Veteran chairman insists on ethics and integrity Rupert Murdoch pledged to do “whatever is necessary” to prevent a repeat of the phone-hacking scandal that led to the closure of his News of the World newspaper, thrown his succession plans into chaos and left his company facing decades of legal woes. “There can be no doubt about our commitment to ethics and integrity,” said the chairman of News Corp. “I have run this company for more than 50 years,” Murdoch added as he announced strong results for his media empire. “The kind of behaviour that occurred in that newsroom has no place at News Corporation. It does not reflect the actions and beliefs of our more than 50,000 professional employees. I am personally determined to put things right when it comes to News of the World.” Murdoch’s comments came as News Corp announced a full-year operating income of $4.98bn (£3.08bn), compared with $4.46bn reported a year ago – a 12% increase driven in large part by the success of his television and cable network programming. The company reported a 22% drop in fourth-quarter earnings because of losses from the sale of its struggling social network Myspace. It made a $254m after-tax loss from the sale of Myspace. But strong results from its television assets, including the Fox TV network, beat analysts’ estimates. Its net income fell to $683m, or 26 cents a share, down from $875m, or 33 cents a share, a year ago. Revenue rose 11% to $8.96 bn, helped by advertising sales and fees at Fox TV and its cable networks. Operating income at its cable network unit rose 12%, helped by a 23% rise in advertising revenue at its domestic channels and a 30% rise in affiliate fees at its international cable channels. Advertising at its Fox broadcast business also rose by 7%. Film profits rose 53% thanks to animation hit Rio, and home entertainment sales of Black Swan and The Chronicles of Narnia. This was the first results presentation that Murdoch has hosted for nearly a year and the first since his appearance before the parliamentary committee investigating the hacking scandal. He said the company did not yet have any idea what the financial bill to News Corp could be from potential legal action and fines. He said the company needed to “get to the bottom” of what happened: “Were there a dozen guilty people or two dozen?” Murdoch said: “While it has been a good quarter from a financial point of view, our company has faced challenges in recent weeks relating to our London tabloid, News of the World. We are acting decisively in the matter and will do whatever is necessary to prevent something like this from ever occurring again.” News Corp closed the News of the World last month as the revelations that its journalists had hacked into people’s phones, including the murdered teenager Milly Dowler, led to public outrage, a parliamentary inquiry at Westminster triggered a US investigation of possible abuses under US law. “It is important to note that there has been no material impact on our other operations,” he said. “Our broad, diverse group of businesses across the globe is extremely strong today. The drivers of our businesses are intact, our position is strong and our future is promising. “Our fundamental goals at News Corp are to produce sustained, meaningful value for shareholders, provide outstanding content and services to customers and consumers – and do it with integrity. These goals are interrelated and all three are critically important. And we will deliver.” Murdoch said he and Chase Carey, News Corp’s chief operating officer, had “full confidence” in James Murdoch, long seen as Murdoch’s heir apparent. James Murdoch is facing allegations that he mislead the parliamentary select committee. Murdoch also dismissed allegations that his independent board of directors was not independent. “That’s not true,” he said. Murdoch said the company had retained outside advice and evaluated its corporate governance practices and found no flaws. The News Corp boss, and largest shareholder, said he was disappointed that he had had to scrap plans for a full-takeover of satellite broadcaster BSkyB. News Corporation Media business News International Newspapers & magazines Newspapers Phone hacking BSkyB BSkyB Rupert Murdoch Dominic Rushe guardian.co.uk
