Italy pushes through austerity law (Reuters)

ROME/ATHENS (Reuters) ? Italy's parliament began rushing through austerity measures demanded by the European Union to avert a euro zone meltdown, after U.S. President Barack Obama ratcheted up pressure for more dramatic action from the currency bloc.

Italy's Senate approved a new budget law, clearing the way for approval of the package in the lower house on Saturday and the formation of an emergency government to replace that of Prime Minister Silvio Berlusconi.

In Athens, former European Central Bank policymaker Lucas Papademos was sworn in as Greek prime minister after days of political wrangling, tasked with meeting the terms of a bailout plan to avert bankruptcy.

Obama spoke with German Chancellor Angela Merkel and French President Nicolas Sarkozy late on Thursday and also called Italian President Giorgio Napolitano.

A German government official said there had been an "exchange of opinions" between Merkel and Obama, while Treasury Secretary Timothy Geithner demanded fast action from Europe.

"The crisis in Europe remains the central challenge to global growth. It is crucial that Europe move quickly to put in place a strong plan to restore financial stability," Geithner said in a statement following a meeting with finance ministers from the Asia Pacific Economic Cooperation countries.

After months of dither and delay, Rome appears to have got the message as bond markets pushed it to the brink of needing a bailout that the euro zone cannot afford to give.

If the votes pass smoothly, Napolitano will accept Berlusconi's resignation over the weekend and ask veteran former European commissioner Mario Monti, a technocrat like Papademos, to form a government.

Berlusconi has promised to resign after the financial stability law is passed by both houses of parliament.

He had insisted on early elections but then softened his stance. Markets were calmed by the prospect that there would be an interim government, rather than a three-month vacuum before elections are held.

"The most important element to overcome this crisis is a very trusted and able new Italian government that can really fulfill the structural changes that are needed," ECB policymaker Ewald Nowotny told Reuters in Beijing.

EURO UP

The euro firmed but investors doubted whether it would climb far, given that even a technocrat Italian government might struggle to make progress on long-promised, never-delivered fiscal reforms.

Italian 10-year borrowing costs fell sharply to 6.6 percent, having hit an unsustainable 7.5 percent earlier in the week.

"We can have maybe two or three days of calm -- in inverted commas -- but nothing has really changed underneath," one bond trader said.

Spain, the euro zone's fourth largest economy, which holds elections in nine days' time, stopped growing in the third quarter, raising doubts about its ability to meet deficit reduction targets.

With European leaders dithering over how to tackle the deepening crisis, pressure has mounted on the European Central Bank to act more forcefully by becoming a full lender of last resort, as the Federal Reserve and Bank of England are.

"There is real turbulence in the markets, real question marks over whether countries can deal with their debts and a big question mark over the future of the euro zone," British Prime Minister David Cameron said.

Three senior ECB policymakers on Thursday rebuffed arm-twisting from investors and world leaders to intervene massively on bond markets to shield Italy and Spain from financial contagion.

German Economy Minister Philipp Roesler said on Friday the ECB did not have "unlimited firepower." He said if it opened its floodgates fully, they could never be closed again.

Berlin strongly opposes the ECB taking on a broader crisis-fighting role, arguing this would compromise the independence of the bank.

RESCUE FUND

The euro zone's plan for a more powerful rescue fund may also be running into trouble.

Klaus Regling, the head of the 440 billion euro European Financial Stability Facility, was reported by the Financial Times as saying the recent market turmoil had made it more difficult to scale it up to 1 trillion euros, as proposed by euro zone leaders, who promise a definitive plan by December.

Luring bond investors by offering insurance on losses, the centerpiece of a plan agreed in Brussels on October 26, would now probably use up more of the fund's resources, Regling said.

"The political turmoil that we saw in the last 10 days probably reduces the potential for leverage. It was always ambitious to have that number, but I'm not ruling it out," the FT quoted him as saying.

Nowotny also expressed concern.

"It is very important that these plans -- actually these decisions -- now really get operational, and I'm a bit concerned that this takes a long time, perhaps too long," he said.

In Athens, Papademos, a former vice president of the ECB, faces serious challenges at the helm of a new unity government forged after a chaotic power struggle between Greece's two main political forces.

