Tuesday, January 31, 2012

The good news about carbon storage in tropical vegetation

Monday, January 30, 2012

A study published in Nature Climate Change today finds that tropical vegetation contains 21 percent more carbon than previous studies had suggested. Using a combination of remote sensing and field data, scientists from Woods Hole Research Center (WHRC), Boston University, and the University of Maryland were able to produce the first "wall-to-wall" map (with a spatial resolution of 500 m x 500 m) of carbon storage of forests, shrublands, and savannas in the tropics of Africa, Asia, and South America. Colors on the map represent the amount of carbon density stored in the vegetation in a continuum fashion (Figure 1). Reliable estimates of carbon storage are critical to understanding the amount of carbon released into the atmosphere by changes in land cover and land use.

Tropical deforestation is considered a major source of the greenhouse gases that cause climate change, releasing as much as 1.1 billion tons of carbon into the atmosphere each year. Based on new data in this study, researchers believe that current models may overestimate the net flux of carbon into the atmosphere due to tropical vegetation loss by 11 to 12 percent. For countries trying to meet their greenhouse gases reporting requirements under the United Nations Framework Convention on Climate Change (UNFCCC), these new data are particularly important.

Lead author Alessandro Baccini, an assistant scientist at WHRC, explained that the new data set provides a spatially and temporally consistent estimate of carbon stock and a stronger foundation for estimating carbon emissions by better characterizing the carbon density of the forest that has been lost. "For the first time we were able to derive accurate estimates of carbon densities using satellite LiDAR observations in places that have never been measured," said Baccini. "This is like having a consistent, very dense pantropical forest inventory."

In many developing nations, deforestation is the largest source of emissions of greenhouse gases. In order to reliably report emissions to the UNFCCC, and to participate in international schemes such as Reducing Emissions from Deforestation and Forest Degradation (REDD+), which provides compensation for avoiding deforestation, these countries need an accurate way to calculate stored carbon and to track deforestation and reforestation. "We worked closely with collaborators in 12 countries around the tropics to collect the field data needed to calibrate the satellite measurements and ensure relevance for their national reporting," said co-author Nadine Laporte, a WHRC associate scientist, who coordinated field measurements in Africa.

"The paper is important for two reasons," said co-author and WHRC senior scientist Richard A. Houghton. "First, it provides a high-resolution map of aboveground biomass density for the world's tropical forests. Previous maps were of much coarser resolution and yielded wildly different estimates of both regional totals and spatial distribution. Second, the paper calculates a new estimate of carbon emissions from land-use change in the tropics."

This was done using the co-location of biomass density and deforestation to assign a more representative carbon density to the forests cleared. Previous estimates used 'average' biomass densities that may have biased emissions' estimates. In short, the approach will lead to better tracking of changes in biomass density resulting from degradation and growth.

This will in turn help nations, projects, and groups of all kinds determine better estimates of carbon emissions. These estimates are required nationally for UNFCCC reporting and would support REDD+ should it be implemented. "The study represents a major step forward in the effort to map the current state of global tropical biomass stocks," commented Greg Asner, an ecologist at the Carnegie Institution for Science. "The 500m resolution of the map will help countries implement activities to improve forest management and to help fight climate change through reduced carbon emissions from deforestation."

The scientists estimated that tropical forests in America store around 118 billion tons of carbon, a fifth more than indicated by previous findings. For the first time in a large-area mapping effort of this kind, an end-to-end approach was constructed quite literally from the ground up, beginning with a pantropical field campaign, relying on the work of scholars in many different countries, and designed for the optimal integration of field and satellite data. The result is a carbon density map for the tropics with a level of consistency and accuracy never before achieved

Global measurements of where carbon is accumulating and where it's being lost will be used to better quantify how many carbon credits would be needed to reduce carbon emission under the UNFCCC and, when carbon is valued, to quantify financial rewards. As Richard A. Houghton said, "Your forest may be worth more if it's accumulating more carbon than another forest."

"Coupling the Lidar and field measurements is what makes this study and our map so unique, and powerful" notes study co-author and WHRC senior scientist Scott Goetz. "Without measurements from a satellite-based Lidar, a study of this nature would not have been possible. We need that capability going forward."

###

Woods Hole Research Center: http://www.whrc.org

Thanks to Woods Hole Research Center for this article.

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Source: http://www.labspaces.net/117169/The_good_news_about_carbon_storage_in_tropical_vegetation

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Monday, January 30, 2012

Euro zone confidence improves, highlights divergence (Reuters)

BRUSSELS (Reuters) ? Confidence in the euro zone's economy strengthened in January for the first time since early 2011, EU data showed on Monday, but a recovery in Germany masked a deterioration in France and Italy, highlighting the bloc's diverging fortunes.

Germany has shown more resilience to the euro zone's troubles than many of its neighbors, helped by fiscal prudence, a competitive edge and good demand for its high quality goods.

France and Italy have struggled to keep up, facing questions about the sustainability of their own finances as Greece tries to agree a debt restructuring and Portugal comes under fresh scrutiny in financial markets.

The divergence complicates the task of EU leaders who are meeting in Brussels on Monday to try and sketch a path out of the economic slump.

The European Commission's economic sentiment indicator rose by 0.6 points in the euro zone to 93.4, the first improvement in sentiment since March last year as some confidence returned to services, consumers and construction.

"We're seeing a slight stabilization and we expect the recession the euro zone will end in the spring," said Christoph Weil, an economist at Commerzbank.

"But we can also see that the divergence in the euro zone is increasing and that is of great concern," he said.

The European Central Bank's decision in December to provide 3-year loans to banks averted a credit freeze, while the U.S. economy expanded strongly in the last quarter of 2011 and China has remained robust, maintaining demand for Europe's goods.

But budget austerity and political divisions over how to solve the two-year debt crisis continue to depress business in the euro zone and the wider European Union, with non-euro zone country Britain heading for a recession in early 2011.

The rising optimism is still tempered by EU leaders' inability to resolve the euro zone debt crisis and the sentiment indicator was slightly lower than forecast by economists polled by Reuters.

Following last week's surprisingly positive purchasing managers' indices, or PMIs, business climate rose for the second month in a row to -0.21, in line with economists' expectations.

But factory managers saw a deterioration in the view of their order books and although this was offset by a positive assessment of stocks, it confirmed the mixed economic picture.

Industrial confidence remained at the lowest level since April 2010 while confidence in services rebounded by 2 points in the euro zone and construction was up 0.6 points.

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For a graphic on the data: http://link.reuters.com/bas36s

For full multimedia coverage: http://r.reuters.com/xyt94s

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GERMAN RENEWAL, GREEK PAIN

The European Commission forecasts 2012 economic growth of just 0.5 percent for the 17 nations in the euro zone, which generates 16 percent of global economic output.

The International Monetary Fund is more pessimistic, forecasting a 0.5 percent contraction in 2012 that it says could drag the world into recession.

EU leaders face a tough task at Monday's summit as they try and bridge the divergence in economic performance among the 27-nation bloc's economies and reconcile austerity with growth.

Recent data suggests Germany will avoid a recession, while non-euro zone member Britain, as well as euro states Spain, Italy, Greece and Portugal, are likely to see their economies contract in 2012. Belgium and the Netherlands, also members of the single currency, will struggle to grow at all.

The Commission's data also supported that view, as economic sentiment improved in Germany by 2.3 points, the second consecutive monthly rise, but fell in France, Italy and the Netherlands.

While large economies such as France and the Netherlands will likely benefit from Germany's recovery, Italy and Greece must confront falling productivity and high debts to avoid years of stagnation.

"Weakened domestic economic activity, intensified fiscal tightening in many countries and still serious uncertainties and concerns over the euro zone sovereign debt crisis continue to limit an improvement in sentiment," said Howard Archer, chief European economist at IHS Global Insight.