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Ladybird spider to be released into new areas by conservationists The UK’s rarest spider is to be safeguarded from extinction by conservationists releasing the species in a new home in Dorset – using plastic water bottles. The ladybird spider – Eresus sandaliatus – is one of the most colourful arachnids in Britain, but by the 1990s only 56 were left. There are now more than a thousand, thanks to the efforts of conservationists, and the spider is ready to be released into new areas. The first of these introductions begins on Thursday with the release of 30 ladybird spiders into the RSPB’s Arne reserve in Dorset. They will be monitored in their new home and, if successful, more will be released in the next few years. Toby Branston, the RSPB’s senior warden at Arne, said: “The hope is that this will establish a self-sustaining population here so that if one of the other satellite populations gets damaged by fire, for example, then the species will not become extinct in the UK … It will be safeguarding the species in Britain.” Wildfires in May hit heathland in parts of the Scottish Highlands, Ireland, north-west England and Berkshire with devastating results for wildlife , though the spider’s current home elsewhere in Dorset was unaffected. The spiders will be taken to their new home in plastic water bottles, each filled with heather and moss. Then the bottles will be buried to allow the spiders to crawl out in their own time. “Burying plastic bottles in the heathland may seem a little strange to some of our visitors, but the experts have found that this is the best way to translocate the spiders,” said Branston. “This is an ideal habitat for them so we will be keeping a close eye on the new colony and carrying out regular surveys to see if they take to their new home.” Scientists had believed that the ladybird spider was extinct in the UK, but in the 1980s one small colony was found in Dorset. The species was deeply affected as its heathland habitat was disappearing, being lost to farming, forestry and housing. The Arne nature reserve – the spiders’ new home – is an insect hotspot that covers a range of habitats. It already has 240 spider and hundreds of insect species, including a subspecies of the rare silver-studded blue butterfly and the Purbeck mason wasp (which even appears on a set of stamps of endangered British insects issued by Royal Mail in 2008). It is the mature male ladybird spiders that have the bright red bodies covered in small black spots, which give the species its name. The females – with body lengths between 10 and 16mm, almost twice that of the colourful males – and juveniles are a velvety black. Ladybird spiders live in a hole in the ground, a tube which they line with silk and decorate with the remains of their prey, often beetles. The females rarely leave their burrows and both sexes feed off insects that become entangled in the fine strands of web at the hole’s entrance. Insects Conservation Endangered species Biodiversity RSPB Endangered habitats Wildlife Animals guardian.co.uk
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Nokia’s US prexy Chris Weber’s been making the media rounds lately, talking up the company’s Windows Phone near-future and offering a peek at the marketing blitz to come. In an interview with VentureBeat , Weber confirmed the death of Symbian and the N9′s North American release , but was much less straightforward when asked about the WP7 launch, saying only that a US focus is paramount to the OEM’s global success. The MS-blessed smartphones are set to debut “in volume” next year, at which point Nokia hopes to have ironed out its complex negotiations with carriers, bringing aggressively subsidized handsets to market. Nokia’s chief also engaged in a bit of mobile OS grandstanding, touting Microsoft’s live tile integrated approach as superior to the “outdated” app focus popularized by iOS and Android. And if you’re wondering just how the OEM plans to differentiate its hardware in this cluttered wireless market, expect to see phones with an emphasis on “state-of-the-art imaging technology and battery performance.” Here’s to hoping Weber’s words don’t come back to haunt him when his bet goes live next year. Nokia’s Chris Weber promises US-centric push for Windows Phone 7 devices originally appeared on Engadget on Wed, 10 Aug 2011 22:16:00 EDT. Please see our terms for use of feeds . Permalink
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Britain’s fragile recovery is being plagued by high inflation, low interest rates and mayhem in the world’s financial markets Sir Mervyn King warned that the headwinds facing Britain’s fragile economic recovery were becoming “stronger by the day”, as the Bank of England cut its growth forecasts. City analysts predicted that interest rates would remain at their record low of 0.5% until 2013, after the governor used his quarterly inflation report briefing to warn that the UK could not be isolated from the turmoil in the global economy. As George Osborne, the chancellor, prepared to address the House of Commons on Thursday on the risks for the UK from the mayhem in world financial markets, the Bank’s nine-member monetary policy committee (MPC) downgraded its growth forecast to about 1.5% this year. That was down from 1.8% in its last report three months ago, and weaker than the 1.7% pencilled in by the Office for Budget Responsibility. King warned that the Bank’s number-crunchers had not included in their forecasts what he called “the unimaginable and the