Saturday, December 31, 2011

7News: RT @mbta_alerts: Orange Line experiencing 15-20 min delays due to a disabled train approachign Community College Station. 12/30/2011 2: ...

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Orange Line experiencing 15-20 min delays due to a disabled train approachign Community College Station. ?12/30/2011 2:08 PM #mbta mbta_alerts

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Source: http://twitter.com/7News/statuses/152828900878188544

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Victims' group must reveal records in priest case

ST. LOUIS (AP) ? An advocacy group that has relentlessly pressured Roman Catholic leaders to reveal the scope of sex abuse in the church has been ordered to disclose records to a priest's defense lawyers that could include years of emails with victims, journalists and others.

The Survivors Network of those Abused by Priests has so far failed to block a judge's ruling that requires the organization to produce the documents and allows defense lawyers to question the network's national director, David Clohessy, on Tuesday.

The Survivors Network has been at the center of the Catholic abuse scandal for more than two decades as a constant critic of church leaders who failed to warn police or parents about serial offenders in the priesthood. As the costs of the scandal have skyrocketed, many bishops and other Catholics have viewed the group as an enemy, accusing the network of funneling clients to lawyers who want to enrich themselves and bankrupt the church.

According to studies commissioned by the U.S. bishops, dioceses have paid about $3 billion in settlements and other costs related to more than 15,700 abuse claims since 1950.

The Survivors Network argues the overwhelming majority of victims who seek the group's help do not sue over their abuse.

In a statement, Clohessy called the defense request "a bullying effort" that invades victims' privacy. He said the order was so broad that it could require him to produce documents involving whistleblowers, victims, parishioners, parents and journalists in other cases with no direct connection to Tierney or the diocese.

Jackson County Circuit Court Judge Ann Mesle said Clohessy must comply because he "almost certainly has knowledge concerning issues relevant to this litigation." Mesle argued that Clohessy is free not to respond to specific questions and can request that individual documents remain confidential.

Defense lawyers in other abuse cases have tried to gain access to the Survivors Network records, but the Jackson County case was the first time the request has been granted, said Marci Hamilton, a law professor and advocate for victims. The group's attorneys have asked the Missouri Supreme Court to intervene.

"If you see that talking to any survivors' group means your story could show up in any state in front of any other lawyers, then people are just going to shut down again," said Hamilton, a specialist in church-state issues at Cardozo Law School at Yeshiva University in New York.

Mesle issued the order in one of five abuse lawsuits against the Rev. Michael Tierney and the Diocese of Kansas City-St. Joseph. The plaintiff, identified only as John Doe, B.P., said he was 13 when Tierney attacked and molested him in the 1970s. All attorneys involved in Tierney's case are under a gag order. Tierney has previously denied any wrongdoing. Last June, the diocese barred him from any public church work and from presenting himself as a priest.

Defense lawyers sought the group's documents as evidence that the accuser's attorney, Rebecca Randles, violated the gag order by giving details of the case to the Survivors Network. The defense claims the group then printed the information in a press release.

Under the ruling, the network must produce all documents or correspondence relating to Tierney, the diocese, any priest currently or formerly associated with the diocese, the Survivors Network communication with the plaintiff and any documents related to repressed memory. The plaintiff in the lawsuit said he had repressed memories of the assault for years.

The National Catholic Reporter, an independent publication that has spearheaded investigative coverage of clergy abuse, was first to report the order for the documents Friday.

Some commentators said the Survivors Network was hypocritical for demanding public release of diocesan records, while being unwilling to be transparent itself.

"Haven't these very same people been decrying with righteous indignation attempts by church authorities to withhold certain records from the legal process?" wrote Jimmy Akin, a columnist with the independent National Catholic Register. "Matters seem different when the shoe is on the other foot, however, don't they?"

___

Rachel Zoll reported from New York.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2011-12-30-Church%20Abuse-Victims/id-b9308ba56f8049229f67c019086d6826

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Friday, December 30, 2011

BBCNews: UN sends troops to S Sudan town http://t.co/cAoRVbO4

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Thursday, December 29, 2011

E&Y auditors investigating massive 'errors' at Olympus (Americablog)

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GOP campaign for Iowa caucus enters final week (AP)

DES MOINES, Iowa ? An Iowa caucus campaign that has cycled through several Republican presidential front-runners entered its final week Monday, as unpredictable as the day conservatives began competing to emerge as Mitt Romney's chief rival.

Romney, the former Massachusetts governor, released a new television commercial for the state in which he cited a "moral imperative for America to stop spending more money than we take in. It's killing jobs," he said.

Texas Gov. Rick Perry countered with an advertisement that said four of his rivals combined ? none of them Romney ? have served 63 years in Congress, "leaving us with debt, earmarks and bailouts."

Former Pennsylvania Sen. Rick Santorum, who has invested more time in Iowa than any other contender, countered that "most Americans now believe that a little bit of experience going into a job like president is probably a good thing."

Santorum was the only presidential candidate in the state during the day.

That changes Tuesday, with bus tours planned by Perry, former House Speaker Newt Gingrich and Minnesota Rep. Michele Bachmann, all eager to energize their existing supporters and attract new ones.

Texas Rep. Ron Paul arrives Wednesday. Recent polls suggest he is peaking as caucus day approaches, a rise that has him tied with Romney or even ahead, and drawing more scrutiny for his views.

The result figures to be a short but intense stretch of campaigning through small towns and even smaller towns, the sort of one-on-one politicking that has largely vanished in the electronic age.

Failing that, it will pay tribute to the types of cuisine that prosper in early 21st century America.

The Perry bus will belly up to Doughy Joey's in Waterloo and to the Fainting Goat in Waverly, an establishment whose website says "After 10 p.m., we are the type of place your mothers warned you about." Perry also will visit a vineyard and winery in Carroll.

Bachmann will make an early-winter stop at a Dairy Queen, as well as Pizza Ranch establishments in Harlan, Red Oak and Atlantic, three localities with a combined population of 17,282.

It's not all about the food, though.

Perry has a stop arranged at the Glenn Miller Museum in Clarinda, population 5,301, where the great bandleader was born.

The Texas governor also has a distinction that none of his rivals can boast, a town that shares his name. Thus, Perry will visit Perry.

There were signs of strategic shifts as candidates struggled to stand out in advance of the straw poll next week that inaugurates the round of primaries and caucuses that will pick a nominee to oppose President Barack Obama next fall.

Perry's new ad shows images of Gingrich, Paul, Santorum and Bachmann as it criticizes Congress and renews the governor's call for halving lawmakers' pay and time spent in Washington.

Despite the commercial's implication, Gingrich and Santorum were out of Congress when the multibillion-dollar financial bailouts of 2008 occurred. Paul and Bachmann voted against the legislation.