(Reporting By Robin Emmott; editing by Rex Merrifield/Anna Willard)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20120130/bs_nm/us_eurozone_sentiment

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Police officer shot, killed by fellow officer trying to arrest him

SANTA MARIA, Calif. ? A Santa Maria police officer was shot and killed Saturday by a fellow officer who was trying to arrest him for suspected sexual misconduct with a minor, the Santa Maria Times reported.

The slain officer was on duty when police tried to?take him into custody?early Saturday, the Santa Maria Police Department said in a press release.

The suspect officer allegedly drew his weapon and fired. "In response, one officer on scene fired at the suspect officer hitting him once," officials said in a news release, according to the Times.

The wounded officer was taken to a hospital, where he died.

The name of the slain?officer was not released. Authorities said he was being investigated on an allegation of sexual misconduct against a minor.

Source: http://usnews.msnbc.msn.com/_news/2012/01/28/10259852-police-officer-shot-killed-by-fellow-officer-trying-to-arrest-him

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Sunday, January 29, 2012

Paul says he has no intention of dropping out (AP)

GORHAM, Maine ? Ron Paul said Saturday the Republican presidential race has "a ways to go" and he doesn't intend to get out or get behind another candidate anytime soon.

The Texas congressman was campaigning Saturday in Maine, which holds caucuses beginning Feb. 4. He spoke to an overflow crowd at the University of Southern Maine and held an outdoor rally outside the famed L.L. Bean store in Freeport. He picked up the endorsement of Linda Bean, the granddaughter of the Bean company founder and a prominent Republican activist in the state.

Paul told reporters that it didn't make sense for him to campaign in Florida, which holds its primary Tuesday and awards all its 50 delegates to the winner. Polling indicates Mitt Romney is leading the field there.

"Some other campaigns have many, many millions of dollars to run a campaign," Paul said. "We maximize the delegates the way we're doing it."

Paul planned to campaign next week in other caucus states, including Nevada, which also holds its caucus on Feb. 4, and Colorado and Minnesota, which hold caucuses Feb. 7.

Paul dismissed suggestions he would back any of his GOP rivals.

"I think that's premature. We have a ways to go," Paul said, adding he was glad they were speaking favorably about some of his libertarian-leaning views.

"I'll work with anybody who wants to come in the direction of Constitutional government," Paul said.

He noted that Newt Gingrich had endorsed his views on monetary policy in a nationally televised debate this week. Paul has called for the Federal Reserve to be audited and ultimately eliminated, and wants the value of the dollar tied to gold.

Paul said he hoped the former House speaker and others would also adopt his noninterventionist foreign policy views, which are far outside the Republican Party mainstream.

"If he says `I agree with Ron Paul, we should bring the troops home from Afghanistan,' my ears would pop up," Paul said.

___

Follow Beth Fouhy on Twitter at http://www.twitter.com/bfouhy

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/ap/20120128/ap_on_el_pr/us_paul

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McCain Jokes Debate Moderators Are 'Communists' (ABC News)

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Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/192425272?client_source=feed&format=rss

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Saturday, January 28, 2012

Anybody but Gingrich, so Romney it Is (ContributorNetwork)

COMMENTARY | The "Anybody but Romney" camp is capitulating because the alternatives just aren't acceptable. Mitt Romney is pulling ahead relentlessly in the polls, according to the Los Angeles Times. Newt Gingrich has had his surge, as the other GOP candidates did. Rise, surge, fall, exit.

Ron Paul and Rick Santorum are trailing. Both have taken some bold positions that likely appear risky to voters such as potentially sending troops back into Iraq or abolishing the Federal Reserve. The only serious challenger is Gingrich, and he's just too scary.

Unfortunately for Gingrich, his decision to change his strategy some weeks ago and engage in heated attacks has worked against him. Romney's relentless attack strategy has highlighted Gingrich's past beyond recovery. On ABC News' "spinners and winners," Romney's ads are evaluated for the facts. While not everything on Romney's Florida ads are true, enough of it is that Gingrich's electability is seriously debatable.

The Miami Herald makes a strong case in "Romney versus Gingrich" that Romney is the only electable candidate. His business acumen is likely not a deterrent to GOP voters, and while Gingrich is confident and charismatic at times, he is erratic. His ethics are even more erratic than he is, something the Romney campaign is making full use of.

What is perhaps more telling is the people who know him the best are not supporting him. In the words of the Miami Herald editorial, "Consider that those who served under his leadership, such as former U.S. Rep. Lincoln Diaz-Balart and House Foreign Affairs Committee Chair Ileana Ros-Lehtinen, are backing Mr. Romney."

Gingrich's performance in the polls have also been erratic. He seems unable to sustain any momentum he gains, perhaps due to the uneasy relationship voters have between what they believe his can do and who he is. For all his skill, charisma, and reputed smarts, his only consistency is his inconsistency. He's a wild card. Watching his behavior over the course of this campaign has been almost comedic, from his ideas about putting poor kids to work in their schools to making tactless statements that offend potential voters. According to Christina Wilkie of the Huffington Post, his latest stance is that " Latinos, Blacks Don't Understand 'Key To Future Wealth,' But Asians Do". Really.

It is highly doubtful that voters will be willing to overlook his history and his errors if he faces Barack Obama in November. For GOP voters, a vote for Gingrich is a vote for Obama. Former Republican presidential nominee Bob Dole has predicted that if Gingrich faces Obama, the result could be a landslide, according to the L.A. Times.

Romney is the only electable GOP candidate, and it's just a matter of time before it's decided. It will be interesting to see if he can generate the passion and enthusiasm from the GOP that it will take to seriously challenge the president.

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/ac/20120128/pl_ac/10895883_anybody_but_gingrich_so_romney_it_is

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Romney responds to Gingrich immigration shot

Republican presidential candidates, former House Speaker Newt Gingrich and former Massachusetts Gov. Mitt Romney participate in the Republican presidential candidates debate in Jacksonville, Fla., Thursday, Jan. 26, 2012. (AP Photo/Matt Rourke)

Republican presidential candidates, former House Speaker Newt Gingrich and former Massachusetts Gov. Mitt Romney participate in the Republican presidential candidates debate in Jacksonville, Fla., Thursday, Jan. 26, 2012. (AP Photo/Matt Rourke)

Republican presidential candidate former Massachusetts Gov. Mitt Romney speaks during the Republican presidential candidates debate in Jacksonville, Fla., Thursday, Jan. 26, 2012. (AP Photo/Matt Rourke)

Republican presidential candidates, former House Speaker Newt Gingrich and former Massachusetts Gov. Mitt Romney talk during a commercial break at the Republican presidential candidates debate in Jacksonville, Fla., Thursday, Jan. 26, 2012. (AP Photo/Matt Rourke)

Republican presidential candidates, former House Speaker Newt Gingrich and former Massachusetts Gov. Mitt Romney talk during a commercial break at the Republican presidential candidates debate in Jacksonville, Fla., Thursday, Jan. 26, 2012. (AP Photo/Matt Rourke)

(AP) ? Notable moments from the GOP presidential debate Thursday night in Jacksonville, Fla., just days before the state's Jan. 31 primary:

___

IMMIGRATION FIGHT

Newt Gingrich and Mitt Romney had their sharpest exchange when Gingrich said Romney was the most anti-immigrant candidate in the GOP field. Romney responded indignantly, reminding Gingrich that Romney's father, George, was born in Mexico.

"The idea that I'm anti-immigrant is repulsive," Romney fired at Gingrich. "Don't use a term like that. You can say we disagree on certain policies, but to say that enforcing the U.S. law to protect our borders, to welcome people here legally, to expand legal immigration, as I have proved, that that's somehow anti anti-immigrant is simply the kind of over-the-top rhetoric that has characterized American politics too long."

Romney also asked Gingrich for an apology for an ad Gingrich recently pulled from airwaves that attacked Romney on immigration policy. Gingrich didn't offer one.