unmentionable” – risks impossible to quantify, such as a full-blown sovereign debt crisis in the eurozone. “It is very important that we do not see the development of a sovereign debt crisis.” For 2012, the Bank is now projecting growth of about 2%, against the OBR’s 2.5%. It expects cash-strapped consumers, hit by tax rises and rapid increases in the cost of living, to continue tightening their belts. “The squeeze in households’ real incomes is likely to continue to weigh on domestic demand, especially over the next year or so,” the MPC said in the report. “But expansionary monetary policy, prospective growth in global demand and the current level of sterling should mean that, after some near-term weakness, GDP growth picks up.” King said that the drama in the markets reflected the fact that the imbalances built up in the global economy during the boom years had still not been resolved, and the Bank would be unable to cushion the UK from the fallout. “There’s a limit to what monetary policy can do,” he said. “There are significant adjustments that need to be made.” The governor made clear that a fresh round of “quantitative easing” – the injection of electronically created money into the economy – remains an option if the situation deteriorated further. Peter Dixon, UK economist at Commerzbank, said, “unsurprisingly, Sir Mervyn King maintained his long-standing view that the BoE still had some shots in its locker, including more asset purchases if necessary.” The governor rejected the idea that the Bank could follow the US Federal Reserve and make a long-term commitment to keep interest rates at current levels, however. In a bid to calm chaotic financial markets, the Fed suggested on Tuesday that borrowing costs would remain at their current exceptionally low levels until 2013. But King argued: “I think it’s very dangerous to try to make a commitment. To lock in monetary policy now for two years does not seem to me to be particularly sensible.” He added that financial markets in Britain already expected interest rates to be held for the foreseeable future. George Buckley, chief UK economist at Deutsche Bank, noted that the Bank’s forecasts suggested that without fresh monetary stimulus, such as a new round of quantitative easing, inflation would be below the MPC’s 2% target in two years. “The Bank’s signalling may be less obvious than that of the Fed, but in its own way it is telling us that rates are likely to remain low for a long period,” added Buckley. After King’s bearish assessment, RBS joined other City banks in forecasting that there would be no rise in interest rates until 2013 at the earliest. The MPC expects inflation to peak later this year at about 5%, driven by soaring utilities bills, but to fall rapidly in 2012, as the effect of oil price rises and the VAT increase wear off. The MPC’s analysis suggested the deep recession that followed the credit crunch has left lasting scars on the economy. “Output is likely to remain significantly below its pre-recession trend,” it said, warning that even by 2014, GDP growth is only, “a little more likely to be above its historical average than below it”. Brendan Barber, TUC general secretary, said: “This recovery is already the slowest on record, and the Bank’s assessment that it may take another three years for us just to recover lost ground shows that the pain is set to continue for some time.” King said it was far too soon to say whether there was any connection between economic weakness and the riots. He stressed that the private sector had created many more jobs than had been lost through public-sector cuts over the past 12 months. ‘The unimaginable and the unmentionable’ The risks too scary for the Bank of England to calculate: Eurozone break-up As the continued sell-off in European markets makes clear, the future of the single currency looks alarmingly uncertain. Perhaps hard-hit Greece will decide it’s had enough and leave – or maybe the entire 17-member bloc will be blown apart. Middle East conflagration A worst-case scenario has the stand-off in Libya and the Syrian unrest spiral into a much wider conflict, sending world oil prices rocketing. 1930s-style protectionism As Mervyn King said, creditors and debtors – east and west, China and the US – still have to work out how to share losses from the financial crisis. The pain could be evenly shared or end in a tit-for-tat trade war, with everyone worse off. Military conflict The world economy is already perilously weak, and confidence is in tatters. Any sabre-rattling, from North Korea to the Caucasus, could be shattering. Bank of England Mervyn King Economic growth (GDP) Economics Interest rates US Interest rates Inflation Global economy Stock markets Euro Heather Stewart guardian.co.uk
