Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/169269899?client_source=feed&format=rss
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Monday, December 5, 2011
Sunday, December 4, 2011
Oil hovers at $100 ahead of key US jobs report
SINGAPORE (AP) ? Oil prices hovered above $100 a barrel Friday in Asia as traders awaited a U.S. jobs report for evidence about the strength of the U.S. economy and demand for crude.
Benchmark crude for January delivery was up 60 cents to $100.80 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents to settle at $100.20 on Thursday.
In London, Brent crude was up 50 cents at $109.49 on the ICE futures exchange.
Crude has jumped from $75 during the last two months amid signs the U.S. economy will likely avoid a recession. Investors will be closely watching the Labor Department's November unemployment report later Friday for evidence economic growth is strengthening, which could justify higher crude prices.
Analysts expect the economy added about 120,000 jobs last month.
Traders are also concerned about rising tensions over possible sanction against Iran, OPEC's second-largest producer, because of its nuclear program. Some analysts, such as J.P. Morgan, say that Iran may pre-emptively cut oil exports if sanctions are imminent, a move that would send oil prices soaring.
"This would undoubtedly shock the oil market, and the initial market shock could be in the $20 to $30 per barrel range," J.P. Morgan said in a report. "The risks of such a disruption have materially increased."
In other Nymex trading, natural gas fell 0.3 cent at $3.65 per 1,000 cubic feet. Heating oil added 4.8 cents to $3.02 a gallon and gasoline futures gained 7.4 cents to $2.63 a gallon.
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Boehner: Tax cut extension would help economy (Reuters)
WASHINGTON (Reuters) ? The top U.S. Republican in Congress, in an abrupt shift, agreed with President Barack Obama on Thursday that extending a popular payroll tax cut would boost the struggling U.S. economy.
"I don't think there is any question that the payroll tax relief, in fact, helps the economy, in allowing more Americans ... to keep more of their money," said John Boehner, Speaker of the House of Representatives.
Boehner's comments were in sharp contrast to what members of his party were saying just days ago. Some Republican lawmakers are skeptical that extending the tax cut beyond this year will help job creation and say it will have only a temporary effect on the economy.
The White House, investment banks and some economists have warned in recent days that U.S. economic growth could suffer in 2012 if the cuts are allowed to expire.
Until earlier this week, Republicans had been lukewarm to extending the payroll tax cut, but they have come under political pressure to do so in advance of the 2012 presidential and congressional elections.
Boehner said his party was sticking to its demand that the tax cut be paid for and not add to the country's $15 trillion debt. Obama has proposed a tax increase on wealthy Americans, but Republicans have rejected that, saying it would hurt business owners who generate jobs.
Senate Republicans offered a plan on Wednesday to cover the projected $120 billion cost of extending the tax cut. It would continue a pay freeze for federal workers through 2015 and gradually reduce the federal workforce by 10 percent.
White House spokesman Jay Carney rejected the Republican plan, calling it an "unbalanced approach" that fell far short of Obama's funding proposal.
The Senate could begin voting as early as Thursday evening on competing funding plans by Democrats and Republicans. Both proposals will likely fail, triggering intensive negotiations on a compromise.
Without congressional action by December 31, the payroll tax that workers pay would revert to 6.2 percent, up from the current, temporary 4.2 percent tax. On average, it would cost American families about $1,000.
(Additional reporting by Donna Smith, Rachelle Younglai and Caren Bohan; Editing by Ross Colvin and Vicki Allen)
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Saturday, December 3, 2011
Italy's Monti seeks broad support for crisis measures (Reuters)
ROME (Reuters) ? Italian Prime Minister Mario Monti met party leaders on Saturday to drum up support for new measures aimed at shoring up public finances, helping growth and calming the debt crisis in the euro zone's third largest economy.
Italy's cabinet is set to approve the package of reforms on Monday, a step seen as vital for re-establishing Italy's shattered credibility with financial markets after a series of unfulfilled promises by the previous government.
The plan will then be outlined during two news conferences - one with foreign reporters - and presented in both houses of parliament in the afternoon.
Government sources familiar with the plan say the mix of cuts and tax rises will total about 20-25 billion euros over the next two years, about half of which will be used to reduce the budget deficit and help balance the budget by 2013 despite the economic downturn and rising borrowing costs.
The rest will free up resources to try to regenerate Italy's recession-bound economy.
Pier Ferdinando Casini, head of the centrist UDC party, said after meeting Monti that the measures would be severe, but hopefully also fair.
"When the doctor arrives, it's difficult to prescribe nice medicine. Medicine is always bitter, but sometimes inevitable to prevent the patient dying," he told a news conference.
Angelino Alfano, secretary of former premier Silvio Berlusconi's PDL party, said he had urged Monti to ensure the cuts did not fall heavily on those who have always shouldered the burden, and to show special consideration for families.
The plan is expected to include an increase in the retirement age for many workers, liberalizing professional services, raising income tax on higher income brackets and new taxes on private assets and luxury goods.