___

MOON SHOTS

Gingrich's proposal for a permanent American colony on the moon was mocked by Romney, who said Gingrich is developing a pattern of pandering to local voters.

"If I had a business executive come to me and say I want to spend a few hundred billion dollars to put a colony on the moon, I'd say, 'You're fired,'" said Romney, a former businessman.

He then noted Gingrich's calls for a new interstate highway in South Carolina, a new VA hospital in northern New Hampshire, and widening the port of Jacksonville to accommodate the larger ships that will soon be able to transit the Panama Canal. Romney said promises like that were what had caused a massive budget deficit in the first place.

Gingrich defended himself saying he'd find plenty of things to cut and shouldn't be mocked for setting priorities.

"You don't just have to be cheap everywhere. You can actually have priorities to get things done," he said.

___

MEDICAL RECORDS

The oldest candidate in the race, 76-year-old Rep. Ron Paul, said he'd be happy to share his medical records with the public if he were the nominee. Then he one-upped his fellow candidates by challenging them to a 25-mile bike ride.

He had no takers.

All of the candidates said they'd release their medical records for scrutiny. Paul, who would be the oldest president ever elected, said his records are short, about a page long.

Gingrich vouched for his competitor's fitness. "I'm confident that Dr. Paul is quite ready to serve if he's elected. Watching him campaign, he's in great shape," he said with a laugh.

___

FIRST LADY CHATTER

Asked what their wives would bring to the position of first lady, the candidates were happy to gush about their better halves.

Paul, married for 54 years, says he's got an anniversary coming up next week. He also plugged his wife's work as an author ? of "The Ron Paul Cookbook."

Romney praised his wife for battling multiple sclerosis and breast cancer.

"She is a real champion and a fighter," he said.

Gingrich said he's met each of the candidates' wives and said they'd all be "terrific first ladies." He says his wife, Callista, would bring a tremendous artistic focus and would be a strong advocate for music and music education.

Rick Santorum says his wife is "my hero" because she gave up a successful career to help raise their seven children.

___

MOM IN THE HOUSE

Santorum got a big applause line when he introduced his mom, 93-year-old Catherine Santorum. During the debate's introductions Santorum said he was glad to have his mother at the debate. And, it turns out, she can help turn out the vote for her son ? she is a north Florida resident. When she stood up to be recognized, the debate hall gave her loud applause.

___

NO LOVE FOR TSA

Even before the debate started a rowdy, Paul-supporting crowd at the University of North Florida debate site shouted jeers toward the Transportation Security Administration. The anti-TSA chants came days after Paul's son, GOP Sen. Rand Paul of Kentucky, was stopped by security at the Nashville airport when a scanner set off an alarm and Paul declined to allow a security officer to pat him down.

Police escorted Paul away, but allowed him to board a later flight.

Ron Paul has already used his son's experience to promote his "Plan to Restore America," which would cut $1 trillion of federal spending in a year and eliminate the TSA. He has said the incident reflects that the "police state in this country is growing out of control."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2012-01-26-GOP%20Debate-Takeaways/id-6ea84b6f6d1d4a98b5125f857d9e8ccc

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Friday, January 27, 2012

Top 20 Concert Tours from Pollstar (AP)

The Top 20 Concert Tours ranks artists by average box office gross per city and includes the average ticket price for shows in North America. The previous week's ranking is in parentheses. The list is based on data provided to the trade publication Pollstar by concert promoters and venue managers.

TOP 20 CONCERT TOURS

1. (2) Cirque du Soleil ? "Michael Jackson: The Immortal"; $2,168,255; $110.16.

2. (1) Kanye West / Jay-Z; $2,015,303; $118.98.

3. (3) Taylor Swift; $1,184,267; $69.27.

4. (5) Bob Seger & The Silver Bullet Band; $702,897; $70.41.

5. (6) Trans-Siberian Orchestra; $571,979; $51.82.

6. (7) Zac Brown Band; $514,314; $44.12.

7. (8) Sting; $475,037; $92.43.

8. (10) Guns N' Roses; $415,202; $52.44.

9. (13) Jeff Dunham; $316,251; $47.63.

10. (14) Paul Simon; $255,730; $77.51.

11. (12) Andre Rieu; $247,074; $81.84.

12. (15) Lady Antebellum; $244,691; $45.25.

13. (16) Judas Priest; $204,372; $53.47.

14. (17) "So You Think You Can Dance"; $201,206; $53.96.

15. (18) John Mellencamp; $169,771; $90.14.

16. (New) Avenged Sevenfold; $160,113; $39.09.

17. (New) The String Cheese Incident; $147,062; $39.19.

18. (19) "Scream Tour" / Mindless Behavior / Diggy Simmons; $133,881; $41.41.

19. (20) Mannheim Steamroller; $125,841; $56.44.

20. (New) Celtic Thunder; $118,704; $55.73.

For free upcoming tour information, go to http://www.pollstar.com

Source: http://us.rd.yahoo.com/dailynews/rss/music/*http%3A//news.yahoo.com/s/ap/20120126/ap_en_mu/us_top20_concert_tours

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Good Reads: America's decline, China's rise, the way forward

There's a new genre of American journalism called 'Decline Watch,' tracking America's slow steady decline and China's rise. Here's your daily cup of sunshine.

Most adult Americans today grew up with their feet on the terra firma of American superiority.

Skip to next paragraph

Faced with a cold war rival, the Soviet Union, Americans confidently paid taxes and sent their sons off to war in Korea, Vietnam, and oddly, Grenada, in order to keep communism at bay. From Washington, President Reagan proclaimed that it was ?morning in America,? which was great if you were a morning person, and Americans took the metaphor to heart. Intuitively, they knew that a free-market democracy would win against a soul-crushing authoritarian form of communism.

But now in the early part of the 21st century, that terra firma has begun to shift underfoot. Intellectuals from developing countries have argued that democracy is not always suited for all cultures, particularly those with poor education systems. Terrorist groups have attacked America?s symbols of prosperity and strength???the Pentagon, the World Trade Center ? and even America?s friends have begun to doubt that America has the mettle to carry on. The global economic crisis rounded out a very tough decade, and on the stage that America once dominated, a few new players emerged. They were familiar faces: America?s old rivals, Russia and China, who have devised hybrid models of capitalism very different from America?s that seem to function better, at least for now.

Now, it?s estimated that within the next 6 years, China may overtake America as the largest economic power in the world.

The changing global mood has created an entirely new genre of American journalism. Call it ?Decline Watch.? The writers tend to be economists ? the same profession that made us believe in the superiority of American capitalism, and in the logic of tearing down borders to create a unified European economy ? and their arguments are persuasive, if a little self-defeating.

Consider Charles Duhigg and Keith Bradsher?s piece in the New York Times this week, called ?How the US Lost Out on iPhone Work.? The reasons why Apple and every other American corporation with access to a travel agent have relocated their manufacturing to China go far beyond mere cheap wages, the authors write.

And they?re right. As the Atlantic magazine?s Jordan Weissmann notes in a blog, China has an education system that produces 600,000 engineers a year, compared with the US?s 70,000. China has an industrial policy that subsidizes the building of factories at home and the sale of products abroad.

Here?s a point in the New York Times piece that took my breath away.

Source: http://rss.csmonitor.com/~r/csmonitor/globalnews/~3/fp_n84Swg_g/Good-Reads-America-s-decline-China-s-rise-the-way-forward

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Thursday, January 26, 2012

U.S. special forces rescue Somalia aid workers (CNN)

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Amid tears, Giffords bids her farewell to Congress (AP)

WASHINGTON ? The applause rolled through the big chamber, growing ever louder as hundreds of Republicans and Democrats suddenly realized Rep. Gabrielle Giffords was back in the House.

But this time she had come to say goodbye.

Fellow lawmakers gave her a fitting send-off: cheers, hugs, a cascade of tributes and plenty of tears in a rare moment of political unity.