Continue reading …Britain’s fragile recovery is being plagued by high inflation, low interest rates and mayhem in the world’s financial markets Sir Mervyn King warned that the headwinds facing Britain’s fragile economic recovery were becoming “stronger by the day”, as the Bank of England cut its growth forecasts. City analysts predicted that interest rates would remain at their record low of 0.5% until 2013, after the governor used his quarterly inflation report briefing to warn that the UK could not be isolated from the turmoil in the global economy. As George Osborne, the chancellor, prepared to address the House of Commons on Thursday on the risks for the UK from the mayhem in world financial markets, the Bank’s nine-member monetary policy committee (MPC) downgraded its growth forecast to about 1.5% this year. That was down from 1.8% in its last report three months ago, and weaker than the 1.7% pencilled in by the Office for Budget Responsibility. King warned that the Bank’s number-crunchers had not included in their forecasts what he called “the unimaginable and the unmentionable” – risks impossible to quantify, such as a full-blown sovereign debt crisis in the eurozone. “It is very important that we do not see the development of a sovereign debt crisis.” For 2012, the Bank is now projecting growth of about 2%, against the OBR’s 2.5%. It expects cash-strapped consumers, hit by tax rises and rapid increases in the cost of living, to continue tightening their belts. “The squeeze in households’ real incomes is likely to continue to weigh on domestic demand, especially over the next year or so,” the MPC said in the report. “But expansionary monetary policy, prospective growth in global demand and the current level of sterling should mean that, after some near-term weakness, GDP growth picks up.” King said that the drama in the markets reflected the fact that the imbalances built up in the global economy during the boom years had still not been resolved, and the Bank would be unable to cushion the UK from the fallout. “There’s a limit to what monetary policy can do,” he said. “There are significant adjustments that need to be made.” The governor made clear that a fresh round of “quantitative easing” – the injection of electronically created money into the economy – remains an option if the situation deteriorated further. Peter Dixon, UK economist at Commerzbank, said, “unsurprisingly, Sir Mervyn King maintained his long-standing view that the BoE still had some shots in its locker, including more asset purchases if necessary.” The governor rejected the idea that the Bank could follow the US Federal Reserve and make a long-term commitment to keep interest rates at current levels, however. In a bid to calm chaotic financial markets, the Fed suggested on Tuesday that borrowing costs would remain at their current exceptionally low levels until 2013. But King argued: “I think it’s very dangerous to try to make a commitment. To lock in monetary policy now for two years does not seem to me to be particularly sensible.” He added that financial markets in Britain already expected interest rates to be held for the foreseeable future. George Buckley, chief UK economist at Deutsche Bank, noted that the Bank’s forecasts suggested that without fresh monetary stimulus, such as a new round of quantitative easing, inflation would be below the MPC’s 2% target in two years. “The Bank’s signalling may be less obvious than that of the Fed, but in its own way it is telling us that rates are likely to remain low for a long period,” added Buckley. After King’s bearish assessment, RBS joined other City banks in forecasting that there would be no rise in interest rates until 2013 at the earliest. The MPC expects inflation to peak later this year at about 5%, driven by soaring utilities bills, but to fall rapidly in 2012, as the effect of oil price rises and the VAT increase wear off. The MPC’s analysis suggested the deep recession that followed the credit crunch has left lasting scars on the economy. “Output is likely to remain significantly below its pre-recession trend,” it said, warning that even by 2014, GDP growth is only, “a little more likely to be above its historical average than below it”. Brendan Barber, TUC general secretary, said: “This recovery is already the slowest on record, and the Bank’s assessment that it may take another three years for us just to recover lost ground shows that the pain is set to continue for some time.” King said it was far too soon to say whether there was any connection between economic weakness and the riots. He stressed that the private sector had created many more jobs than had been lost through public-sector cuts over the past 12 months. ‘The unimaginable and the unmentionable’ The risks too scary for the Bank of England to calculate: Eurozone break-up As the continued sell-off in European markets makes clear, the future of the single currency looks alarmingly uncertain. Perhaps hard-hit Greece will decide it’s had enough and leave – or maybe the entire 17-member bloc will be blown apart. Middle East conflagration A worst-case scenario has the stand-off in Libya and the Syrian unrest spiral into a much wider conflict, sending world oil prices rocketing. 