Citi cuts telecoms head in Europe: sources












DUBAI/LONDON (Reuters) – Citigroup‘s head of technology, media and telecoms in Europe is to leave as part of cost cuts the U.S. bank is making in response to the weak economic climate and due to tougher regulation, sources familiar with the matter told Reuters on Monday.


Daniel Bailey is to leave the bank with immediate effect and his position will be taken on by Citigroup’s European (EMEA) head of M&A, Wilhelm Schulz.












Bailey declined to comment. Citigroup also declined to comment.


Citigroup and other big banks are under pressure from investors to cut costs and scale-back activities in line with lower business volumes and reduced returns in the financial sector since the financial crisis.


The U.S. bank’s new chief executive Michael Corbat, who took the helm on October16, is in the process of reviewing management and executive reporting lines.


Bailey, who joined Citi in 2006 from Morgan Stanley , worked on some of the telecoms industry’s biggest deals, including the $ 183 billion merger of Vodafone with Mannesman in 2000, the largest corporate merger ever at that time.


Schulz will relinquish his role as co-head of German banking to focus on his new responsibilities but will remain head of German coverage. Stefan Wintels will become sole head of German banking.


Citigroup is also expected to cut bonuses this year by about 10 percent and axe around 150 investment banking jobs by year-end, just under one percent of the 17,000 staff in its investment bank, a person familiar with the matter said.


(Additional reporting by David Henry in New York, editing by Sophie Sassard and Jane Merriman)


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Gunmen assassinate peasant leader in Paraguay












ASUNCION, Paraguay (AP) — Gunmen murdered one of the surviving leaders of a peasant movement whose land dispute with a powerful politician prompted the end of Fernando Lugo‘s presidency last June.


Vidal Vega, 48, was hit four times early Saturday by bullets from a 12-gauge shotgun and a .38-caliber revolver fired by two unidentified men who sped away on a motorcycle, according to an official report prepared at the police headquarters in the provincial capital of Curuguaty.












A friend, Mario Espinola, told The Associated Press that Vega was shot down when he stepped outside to feed his farm animals.


Vega was among the public faces of a commission of landless peasants from the settlement of Yby Pyta, which means Red Dirt in their native Guarani language.


He had lobbied the government for many years to redistribute some of the ranchland that Colorado Party Sen. Blas Riquelme began occupying in the 1960s.


By last May, the peasants finally lost patience and moved onto the land. A firefight during their eviction on June 15 killed 11 peasants and six police officers, prompting the Colorado Party and other leading parties to vote Lugo out of office for allegedly mismanaging the dispute.


Twelve suspects, nearly all of them peasants from Yby Pyta, have been jailed without formal charges since then on suspicion of murdering the officers, seizing property and resisting authority. The prosecutor had six months to develop the case and will present his findings Dec. 16.


Vega was expected to be a witness at the criminal trial, since he was among the few leaders who weren’t killed in the clash or jailed afterward.


He wasn’t charged because he was away getting supplies when the violence erupted at the settlement erected by the peasants inside Riquelme’s ranch, the Naranjaty Commission’s secretary, Martina Paredes, told the AP.


“We think he was assassinated by hit men who were sent, we don’t know by whom, perhaps to frighten us and frustrate our fight to recover the state lands that were illegally taken by Riquelme,” she said.


Riquelme, who died of natural causes about a month after the battle in June, occupied the land during the dictatorship of Alfredo Stroessner, whose government gave away land for free to anyone willing to put it to productive use.


A local court in Curuguaty upheld Riquelme’s claim to the land years later. Lugo’s government later sought to overturn the decision, but the case remains tied up in court.


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Nokia Siemens to sell optical networks unit












FRANKFURT (Reuters) – Mobile telecoms equipment joint venture Nokia Siemens Networks, which is focusing on its core business, is to sell its optical fiber unit to Marlin Equity Partners for an undisclosed sum.


Up to 1,900 employees, mainly in Germany and Portugal, will be transferred to the new company, NSN said on Monday.












The company, owned by Nokia and Siemens, has sold a number of product lines since it last year announced plans to divest non-core assets and cut 17,000 jobs, nearly a quarter of its total workforce.


Nordea Markets analyst Sami Sarkamies said he expected more divestments after the optical unit deal. This disposal was a small surprise, he said, because NSN needed some optical technology – where data is transmitted by pulses of light – for its main mobile broadband business.


The move may hint the company is preparing itself for further consolidation in the sector by cutting overlaps with other players, Sarkamies said.


The telecom equipment market is going through rough times with stiff competition. French Alcatel-Lucent is also cutting costs.