A year since that fateful Saturday morning when Giffords was severely wounded during a shooting rampage in her home district, the Arizona congresswoman resigned on Wednesday with a plea for civility ? and a hint that she'll be back on the national stage. For now, the 41-year-old said, her movements and speech still halting, she needs to focus on her recovery.

For all the kind words showered on her, Giffords reflected in her resignation letter about a level of respect that seems like an aberration these days in a bitterly divided Washington.

In her five years in Congress, she said, "Always I fought for what I thought was right. But never did I question the character of those with whom I disagreed. Never did I let pass an opportunity to join hands with someone just because he or she held different ideals."

Said Republican Rep. Ted Poe of Texas in the first of many tributes: "Gabby is the spirit of bipartisanship that we should all learn from."

Giffords' friend Rep. Debbie Wasserman Schultz, D-Fla., became emotional before reading Giffords' resignation letter in the well of the House. Rep. Jeff Flake, R-Ariz., held Giffords' hand. House Speaker John Boehner, R-Ohio, cried after Giffords slowly made her way to the podium and handed him the envelope with her resignation letter.

Last January, a gunman opened fire at Giffords' "Congress on Your Corner" event in Tucson, killing six people, including a 9-year-old girl and a federal judge and wounding 13, including Giffords who suffered a gunshot wound to her head. She has spent the past year recovering, showing up in the House just once last August to vote on raising the nation's borrowing authority.

That appearance stirred speculation about her political future and whether she would seek another term or even pursue an open Senate seat.

Giffords put that talk to rest on Sunday, announcing in a Web video that she would resign this week. On Monday, she met with survivors of the shootings in Arizona, , finishing the event that she had started outside a supermarket. On Tuesday night, she received thunderous applause and a hug from President Barack Obama at his State of the Union address.

Colleagues and friends stood with her, Flake by her side. Sen. Kirsten Gillibrand, D-N.Y., had her back.

On Wednesday, Republicans and Democrats turned a morning debate over Giffords' last bill into a forum to praise her work and perseverance.

"We haven't seen the last of Gabby Giffords," said Rep. Silvestre Reyes, D-Texas. "I believe ... whatever the future holds for her she has made this a better place."

Around 10 a.m., Giffords entered the chamber through the main door, the same one Obama used the previous night. Wasserman Schultz assisted her as she made her way down the aisle, greeted warmly by colleagues with kisses and hugs. She sat in the front row for a flurry of tributes. In the gallery sat her mother, Gloria, and husband, retired Navy Capt. Mark Kelly, the former astronaut.

"All of us come to the floor today ... to salute her as the brightest star among us, the brightest star Congress has ever seen," said House Minority Leader Nancy Pelosi, D-Calif.

House Majority Leader Eric Cantor, R-Va., said he received a call from Kelly on Sunday informing him of Giffords' plans to resign. He said Giffords' "strength against all odds serves and will continue to serve as a daily inspiration to all of us."

Said Rep. Steny Hoyer, D-Md., "The House of Representative has been made proud by this extraordinary daughter of the House. Gabby, we love you, we have missed you."

Prolonged standing ovations and spontaneous whoops marked the tributes. Giffords briefly waved at Kelly and her mother when their names were mentioned.

Surrounded by colleagues and friends, Giffords stood in the well of the chamber to resign. Wasserman Schultz read her two-page letter to Boehner.

"Everyday, I am working hard," Giffords wrote. "I will recover and will return, and we will work together again, for Arizona and for all Americans."

She purposefully made it to the podium to deliver the letter to Boehner.

Moments later, the House, including Giffords, voted for her final piece of legislation ? a bill that would impose tougher penalties on smugglers who use small, low-flying aircraft to avoid radar detection and bring drugs across the Mexican border.

The vote was 408-0. The Senate, which recently passed a version of the bill, is expected to vote Thursday on the measure and send it to Obama for his signature.

Giffords submitted resignation letters to both Boehner and Arizona Gov. Jan Brewer. It falls to Brewer to set a date for a special primary and general election to fill the Arizona seat. That will probably happen in the spring or early summer. In November, voters will choose someone for the full two-year term.

After the tribute, Kelly said his wife realized stepping down was the right thing to do.

"But I'm more optimistic than anybody else about her future. She just needs some more time, whether it's a year or two years or three years, I'm very confident she's going to have a long and effective career as a public servant," he said.

Asked about her daughter's future, Gloria Giffords said, "I kind of think she's transcended Congress. I don't know where she's going to end up."

"She's remembered every boy she's ever kissed, every song she's ever sang, every bill she's ever passed," she said. "So upward and onward."

___

Associated Press writers Alan Fram and Jim Abrams contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20120125/ap_on_go_co/us_giffords_resignation

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Wednesday, January 25, 2012

Abbott profit rises 12 percent in fourth quarter (AP)

WASHINGTON ? Medical device and drugmaker Abbott Laboratories reported a 12 percent increase in fourth-quarter profit Wednesday, as the blockbuster anti-inflammatory drug Humira continued to dominate the company's performance with double-digit sales growth.

In October, Abbott surprised investors and analysts with the announcement that it would spin off its branded drug business, including Humira. Company executives said the split would allow investors to separately value Abbott's businesses, which also include baby formula, generic drugs and medical implants.

Wednesday's results highlighted the rationale for the split, with top-selling drug Humira dominating the company's results, contributing $2.18 billion, or over 20 percent, of sales.

While Humira has been the key to Abbott's growth, it has also a weighed on the company's stock, overshadowing performance of its other businesses. The drug, which is used to treat psoriasis and rheumatoid arthritis, loses patent protection in 2016, and no obvious successor has appeared in the company's pipeline. The split-up frees Abbott from the risks and obligations of developing innovative pharmaceutical drugs, leaving the company with a more predictable business built around nutritional formula, generic drugs and heart stents.

Abbott earned $1.62 billion, or $1.02 per share, up from $1.44 billion, or 92 cents per share, in the prior-year period. Excluding one-time items the company earned $1.45 per share, up from $1.30 in the same period a year earlier. Total company sales grew 4.1 percent to $10.38 billion.

Analysts polled by FactSet expect fourth-quarter earnings per share of $1.44 on revenue of $10.59 billion.

For 2012, the North Chicago, Ill., company expects to earn $4.95 to $5.05 per share, compared with the average analyst estimate of $5.02 per share.

The company's branded drug business posted sales of $4.78 billion for the period, an increase of 6.7 percent. The business, which includes the cholesterol drugs Trilipix and Niaspan among other treatments, is scheduled to become a separate business before the end of 2012. The new company will have revenue of roughly $18 billion.

Among Abbott's remaining businesses, generic drugs slipped 4.6 percent to $1.39 billion. Nutritionals rose 8.6 percent to $1.56 billion while sales of the company's stents and other heart devices were roughly flat at $826 million.

Company shares fell 97 cents to $55.01 in early trading.

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20120125/ap_on_bi_ge/us_earns_abbott_laboratories

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Not-so-special special teams can lose an NFL game (AP)

If it's true, as the saying goes, that "defense wins championships," the NFL's conference title games offered ample evidence that special teams can lose them.

"You're going to need special teams. A kick will win a game more often than a run or pass will win the game, and a special teams tackle can make a big difference," former Minnesota Vikings and Arizona Cardinals coach Dennis Green said in a telephone interview Monday.

"There's nothing like it when it all works," added Green, now an NFL Network analyst. "And there's nothing worse when it doesn't work."

The Baltimore Ravens and San Francisco 49ers found that out the hard way Sunday.

First, the Ravens wasted an easy opportunity to force overtime in the AFC championship game when Billy Cundiff pushed a 32-yard field-goal attempt wide left, letting the New England Patriots escape with a 23-20 victory.

Then, in a windy and rainy NFC championship game a few hours later, the 49ers handed the Giants the football and great field position in overtime when fill-in returner Kyle Williams fumbled a punt ? his second turnover of the game on a return ? and New York soon was celebrating its 20-17 victory on Lawrence Tynes' 31-yard kick.