1930s-style protectionism As Mervyn King said, creditors and debtors – east and west, China and the US – still have to work out how to share losses from the financial crisis. The pain could be evenly shared or end in a tit-for-tat trade war, with everyone worse off. Military conflict The world economy is already perilously weak, and confidence is in tatters. Any sabre-rattling, from North Korea to the Caucasus, could be shattering. Bank of England Mervyn King Economic growth (GDP) Economics Interest rates US Interest rates Inflation Global economy Stock markets Euro Heather Stewart guardian.co.uk
Continue reading …Britain’s fragile recovery is being plagued by high inflation, low interest rates and mayhem in the world’s financial markets Sir Mervyn King warned that the headwinds facing Britain’s fragile economic recovery were becoming “stronger by the day”, as the Bank of England cut its growth forecasts. City analysts predicted that interest rates would remain at their record low of 0.5% until 2013, after the governor used his quarterly inflation report briefing to warn that the UK could not be isolated from the turmoil in the global economy. As George Osborne, the chancellor, prepared to address the House of Commons on Thursday on the risks for the UK from the mayhem in world financial markets, the Bank’s nine-member monetary policy committee (MPC) downgraded its growth forecast to about 1.5% this year. That was down from 1.8% in its last report three months ago, and weaker than the 1.7% pencilled in by the Office for Budget Responsibility. King warned that the Bank’s number-crunchers had not included in their forecasts what he called “the unimaginable and the unmentionable” – risks impossible to quantify, such as a full-blown sovereign debt crisis in the eurozone. “It is very important that we do not see the development of a sovereign debt crisis.” For 2012, the Bank is now projecting growth of about 2%, against the OBR’s 2.5%. It expects cash-strapped consumers, hit by tax rises and rapid increases in the cost of living, to continue tightening their belts. “The squeeze in households’ real incomes is likely to continue to weigh on domestic demand, especially over the next year or so,” the MPC said in the report. “But expansionary monetary policy, prospective growth in global demand and the current level of sterling should mean that, after some near-term weakness, GDP growth picks up.” King said that the drama in the markets reflected the fact that the imbalances built up in the global economy during the boom years had still not been resolved, and the Bank would be unable to cushion the UK from the fallout. “There’s a limit to what monetary policy can do,” he said. “There are significant adjustments that need to be made.” The governor made clear that a fresh round of “quantitative easing” – the injection of electronically created money into the economy – remains an option if the situation deteriorated further. Peter Dixon, UK economist at Commerzbank, said, “unsurprisingly, Sir Mervyn King maintained his long-standing view that the BoE still had some shots in its locker, including more asset purchases if necessary.” The governor rejected the idea that the Bank could follow the US Federal Reserve and make a long-term commitment to keep interest rates at current levels, however. In a bid to calm chaotic financial markets, the Fed suggested on Tuesday that borrowing costs would remain at their current exceptionally low levels until 2013. But King argued: “I think it’s very dangerous to try to make a commitment. To lock in monetary policy now for two years does not seem to me to be particularly sensible.” He added that financial markets in Britain already expected interest rates to be held for the foreseeable future. George Buckley, chief UK economist at Deutsche Bank, noted that the Bank’s forecasts suggested that without fresh monetary stimulus, such as a new round of quantitative easing, inflation would be below the MPC’s 2% target in two years. “The Bank’s signalling may be less obvious than that of the Fed, but in its own way it is telling us that rates are likely to remain low for a long period,” added Buckley. After King’s bearish assessment, RBS joined other City banks in forecasting that there would be no rise in interest rates until 2013 at the earliest. The MPC expects inflation to peak later this year at about 5%, driven by soaring utilities bills, but to fall rapidly in 2012, as the effect of oil price rises and the VAT increase wear off. The MPC’s analysis suggested the deep recession that followed the credit crunch has left lasting scars on the economy. “Output is likely to remain significantly below its pre-recession trend,” it said, warning that even by 2014, GDP growth