Still, the approach taken suggests the Texas governor is more concerned with outpacing Paul, Bachmann, Santorum and Gingrich on caucus night that he is in defeating Romney.

The former Massachusetts governor, making his second try for the White House, has a well-funded and well-organized campaign nationally and in Iowa, as well as allies who are spending heavily on television advertisements through an independent organization known as a super PAC.

While others have periodically risen to challenge him, Romney has kept his support from seriously eroding in the polls, consistently remaining near the top.

A victory in Iowa does not necessarily translate into the Republican presidential nomination. Yet history suggests that contenders who finish farthest behind next week will quickly drop out, underscoring the significance of the struggle to emerge as Romney's chief rival.

The most recent presidential hopeful to surge and then falter is Gingrich. The former House speaker's campaign imploded last summer and still shows the after-effects: a shortage of funds to counter attack ads in Iowa, and failure to qualify for the primary in Virginia in March.

After insisting he would run a purely positive campaign, Gingrich let it be known he was about to attack Romney on one of his presumed areas of strength, his economic proposals.

R.C. Hammond, a spokesman for Gingrich, said the candidate would make the case that Romney has advanced "very timid ideas that will do little to get people back to work."

Gingrich favors an end to taxes on investment income and dividends, while Romney wants to end them only for individuals with incomes of $200,000 or less.

Gingrich also has proposed an optional 15 percent flat tax on income. Under the plan, taxpayers could stay in the current system, which has a top tax rate of 35 percent on taxable income above $379,150, or switch to the new flat rate, which would apply to income at all levels.

Romney favors retaining the current graduated income tax system, with lower rates than currently exist.

Gingrich is at least the fourth front-runner to falter since the campaign began in earnest in Iowa earlier this year.

Bachmann, who won a straw poll at the Iowa State Fair last summer, was briefly atop polls in the state. So, too Herman Cain, who subsequently suspended his campaign after a woman claimed she and Cain had a long-term extramarital affair.

Perry also soared to the top of the surveys when he entered the race last summer, then fell after a string of subpar debate performances.

Santorum has yet to experience the type of sudden surge that others in the race enjoyed but has doggedly campaigned in all 99 of the state's counties in hopes of rallying social conservatives to his side.

___

Associated Press writer Philip Elliott contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/ap/20111227/ap_on_el_ge/us_gop_campaign

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Wednesday, December 28, 2011

Iran threatens to close key Gulf oil route

Iran threatened on Tuesday to stop the flow of oil shipments through the crucial Strait of Hormuz if foreign sanctions were imposed on its crude exports over its nuclear ambitions.

The move could trigger military conflict with economies dependent on Gulf oil. The threat alone sent oil prices rising.

Western tensions with Iran have increased since a Nov. 8 report by the U.N. nuclear watchdog saying Tehran appears to have worked on designing an atomic bomb and may still be pursuing research to that end. Iran strongly denies this and says it is developing nuclear energy for peaceful purposes.

Iran has defiantly expanded nuclear activity despite four rounds of U.N. sanctions meted out since 2006 over its refusal to suspend sensitive uranium enrichment and open up to United Nations nuclear inspectors and investigators.

Many diplomats and analysts believe only sanctions targeting Iran's lifeblood oil sector might be painful enough to make it change course, but Russia and China ? big trade partners of Tehran ? have blocked such a U.N. move.

Iran's warning on Tuesday came three weeks after EU foreign ministers decided to tighten sanctions over the U.N. watchdog report and laid out plans for a possible embargo of oil from the world's No. 5 crude exporter.

"If they (the West) impose sanctions on Iran's oil exports, then even one drop of oil cannot flow from the Strait of Hormuz," the official Iranian news agency IRNA quoted Iran's First Vice President Mohammad Reza Rahimi as saying.

Rahimi's remarks coincided with a 10-day Iranian naval exercise in the Strait and nearby waters, a show of military force that began on Saturday and coincides with the heightened Western pressure on Tehran.

"Our enemies will give up on their plots against Iran only if we give them a firm and strong lesson," Rahimi said.

Sanctions meeting in January
EU ministers said on December 1 that a decision on further sanctions would be taken no later than their January meeting but left open the idea of an embargo on Iranian oil.

Countries in the 27-member European Union take 450,000 barrels per day of Iranian oil, about 18 percent of the Islamic Republic's exports, much of which go to China and India. EU officials declined to comment on Tuesday.

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About a third of all sea-borne oil was shipped through the Strait of Hormuz in 2009, according to the U.S. Energy Information Administration (EIA), and U.S. warships patrol the area to ensure safe passage.

Most of the crude exported from Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq ? together with nearly all the liquefied natural gas from lead exporter Qatar ? must slip through the Strait of Hormuz, a 4-mile wide shipping channel between Oman and Iran.

Iran has also hinted it could hit Israel and U.S. interests in the Gulf in response to any military strike on its nuclear installations ? a last resort option hinted at by Washington and the Jewish state.

However, some analysts say Iran would think hard about sealing off the Strait since it could suffer just as much economically as Western crude importers, and could kindle war with militarily superior big powers.

"To me, if Iran did that it would be a suicidal act by the regime. Even its friends would be its enemies," said Phil Flynn, analyst at PFG Best Research in Chicago.

Saudis may replace Iran oil
Industry sources said on Tuesday No. 1 oil exporter Saudi Arabia and other Gulf OPEC states were ready to replace Iranian oil if further sanctions halt Iranian crude exports to Europe.

Iranian Oil Minister Rostam Qasemi had said that Saudi Arabia had promised not to replace Iranian crude if sanctions were imposed.

"No promise was made to Iran. It's very unlikely that Saudi Arabia would not fill a demand gap if sanctions are placed," an industry source familiar with the matter said.

Gulf delegates from the Organization of the Petroleum Exporting Countries (OPEC) said an Iranian threat to close the Strait of Hormuz would harm Tehran as well as the major regional producers that also use the world's most vital oil export channel.

Oil prices spiked Tuesday, fueled by fears of supply disruptions and Iranian naval exercises in a crucial oil shipping route, with gains capped by simmering euro zone debt concerns.

Crude oil futures jumped nearly a dollar to over $109 a barrel after the Iranian threat, but a Gulf OPEC delegate said the effect could be temporary. "For now, any move in the oil price is short-term, as I don't see Iran actually going ahead with the threat," the delegate told Reuters.

The industry source said that in the case of EU sanctions, Iran would most likely export more of its crude to Asia, while Gulf states would divert their exports to Europe to fill the gap until the market is balanced again.

A prominent analyst said that if Iran did manage to shut down the Strait of Hormuz, the ensuing spike in oil prices could wreck the global economy, so the United States was likely to intervene to foil such a blockade in the first place.