"Those games were even. The teams were even. Baltimore was going to win with the run game and defense, and that was the way San Francisco was going to win, too. When you have that as your way to win, you have to have special teams play a role, because it means a low-scoring game," Green said. "Everyone always says you win with the three phases ? offense, defense, special teams ? but rarely do they mention special teams when it comes to what is the most significant thing."

After the Patriots and Giants set up their Super Bowl rematch, though, that was the main thing everyone wanted to talk about.

"This was a game of field position, a game of turnovers. We needed for special teams to help us, No. 1, with the field position aspect of it, but secondly, in contributing turnovers," Giants coach Tom Coughlin said. "And certainly we got two big ones."

Indeed.

Williams' first miscue, allowing the ball to bounce off the turf and scrape his right knee, gave New York the ball at San Francisco's 29 early in the fourth quarter and led to Eli Manning's 17-yard touchdown pass to Mario Manningham, putting the Giants ahead 17-14. On Monday, Williams said he didn't think the ball touched him.

The second error by Williams ? the son of Chicago White Sox general manager Kenny Williams and the subject of angry, and sometimes threatening, tweets after the game ? set up the Giants at the 49ers' 24. On that play, he was stripped by New York's Jacquian Williams, a backup linebacker, while trying to shift the football from one hand to the other.

The Giants player who recovered both botched punts, Devin Thomas, is also hardly a household name. Thomas was drafted in the second round of the 2008 draft by the Washington Redskins, but he was released in October 2010, after being dogged by questions about his work ethic and route-running ability.

"My position as a fourth or fifth wide receiver and special teams player ? I take pride in that and do anything to help this team win," Thomas said.

Describing the overtime play, Thomas recounted: "It was like, `I can't believe he just fumbled.' Then I'm like, `OK. I'm right here.' So I just made sure I secured it."

Special teams players sometimes are the last men on an NFL roster, young or fringe players who get their best chance to make an impact on the kicking units (although starting 49ers linebacker NaVorro Bowman made at least one particularly impressive tackle on punt coverage Sunday).

Kyle Williams, actually, was handling returns against the Giants because he replaced the injured Ted Ginn Jr.

"When you're out there, you want to make a play. You want to make a play for your team. We weren't exactly moving forward. It was one of those things where we needed something to spark us. I feel comfortable. I wouldn't go back and change it; 10 times out of 10, I wouldn't change it," San Francisco's Williams said. "It was one of those things where I was just trying to make something happen ? and the other guy on the other team made something happen."

It must have been particularly galling for Ravens coach John Harbaugh to see his team flub a kick, given that part of his preparation for becoming an NFL coach was serving as a special teams assistant. He had a timeout left at the end Sunday, but didn't use it, and it appeared Baltimore might have been rushing just a bit before taking that missed kick.

Harbaugh ? whose brother Jim coaches the 49ers ? wasn't available to reporters Monday, but Cundiff was.

"It's tough to disappoint your teammates," the kicker said, "and it's tough to go out there and fail."

There were, to be sure, other reasons his team lost Sunday, including Lee Evans' drop of a pass in the end zone moments earlier. Plus, even if Cundiff did make that seemingly automatic kick, there still was overtime to be played, and who knows what would have happened then?

The 49ers, meanwhile, could point to plenty of other problems, including going 1 for 13 on third downs.

And let's not pretend the Patriots and Giants were absolutely perfect on special teams, either. New England's Danny Woodhead fumbled a kickoff return in the second half, leading to a field goal by Cundiff. The Giants, meanwhile, got pushed back 5 yards by a sloppy delay-of-game penalty before Tynes' game-ending kick.

"You can never take for granted the ability to hit a field goal at the end of a game," Green said. "Every now and then, you can have a disaster."

___

AP Sports Writers Janie McCauley in San Francisco, David Ginsburg in Baltimore, Josh Dubow in San Francisco and Howard Ulman in Boston contributed to this report.

___

Follow Howard Fendrich on Twitter at http://twitter.com/HowardFendrich

Source: http://us.rd.yahoo.com/dailynews/rss/sports/*http%3A//news.yahoo.com/s/ap/20120123/ap_on_sp_fo_ne/fbn_on_football_special_teams

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Tuesday, January 24, 2012

Gingrich steals Romney's cloak of electability as president (Reuters)

COLUMBIA, South Carolina (Reuters) ? Newt Gingrich didn't just beat Mitt Romney in Saturday's South Carolina primary, the former House speaker kicked away one of the main pillars of his rival's election campaign.

Exit polling data shows Gingrich convinced voters he would be the toughest Republican opponent against President Barack Obama in the November general election.

Electability - Republican campaign-speak for a candidate's ability to beat Obama - had been one of Romney's top selling points until Saturday.

Conventional wisdom was that the former Massachusetts governor's emphasis on jobs and the economy and his perceived appeal to independents would help him against Gingrich, who is often seen as erratic and divisive.

But Gingrich's combative style in debates resonated with voters keen for a heavyweight debater to take on Obama, who is grudgingly respected by Republicans as a formidable campaigner.

This may also be helping Gingrich's message on the economy gain traction, exit polling data showed.

South Carolina's Republicans rated the ability to beat Obama as a candidate's most important quality, an exit poll on CNN showed.

Forty-five percent of voters said that was the main attribute they sought in a nominee. Of that group, 51 percent voted for Gingrich compared to 37 percent for Romney.

Twenty-one percent of South Carolina voters said the quality that mattered most to them in their candidate was that he had the right experience.

"It is electability, and that is measured in your ability to effectively debate and prosecute your case against Obama," said Republican strategist Matt Mackowiak.

Exit polls also showed that for 63 percent of South Carolina voters the most important issue was the economy. Gingrich won this group by a margin of eight percentage points over Romney.

The attraction of Gingrich as an anti-Obama candidate may be the factor that increased his ratings on other issues like the economy, Mackowiak said.

Attacks on Obama in recent weeks, including dubbing him "a foodstamp president," endeared Gingrich to voters in a state with unemployment of almost 10 percent.

OLD TIMER WITH EXPERIENCE

"He is an old timer with a lot of political experience. He's the only one who can beat Obama," said Jim Walters, a retired marine owner in the town of Aiken.

Gingrich slammed Obama as "truly a danger to the country" in his South Carolina victory speech and promised to bring down Obama in a series of long debates.

A master of the sharp turn of phrase who talks in big broad sweeps, the former House speaker was the clear star of the more than 20 Republican debates in recent months.

He left Romney floundering, particularly during two televised contests in South Carolina this week where the millionaire former executive stumbled over questions about his personal finances.

Republican voters in South Carolina, a conservative state with a taste for rough and tumble politics, lapped it up.

"I think a lot of it has to do with the fact that people really want to see Newt debate Obama," Mackowiak said.

"It reminds me of gladiators. You see an amazing gladiator have a string of victories in the middle of the Coliseum so you really want to see him go up against the biggest, baddest gladiator there is."

In a sign that Gingrich's well-documented marital infidelities might have created a problem with female voters, exit polls showed Gingrich held an advantage over Romney of 16 points among men but only 9 points among women.

(Editing by David Storey)

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/nm/20120122/pl_nm/us_usa_campaign_exitpoll

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Monday, January 23, 2012

14 Indonesian, Korean crew rescued in Philippines (AP)

MANILA, Philippines ? A cargo ship loaded with iron ore has listed off the eastern coast of the Philippines, and passing boats rescued the 14-member crew.

Philippine coast guard operations officer Mark Angue says the Panamanian-registered M/V Sun Spirit began to list Saturday off Catanduanes province and sent a distress signal. The coast guard immediately deployed three ships and a helicopter for a search and rescue.

Angue says the coast guard later learned that the 12 Indonesian and two Korean crewmen abandoned their China-bound ship, which came from the central Philippine province of Leyte.

