Bildt has asked experts to look into whether any new material has emerged that could shed new light on what happened to the Swedish diplomat, Bildt spokeswoman Anna Charlotta Johansson said Wednesday.

Wallenberg is credited with rescuing tens of thousands of Hungarian Jews from the Nazis. He disappeared after being arrested in Hungary by the Soviet Red Army in 1945. On Tuesday, Hungary, Sweden and Israel launched the Raoul Wallenberg Year to honor his efforts.

The new Swedish probe will be led by Hans Magnusson, who was involved in a similar effort together with Russian experts in the 1990s. According to Bildt, the Russian experts then said Wallenberg died, "or more likely was killed," on 17 June 1947 in Soviet custody, but unverified witness accounts and newly uncovered evidence suggest he may have lived beyond that date.

The Soviets said he died of a heart attack in prison and Russia has never officially retracted that version. The Swedes haven't contested the Russian version, but have maintained there was insufficient evidence to draw any firm conclusions about Wallenberg's ultimate fate.

On Monday, two U.S. researchers told The Associated Press that a newly found Swedish document shows how the KGB intervened in the early 1990s to stop the previous investigation.

Russian scholar Vadim Birstein, one of the researchers working for the first Wallenberg commission, said they had just found some previously unknown documents when the archive was closed to them in the spring of 1991.

The former head of the Soviet "Special Archive," Anatoly Prokopenko, told the AP that following a brief period of openness before and after the 1991 collapse of the Soviet Union, Russian authorities have grown increasingly reluctant to allow public access to the archives.

Magnusson said he will start off by reviewing what information has emerged about Wallenberg since his last probe and see if there is anything new that can be done.

He didn't express big hopes that the Russians would ease the restrictions on access to the archives but said Swedish authorities will continue their contact with Russia's Federal Security Service, or FSB, the successor to the Soviet-era KGB.

Source: http://us.rd.yahoo.com/dailynews/rss/world/*http%3A//news.yahoo.com/s/ap/20120118/ap_on_re_eu/eu_sweden_wallenberg

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