He has about 100 days to start fulfilling the terms of a 130 billion euro bailout plan to keep Greece solvent while placating warring political factions.

Socialist party big-hitter Evangelos Venizelos will remain finance minister in a new cabinet that includes many of the same politicians who led the nation into crisis.

Automotive giant Daimler spoke out against keeping Greece in the euro zone at all costs and said the euro would survive even if it were forced out.

"I wouldn't consider one link splitting off from the rest as a 'break-up' of the euro zone," Chief Executive Dieter Zetsche told Reuters in an interview.

(Additional reporting by James Mackenzie in Rome, Renee Maltezou in Athens, Nick Edwards in Beijing, writing by Mike Peacock; Editing by Kevin Liffey)

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/nm/20111111/bs_nm/us_eurozone_f

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Huntsman: Bring US troops home from Afghanistan

SPARTANBURG, S.C. (AP) ? Republican presidential contender Jon Huntsman says it's time for the United States to exit Afghanistan and focus on rebuilding the nation's home front.

The former ambassador to China says during Saturday night's debate of GOP hopefuls that he would leave a small contingent of forces on the ground to help Afghan forces. He says the United States has achieved its goals of removing the Taliban from governing, killing Osama bin Laden and staging free elections.

He says it's now time for America to focus on America, not Afghanistan or Iraq.

Rival Mitt Romney says that he would listen to his military commanders and says President Barack Obama is not heeding the military's advice. Romney says Obama is playing politics with deployments and disagrees with any timeline for withdrawal.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2011-11-12-GOP%20Debate-Afghan%20Timeline/id-0537b0584dc74e759bf255e8feec3fb2

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GOP candidates: Fix US economy or fail like Europe (AP)

ROCHESTER, Mich. ? United in agreement for once, Republican presidential rivals warned forcefully Wednesday night the United States could be doomed to the same sort of financial crisis that is afflicting Europe unless federal deficits are drastically cut and the economy somehow revived.

Though sexual harassment allegations facing Herman Cain have dominated the GOP campaign for more than a week, the debate in economically ailing Michigan focused almost entirely on financial worries and proposed solutions in the U.S.

The candidates generally stuck to practiced speech lines ? with a late exception. In the middle of one answer, Texas Gov. Rick Perry found himself unable to recall the names of all three of the Cabinet-level agencies he wants to eliminate, even leaning over to Rep. Ron Paul for help at one point.

"The third agency of government I would do away with ? the Education, the Commerce. And let's see. I can't. The third one I can't. Oops," he said, forgetting for a moment that he wants to abolish the Department of Energy.

On one specific issue that Congress must address soon, the candidates generally backed an extension of the Social Security payroll tax cut scheduled to expire at the end of the year. That was a rare moment of accord with President Barack Obama and many congressional Democrats, who have been warning that consumers could be hurt if the reduction is not renewed.

"I'm not prepared to raise taxes on working Americans in the middle of a recession that's this bad," said former House Speaker Newt Gingrich, a sentiment quickly seconded by former Massachusetts Gov. Mitt Romney.

Perry disagreed, and Rep. Michelle Bachmann of Minnesota said she opposed the one-year reduction when it was approved late last year. She said it had so far "blown a hole of $100 billion in the Social Security trust fund."

Asked about Europe's financial troubles, the candidates seemed to speak with one voice in saying Italy and other European countries should rise or fall on their own without any American bailout. And several of the White House hopefuls warned that unless U.S. deficits are cut and the economy invigorated, America is headed for the same type of downward spiral.

"Europe is able to take care of their own problems. We don't want to step in and bail out their banks and their economies," former Massachusetts Gov. Mitt Romney said as he and GOP rivals met for the first time in three weeks in campaign debate.

Even so, he said the United States should continue contributing to organizations like the International Monetary Fund that are working to prevent a meltdown in troubled economies overseas.,

Paul was more emphatic about the debt. "You have to let it liquidate. We took 40 years to build up this worldwide debt," he added.

Cain said there wasn't much the United States could do to directly to help Italy at present because the economy there is in such difficult shape. "We need to focus on the economy or we will fail," he said, referring to the U.S. and calling for spending cuts, a strong dollar and measures to stimulate growth.