is only, “a little more likely to be above its historical average than below it”. Brendan Barber, TUC general secretary, said: “This recovery is already the slowest on record, and the Bank’s assessment that it may take another three years for us just to recover lost ground shows that the pain is set to continue for some time.” King said it was far too soon to say whether there was any connection between economic weakness and the riots. He stressed that the private sector had created many more jobs than had been lost through public-sector cuts over the past 12 months. ‘The unimaginable and the unmentionable’ The risks too scary for the Bank of England to calculate: Eurozone break-up As the continued sell-off in European markets makes clear, the future of the single currency looks alarmingly uncertain. Perhaps hard-hit Greece will decide it’s had enough and leave – or maybe the entire 17-member bloc will be blown apart. Middle East conflagration A worst-case scenario has the stand-off in Libya and the Syrian unrest spiral into a much wider conflict, sending world oil prices rocketing. 1930s-style protectionism As Mervyn King said, creditors and debtors – east and west, China and the US – still have to work out how to share losses from the financial crisis. The pain could be evenly shared or end in a tit-for-tat trade war, with everyone worse off. Military conflict The world economy is already perilously weak, and confidence is in tatters. Any sabre-rattling, from North Korea to the Caucasus, could be shattering. Bank of England Mervyn King Economic growth (GDP) Economics Interest rates US Interest rates Inflation Global economy Stock markets Euro Heather Stewart guardian.co.uk
Continue reading …While we didn’t win everything we wanted in Wisconsin, we scored a significant victory. Of the Republicans the left tried to recall in the state, three of the seven were successful. That’s a pretty powerful message, since there were only four recall elections prior to that in the state’s history. There are a number of important things we learned last night, or at least, a number of things we should learn… 1. The grassroots can overcome Citizens United-inspired massive spending: Between $20-$40 million was spent by the right on this recall. The results of that were two losses and several narrow victories in strongly Republican districts. This is very encouraging. 2. Money still talks, although the influence is less than it used to be: Alberta Darling is still a state senator because $8 million was spent on her campaign. That’s the only reason. Similarly, Rick Scott is governor of Florida because he spent $72 million. Without these large sums of money, these candidates couldn’t have won. They have nothing else going for them. 3. Left-wing GOTV methods are inadequate: Looking at the narrow margins in these races (and many other races in recent years) it is obvious that better GOTV could have swung a lot races, particularly in the 2010 midterms. I think it’s time to completely, and scientifically, re-examine left-wing GOTV efforts. Learn what works and doesn’t work and abandon the traditional methods that don’t work. And there are probably a lot of them. Then we need a coordinated and well-funded effort to train everyone on the left nationwide how to do things the right way. 4. Republican districts, everywhere, are mostly just districts where people with good values just don’t show up to vote: Can anyone honestly say that there weren’t a few thousand more leftists in each of these losing districts last night that couldn’t have voted? There is a mountain of evidence that our issue positions are the majority positions across the nation. How do we get that majority to show up to the polls? In every election? If we figure that out, the right is doomed for generations. 5. Left-wing messaging is still inadequate: This is less about last night than it is about the left in general. Democrats did pretty well last night because there was a clear message — Scott Walker and his cronies are hurting the state and hurting you. That drove turnout pretty well and Democrats picked up traditionally Republican seats. The problem is that message won’t work twice. It never does. Shilling and King have to get rid of the crony part of the message now and focus on Walker. But what happens when they have no boogeyman/men to go after? What happens to Democratic incumbents? If they don’t have good messaging, they’ll be on the wrong side of the anger that is growing with the public. 6. The right-wing agenda is toxic when the public knows about it and understands it: Democrats didn’t do well last night because they outspent the other side. And there’s ample evidence that the other side was very active in the grassroots, too. So how did Democrats do so well? Because the Republican agenda sucks. And when people know that, anyone who isn’t a right-wing ideologue votes against that agenda. 