About the Strait of Hormuz:

Location: The most important oil transit channel in the world is a narrow bend of water separating Oman and Iran. It connects the biggest Gulf oil producers, such as Saudi Arabia, with the Gulf of Oman and the Arabian Sea. At its narrowest point, the strait is only 21 miles across and consists of 2-mile-wide navigable channels for inbound and outbound shipping and a 2-mile-wide buffer zone.

Oil shipments

  • Flows through the Strait in 2009 were roughly 33 percent of all seaborne traded oil (40 percent in 2008), or 17 percent of oil traded worldwide, according to the U.S. Energy Information Administration (EIA).
  • Some 15.5 million barrels passed through in 2009, according to the U.S. EIA. U.S. warships patrol the area to ensure the safe passage.
  • The bulk of the oil exported through the Strait of Hormuz travels to Asia, the United States and Western Europe. About three-quarters of Japan's oil imports and about 50 percent of China's pass through this strait.
  • An additional 2 million barrels of oil products, including fuel oil, are exported through the passage daily, as well as liquefied natural gas (LNG).

Other shipments: Merchant ships carrying grain, iron ore, sugar, perishables and containers full of finished goods also pass through the strategic sea corridor en route to Gulf countries and ports such as Dubai.

Copyright 2011 Thomson Reuters. Click for restrictions.

Source: http://www.msnbc.msn.com/id/45798315/ns/world_news-mideast_n_africa/

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Tuesday, December 27, 2011

Facebook post saves Utah hostages

SALT LAKE CITY (AP) ? Utah police say a woman used Facebook to get help after she and her 17-month-old son were held hostage at a residence for nearly five days.

Salt Lake County Jail documents say the woman posted on Saturday that she and her son would be "dead by morning" if they were not rescued. That prompted a welfare check at the home by Sandy police.

Officers arrested 33-year-old Troy Reed Critchfield and booked him into jail for investigation of aggravated kidnapping, forcible sodomy, aggravated assault, domestic violence, child abuse, animal cruelty and other charges.

He remained in jail on Monday.

It was not immediately clear whether Critchfield had an attorney.

Police say the woman hid in a closet and used a laptop to post the Facebook message.

Source: http://feeds.chron.com/~r/houstonchronicle/topheadlines/~3/H0vKgT56Gro/Utah-woman-son-rescued-after-Facebook-post-2425826.php

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H2O Innovation secures $4.7m in contracts in US, Canada

CTBR Staff Writer
Published 23 December 2011

H2O Innovation has secured new contracts totaling $4.7m for industrial and municipal water treatment systems in the US and Canada.

Under the terms of the contracts, H2O Innovation will provide custom-built membrane filtration water treatment systems and equipment to industrial end-users in the US and Canada, and, to a lesser extent, to municipal end-users.

H2O Innovation will design, fabricate, and deliver reverse osmosis membrane filtration systems or equipment to Canadian and US industrial end-users in the mining, energy and power generation sectors.

The company will also deliver a 1.15MGD two-train reverse osmosis system for the production of process water at a textile plant for a repeat customer.

For a public utility company based in the US Mid-West, H2O Innovation will construct a double-pass reverse osmosis system followed by electrodeionization and mixed bed polisher for boiler make-up water production.

Another contract will see H2O Innovation build and deliver a system to municipal end-user, the Municipality of Sainte-Helene de Bagot in Quebec, for which the Company will manufacture a nanofiltration membrane system for the production of drinking water from underground sources.

All projects will be manufactured in the company's two North American plants, in Ham-Nord, Quebec and Minneapolis, Minnesota.

H2O Innovation designs, manufactures, and integrates custom-built water treatment systems for the production of drinking water and industrial process water, the reclamation and reuse of water, and the treatment of wastewater in the municipal, commercial, institutional, industrial, oil and gas, mining, and energy markets.

Source: http://waterwastemanagement.cleantechnology-business-review.com/news/h2o-innovation-secures-47m-in-contracts-in-us-canada-231211

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Monday, December 26, 2011

Minister: Spain to fall back into recession (AP)

MADRID ? Spain will slide back into recession early next year with the current quarter and the first of 2012 both registering negative growth, new Economy Minister Luis de Guindos said Monday.

De Guindos said he expects the economy ? the eurozone's fourth largest ? to contract by between 0.2 percent and 0.3 percent in the final three months of this year and again in the first quarter of next year. He said the outlook for next year was poor.

"Let nobody be fooled, the next two quarters are not going to be easy either in terms of growth or employment," de Guindos said.

Spain began to emerge from a near two-year recession last year. It had two successive quarters of growth in 2011 before posting zero growth in the third period.

De Guindos took office last week as part of the new conservative Popular Party government. He said then he was confident the country would emerge from its severe economic crisis and return to prosperity and its former status as a job creator.

Spain has the highest unemployment rate of the 17 countries that use the euro, with 21.5 percent joblessness, and is running a swollen budget deficit following the recession that started with the collapse of a real estate bubble.

The Popular Party won a landslide victory in Nov. 20 elections on a promise to get the economy moving again.

Prime Minister Mariano Rajoy has pledged austerity cuts totaling euro16.5 billion ($21.6 billion) and promised labor reforms.

His government is to begin approving urgent measures Friday, including a freeze on filling new civil service vacancies. except in key areas such as the security forces.

Spain has already made sharp cuts to its national spending and introduced several reforms under the former Socialist government, but the economy has failed to respond.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20111226/ap_on_bi_ge/eu_europe_financial_crisis

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Dallas D vs. Coach Ryan (Last post on 12/26/2011 at 04:51 AM PST)

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Drinks and joy as defectors embrace Kim's death (AP)

SEOUL, South Korea ? More than 21,000 North Koreans now live in South Korea. For many, the news of North Korean leader Kim Jong Il's death stirred mixed emotions.

Several interviewed in Seoul by The Associated Press described a burst of joy upon hearing that Kim had died, but also a surge of unease over the fate of relatives and friends and even a shadow of homesickness.

There was celebration ? one man had drinks with a friend_ and hope for a better future for their homeland. For one woman, there was sadness as she envisioned little girls cramming to memorize the Kims' feats.

South Korea is no paradise for the defectors either; facing prejudice and lacking job skills, they rarely feel welcomed by their capitalist brethren.

Here, in their own words, are what three of them had to say:

___

THE PAINTER

"I felt rather calm after hearing of Kim Jong Il's death," said Song Byeok, 42, a painter who learned his art drawing propaganda posters in North Korea. "I thought to myself about him: 'You, too, are human in the end.'

"It was his destiny. He couldn't avoid it. ... He was praised like a god, but in the end, he was only a human who fell like an autumn leaf."

Desperate for food in 2000, Song and his father tried to cross the river into China ? not to defect but just to get something to eat from relatives on the Chinese side.

He still believed Kim Jong Il was a good leader.