The Cain accusations did come up, though briefly.

"The American people deserve better than someone being tried in the court of public opinion due to unfounded accusations," he said when the question came up early in the debate. "I value my character and my integrity more than anything else. And for every one person that comes forward with an unfair accusation there are probably, there are thousands who come forward and say none of that ever happened with Herman Cain."

Romney, a former venture capitalist, was asked if he would keep Cain on the job as a CEO given the accusations. He responded, "Herman Cain is the person to respond to these questions. He just did."

On another point, Cain felt it necessary to make a post-debate apology to House Democratic leader Nancy Pelosi, whom he had called "Princess Nancy" for sidetracking Republican legislation when she was speaker.

The announced topic for the evening was the economy, a subject that produced few if any early sparks among rivals who often spar energetically.

Perry, Gingrich, Bachmann and former Pennsylvania Sen. Rick Santorum joined Romney, Cain, Paul and Huntsman on stage at Oakland University in Michigan, a state where unemployment is 11.1 percent and well above the national 9 percent jobless rate.

The debate took place less than two months before Iowa's kickoff caucuses, as the pace of campaign activity accelerates and public opinion polls suggest the race remains quite fluid. Romney and Cain currently share co-front-runner status in most surveys, with Perry and Gingrich roughly tied for third, within striking distance.

Not surprisingly, none of the contenders found much to like in Obama's economic stewardship.

Perry said the next president should systematically judge all of the government regulations enacted since Obama took office on a standard of whether they created jobs. Any that failed should be repealed, he said.

Bachmann sharply criticized Fannie Mae and Freddie Mac. She said the latter had recently given multimillion-dollar bonuses to executives even though it was seeking a new federal bailout.

Gingrich, who last held public office more than a decade ago, bristled when asked what advice his company had given Freddie Mac for a $300,000 fee. "Advice on precisely what they didn't do," he shot back ? stop backing mortgages to applicants who aren't credit-worthy.

The government rescued mortgage giants Fannie Mae and Freddie Mac in September 2008 to cover their losses on soured mortgage loans. Since then, a federal regulator has controlled their financial decisions.

The cost to taxpayers so far has been about $169 billion, the most expensive bailout of the financial crisis.

There was only scant mention of the Michigan auto industry, which benefited in 2008 and 2009 from a federal bailout that both President George W. Bush and Obama backed.

All eight Republicans on the debate stage say they wouldn't have offered government assistance.

Not so Obama, who stood outside a factory not far from the debate site recently and said government bailouts of General Motors and Chrysler were a success that saved thousands of American jobs.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20111110/ap_on_el_pr/us_republicans_debate

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Adobe Is About To Kill The Mobile Flash Player - Business Insider

Adobe will announce tomorrow that it's no longer focusing on making Flash for mobile browsers.

That's according to a report by Jason Perlow at ZDNet, who got a copy of an Adobe announcement containing the following statement:

Our future work with Flash on mobile devices will be focused on enabling Flash developers to package native apps with Adobe AIR for all the major app stores. We will no longer adapt Flash Player for mobile devices to new browser, OS version or device configurations.

This would be a sort of moral victory for Apple which has famously refused to support Flash in its mobile version of Safari. Steve Jobs cited several reasons, including tests that showed that Flash was slow, unreliable, and drained battery life.

Over the years, Adobe has promised to fix those issues, but using Flash on other mobile browsers, particularly Android, has never been a great experience.

Apple also tried to block iOS developers from using Flash as a development platform to create native iOS apps, but eventually backed down. It's exactly that scenario that Adobe is now focusing on.

Earlier today, Adobe announced plans to lay off 750 people, but the company refused to comment on which product groups would be affected.

The clues were there, though, in a second Adobe announcement about its strategic plans, which it will reveal tomorrow at a meeting for financial analysts in New York. One of the "important elements" of this strategy is:

Focusing Flash resources on delivering the most advanced PC web experiences, including gaming and premium video, as well as mobile apps.

That wording seems to be pretty faint praise for Flash as a mobile platform.