7. Left-wing infrastructure is still inadequate: Last night showed that there has been major improvement in our infrastructure in recent years. Tons of groups helped out in Wisconsin and it made a difference. But what happens when that infrastructure has to focus on 50 states at the same time? The right has good infrastructure in almost every city. They are constantly training the next generation of activists and candidates and funding them to make sure they don’t leave the movement. We’re nowhere near anything like that. This might be our most pressing need, though. 8. Democrats still don’t know how to fight: Why would anyone concede a close election where there are potential shenanigans with the clerk counting the votes? Recounts are not about overturning close elections, they are about ensuring the integrity of the vote. Don’t give up until you know that you’ve lost. Don’t assume it because that’s the way it looks. Stand up and fight. Even if you lose this battle, people will remember you as a fighter and will support you next time. Quit worrying about what the media and Republicans are going to say about you — they’re going to say that anyway. Get over it. Assume it’s going to happen (it always does) and do the right thing. 9. Things are changing because the people want change: The process is slow and very painful. It could be going more quickly and many people who could be doing better should be doing better (yes, I’m talking to you Mr. President). But things are moving in the right direction. They are far from perfect and we are losing some battles in the short run. Wisconsin is a great example of this. Things moved in the right direction last night and now there is a legitimate chance (with a crossover Republican vote) of stopping the most extreme things Scott Walker wants to do. That’s progress. And it’s happening because more and more people are growing tired of the same old nonsense. Now, our job is to capitalize on that and to increase the pace of that change. 10. The media isn’t on our side, but that doesn’t really matter: Every election cycle, the mainstream media become less and less important in determining the outcome of elections. People already use the Internet for their information on candidates and use DVR and other technology to skip campaign commercials. And, really, who gets their voting advice from TV pundits? I’m sure some do, but that influence is decreasing. I’m sure there are other things we should be discussing about last night, but we certainly shouldn’t be upset about the results. We should be encouraged that we were able to take out three Republican districts in very short order and against a tide of money and right-wing activism. There is something going on in America and if we pay attention and approach it the right way, we can achieve the bigger change we want. It isn’t going to be easy and it isn’t going to be quick, but we can make it happen. Wisconsin showed us that.
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Click here to view this media Williamstown, Kentucky has agreed to give a staggering 75 percent property tax discount to a biblical theme park that will feature a full-size replica of Noah’s Ark. The tax breaks provided by the Grant County city of Williamstown would span 30 years, according to The Lexington Herald-Leader . That is in addition to the almost $200,000 already given to Ark Encounters LLC by the Grant County Industrial Development Authority. In May, the state agreed to give the project $43 million in tax incentives over a 10-year period. Gov. Steve Beshear (D) supports the project because a feasibility study produced by Ark Encounters predicted they could create up to 900 jobs and bring in 1.6 million tourists during the first year alone. But it turns out that Beshear never actually saw that study. “The press release was a joint effort, and the Ark Encounter provided the numbers for the release based on their own research, much like how we work with companies on jobs announcements — they give us the info about their job numbers and investment and we work together on a release,” Beshear spokeswoman Kerri Richardson told the Herald-Leader . Americans United for the Separation of Church and State has threatened to sue. “The state of Kentucky should not be promoting the spread of fundamentalist Christianity or any other religious viewpoint,” Americans United executive director Rev. Barry W. Lynn told the paper. The new ark theme park will be an offshoot of the Creation Museum in Petersburg, which is run by Answers in Genesis, a part owner of Ark Encounters LLC. The Creation Museum offers attractions based on a literal interpretation of the Bible, including that Earth was was created in six 24-hour days between 6,000 and 10,000 years ago. In addition to a life-sized replica of Noah’s Ark with dinosaurs, the 800-acre park will feature a Tower of Babel, a petting zoo and other Bible-themed attractions.