However, when his father was swept away by the current and drowned, border guards ignored Song's pleas to help rescue him; instead they beat Song up and detained him. The experience convinced him to leave for good in 2002.

"I thought to myself after hearing Kim died that a wind of democratization may finally blow in North Korea," he said. "Reforms may come because Kim Jong Il has died.

"Kim Jong Un is young and he may lean toward reforms. But I still think he may not last long because he's too inexperienced. He only had a year or so to be groomed as successor.

"It may have been better for him if Kim Jong Il had lasted longer."

Song Byeok is the name he paints under and is widely known by in South Korea; he refused to divulge his real name for fear of retaliation against relatives and friends still in North Korea.

___

THE STUDENT

"I believed North Korea was the best country in the world," said Lee Hyeon-seo, who was 13 when late President Kim Il Sung, father of Kim Jong Il, died in 1994.

"I really believed in the theory of self-reliance," she said.

"When Kim Il Sung died, I saw many foreign guests crying on TV, which made me feel like Kim Il Sung was a god," she said. "But as days passed, I felt I wasn't as sad as I was supposed to when I stood in front of his statue.

"Everybody was crying but I couldn't cry, so I dabbed my face with my spit. It was a hot day, and some girl fainted and was sent to a hospital."

Lee, now 30, fled the North in the mid-1990s and lived for a decade in China before moving to South Korea in 2008. Now she studies Chinese at the Hankuk University of Foreign Studies in Seoul.

"I remember the propaganda education vividly even though I was a girl," she said. "In North Korea, excelling at math or English is less important than being good at the history of Kim Il Sung's revolutionary steps. Now I know it's fake, but we had to cram as much of the history in our heads as possible. We struggled to get high marks on the subject in school.

"I used to believe unification was a pipe dream. But now it may be possible. I'm hearing from friends that they'd like to be invited to my house in North Korea if the Koreas are reunified."

___

THE ACTIVIST

"I know a person's death is usually something that shouldn't be celebrated, but this time it was completely different," said Kim Seung-cheol, 50.

"Kim's death meant that North Korea would start changing," he said. "It was a hopeful sign for a change."

Kim went out with a friend to celebrate over sausages and "soju," a popular Korean liquor. They laughed with joy.

When he defected 20 years ago, he left behind his wife and son.

"If unification happens, I would like to find out if my son is still alive," he said. "If I find him, I will ask him to hit me for leaving him.

"And if I'm reunited with my wife, I will sing a song out of joy. But I have to ask forgiveness of her, because I've married another woman here in South Korea.

"I've pretty much given up on trying to find my son. It's important he be alive though," he said. "I only hope he is not living a miserable life as a vagabond.

"I hope South Korea can start engaging North Korea. A conciliatory gesture may be needed to open up North Korea. Seoul should send a message to Pyongyang that South Korea wants to go together with the new leadership in North Korea."

Source: http://us.rd.yahoo.com/dailynews/rss/nkorea/*http%3A//news.yahoo.com/s/ap/20111225/ap_on_re_as/as_kim_jong_il_defector_voices

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Google Books for Chrome now lets you read offline

So you're really enjoying War and Peace, but since you can't carry that tome around with you everywhere (it weighs like eight pounds, right?), you're reading whenever you get a chance on your smartphone, tablet, and laptop with Google Books. There's been one piece missing to that puzzle until now: unlike the phone and tablet apps, Google Chrome didn't offer offline reading. With a new update, you can hover over a book cover and click the "make available offline" checkbox, allowing you to read when you're stuck without an internet connection. It's especially good news for Chromebook users, as it gives them one more thing they can do without the internet. One thing to note, however: only EPUB books can be cached ? those that are in PDF format are simply too big to cache for now.

Image Credit: ben.gallagher (Flickr)

Source: http://www.theverge.com/2011/12/24/2658270/google-books-chrome-offline-cache-reading

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Sunday, December 25, 2011

ECB's Visco hints at lower rates if economy worsens (Reuters)

MILAN (Reuters) ? European Central Bank Governing Council Member Ignazio Visco said in a newspaper interview on Saturday that the bank will be attentive to the economic cycle when setting monetary policy, suggesting rates could fall more if the euro zone economy worsens.

The ECB has cut interest rates for two months in a row and this month unveiled a raft of measures to support Europe's cash-starved banks to counter a forecast recession brought on by widespread austerity measures.

"Monetary policy will be attentive to the (economic) cycle. It is thus that we defend monetary stability in the medium-term," the governor of the Bank of Italy, said in the interview in Italian business daily Il Sole 24 Ore.

Visco also said the upward trend in Italian bond yields has been stopped and turned around, even if financial markets remain very volatile.

On Friday, the yield on the 10-year Italian government bond rose above 7 percent, the highest since December 16, and the spread over the equivalent German Bund was more than 500 basis points on worries about the euro zone in 2012.

"All the same the trend for higher yields is stopped and turned around, and today we are well below the highs registered in the last few months," Visco said in the interview in Italian business daily Il Sole 24 Ore.

"Certainly there is a lot of volatility, but we know that confidence on the markets is lost quickly and regained only slowly and with a constant and continuous commitment," said Visco, who is also governor of the Bank of Italy.

Visco said that the Italian government's 33 billion euro ($43 billion) austerity package, approved definitively by the Senate on Thursday, was "indispensable," but he added that structural measures to boost growth and create jobs and wealth should be accelerated.

"It is with policies that sustain growth in a credible way that it will be possible to convince the rest of the world that - as our analyses clearly confirm - our public debt is sustainable," he said.

In an interview on Friday, Standard & Poor's top executives said the first quarter of 2012 will be a test for Italy because of the huge amount of sovereign debt it has to refinance.

The record-high yields Italy has paid at recent sales have led to concerns the euro zone's third-largest economy may have trouble refinancing the more than 150 billion euros of debt coming due between February and April next year.

The spread between the 10-year Italian bond and the equivalent Bund can fall if the growth capacity of national economies is judged favourably, on prospects for political integration in the euro zone, and international cooperation, he said.

BANK FUNDING, CAPITAL

Asked about growth and the problem of the economic cycle, Visco said: "This is the reason for which, with the last decisions of the governing board, we have made monetary policy still more accommodating than it was already before."

He added that the ECB does not only respond to short-term inflation trends when setting policy.

A year of complete stagnation awaits the euro zone economy in 2012, according to a recent Reuters poll of economists, who said a recession has already started that will last until the second quarter of next year.

European banks gobbled up nearly 490 billion euros in three-year cut-price loans from the ECB on Wednesday, easing immediate fears of a credit crunch but leaving unresolved how much will flow to needy euro zone economies.

More than a dozen Italian banks, including top lenders UniCredit (CRDI.MI) and Intesa Sanpaolo (ISP.MI), tapped 116 billion euros ($143.5 billion) of the three-year loans - about a quarter of the total.