Source: http://www.businessinsider.com/adobe-is-about-to-kill-the-mobile-flash-player-2011-11

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Bipartisan rewrite of education law sparks debate (AP)

WASHINGTON ? In a divided Washington, there's widespread agreement that the sweeping No Child Left Behind education law needs fixing. But finding a fix hasn't been easy.

Civil and disability rights groups have banded together with an unlikely ally, the business-friendly U.S. Chamber of Commerce, to oppose a bipartisan update to the law that has been approved by a Senate committee. They say the bill is weak on accountability. The administration also dislikes it for many of the same reasons.

On the other side, many conservatives say the bill gives the federal government too much control. Even some of the Republicans who voted it out of committee, such as Tennessee Sen. Lamar Alexander, a former U.S. education secretary, cite the same concerns.

It hasn't always been this way. The law, which was championed by President George W. Bush, was passed in 2002 with widespread bipartisan support. Focused primarily on helping poor and minority children, it required annual testing of students. Schools that don't meet requirements for two years or longer face consequences that become increasingly tough ? from having to transport children to higher performing schools and offering tutoring to replacing staff.

But critics said teachers started teaching to the tests, that there was little flexibility for states and local districts to design systems that might work better and that the requirements were too stringent. They also said it was unrealistic to expect every child to perform on grade level in reading and math by 2014, as required by the law.

The bill that passed the Senate Committee on Health, Education, Labor and Pensions on Oct. 20 would give states more control and eliminate many of the proficiency requirements. It wouldn't require that states develop teacher and principal evaluation systems ? something the administration wants ? but would offer incentives to do so.

Federal control would be focused on the bottom 5 percent of schools, which school districts would be required to fix using one of a series of models. The bill also would order states to identify low-performing schools and schools with groups of low-performing students and develop plans to help them.

Students still would be tested annually, something Sen. Rand Paul, R-Ky., said Tuesday at a Capitol Hill hearing that he opposes. Paul said the federal government simply needs to get out of schools' way because "the farther we get away from local government to national government the worse the oversight gets." Other Republicans such as Alexander have said that it should be up to states and local districts to develop teacher and principal evaluation systems and to determine when a school is succeeding or failing.

"I do think there's a large philosophical sort of debate and battle that is part of this," Paul said.

Wade Henderson, the president and CEO of the Leadership Conference on Civil and Human Rights, testified that he doesn't see fixing schools as a philosophical debate at all.

"I see it as a practical debate affecting real life students and the consequences of a failure to educate them properly," Henderson said.

His organization was among nearly 30 groups that said in a statement that the current bill would allow students to fall through the cracks because states would not have to set a measurable achievement and progress targets or even graduation rate goals.

"Federal funding must be attached to firm, ambitious and unequivocal demands for higher achievement, high school graduation rates and gap closing," the groups said.

The Education Committee's chairman, Sen. Tom Harkin, D-Iowa, and the panel's ranking Republican, Sen. Mike Enzi, R-Wyo., have said repeatedly there are things in the bill they don't like, but that's how the art of compromise works.

"We can't just throw up our hands and say because it's complex and there's all these moving parts, that we can't do anything and we walk away from it," Harkin said.

No Child Left Behind has been due to be rewritten since 2007. After Congress failed to update it, President Barack Obama announced in September that he was allowing states that meet requirements the administration favors to get waivers around some of the law's unpopular proficiency requirements. The administration said its effort would serve as a bridge until Congress passed a revised law.

For now, it appears Congress is a long way from passing a bill. A vote on the bill hasn't been scheduled in the Senate. A House committee has taken up rewriting the law in a more piecemeal way but hasn't yet taken up some of the more contentious issues.

Education Secretary Arne Duncan told The Associated Press that Harkin and Enzi should get a lot of credit for sitting down for hours and working out a bill, even if he doesn't like some of what it contains.

"I'm thrilled that folks are starting to work in a bipartisan way and maybe it's about the only issue in Washington that folks are working on in a bipartisan way," Duncan said. "We keep saying that education has to move forward regardless of politics and regardless of ideology."

____

Kimberly Hefling can be followed at http://twitter.com/khefling

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/ap/20111109/ap_on_go_co/us_education_politics

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Oil rises to $96, extending month-long rally (AP)

Oil prices rose to $96 a barrel Tuesday as concerns about Iran's nuclear activities outweighed uncertainty about how Italy will handle its mounting sovereign debt crisis.