($ 1 = 0.7689 euro)


(Reporting by Harro ten Wold; Editing by Greg Mahlich and Dan Lalor)


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Bryce Dallas Howard film among the live-action short films on Oscar nominations shortlist












LOS ANGELES (TheWrap.com) – “when you find me,” directed by “Twilight” star Bryce Dallas Howard and executive-produced by her father Ron Howard, is among 11 films that have been shortlisted for possible Oscars nomination, the Academy of Motion Picture Arts and Sciences said Thursday.


Though the Academy typically only short-lists 10 entries, a tie in the nominations balloting resulted in an 11th title making the list. In all, 125 films originally qualified in the category.












From here, members of the Academy’s Short Films and Feature Animation Branch will select three to five nominees for the Oscars during December screenings in Los Angeles, New York and San Francisco.


Nominations will be announced January 10, with the Academy Awards taking place February 24.


Read the full short-list below.


“A Fábrica (The Factory),” Aly Muritiba, director (Grafo Audiovisual)


“Asad,” Bryan Buckley, director, and Mino Jarjoura, producer (Hungry Man)


“Buzkashi Boys,” Sam French, director, and Ariel Nasr, producer (Afghan Film Project)


“Curfew,” Shawn Christensen, director (Fuzzy Logic Pictures)


“Death of a Shadow (Dood van een Schaduw),” Tom Van Avermaet, director, and Ellen De Waele, producer (Serendipity Films)


“Henry,” Yan England, director (Yan England)


“Kiruna-Kigali,” Goran Kapetanovic, director (Hepp Film AB)


“The Night Shift Belongs to the Stars,” Silvia Bizio and Paola Porrini Bisson, producers (Oh! Pen LLC)


“9meter,” Anders Walther, director, and Tivi Magnusson, producer (M & M Productions A/S)


“Salar,” Nicholas Greene, director, and Julie Buck, producer (Nicholas Greene)


“when you find me,” Ron Howard, executive producer, and Bryce Dallas Howard, director (Freestyle Picture Company)


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Investigation under way into New Jersey train derailment, chemical leak












PHILADELPHIA (Reuters) – Federal transportation investigators have begun interviewing the crew of a train that was carrying hazardous materials when it derailed on a railroad bridge in New Jersey, officials said on Saturday.


National Transportation Safety Board Chairwoman Deborah Hersman said the agency would spend the next two weeks preparing a preliminary report on Friday’s accident in the industrial town of Paulsboro.












A bridge collapse derailed seven of the 82 Conrail freight train cars, and a tanker car that fell into Mantua Creek leaked vinyl chloride into the waterway, which feeds into the Delaware River near Philadelphia.


More than 12,000 gallons (45,425 liters) of the highly toxic and flammable industrial chemical vinyl chloride leaked from a gash in the tanker car’s side following the derailment on Friday morning.


Twenty-two people were examined at a nearby hospital, but air monitors in the area did not register any problem, officials have said. Exposure to vinyl chloride can cause a burning sensation in the eyes or respiratory discomfort.


Investigators were obtaining records from Conrail on inspections of the bridge over the Mantua Creek. They also examined a derailment on the bridge in 2009, as well as any possible impact on the bridge from the high winds and rising waters that accompanied superstorm Sandy.


“We are continuing to question the crew to get additional information,” Hersman said at a press briefing. “We still have some work to do.”


State Senator Steve Sweeney, whose district includes Paulsboro, told Reuters on Saturday that 106 residents who live close to the crash scene were evacuated from the area on Friday night in case any more of vinyl chloride escaped into the air or water.


“What it really was was just to be cautious,” Sweeney said. The residents will be out of their homes for several days, and are staying with friends and relatives or hotels, he said.


Conrail is jointly owned by rail operators CSX Corp and Norfolk Southern Corp.


(This story corrects name of town in second paragraph to Paulsboro, not Paulson)


(Editing by Paul Thomasch and Bill Trott)


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US budget talks ‘in stalemate’













US treasury Secretary Timothy Geithner has said there will be no deal to avert a “fiscal cliff” unless Republicans accept a tax hike for the wealthy.












But House Speaker John Boehner has dismissed a 10-year plan, which aims to raise $ 1.6tn (£1tn) through tax rises and spending cuts, as “silliness”.


The two men met on Thursday as time runs out to broker a deal.


Economists warn planned tax rises and spending cuts due to take effect on 1 January could trigger a recession.


Mr Geithner, negotiating for the White House, has drafted a plan that includes more spending to help for the unemployed and struggling homeowners, as well as cuts in Medicare and other benefits.


On Friday President Barack Obama warned of a “Scrooge Christmas” if soon-to-expire tax breaks for households earning below $ 250,000 were not renewed as part of the deal to avert the fiscal cliff.