"Bank liquidity is suffering strong pressure because of the difficulty in renewing wholesale funding, which is determined by the strong increase in sovereign risks in the euro zone," Visco said in the paper.

Visco said the European Banking Authority's demand for higher capital buffers, which has come under fire in Italy, is a one-off exercise and is not aimed at deleveraging or reducing lending to the economy.

"I understand that (raising capital on the market) is not easy, but we are not talking about extraordinary figures," he said, adding that other options include cutting dividends and bonuses, and selling non-strategic assets.

(Writing by Nigel Tutt and Philip Pullella)

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/nm/20111224/bs_nm/us_ecb_visco

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No. 1 Syracuse beats Tulane 80-61 to move to 13-0 (AP)

SYRACUSE, N.Y. ? James Southerland and Brandon Triche each hit a pair of 3-pointers to key a 19-point first-half surge, and top-ranked Syracuse beat Tulane 80-61 on Thursday night to remain unbeaten.

It's the third straight season Syracuse has won its first 13 games. The Orange have won three straight since reaching the top spot in the rankings 10 days ago, including victories over North Carolina State and Bucknell.

Tulane (11-2) had faced the No. 1 team in the nation twice before, losing to Cincinnati (72-59) in January 2000 and Memphis (97-71) in February 2008. The Green Wave has never defeated a top-five team and hasn't beaten a top-10 since a 49-47 victory over No. 9 Memphis in February 1983.

Dion Waiters had 15 points, Kris Joseph added 13, and Southerland 10 for the Orange.

Kendall Timmons led Tulane with 16 points, Ricky Tarrant had 15, and Jordan Callahan 10. Josh Davis, a transfer from North Carolina State who was averaging 12.1 points and 10.2 rebounds, missed all nine shots he took and finished with three points and six rebounds.

Tulane stayed tough in the opening minutes despite finding little room inside, playing the Orange to a standstill as they worked the clock in deliberate fashion. A short jumper by Kevin Thomas knotted the score at 14-all midway through the first half, and Timmons' 3-pointer at the shot-clock buzzer moved the Green Wave within 22-19 with 6:57 left.

That was it for Tulane as the Orange's long-range attack shifted into high gear. The Green Wave missed four straight shots and were called for two shot-clock violations in the closing minutes, while Syracuse hit five straight 3-pointers to gain a 41-19 halftime lead. The Orange finished 10 of 21 from beyond the arc.

It all started after a miss by Triche. Fab Melo tapped the rebound out to Joseph, and he hit a 3 from the left wing.

Joseph then sent Scoop Jardine off on fast-break layup and Triche hit a 3 from the right corner after quick passes around the perimeter by Jardine and Joseph.

After Melo blocked a dunk attempt by Tre Drye, it was Southerland's turn to shine. He hit another 3 from the right wing, drove the lane and fed Baye Keita for a resounding dunk, then hit a 3 from the top of the key.

Jardine ended the spurt by feeding Triche for a 3 from the right corner.

Tulane, called for three shot-clock violations in the first half, shot just 24 percent (6 of 25) and committed nine turnovers in the opening period, while the Orange hit 14 of 25 shots (56 percent), including 7 of 12 from beyond the arc. In the previous two games, Syracuse made 19 of 42 3-point attempts, a 45 percent clip.

In its win over the Wolfpack, Syracuse scored 23 straight points in a first-half spurt that took just 6:47 ? about a minute longer than Thursday night's blitz.

Although Tulane entered the game with only one loss ? 61-50 at Wofford ? and had a victory over Georgia Tech, its non-league schedule has been weak. The Green Wave's slate ranks almost at the bottom among the 344 teams in Division I, and among its victims were Division II New Orleans and Division III MacMurray College.

Head coach Ed Conroy has a roster that includes six transfers and seven freshmen, and Conroy felt the team needed lots of practice to improve. That's why two teams that don't even count toward Tulane's Ratings Percentage Index were on the schedule and why the Green Wave has only two games in the last three weeks of December.

Source: http://us.rd.yahoo.com/dailynews/rss/sports/*http%3A//news.yahoo.com/s/ap/20111223/ap_on_sp_co_ga_su/bkc_t25_tulane_syracuse

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Saturday, December 24, 2011

Shi'ites targeted as Baghdad blasts kill 72 (Reuters)

BAGHDAD (Reuters) ? A wave of bombings killed at least 72 people in Baghdad Thursday, the first attacks since Iraq's Shi'ite-led government was engulfed in a crisis that risks fracturing the country along sectarian and ethnic lines.

The bombings, just days after the last U.S. troops left Iraq, marked a violent backlash against Shi'ite Prime Minister Nuri al-Maliki's move to sideline two Sunni rivals. The tensions threaten a relapse into the kind of sectarian bloodletting that drove Iraq to the brink of civil war a few years ago.

At least 18 people were killed when a suicide bomber driving an ambulance detonated the vehicle near a government office in Baghdad's mostly Shi'ite Karrada district, sending up a huge smoke cloud and scattering car parts into a kindergarten, according to police and health officials.

"We heard the sound of a car driving, then car brakes, then a huge explosion. All our windows and doors are blown out, black smoke filled our apartment," said Maysoun Kamal, who lives in a Karrada compound.

Police and security sources said there were more than 10 explosions across Baghdad, mostly targeting Shi'ite districts. A total of 217 people were wounded.

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Graphic on ethnic divide http://link.reuters.com/wub75s

Graphic on bombings http://link.reuters.com/sub75s

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Iraqi officials linked the attacks to the current crisis.

"The timing of these crimes and the places where they were carried out confirm ... the political nature of the targets," Maliki said in a statement.

A senior U.S. official however said Washington's initial assessment was that the violence was probably the work of al Qaeda.

"It has all the marks of al Qaeda, targeting large concentrations of civilians and it could be that they are trying to exploit this by seeking to recreate the support that they had in the west and the north of the country," the official said, speaking on condition of anonymity.

The United States "stands with Iraq as a strategic partner and a close friend," the White House said. "Attempts such as this to derail Iraq's continued progress will fail."

The last American troops left OPEC oil-producer Iraq over the weekend, nearly nine years after the invasion that toppled Sunni dictator Saddam Hussein. Many Iraqis had said they feared a return to sectarian violence without a U.S. military buffer.

Upheaval in Iraq would have wider consequences in a region where a crisis in neighboring Syria is taking on a more sectarian tone, and Shi'ite Iran, Turkey and Sunni Arab Gulf nations are jostling for influence.

In the other Baghdad attacks, two roadside bombs struck the southwestern Amil district, killing at least seven people and wounding 21 others, while a car bomb blew up in a Shi'ite neighborhood in Doura in the south, killing three people and wounding six, police said.