Coast guard Admiral Ramon Liwag says a passing Philippine cargo ship rescued 11 of the crewmen while a fishing boat saved three others. It's unclear whether the disabled ship sank.

Source: http://us.rd.yahoo.com/dailynews/rss/asia/*http%3A//news.yahoo.com/s/ap/20120122/ap_on_re_as/as_philippines_rescued_crewmen

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Dante Autullo, Illinois Man, Recovering After 'Miracle' Surgery Removes Nail From His Brain (PHOTOS)

OAK LAWN, Ill. -- Dante Autullo was sure he'd merely cut himself with a nail gun while building a shed, and thought doctors were joking when they told him what an X-ray revealed: A 3 1/4-inch nail was lodged in the middle of his brain.

Autullo was recovering Friday after undergoing surgery at Advocate Christ Medical Center in Oak Lawn, where doctors removed the nail that came within millimeters of the part of the brain controlling motor function.

"When they brought in the picture, I said to the doctor `Is this a joke? Did you get that out of the doctors joke file?'" the 32-year-old recalled. "The doctor said `No man, that's in your head.'"

As he was rushed by ambulance to another hospital for surgery, he posted a picture of the X-ray on Facebook.

Autullo, who lives in Orland Park, said he was building a shed Tuesday and using the nail gun above his head when he fired it. With nothing to indicate that a nail hadn't simply whizzed by his head, his long-time companion, Gail Glaenzer, cleaned the wound with peroxide.

"It really felt like I got punched on the side of the head," he said, adding that he continued working. "I thought it went past my ear."

While there are pain-sensitive nerves on a person's skull, there aren't any within the brain itself. That's why he would have felt the nail strike the skull, but he wouldn't have felt it penetrate the brain.

Neither he nor Glaenzer thought much about it, and Autullo went on with his day, even plowing a bit of snow. But the next day when he awoke from a nap, feeling nauseated, Glaenzer sensed something was wrong and suggested they go to the hospital.

At first Autullo refused, but he relented after the two picked up their son at school Wednesday evening.

An X-ray was taken a couple hours later. And there, seeming to float in the middle of his head, was a nail.

Doctors told Autullo and Glaenzer that the nail came within millimeters from the part of the brain that controls motor function, and he was rushed by ambulance to the other hospital for more specialized care.

"He feels good. He moved all his limbs, he's talking normal, he remembers everything," Glaenzer said earlier Friday. "It's amazing, a miracle."

Neurosurgeon Leslie Schaffer acknowledged that Autullo's case was unusual, but not extremely rare. Schaffer said having a nail penetrate the skull is not like being shot in the head, noting that a bullet would break into multiple pieces.

"This (the nail) is thinner, with a small trajectory, and pointed at the end," he said. "The bone doesn't fracture much because the nail has a small tip."

Schaffer said the man's skull stopped the nail from going farther into his brain. He said he removed the nail by putting two holes in Autullo's skull, on either side of the nail, then pulled the nail out along with a piece of the skull.

The surgery took two hours, and the part of the skull that was removed for surgery was replaced with a titanium mesh, Hospital spokesman Mike Maggio said.

Glaenzer said Autullo hasn't really talked about how scared he was about what might have happened, but he did express a recognition about coming close to death.

"He was joking with me (after surgery), `We need to get the Discovery Channel up here to tape this,'" she recalled him saying. "`I'm one of those medical miracles.'"

PHOTOS of Autullo, who is now recovering from surgery to remove the 3 1/4-inch nail he accidentally shot into his brain with a nail gun:

Neurosurgeon Leslie Schaffer, left, smiles with his patient Dante Autullo, and Dante's fiance, Gail Glaenzer during a news conference at Advocate Christ Medical Center Friday, Jan. 20, 2012, in Oak Lawn, Ill. The trio spoke a day after Autullo underwent surgery to remove a 3 1/4 inch nail lodged in his brain after accidentally shooting himself with a nail gun. (AP Photo/M. Spencer Green)

Neurosurgeon Leslie Schaffer, left, smiles with his patient Dante Autullo, and Dante's fiance, Gail Glaenzer during a news conference at Advocate Christ Medical Center Friday, Jan. 20, 2012, in Oak Lawn, Ill. The trio spoke a day after Autullo underwent surgery to remove a 3 1/4 inch nail lodged in his brain after accidentally shooting himself with a nail gun. (AP Photo/M. Spencer Green)

MORE SLIDESHOWS NEXT?> ??|?? <?PREV

Neurosurgeon Leslie Schaffer, left, smiles with his patient Dante Autullo, and Dante's fiance, Gail Glaenzer during a news conference at Advocate Christ Medical Center Friday, Jan. 20, 2012, in Oak Lawn, Ill. The trio spoke a day after Autullo underwent surgery to remove a 3 1/4 inch nail lodged in his brain after accidentally shooting himself with a nail gun. (AP Photo/M. Spencer Green)

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Source: http://www.huffingtonpost.com/2012/01/21/dante-autullo-illinois-nail_n_1221059.html

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Sunday, January 22, 2012

Beijing releases key air pollution data

FILE - In this Tuesday, Jan. 10, 2012 file photo, a man rides an electric bike crossing a street shrouded by haze in Beijing, China. Caving to public pressure, Beijing environmental authorities started releasing more detailed air quality data Saturday, Jan. 21, 2012, that may better reflect how bad the Chinese capital's air pollution is. (AP Photo/Andy Wong, File)

FILE - In this Tuesday, Jan. 10, 2012 file photo, a man rides an electric bike crossing a street shrouded by haze in Beijing, China. Caving to public pressure, Beijing environmental authorities started releasing more detailed air quality data Saturday, Jan. 21, 2012, that may better reflect how bad the Chinese capital's air pollution is. (AP Photo/Andy Wong, File)

(AP) ? Caving to public pressure, Beijing environmental authorities started releasing more detailed air quality data Saturday that may better reflect how bad the Chinese capital's air pollution is.

The initial measurements were low on a day where you could see blue sky. After a week of smothering smog, the skies over the city were being cleared by a north wind.

The readings of PM2.5 ? particulate matter less than 2.5 micrometers in size or about 1/30th the average width of a human hair ? were being posted on Beijing's environmental monitoring center's website. Such small particulates can penetrate deep into the lungs, so measuring them is considered a more accurate reflection of air quality than other methods.

It is the first time Beijing has publicly revealed PM2.5 data and follows a clamor of calls by citizens on social networking sites tired of breathing in gray and yellow air. The U.S. Embassy measures PM2.5 from a device on its rooftop and releases the results, and some residents have even tested the air around their neighborhoods and posted the results online.

Beijing is releasing hourly readings of PM2.5 that are taken from one monitoring site about 4 miles (7 kilometers) west of Tiananmen Square, the monitoring center's website said Saturday. It said the data was for research purposes and the public should only use it as a reference.

The reading at noon Saturday was 0.015 mg/m3, which would be classed as "good" for a 24-hour exposure at that level, according to U.S. Environmental Protection Agency standards. The U.S. Embassy reading taken from its site on the eastern edge of downtown Beijing said its noon reading was "moderate." Its readings are posted on Twitter.

Steven Andrews, an environmental consultant who has studied Beijing's pollution data since 2006, said he was "already a bit suspicious" of Beijing's PM2.5 data. Within the 24-hour period to noon Saturday, Beijing reported seven hourly figures "at the very low level" of 0.003 milligrams per cubic meter.

"In all of 2010 and 2011, the U.S. Embassy reported values at or below that level only 18 times out of over 15,000 hourly values or about 0.1 percent of the time," said Andrews. "PM2.5 concentrations vary by area so a direct comparison between sites isn't possible, but the numbers being reported during some hours seem surpisingly low."