But Mr Boehner, negotiating for the Republicans who control the House of Representatives, said talks with the administration had so far gone “almost nowhere”.


Talk show entrenchment


Mr Geithner and Mr Boehner’s appearances on a number of Sunday television talk shows showed how entrenched their positions were.


“There’s not going to be an agreement without rates going up. There’s not,” Mr Geithner told CNN’s State of the Union.


He called on Republicans to make a counter-offer to the Obama administration’s plan.


But Mr Boehner said he was “flabbergasted” by Mr Geithner’s proposals – which he said asked Congress to give up its power to set the nation’s debt limit.


Continue reading the main story
  • Under a deal reached last year by the White House and the Republicans, existing stimulus measures – mostly tax cuts – will expire on 1 January 2013

  • Cuts to defence, education and other spending will then automatically come into force – the “fiscal cliff” – unless Congress acts

  • The economy does not have the momentum to absorb the shock from going over the fiscal cliff without going into recession


“What do you think would happen if we gave the president $ 1.6tn of new money?” Mr Boehner asked Fox News Sunday. “He’d spend it.”


Mr Boehner says asking the top 2% of US taxpayers to pay more would deal a “crippling blow” to a fragile economy, and has criticised criticised the Obama administration’s proposed spending cuts as inadequate.


The White House has suggested it would not support any deal that did not increase tax rates on the wealthiest.


The fiscal cliff would suck about $ 600bn (£347bn) out of the economy.


The measures were partly put in place within a 2011 deal to curb the yawning US budget deficit.


BBC News – Business


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Italy votes for center-left candidate for premier












ROME (AP) — Italians are choosing a center-left candidate for premier for elections early next year, an important primary runoff given the main party is ahead in the polls against a center-right camp in utter chaos over whether Silvio Berlusconi will run again.


Sunday’s runoff pits a veteran center-left leader, Pier Luigi Bersani, 61, against the 37-year-old mayor of Florence, Matteo Renzi, who has campaigned on an Obama-style “Let’s change Italy now” mantra.












Nearly all polls show Bersani winning the primary, after he won the first round of balloting Nov. 25 with 44.9 percent of the vote. Since he didn’t get an absolute majority, he was forced into a runoff with Renzi, who garnered 35.5 percent.


After battling all week to get more voters to the polling stations for round two, Renzi seemed almost resigned to a Bersani win by Sunday, saying he hoped that by Monday “we can all work together.”


Bersani, a former transport and industry minister, seemed confident of victory as well, joking about Berlusconi’s flip-flopping political ambitions by asking “What time did he say it?” when told that the media mogul had purportedly decided against running.


Next year’s general election will largely decide how and whether Italy continues on the path to financial health charted by Premier Mario Monti, appointed last year to save Italy from a Greek-style debt crisis.


The former European commissioner was named to head a technical government after international markets lost confidence in then-Premier Berlusconi’s ability to reign in Italy’s public debt and push through sorely needed structural reforms.


Berlusconi has largely stayed out of the public spotlight for the past year, but he returned with force in recent weeks, announcing he was thinking about running again, then changing his mind, then threatening to bring down Monti’s government, and most recently staying silent about his political plans.


His waffling has thrown his People of Freedom party into disarray and disrupted its own plans for a primary — all of which has only seemed to bolster the impression of order, stability and organization within the center-left camp.


A poll published Friday gave the Democratic Party 30 percent of the vote if the election were held now, compared with some 19.5 percent for the upstart populist movement of comic Beppe Grillo, and Berlusconi’s People of Freedom party in third with 14.3 percent. The poll, by the SWG firm for state-run RAI 3, surveyed 5,000 voting-age adults by telephone between Nov. 26 and 28. It had a margin of error of plus or minus 1.36 percentage points.


It’s quite a turnabout for Berlusconi’s once-dominant movement, and a similarly remarkable shift in fortunes for the Democratic Party, which had been in shambles for years, unable to capitalize on Berlusconi’s professional and personal failings while he was premier.


But Berlusconi’s 2011 downfall and a series of recent political party funding scandals that have targeted mostly center-right politicians have contributed to the party’s rise as Italy struggles through a grinding recession and near-record high unemployment.


Angelino Alfano, Berlusconi’s hand-picked political heir, seemed again exasperated Sunday after a long meeting with his patron over Berlusconi’s plans. News reports have suggested Berlusconi might split the party in two and re-launch the Forza Italia party that brought him to political power for the first time in 1994.


“We have to work to reconstruct the center-right, and reconstructing it means having a big center-right party,” not a divided one, Alfano said.


He added that Berlusconi didn’t say one way or another if he would run himself. “It’s his choice,” he said. “If there are any decisions in this regard, he’ll be the one to say so.”