More bombs ripped into the central Alawi area, Shaab and Shula in the north, all mainly Shi'ite areas, and a roadside bomb killed one and wounded five near the Sunni neighborhood of Adhamiya, police said.

An old woman wrapped in black yelled and called out for her husband, lost under the rubble, after two bombs struck a wholesale vegetable market where they both worked.

"I cannot find my husband, I don't know if they took him out or not, I don't know," she said.

Further explosions struck the southwestern part of the capital late Thursday, including a roadside bomb followed by a car bomb in the Al-Shurta al-Khamissa district and a parked car bomb in the Jihad area, police said.

Violence in Iraq has ebbed since the height of sectarian slaughter in 2006-2007, when suicide bombers and hit squads targeted Sunni and Shi'ite communities in continual attacks.

But the country is still fighting a stubborn, lower-grade insurgency waged by Sunni Islamists tied to al Qaeda and Shi'ite militias who U.S. officials say are backed by Iran.

No group claimed responsibility for Thursday's bombings, but analysts said Iraq's al Qaeda affiliate was probably hitting Shi'ite targets, as in the past, to inflame sectarian conflict and show it was still capable of major attacks.

"The perpetrators have sought to underline the fragile, sectarian balance of Iraq's political system," said Matthew Henman, analyst at Jane's Terrorism and Insurgency Center.

SECTARIAN MAELSTROM

Just days after the U.S. withdrawal, Iraq's fragile power-sharing government is grappling with its worst turmoil since its formation a year ago. Shi'ite, Sunni and Kurdish blocs share out government posts in a unwieldy system that has been impaired by political infighting since it began.

Since its modern borders were mapped in 1920, Iraq has been a patchwork of sectarian and ethnic regions, from the mainly Shi'ite Muslim south to Sunni strongholds in the west and, more recently, the semi-autonomous Kurdistan region in the north.

Even before the crisis, Baghdad and Kurdistan were caught up in a growing dispute over control of some of the world's fourth-largest oil reserves. One dispute involves whether U.S. oil giant Exxon Mobil can operate in Kurdistan.

Sunni Muslim provinces near Saudi Arabia are also chafing against what they see as an increasingly authoritarian government in Baghdad that is interested only in promoting a Shi'ite Muslim agenda.

This week, Maliki called for the arrest of Sunni Vice President Tareq al-Hashemi on charges he organized assassinations and bombings, and he asked parliament to fire his Sunni deputy Saleh al-Mutlaq after he likened Maliki to Saddam.

Hashemi, who has denied the accusations, has taken refuge in Iraq's Kurdish region where he is unlikely to be handed over to the Shi'ite-led government in Baghdad.

Maliki Wednesday warned Sunni leaders they would be excluded from power if they walked out of the ruling coalition, even as senior U.S. officials piled pressure on both sides for dialogue to end the crisis.

The moves against the senior Sunni leaders have fanned sectarian worries because Sunnis fear the prime minister wants to consolidate Shi'ite domination over the country.

Iraq's Sunni minority have felt marginalized since the rise of the Shi'ite majority in Iraq after the 2003 invasion. Many Sunnis feel they have been shunted aside in the power-sharing agreement that Washington touts as a young democracy.

(Additional reporting by Aseel Kami; Writing by Patrick Markey and Rania El Gamal; Editing by Serena Chaudhry and Mark Trevelyan)

Source: http://us.rd.yahoo.com/dailynews/rss/world/*http%3A//news.yahoo.com/s/nm/20111222/wl_nm/us_iraq_violence

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Friday, December 23, 2011

Chinese referee accused of fixing int'l matches

Associated Press Sports

updated 9:01 a.m. ET Dec. 21, 2011

BEIJING (AP) -A veteran Chinese referee has admitted in court to taking bribes to fix local and international matches, including making sure a local team won the toss in a friendly involving Manchester United, state media has reported.

The case of Huang Junjie, a referee for more than 20 years who has been nominated as one of the country's best, is one of a number of hearings under way following a probe into Chinese football corruption.

He accepted $245,000 of bribes to fix two international friendlies and taking 20 bribes from six Chinese clubs between 2005 and 2009, Xinhua News Agency reported Tuesday.

The international matches included a 2007 exhibition match between the English Premier League's Manchester United and China's Shenzhen. Huang took 100,000 Hong Kong dollars ($13,000) in bribes to let Shenzhen win the coin toss, Xinhua said. Manchester United went on to win the game 6-0.

The other international match was a 2009 fixture between Shanghai Shenhua and Australian club Sydney, which the Chinese club won 2-1.

"At no stage during the trip or the match was there anything that would have alerted Sydney FC to the situation that has been raised today," the club said in a statement on Wednesday.

Coach Vitezslav Lavicka said he remembered nothing suspicious about the match.

"I remember that game ... but there's no point to give it any credit, it's a very strange situation," he said. "I don't remember anything out of ordinary ... that's in the past now."

Huang, who was nominated as China's referee of the year in 2009, also took bribes from his colleague, referee Zhou Weixin, to sway results, Xinhua said. Zhou is charged with corruption and bribing civil servants.

Their trials in northeast China are part of a crackdown on Chinese football corruption that has implicated players and top officials including the former head of the Chinese Football Association.

? 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Terry to be charged over racism

??England captain John Terry will face a criminal charge over allegations that he racially abused an opponent in the Premier League.

Getty Images
Beckham's MLS run over?

David Beckham's management company says reports the former England captain has agreed a deal to join Paris Saint-Germain are "premature."

Source: http://nbcsports.msnbc.com/id/45746569/ns/sports-soccer/

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Iowa Christian group divided, chief backs Santorum (AP)

URBANDALE, Iowa ? A prominent Christian conservative group in Iowa is not endorsing a Republican candidate for president, underscoring the divisions among influential social conservatives in the state.

The group's top two leaders said Tuesday they are backing former Sen. Rick Santorum, giving the little-known Pennsylvania Republican a lift as he works to break through in the Jan. 3 caucuses.

"I really believe he could be the Huckabee in this race," Bob Vander Plaats, president of the Family Leader, said of Santorum, likening him to former Arkansas Gov. Mike Huckabee, the 2008 Republican caucus winner.

Vander Plaats, a former candidate for governor, formed the Family Leader, a Christian political advocacy group, last year with the hope of establishing it as a power player in the 2012 caucuses.

But the group's board members, after hosting a series of candidate events around the state including a five-candidate forum in Des Moines last month, failed to unite behind a candidate.

Vander Plaats and Chuck Hurley, president of the affiliated Iowa Family Policy Center, said they were endorsing Santorum on their own, and urged civility in an internal struggle among social conservatives that has become heated.

"I do regret that one erstwhile friend and culture warrior has threatened to, quote, burn Bob's body, drag it through the street and hang it from a bridge, unquote, if Bob doesn't endorse who that person wants him to endorse," Hurley told reporters.