The Beijing center had promised to release PM2.5 data by the start of the Chinese Lunar New Year on Monday. It has six sites that can test for PM2.5 and 27 that can test for the larger, coarser PM10 particles that are considered less hazardous. The center is expected to buy equipment and build more monitoring sites to enable PM2.5 testing.

Beijing wasn't expected to include PM2.5 in its daily roundups of the air quality anytime soon. Those disclosures, for example "light" or "serious," are based on the amount of PM10, sulfur dioxide and nitrogen dioxide in the air.

Beijing interprets air quality using less stringent standards than the U.S. Embassy, so often when the government says pollution is "light," the embassy terms it "hazardous."

"There has been tremendous amounts of attention in the Chinese media ? whichever newspaper you pick up, whichever radio station you listen to, channel you watch ? they are all talking about PM2.5 and how levels are so high," said Andrews.

"What has been so powerful is that people are skeptical, and I think rightly skeptical," about the government's descriptions of data, he said.

___

Online:

Beijing center's readings (in Chinese): http://zx.bjmemc.com.cn/

The U.S. Embassy's Twitter feed: https://twitter.com/beijingair

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/b2f0ca3a594644ee9e50a8ec4ce2d6de/Article_2012-01-21-AS-China-Air-Quality/id-f0ce1b2106d04e1cb869ba0149801476

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Bonus season not as festive for bank CEOs

In a Feb. 13, 2009, file photo, JP Morgan Chase and Co. President and Chief Executive Officer Jamie Dimon listens in the East Room of the White House in Washington. JPMorgan Chase, the largest U.S. bank, posted record profit for 2011. Morgan Stanley's latest quarter topped expectations as the bank trimmed costs and cleaned up mortgage-related problems. But CEOs Dimon and James Gorman aren't taking home bigger bonuses. (AP Photo/Charles Dharapak, File)

In a Feb. 13, 2009, file photo, JP Morgan Chase and Co. President and Chief Executive Officer Jamie Dimon listens in the East Room of the White House in Washington. JPMorgan Chase, the largest U.S. bank, posted record profit for 2011. Morgan Stanley's latest quarter topped expectations as the bank trimmed costs and cleaned up mortgage-related problems. But CEOs Dimon and James Gorman aren't taking home bigger bonuses. (AP Photo/Charles Dharapak, File)

In this Nov. 8, 2010, file photo, James P. Gorman, president and CEO of Morgan Stanley, smiles as he attends at the Securities Industry and Financial Markets Association "Invested in America" annual meeting, in New York. JPMorgan Chase, the largest U.S. bank, posted record profit for 2011. Morgan Stanley's latest quarter topped expectations as the bank trimmed costs and cleaned up mortgage-related problems. But CEOs Jamie Dimon, of JPMorgan Chase, and Gorman aren't taking home bigger bonuses. (AP Photo/Richard Drew, File)

(AP) ? JPMorgan Chase, the nation's largest bank, posted a record profit for 2011. That didn't translate into a bigger bonus for CEO Jamie Dimon. Morgan Stanley's latest quarterly results topped expectations as the bank trimmed costs and cleaned up problems dating from the financial crisis. But CEO James Gorman saw the value of his stock awards for the year fall by half.

Across their ranks, Wall Street banks are curbing bonus pay for last year's performance, which was marked by big drops in stock prices and still-hefty costs for mortgage-related problems. In the last three months of the year, fear about the European debt crisis made the stock and bond markets volatile, and clients of all the major banks shied away from mergers and acquisitions and public offerings of stock. That sharply reduced investment banking and underwriting fees. The banks also faced a surge in populist anger, as the Occupy Wall Street movement went national.

Financial stocks were some of the worst performing in 2011. While the S&P 500 Index finished the year flat, Morgan Stanley shares plunged 44 percent, JPMorgan dropped nearly 22 percent and Goldman Sachs Group Inc. tanked 46 percent.

Compensation followed the downward trend. In a closely watched and politically charged gauge, JPMorgan Chase & Co. revealed earlier this month that it set aside 36 percent less than the year before to pay its investment bankers. Morgan Stanley shed 700 workers last year and capped the amount that workers can get in their bonuses immediately, deferring anything over $125,000. Rival Goldman eliminated 7 percent of its employees and cut 2011 pay by 21 percent.

And it appears the banks' CEOs are not immune. On Friday, Morgan Stanley's regulatory filing showed that the value of Gorman's stock award for the year dropped to $5.1 million from $10.2 million in 2010.

Gorman, who became CEO two years ago, has been slimming down the bank, selling off units like a mortgage servicing division and an asset management business. He's been emphasizing divisions like wealth management, which provide smaller returns than some investment banking operations but also carry a lot less risk because they're based on fees rather than markets. Unlike JPMorgan and some other big banks, Morgan Stanley doesn't have a large consumer deposit base to rely on when its investment bank stumbles.

JPMorgan's Dimon received restricted stock worth $12.6 million and stock appreciation rights reportedly valued at roughly $5 million for 2011, according to a filing with the Securities and Exchange Commission Friday. That compares with about $17.1 million in stock and SARs that he was granted for 2010.

For the full year, JPMorgan posted a record profit of $19 billion, up from $17.4 billion in 2010. But the bank struggled amid the choppy financial markets, which hurt investment banking fees in the fourth quarter. The bank also disclosed that it spent $3.2 billion last year to fight lawsuits, almost all of them over poorly written mortgages. That's down from $5.7 billion in 2010, but Dimon acknowledged there's still a "huge drag" on earnings five years after the bubble burst.

Complete compensation details, including the value of the executives' 2011 cash compensation, perks and benefits weren't disclosed. None of the banks have filed annual proxy statements, which include those financial details.

Dimon received a total pay package for 2010 valued at $20.8 million, including a salary of $1 million and a cash bonus of $5 million. Gorman received compensation valued at $15.2 million, including a salary of $800,000 and a cash bonus of $3.9 million.

The Associated Press formula calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.

The value that a company assigned to an executive's stock and option awards for 2010 was the present value that the company expected the awards to be worth to the executive over time. Companies use one of several formulas to calculate that value. However, the number is just an estimate, and what an executive ultimately receives depends on the performance of the company's stock in the years after the awards are granted. Most stock compensation programs require an executive to wait a specified length of time to receive shares or exercise options.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-21-US-Bank-Bonuses/id-fec7f13d6e0c41d59595ab122c515502

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Saturday, January 21, 2012

Keystone pipeline rejected over politics, say Republicans

Obama says he rejected the Keystone pipeline because mandated deadlines would not allow?proper?a?fair review, but Republicans are accusing him of putting?politics ahead of sound policy.

President Barack Obama on Wednesday rejected plans for a massive oil?pipeline through the heart of the United States, ruling there was not enough time for a fair review before a looming deadline forced on him by Republicans.

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His move did not kill the project but could again delay a tough choice for him until after the November elections.

Right away, the implications rippled across the political spectrum, stirred up the presidential campaign and even hardened feelings with Canada, a trusted U.S. ally and neighbor. For a U.S. electorate eager for work, the?pipeline?has become the very symbol of job creation for Republicans, but Obama says the environment and public safety must still be weighed too.

The plan by Calgary-based TransCanada Corp. would carry tar sands oil from western Canada across a 1,700-mile (2,735-kilometer)?pipeline?across six U.S. states to Texas refineries.

Obama was already on record as saying no, for now, until his government could review an alternative route that avoided environmentally sensitive areas of Nebraska ? a route that still has not been proposed, as the White House emphasizes. But Obama had to take a stand again by Feb. 21 at the latest as part of an unrelated tax deal he cut with Republicans.

This time, the project would go forward unless Obama himself declared it was not in the national interest. The president did just that, reviving intense reaction.

"This announcement is not a judgment on the merits of the?pipeline, but the arbitrary nature of a deadline that prevented the State Department from gathering the information necessary to approve the project and protect the American people," Obama said in a written statement. "I'm disappointed that Republicans in Congress forced this decision."

Republicans responded unsparingly.