___


Follow Nicole Winfield at www.twitter.com/nwinfield


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Verizon may soon launch Samsung Galaxy Camera with 4G LTE












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“Honey Boo Boo” star arrested for going ape on Georgia Freeway












LOS ANGELES (TheWrap.com) – If you tend to believe that the cast members of TLC reality series “Here Comes Honey Boo Boo” are less than totally evolved, rejoice; this story might just confirm your suspicions.


“Crazy” Tony Lindsey – the cousin of “Honey Boo Boo”‘s titular star Alana Thompson” – was arrested in Georgia earlier this week following a goofy, but dangerous, stunt involving a gorilla suit, TMZ reports.












A police report says that Lindsey was among a group of men arrested for reckless behavior after one of them, dressed in a gorilla suit, prepared to jump into a lane along Highway 20 at approximately 11 p.m. Unfortunately for the band of wrongheaded pranksters, Deputy Joe Rozier happened to be driving by as he was about to take the leap from the side of the road.


“I observed a white male dressed in a gorilla suit acting as if he was going to jump into my lane of travel. I swerved into the left lane to avoid an accident with the person,” Rozier said in a police report.


Rozier took pursuit, and “observed several white males run up the embankment and into the woods,” the report notes. After threatening to release his police dog, he heard a voice yell back, “You don’t have to do that, we’re coming back.”


A group of five adults and two minors emerged – but with no gorilla suit. After a while, however, they admitted to hiding the suit in the woods.


It’s not known if Lindsey was the one in gorilla suit, or if the stunt will be incorporated into an upcoming episode of “Here Comes Honey Boo Boo.”


A spokesperson for the show has not yet responded to TheWrap’s request for comment.


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French unions rage at Hollande over Mittal deal












PARIS (Reuters) – French trade unions accused President Francois Hollande of betrayal on Saturday after his government backed away from a threat to nationalize ArcelorMittal‘s Florange steelworks.


The Socialist government said on Friday it had won promises from ArcelorMittal to avoid forced redundancies and inject 180 million euros to develop the Florange plant, meaning it would no longer have to take over the site.












Hollande came to office promising to create jobs and keep open the two furnaces at the site in northern France which ArcelorMittal says are not viable in a European steel sector suffering over-capacity.


ArcelorMittal confirmed the details of the deal on Saturday, saying it would negotiate a voluntary redundancy deal with unions.


Workers are angry the furnaces will remain idled rather than reopened and expressed doubt over ArcelorMittal’s promise to offer alternative posts or early retirement packages for the 630 workers affected.


“We’re on a war footing,” Edouard Martin, head of union CFDT’s Florange chapter, told the commercial i


“We’ve seen Mr. (Lakshmi) Mittal’s pledges in the past and what has become of them – nothing – so we’re not going to let anything pass without a fight.”


Martin said the union had been a “nightmare” for former president Nicolas Sarkozy in the past over his jobs record, which analysts say was a factor in his election defeat in May, and could soon become one for Hollande.


ArcelorMittal rejects accusations it has broken promises in a country where it employs 20,000 over several sites.


The group incurred union wrath in 2009 when it shuttered the nearby Gandrange steelworks and laid off about 500 workers. Sarkozy had pledged to keep that site open.


‘EXPECTING THE WORST’


France’s prime minister defended the Florange deal.


“The prime minister will keep a close watch to ensure that promises made yesterday by the group are kept,” Jean-Marc Ayrault said in a statement.


“They are unconditional, and the government will use all legal means at its disposal in the event they are not respected.”


Unions say revamping Florange will require about 400 million euros in funding from the European Union on top of ArcelorMittal’s pledge – cash which has yet to be committed.


Threats this week by Industry Minister Arnaud Montebourg of a state takeover of Florange were denounced as “scandalous” by France’s main employers group Medef, which fears it will jeopardize foreign investment in France.


Hollande has tried to cultivate a worker-friendly image but his popularity has suffered as an economic slowdown pushes unemployment above 10 percent. A survey by pollster IFOP showed 41 percent of the French back him, one of the lowest scores for a president only six months into his term.


“We complained about Nicolas Sarkozy, but Francois Hollande is not doing any better,” CGT unionist Frederic Maris told BFM television. “For the future, we’re expecting the worst.”


French officials argue that Mittal promised to keep blast furnaces running beyond 2010 when his company merged with Arcelor in 2006.


ArcelorMittal denies breaching commitments. Sources close to the group say Arcelor planned in 2003 – before its 2006 takeover by Mittal – to wind down inland blast furnaces in Europe, including the two in Florange, by 2010.


(Additional reporting by Robert-Jan Bartunek in Brussels; Editing by Mark John and Janet Lawrence)


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