Vander Plaats and the group had been pressured by an anonymous group called Iowans for Christian Leadership not to back former House Speaker Newt Gingrich, who has courted the faith community aggressively but stirs doubt among some in light of his admitted marital infidelity and two divorces.

Their endorsement was seen as a help to Santorum, who has campaigned doggedly in Iowa ? the only one to tag all 99 counties ? but with little fanfare. He has picked up the backing of ministers of large evangelical churches in Sioux City and the Des Moines area.

"He's the one candidate who's not caught his wave yet," Vander Plaats said. "But every place I go, I hear, `What do you think about this Rick Santorum?'"

Santorum, a longtime crusader against abortion rights and gay marriage in Congress, has reached out to pastors and Christian home-school advocates, part of the support base for Huckabee's winning caucus campaign in Iowa four years ago.

Unlike then, the 2012 field has a number of candidates aggressively courting these voters in Iowa, which has divided them and fed the fluidity in the race for the Jan. 3 caucuses, which polls show up for grabs.

For example, the American Family Association, endorsed Gingrich on Tuesday. He was influential in helping the group seed a campaign in Iowa last year to oppose the retention of three state Supreme Court judges who were part of the unanimous 2009 decision allowing gay marriage in Iowa.

Vander Plaats and Hurley endorsed Huckabee's 2008 campaign, and helped lead the campaign to oust the three Iowa judges last year.

"This means so much more to our campaign," said Santorum, who has polled in the single digits in Iowa. "If their work on behalf of Gov. Huckabee four years ago is any indication, I have no doubt they will be a terrific catalyst for our campaign."

Source: http://us.rd.yahoo.com/dailynews/rss/politics/*http%3A//news.yahoo.com/s/ap/20111221/ap_on_el_pr/us_iowa_social_conservatives

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Thursday, December 22, 2011

Dramatic satellite photo shows North Korea?s near total lack of electricity (Yahoo! News)

Country's capital is one of only a few places with light at night

If the?inhabitants of another world were to look at North Korea at night, they'd assume it was deserted. That's because the country is virtually without electricity, as evident in this?nighttime satellite photo showing only its capital of Pyongyang and a few tiny spots within its borders illuminated.

The photo is a testament to the severe poverty of the nation, which was ruled by?Kim Jong-il from 1980 until his death on December 17 from an apparent heart attack. Jong-il had been widely accused of pouring his country's resources into its military and nuclear programs, leaving a majority of its citizens without food and other basic necessities.

In this stunning photo, you can see the bright lights of China to the north and South Korea below. The bright white line of lights denote the border between the North and South that was established as part of the cease-fire agreement during the Korean War in 1953.

[Image credit:?PlanetObserver/Science Photo Library]

(Source)

This article was written by Randy Nelson and originally appeared on Tecca

More from Tecca:

Source: http://us.rd.yahoo.com/dailynews/rss/techblog/*http%3A//news.yahoo.com/s/yblog_technews/20111220/tc_yblog_technews/dramatic-satellite-photo-shows-north-koreas-near-total-lack-of-electricity

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Sunday, December 18, 2011

'The Onion' Of Medical Journals Pokes Fun At Studies

For the past 13 years, North America's medical community has had its own version of The Onion. The Canadian Medical Association Journal's "Holiday Reading" segment in its December issue brings satire and spoofing to its medical studies, with some unintended consequences. Host Audie Cornish talks with Barbara Sibbald, editor of the Canadian Medical Association Journal.

Source: http://www.npr.org/2011/12/18/143916143/the-onion-of-medical-journals-pokes-fun-at-studies?ft=1&f=1007

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No solstice fireworks in Fairbanks this year (Providence Journal)

Share With Friends: Share on FacebookTweet ThisPost to Google-BuzzSend on GmailPost to Linked-InSubscribe to This Feed | Rss To Twitter | Politics - Top Stories Stories, RSS Feeds and Widgets via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/176265266?client_source=feed&format=rss

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Mars and the Moon Dance in Tonight's Night Sky (SPACE.com)

If you're out during the very late evening hours tonight (Dec. 16), check out the eastern sky just before midnight.?

There you'll see a waning gibbous moon less than a day before it arrives at last quarter (half) phase. Hovering well off to its left and at a slightly higher altitude above the horizon is a rather conspicuous "star," shining with a fiery tint, which is the planet Mars.?

The apparent distance between the moon and Mars is relatively wide, measuring approximately 8 degrees (your clenched fist held at arm's length measures about 10 degrees). Although they are not particularly close, Mars calls attention to itself, in part, due to its color as well as its brightness. The sky map of Mars and the moon here shows how they appear together in the night sky.

The moon, of course, is much closer to Earth than Mars and appears to cycle around the sky against the background stars rather quickly over a span of about 29.5-days. It will, in fact, be passing Mars again in about a month, on the evening of Jan. 13. [Photos: Our Changing Moon]

But between now and then Mars is going to become far more prominent in our sky.

Between tonight and its next encounter with the moon in mid-January, Mars will appear to travel part of the distance from the star Regulus in the constellation Leo to Spica in Virgo; it will pass from Leo into Virgo in mid-January.

Currently, Mars rises around 11 p.m. local time. But by Jan. 13, it will be coming up before 9:45 p.m.

The planet is highest in the south at dawn's first light: an orange-yellow gem that's brightening weekly. From now until its next rendezvous with the moon in mid-January, Mars will flame up, nearly doubling in brightness from its current magnitude of +0.5 (which rivals the ruddy star Betelgeuse in Orion) to a dazzling -0.1 (equaling the similarly hued star Arcturus in Bootes).?

This brightening results from the planet's rapidly decreasing distance from Earth, from 1.174 to 0.926 times the span from the Earth to the sun (109 million to 86 million miles). Each day, Mars moves, on average, about 852,000 miles closer to us.?

The Martian polar cap should be fully emerged from its winter cloud cover by mid-January, and likely will be a prominent bright spot on the disk's northern limb.

Although Mars is moving Earthward in December, you'll still need a steady atmosphere at dawn and at least a medium-size telescope to glimpse any surface features on the little ocher globe.

But don't be pessimistic. The Martian disk will grow 21 percent larger during the next four weeks and the polar cap should be fully emerged from its winter cloud cover by mid-January, likely providing a prominent bright spot on the disk's northern limb. Bottom line: It will soon be time to start turning telescopes toward the Red Planet!

Mars will arrive at opposition to the sun on March 3 and will be closest to Earth two days later. In the meantime, enjoy its rather wide encounter with the moon late tonight.

Joe Rao serves as an instructor and guest lecturer at New York's Hayden Planetarium. He writes about astronomy for The New York Times and other publications, and he is also an on-camera meteorologist for News 12 Westchester, New York.