FAIRNESS
Monti will meet unions and local authorities on Sunday to try to reach a broad consensus on the plan. He has said fairness is one of the key priorities of his reforms, but unions are grumbling about possible pension and labor market changes.
Susanna Camusso, secretary of Italy's biggest union CGIL, said she was struggling to see signs of equity in the plan, based on what she knew so far from reports, but would wait until after speaking with Monti on Sunday to make her judgment.
"We are ready to support the right decisions but also determined to oppose those we consider wrong," she said at a union assembly on Saturday.
Italy has been at the centre of Europe's debt crisis since yields on its 10-year bonds shot up to around 7 percent and above, similar to levels seen when countries like Greece and Ireland were forced to seek a bailout.
Monti will have to balance the competing needs of showing budget rigor while not choking off growth, without which it will be impossible to reduce a debt mountain equivalent to 120 percent of gross domestic product.
Changes to pensions will be key in the new reform plan, with eligibility requirements toughened up for so-called seniority pensions which are based on a combination of workers' age and the years for which they have paid contributions.
Programmed cuts to the national health service budget are expected to be accelerated by one year, to reduce spending by 2.5 billion euros in 2012 and 5 bln euros from 2013, a local government source said.
A local housing tax (ICI) may also be reintroduced, bringing in estimated revenue of at least 3.5 billion euros per year.
Other expected measures include further increases in value added tax rates and a ban on cash transactions above 500 euros in an effort to tackle tax evasion.
(Editing by David Cowell)
Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111203/bs_nm/us_italy
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Spotify joins the apps business: unveils new music app platform (Digital Trends)
Spotify is now an app platform. At an event in New York today that is ending now, Spotify CEO and Founder Daniel Ek revealed its newest plan to edge out its streaming rivals: apps. As Facebook and so many other services are slowly doing, Spotify is planning to allow developers to make custom apps that interact with its streaming music service.
Examples of apps that could appear on the service include an app that displays song lyrics, a concert app, a ticketmaster-like app that lets you buy concert tickets or merchandise, and many others. The first apps shown were Last.fm, Tune Wiki, Billboard, Fuse, Rolling Stone, The Guardian, Sounddrop, ShareMyPlaylists, Fuse, Songkick, Dagbladet, We Are Hunted, Gaffa, Top10, Moodagent, and others.
Developing apps
Currently, all of the apps will be free and available on both the free and paid versions of Spotify. New apps can be developed in HTML5 using Javascript API and anyone can become a developer and submit apps. Like Apple and Google, Spotify will approve all app submissions to their app store. Interestingly, the apps will only initially work on the desktop client.The new app store will be available from an app section that will now reside on the left column, pushing down your library and playlists. Clicking on ?App Finder? opens up the app store.
The new apps will be available on Spotify?s Web site starting today for those who wish to try them out in beta.?
Some apps shown
- The Last.fm app was demonstrated on stage. The app appears to fully integrate Last.fm?s music catalog with the Spotify service, which may mean more tracks will be available.
- TuneWiki was also shown. This app lets you see the lyrics of a song as it plays. You can fast forward through a song and the lyrics will progress with you, making it a great app for Karaoke.
- Songkick allows you to see local concerts and buy tickets from within the Spotify app.
- Spotify is also eating its own dogfood. Ek showed off some new core features in Spotify that were built off the new app platform. One feature allows you to instantly listen to whatever your friends are currently listening to through Facebook.?
Spotify???s growth
The CEO also shared some new stats on the success of Spotify. The service now has 15 million songs and is adding 20,000 new tracks a day. There are 10 million active users and 2.5 million of those users are paying subscribers. Spotify also made a point to say that its growth is helpful to the industry, pointing to the $150 million it has paid in royalties to the music industry and the decrease in piracy it has seen as Spotify has risen in Sweden: 33 percent of the Swedish population uses Spotify and that correlates to a 25 percent decrease in music piracy, according to the company.A good direction?
We?ll have more on the new service as we test it out here at the event. What do you think? Is this the best direction for Spotify? The fact that you cannot use these apps outside the desktop client goes against the mission of Spotify to put itself everywhere. Those who use Spotify on mobile or Facebook will not have access to these apps. ?A preview of the App Finder is available here.??
(Thanks to Andrew Couts who is with me here at the event.)
This article was originally posted on Digital Trends
More from Digital Trends
How the Internet is reinventing music
Spotify adds Private Listening mode
Want Spotify? Get a Facebook account [UPDATE; Spotify responds]
Facebook Music speculation: What we ?know? and what we want
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Friday, December 2, 2011
Red Sox bring out Bobby Valentine as new manager
BOSTON (AP) ? The Boston Red Sox may have already gotten what they were looking for from Bobby V.
In a move that had reverberated from Kenmore Square to the backyard of the rival New York Yankees, the Red Sox introduced Bobby Valentine as their new manager on Thursday, turning to him to lead the ballclub back to the playoffs and help Boston forget this season's unprecedented September collapse.