"President Obama is destroying tens of thousands of American jobs and shipping American energy security to the Chinese. There's really just no other way to put it. The president is selling out American jobs for politics," House Speaker John Boehner said. Insisting that the?pipeline?would help the economy, he declared: "This is not the end of the fight," signaling that Republicans might try again to force a decision.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/GcD5aCrP96Y/Keystone-pipeline-rejected-over-politics-say-Republicans

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Microsoft acknowledges Xbox 360 color space problem in last update, is working on a fix

While we found a lot of things to like in the last Xbox 360 dashboard upgrade, not everyone was happy after it finally rolled out in early December. We've received word from multiple owners who saw and reported color output problems since the beta began, and today Director of Programming Larry Hryb aka Major Nelson tweeted that the company is "aware of the color space issue w/ some Xbox video apps & are working on a fix". While that should take care of some issues, more recent reports also indicate problems with the HDMI output having HDCP authentication problems with certain TVs or receivers that blocks video output, as well as reports confirmed by Eurogamer that 1080p output appears to be downscaled to 720p internally. We're waiting for a response from Microsoft about these or any other issues and will let you know when we hear more. Let us know if you've noticed anything else in the new Xbox 360 update that needs tweaking in the comments below.

[Thanks, Vinny P, Brad R. and everyone else who sent this in]

Microsoft acknowledges Xbox 360 color space problem in last update, is working on a fix originally appeared on Engadget on Thu, 19 Jan 2012 20:10:00 EDT. Please see our terms for use of feeds.

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Source: http://www.engadget.com/2012/01/19/microsoft-xbox-360-color-space-1080-hdcp-fix/

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Friday, January 20, 2012

Gov. Brown asks Calif to dream big, approve taxes (AP)

SACRAMENTO, Calif. ? Gov. Jerry Brown outlined his plan Wednesday to raise taxes to pull the state out of its financial malaise, casting his proposals as an investment in the future of California like those of the visionaries and achievers whose big dreams made the state the envy of the nation during economic boom times.

The State of the State speech served as a launching pad for his campaign for the November ballot initiative to raise taxes. He has said that if voters don't support his plan there would be drastic cuts to public education.

"Putting our fiscal house in order is good stewardship and helps us regain the trust of the people. It also builds confidence in California as a place to invest and to realize one's dreams," Brown said. "Contrary to those critics who fantasize that California is a failed state, I see unspent potential and incredible opportunity."

Brown's proposal aims to raise income taxes on individuals who make $250,000 a year or more and boost the state sales tax by half a cent.

The governor also said the state needs massive investments in mega-projects such as renewable energy, education, high-speed rail and water ? all of which are exceedingly expensive.

But the underlying theme of the speech was his tax plan, a budget approach that differs widely from that of many other governors who continue to scale back spending and downsize government amid falling revenues.

Within hours of his address, Brown's proposal was cleared to begin gathering signatures, and the governor hit the road for two days of appearances to sell the plan to teachers, business executives and civic leaders in Southern California. He reprised his speech several hours later in front of an invited audience thick with Democratic supporters at City Hall in Los Angeles.

Republicans who last year blocked a similar effort by Brown in which he asked the Legislature to put taxes before voters, said they remain deeply critical of his approach, which calls for $5.4 billion in cuts, mostly to schools, if voters reject the taxes. They said California's economy is already improving, and with tax receipts rebounding, the state can avoid such tax increases.

"If we don't get in the way of it, the state will turn around," said Senate Minority Leader Bob Huff, a Republican from Diamond Bar.

Brown said his temporary increases on income taxes for the wealthy and the state sales tax are the best options to end California's cycle of budget deficits and cutbacks to teachers, social service programs and health care services for the poor. He noted that his budget for the coming fiscal year closes a $9.2 billion deficit with a roughly equal proportion of spending cuts and tax increases.

Only a handful have embraced taxes to help stave off deeper cuts, including New York, where lawmakers last month approved a millionaire's tax that will also allow Gov. Andrew Cuomo, a Democrat, to pay for a middle-class tax break.

In Maryland, Democratic Gov. Martin O'Malley on Wednesday floated a sales tax increase as one option for raising hundreds of millions of dollars, in addition to a potential gas tax increase and a hike in the state's "flush" tax on sewers. He told reporters "no one in our state lost a house, lost a job or lost a business because of the additional penny on the sales tax, and that these bridges don't build themselves."

Washington Gov. Chris Gregoire and other Democrats there want voters to approve a temporary half-cent increase in the state sales tax, which they hope the Legislature will put on the ballot in time for a spring vote, and in Idaho, Democrats are considering hiking the cigarette tax by $1.25 a pack, to $1.82, although they face stiff opposition from Republicans who dominate the state Legislature.

New Jersey Gov. Chris Christie on Tuesday used his State of the State address to cast his home as the anti-tax state, taking a swipe at California and others where taxes are on the table.

"In this environment, the best way to compete is to show a different direction," Christie said. "Let others choose tax increases. We choose responsible tax cuts to give our overburdened citizens real relief."

Brown has said his tax hike would generate $7 billion a year through 2017, but the state legislative analyst's office differs on the amount of revenue likely to come from the wealthy and predicts Brown's plan would generate only about $4.8 billion a year.

The governor also faces competition from other Democratically aligned allies: At least two other groups are proposing their own tax initiatives for the ballot which could confuse voters and lead them to reject all the proposals.

Brown said Wednesday that he is prepared to make even more spending cuts in the year ahead because "the situation demands them," but also said imposing higher taxes, especially on the wealthy, was needed for a balanced approach.

And he made clear that he supports big infrastructure investments, such as a proposed $98 billion high-speed rail line linking northern and southern California that has come under harsh criticism from many fronts as the price tag more than doubled.

"Those who believe that California is in decline will naturally shrink back from such a strenuous undertaking," he said. "I understand that feeling but I don't share it, because I know this state and the spirit of the people who choose to live here."

He said he will have the elements of an "enormous" water project to ensure water for 25 million Californians and millions of acres of farmland by this summer.

Senate President Pro Tem Darrell Steinberg, D-Sacramento, said the governor combined a positive vision for California with a concrete path to getting there. He noted that deep cuts to social programs have left many Californians hurting.

"Today was about how we get beyond having to make those kinds of choices and to build something better in California," said Steinberg, who supports Brown's tax plan.

Brown, who first served in the governor's office from 1975 to 1983, also gave a full endorsement of the state's future prospects. His father, who was governor from the late 1950s to the mid-1960s, is credited with overseeing the construction of the state's extensive water system and the expansion of its higher education system.

Brown said California's elected officials should have similar ambitions today, even amid the worst economy since the Great Depression. In addition to the maligned high-speed rail project and water, he promised to protect the environment, promote alternative energy and engage in a robust debate about how best to fix California's faltering schools.

Wednesday was the second State of the State address of Brown's third term in the governor's office, coming after a year in which he failed to persuade Republicans to go along with another tax plan.

His pitch largely paralleled the priorities he outlined earlier this month in releasing his budget for the 2012-13 fiscal year, a spending plan that calls for continued cuts to welfare and social service programs such as in-home support. Brown has warned that if Californians reject his tax plan in November, he will call for $5.4 billion in immediate spending cuts that will hit public schools the hardest.

Those cuts could reduce the school year by three weeks, after it already dropped from 180 days to 175.

The governor has argued that the temporary tax increases are necessary to stabilize California's finances as it emerges from a recession that has seen the unemployment rate soar and government tax revenue plunge. State tax revenue has dropped by $17 billion since the recession began in late 2007.

Brown also seeks to improve government efficiency, pay down debt and scale back public employee pensions.

The Howard Jarvis Taxpayers Association, the California Taxpayers Association and Small Business Action Committee are teaming up on their own ballot initiative seeking to impose a tougher state spending cap using a formula driven generally by population and inflation growth.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20120119/ap_on_re_us/us_california_governor

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