Source: http://us.rd.yahoo.com/dailynews/rss/space/*http%3A//news.yahoo.com/s/space/20111216/sc_space/marsandthemoondanceintonightsnightsky

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Autopsy Of An Aspen

High Country News:

In the rural Rocky Mountains where I live, we disagree about a lot of things -- politics, religion, water, Tim Tebow -- but we all agree on aspen. We love them, especially when they turn blaze-yellow in the fall, and we?d like them to stick around. So in 2004, when aspen throughout the Rockies started dying wholesale, the public reaction was fierce. What the heck was happening to our trees?

Flickr photo via: caseymacphoto

Read the whole story: High Country News

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Source: http://www.huffingtonpost.com/2011/12/18/autopsy-of-an-aspen_n_1156340.html

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Santa Will Robocall Whomever You Choose, Thanks to Google (Mashable)

Santa Claus is awfully busy this time of year, but that doesn't mean he doesn't have enough time to robocall the person of your choice, free. He's also ready to listen to his voicemail. There are two separate Santa-related delights Google is offering this year. First, you can let Santa know what you want for Christmas by leaving him a message at his Google Voice number -- 855-34-SANTA (855 347-2682). According to the official Google blog, it's a free call for residents of the United States and Canada; outside those areas it will cost $.01 per minute.

[More from Mashable: Bing Now Ties With Yahoo as Number Two Search Engine in America]

If you live in the U.S., you can delight your favorite kid (or amuse your friends) by having Santa immediately send a customized voice message, complete with the person's name, state, and a variety of other customizations, which can all be combined for hilarious results (see graphic below). It's fun -- try it at Google's Send a Call From Santa site, or listen to a sample message here.

Here's the interface:


[More from Mashable: Guinness Lets You Decorate Your Pint of Beer With Augmented Reality App]

Google's being coy about additional Gmail features that will be rolled out as Christmas draws nearer. The company urges you to continue checking the Send a Call from Santa site to find out more about Santa's "extra special way to spread the holiday cheer."

This story originally published on Mashable here.

Source: http://us.rd.yahoo.com/dailynews/rss/internet/*http%3A//news.yahoo.com/s/mashable/20111217/tc_mashable/santa_will_robocall_whomever_you_choose_thanks_to_google

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Saturday, December 17, 2011

ECB chief Draghi: Governments must save themselves (AP)

BERLIN ? European Central Bank president Mario Draghi says there's "no external savior" for heavily indebted governments in the 17-nation eurozone and gave no indication the bank is ready to step in and support their finances.

Investors had hoped the ECB would increase its support for financially weak countries like Italy with bigger purchases of their government bonds once European leaders had agreed to tighten controls of national budgets.

So far, the ECB has made some purchases but kept them limited, stressing that governments must not rely on such help.

Draghi said governments had reached a "breakthrough for clear fiscal rules" at last week's summit, where 26 of 27 EU leaders agreed to seek a treaty toughening the enforcement of rules against excessive national debt and deficits.

But he offered no support for the notion that the ECB might now increase its bond purchases. Instead, governments need to take the tough steps to balance budgets and reform economies to promote growth.

"I will never be tired of saying that the first response ought to emanate from the country," Draghi said Thursday at a speech in Berlin. "There is no external savior for a country that doesn't want to save itself."

As a "firewall" to calm markets in the meantime, Draghi said, the EU has its newly strengthened bailout fund.

Draghi stressed that the purchases were "neither eternal nor infinite."

The purchases of the government bonds of Italy or Spain drive up their prices and push down their yields, or interest rates, which move in the opposite direction. The lower yields mean better terms when Italy or Spain sells bonds directly to investors at auctions.

"The crisis has not ended yet. It is now important not to lose momentum and to swiftly implement all those decisions that have been taken to put the euro area economy back on course," he said.

Investors were clearly disappointed with the EU summit's deal, with many economists noting it doesn't address short-term fears about whether governments will be able to borrow at affordable interest rates and pay off maturing debt in the next few months.

The euro has tumbled below $1.30 for the first time in 11 months, stocks have dropped, and the bond yields of Italy ? considered the next weakest link in Europe's debt crisis ? have edged up. On Thursday, markets were steady after Draghi's comments, suggesting they had prepared for the ECB to shy away from more aggressive action.

Draghi defended the EU summit's deal, saying it had drawn "comments that were more negative than it deserved."

He rejected any idea that the ECB should engage in so-called quantitative easing to support growth, as the U.S. Federal Reserve or Bank of England have done, although Draghi mentioned neither country by name.

Quantitative easing involves creating new money through purchases of securities from banks. More money in the economy can spur growth when an economy is slumping, but can cause inflation when and if growth picks up.

Draghi said the economies of countries that have done quantitative easing show no "stellar performances at all" when it comes to "unemployment, growth and especially inflation."

Jens Weidmann, Germany's top central banker, has vociferously opposed more aggressive action from the ECB, saying a bigger bond-buying program would violate the ECB's mandate to fight inflation and could compromise its legal independence. While the Bundesbank has only one vote at the ECB, analysts say vocal public opposition from Weidmann would be a serious obstacle for any U-turn by the ECB on bond purchases, since it would undermine its communication on the topic.

His position also has considerable support among economists and politicians in Germany, the eurozone's largest member.

Meanwhile, the volatility in financial markets and the tighter credit conditions are hurting the real economy. Draghi acknowledged that planned austerity measures in the eurozone will lead to a brief contraction in economic growth. He added, however, that the return of investors' trust and much-delayed economic reforms will mitigate the downturn.

Draghi stressed that the European Financial Stability Facility, the current EU bailout fund, would serve as the "firewall" against the crisis.

Governments have agreed on ways to increase the fund's lending power and are seeking outside investors such as countries in emerging markets to contribute to its lending power, so far without much progress.

Economists say the EFSF remains too small to counter the crisis that has seen Greece, Ireland and Portugal seek bailouts from other eurozone governments and the International Monetary Fund.

The ECB has served as lender of last resort for the banking system when financial institutes cannot borrow elsewhere, even as it refuses to play that role for governments.

Draghi noted the ECB is fighting to avoid a credit crunch by helping private-sector banks get more access to loans ? from as short as overnight to as long as three years. It has also cut the requirement for reserves that must be kept on deposit with the ECB, freeing up capital for banks. He said the use of those facilities should not create a "stigma" for those banks.

Uncertainty about economic policies and volatility on financial markets are among the factors causing banks trouble, making it more difficult for them to raise additional capital where needed and secure long-term funding.

"There is a general uneasiness as it was right after the Lehman Brothers case," he said, in a reference to the 2008 bankruptcy of the U.S. investment bank that was seen as a key trigger of the global financial crisis.

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McHugh contributed from Frankfurt, Germany.

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/ap/20111215/ap_on_bi_ge/eu_europe_financial_crisis

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