"I am honored, I am humbled and I am pretty (darn) excited," Valentine said during the news conference in a Fenway Park premium club. "It's more than a special day. It's the beginning of a life that's going to extend beyond anything I thought I'd be doing. The talent level of the players we have in this organization is a gift to anyone, and I think I'm a receiver of this gift.
"I think we're going to do this, man," he said, smiling and turning to shake hands with general manager Ben Cherington. "And I really and truly appreciate this opportunity."
The 61-year-old former Mets and Rangers manager agreed to a two-year deal with club options for 2014 and 2015. The news conference was attended by owner John Henry and his wife, by Red Sox CEO Larry Lucchino, by an entourage of friends from Stamford, Conn., by dozens of team employees and by about 100 members of the media, many of them from New York outlets that covered Valentine in his days with the Mets.
"There is a buzz," Lucchino said, acknowledging that Valentine's personality and his history in New York could enhance an already intense AL East rivalry with the Yankees. "I think it does add a little bit of kerosene to the fire."
The event was catered ? wraps were served, naturally, for the man who claims to have invented them. The director of public safety in Stamford, where he runs a restaurant and an athletic training facility, Valentine is also a cooking and ballroom dancing aficionado, the son-in-law of former major leaguer Ralph Branca and, most recently, an analyst on ESPN.
Valentine, who also guided the Chiba Lotte Marines to a 2005 championship, greeted one reporter in Japanese.
"Bobby's a big personality," Henry said. "I think that's a plus."
Valentine brings to Boston a reputation as a polarizing figure who wasn't afraid to criticize his players publicly ? something former Red Sox manager Terry Francona never did ? and who bickered with his boss at the Mets. But he takes over a team with a bit of a reputation problem of its own: After going 7-20 in September and missing the playoffs by one game, the Red Sox have been hounded by reports that players drank beer and ate fried chicken in the clubhouse during games instead of sitting in the dugout to support their teammates.
"I didn't see it first hand," Valentine cautioned, before saying about the team what he could have said in his own defense: "Reputation is something other people think about you. Right now maybe this group of guys has a reputation that is not warranted. ... I can tell you I look forward to working with this group and establishing a culture of excellence."
Vowing to get to know the players personally first, Valentine said there was no single way to restore discipline to a clubhouse.
"I don't have a Ten Commandments of Baseball that I'm going to recite to them," he said.
Valentine took the Mets to the 2000 World Series, where they lost to the Yankees, but he was fired after a last-place finish led to clubhouse turmoil two years later. Depending on whom you believe, he was either a relentless self-promoter or honest to a fault.
"I think people who take the time to get to know me understand I have some qualities in my character that are OK," he said. "I'm not a monster who breathes fire who some people refer to me as. I'm a guy, a regular human being with regular feelings."
Valentine said that he had learned from his previous managerial jobs.
But one thing won't change.
"I'm still going to get frustrated when things aren't done in an excellent way," he said. "I'm still going to get out early to try to fix everything in the world and I'm still going to go to bed (angry) that I didn't do enough."
Valentine was a late entry in Boston's managerial search ? at least publicly, as the Red Sox left him off their initial short list because he was in a visible position as an ESPN analyst at the time. Pete Mackanin, Sandy Alomar Jr., Dale Sveum, Torey Lovullo and Gene Lamont were also interviewed; Lamont was also a finalist.
"It was not a tightly ordered, linear process," Lucchino said. "It never is."
Cherington denied reports that Valentine was forced on him by Lucchino and Henry.
"It's just not true," said the new GM, who was promoted when Theo Epstein left to become president of baseball operations for the Chicago Cubs. "I feel very strongly we found the right person in Bobby Valentine."
Valentine said he didn't allow himself to believe he could get the job until he received a text message from Cherington ? pulling out his cellphone to read reporters the time: 8:37 a.m. on Nov. 29. "I would wake up at night thinking there's a chance and then say, 'Don't go there. You're going to get your heart broken,'" said Valentine, who was in Japan on a goodwill visit when he got the news.
Valentine paid homage to the team's tradition by selecting the uniform No. 25, which was worn by his one-time roommate Tony Conigliaro. The former Red Sox outfielder's career was cut short after he was hit in the face by Jack Hamilton's fastball in 1967.
"I would gladly take it off to put it up on that wall," Valentine said, pointing to the facade where the Red Sox retired numbers hang.
"I understand the rich tradition of baseball in this city, of sports in this community. I understand the rivalries this team has. And I understand the great talent on this team."
Valentine said he got a taste of a Yankees rivalry with the Mets. But they only played six times a season in interleague play; the division opponents play 18 games in 2012.
"I'm really excited," Valentine said. "I know the Yankees always have a team where you have to put your best foot forward when you're playing them.
"I think we're going to be able to match them," he said. "It's not going to be the best team that wins, but the team that plays the best."
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