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Rumours that France could be stripped of AAA credit rating prompts drop of around 400 points on Wall Street Share prices in Europe and North America were back on the slide after France became the latest country to be sucked into the deepening debt crisis. Amid rumours that France would follow the US in being stripped of its AAA credit rating Nicolas Sarkozy, the French president, said plans to reduce his country’s budget deficit would be announced within the week. Fears that French banks were in difficulties meant that the rally in shares prompted by the US Federal Reserve on Tuesday proved to be shortlived, with markets resuming the pattern of heavy selling seen since late July. Britain’s FTSE 100 index suffered its fourth fall of more than 100 points in five days, dropping 158 points to close the day 3% lower at 5007 points. Despite Tuesday’s gain of 95 points, the FTSE 100 has now dropped by 866 points since July 29, wiping a total of £226bn off the value of the UK’s biggest quoted companies. Wall Street’s Dow Jones Industrial Average continued to fluctuate wildly, with Monday’s 635 point fall and Tuesday’s 430 point rise followed by a drop of around 400 points by yesterday lunchtime in New York. The jittery mood sent investors piling into the safe havens of gold and bonds. Bullion rose to a record high, briefly breaking through the $1,800 an ounce level, while bond yields in both Britain and the UK dropped sharply on expectations that dismal growth prospects would result in ultra-low interest rates for two years. In London, the interest rate on 10-year gilts fell to 2.47% in the biggest one-day drop since the Bank of England announced in March 2009 that it would pump £200bn of electronic money into the economy through quantitative easing. Mervyn King, the Bank’s governor, said Threadneedle Street had become gloomier about the economy’s prospects over the past three months and expressed concern about the recent market turbulence. “There are a number of headwinds to world and domestic growth, not least the private and public debt overhang. And these headwinds are becoming stronger by the day,” King said as he revealed that the Bank had trimmed its growth forecast for the UK to around 1.5% this year and 2% in 2012. He added that in the view of the Bank’s nine-strong monetary policy committee “the weakness in activity was likely to be somewhat more persistent than previously expected”. Against a backdrop of an economy that has grown by less than 1% in the past year, City analysts said there now appeared to be little chance of borrowing costs rising until the end of 2012 at the earliest. King also stressed that the Bank would consider a fresh round of quantitative easing should there be a risk that the weakness of the economy pushing inflation significantly below its 2% target. King said: “The greatest risks to the prospects for global demand come from the euro area and the substantial challenges faced by several member countries as they seek to ensure the sustainability of their fiscal positions and preserve the stability of their banking systems.” His comments came as the French government denied that it was about to have its debt downgraded while one of the country’s biggest banks, Société Générale was forced to put out a statement insisting it was not in distress after its share price dropped by 20% at one point.Jean-Louis Nakamura, chief investment officer, asset allocation group at Lombard Odier Investment Managers, said: “The current economic environment is showing us that while both the United States and eurozone have budget problems, the two aren’t comparable. While the US suffered a one-off political problem, it doesn’t have a deeper institutional issue. In contrast, the eurozone’s structures for coping with its debt problems at the relevant monetary union level aren’t even in place, let alone operational.” France Europe United States Dow Jones Stock markets Larry Elliott guardian.co.uk
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Metropolitan police’s director of public affairs put on extended leave until police hacking enquiry is over Dick Fedorcio, the Met’s director of public affairs and internal communication, has been put on extended leave until Scotland Yard’s investigation into phone hacking is over. He has been in the post for eleven years, but he was criticised last month for hiring Neil Wallis, a former deputy editor at the News of the World, as a consultant. Wallis has been working in a PR capacity since leaving the paper in 2009. He was arrested as part of the Operation Weeting inquiry in July. Fedorcio gave Wallis a two-day a month contract to assist the Met’s press office in October 2009. Fedorcio told the Home Affairs select committee that he would not have hired Wallis had he known he was to be arrested. He also said he had not asked Wallis about phone-hacking at the paper before hiring him. The close ties between News International, which owned the title until it was shut down in July, and the Met, have prompted concerns about the intimacy of the relationship between the two organisations. The Independent Police Complaints Commission is currently investigating his dealings with Wallis. Scotland Yard sources have said the hacking investigation is likely to run into next year. Phone hacking Newspapers & magazines National newspapers Newspapers Metropolitan police London Police James Robinson guardian.co.uk
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