By early afternoon in Europe, benchmark crude for December delivery was up 56 cents at $96.08 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.26 to settle at $95.52 in New York on Monday.

In London, Brent crude was up $1.22 at $115.78 a barrel on the ICE Futures exchange.

Crude has jumped from $75 on Oct. 4, when hopes grew that Europe will be able to at least temporarily contain its sovereign debt crisis. Worries have come back to haunt Europe, however. Doubts about Italian Prime Minister Silvio Berlusconi's ability to enact cost-cutting reforms and the strength of his leadership have investors on edge again.

"Market participants are anxiously awaiting a vote in Italy (Tuesday) on whether Berlusconi will remain in power and implement austerity measures," said a report from JBC Energy in Vienna.

Italy is the eurozone's third-largest economy and budget cuts needed to help state finances would likely slow economic growth.

"As the eurozone goes deeper into austerity we will have to keep a very negative view on economic and oil demand for Europe," said Olivier Jakob of Petromatrix in Switzerland.

Helping to sustain crude prices were expectations that a report to be released Wednesday by the International Atomic Energy Agency is likely to contain evidence about Iran's nuclear weapons program.

"Leaked information suggests Iran is seen as geared to developing nuclear weapons, which could increase the risk of a military attack on Iran's nuclear facilities," said analysts at Commerzbank in Frankfurt. "We believe this justifies a certain risk premium on the price of oil."

Commodities have also rebounded in recent weeks on signs that the U.S. economy has avoided a recession this year.

Barclays Capital said in a report that lack of spare crude production capacity combined with still rising demand means that oil prices have the potential to rise strongly.

Yet some analysts expect global economic growth and crude demand to slow sharply next year, which would drag down oil prices. Capital Economics forecasts Brent to drop to $85 by the end of 2012 and to $75 by the end of 2013.

Investors will be monitoring fresh information on U.S. stockpiles of crude and refined products.

Data for the week ending Nov. 4 is expected to show a build of 1 million barrels in crude oil stocks and a draw of 400,000 barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration ? the market benchmark ? will be out on Wednesday.

In other Nymex trading, heating oil rose 2.78 cents to $3.1476 per gallon and gasoline futures added 1.09 cents to $2.7391 per gallon. Natural gas slid 1.6 cents to $3.68 per 1,000 cubic feet.

___

Alex Kennedy in Singapore contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111108/ap_on_bi_ge/oil_prices

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GM Blocks Technology In Proposed Saab Sale - Automotive News ...

POSTED: Monday, November 7, 2011

UPDATED: 4:28 pm EST November 7, 2011

General Motors Co. says it won't allow two Chinese companies to use its technology if they go ahead with a planned purchase of Saab Automobile, a former GM unit. Monday's announcement raises doubts about a rescue plan for the ailing Swedish brand, which is being reorganized under bankruptcy protection after running out of cash to pay suppliers and staff. Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. agreed last month to buy Saab from current owner Swedish Automobile for euro100 million ($140 million). GM, which sold the loss-making brand in 2010, said in a statement it would block existing technology licenses and stop supplying the GM-built Saab 9-4X crossover SUV "following the proposed change in ownership as it would not be in the best interests of GM."
Copyright 2011 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.clickondetroit.com/automotive/29706157/detail.html

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Diversity of legal citizens is what strengthens U.S. | eLetters

?Lady Liberty feted; 125th birthday bash includes citizenship ceremony,? Oct. 29 news story.

Your article tells of the celebration of the 125th birthday of the Statue of Liberty. During the naturalization ceremony of new citizens, Secretary of Interior Ken Salazar told the new American citizens that ?diversity strengthens our nation.?

Lady Liberty holds above her head a book of law, as she welcomes non-citizens of America to strengthen us as legalized American citizens. Yes, a diversity of legal citizens ?strengthens our nation? ? and a diversity of illegal ones only weakens it.

Charles L. King, Boulder

This letter was published in the Nov. 6 edition.

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Source: http://blogs.denverpost.com/eletters/2011/11/05/diversity-of-legal-citizens-is-what-strengthens-u-s/15377/

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